James Pinchbeck, partner at Streets Chartered Accountants, shares the benefits of arranging more frequent visits with your accountant. For many in business the idea of spending more time with their external accountant may sound a bit alien. It certainly is not untypical for most business owners and their accountants to only meet once a year to review the annual accounts and to discuss the tax returns. Invariably, most can then be forgiven for thinking that there is little to be gained from frequent contact. More and more businesses, especially owner managed businesses, entrepreneurial start-ups and scale-ups, have a lot to gain from being in touch and meeting with their accountant more frequently, say at least once a quarter or even more often. Certainly, accountants in practice advocate a closer working relationship with their clients. They too feel that their work is much more than undertaking annual compliance assurance and that they have a key role in providing support and guidance as their clients’ trusted adviser. In contrast to much of an accountant’s work focusing on looking back at historical figures to produce your annual accounts, there is much to be gained from a review of the in year management accounts – a role which your external adviser is certainly well placed to do by bringing their broader experience and commercial insights to bare on the numbers. Also, if you don’t have the resources they may even assist with management accounts production. In focusing on the in year numbers, businesses can look to address any emerging issues and challenges around profitability, cost control, working capital requirements, capital investment decisions and even potential tax issues. In an increasingly digital world, not least in terms of financial reporting, being able to tap in to the knowledge of your adviser can be a real asset ensuring your systems are set up and running correctly. This also provides the unique and informal chance to help support and train in house team members and answer any queries they may have. Like many other firms of accountants, Streets endeavours to ensure clients are informed and updated of legislative changes and other factors affecting their business. Busy working lives often means such information gets overlooked. However, more regular and structured contact helps to ensure clients are kept up to date of changes and issues that may affect them. Finally, when it comes to your financial year-end, as a result of contact throughout the year, this should be a smooth and seamless process. It should also be one with little or no surprises and that provides time for well thought out year-end tax and financial planning – an outcome which will no doubt harbour a better and more worthwhile relationship between client and accountant alike.   See this column in the March edition of East Midlands Business Link Magazine here.

The headline NatWest East Midlands PMI® Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – posted 51.1 in February, up notably from 47.3 in January. The latest data signalled the first upturn in business activity since May 2022, albeit one that was only marginal overall. Greater output was linked by firms to increased new orders and more stable supply chains. The rate of growth was slower than the UK and long-run series averages, however. Private sector firms in the East Midlands registered a renewed increase in new business during February. Although the expansion was only fractional overall, it brought to an end a nine-month sequence of decline. Firms noted that the return to growth in new orders stemmed from stronger client demand. Nonetheless, the rate of increase was slower than the UK average, which signalled a solid upturn. East Midlands private sector firms’ expectations regarding the outlook for output over the coming year strengthened midway through the first quarter. Although still below the UK average, the degree of confidence was the highest since April 2022. Optimism was reportedly linked to investment in new products and services, and the acquisition of new clients. Manufacturers and service providers recorded stronger positive sentiment. February data indicated a second successive monthly upturn in employment across the East Midlands private sector. Companies attributed the increase in workforce numbers to greater output requirements. The pace of expansion in staffing numbers was broadly in line with the long-run series average. That said, the rate of job creation was only fractional overall and slower than the UK trend. Private sector firms in the East Midlands recorded a fifth successive monthly contraction in backlogs of work in February. Anecdotal evidence suggested that lower levels of outstanding business were due to sufficient capacity to process incoming new work. The rate of decline eased to the slowest in three months, however. The fall in work-in-hand contrasted with the UK average which indicated a fractional rise in backlogs. Average cost burdens faced by East Midlands private sector firms increased at a marked pace again in February. Alongside higher supplier and material prices, companies linked higher costs to greater wage bills. The rate of inflation softened for the third month running to the slowest since March 2021. That said, the pace of increase was among the fastest of the 12 monitored UK regions, fractionally slower than only London and Northern Ireland. Selling prices at East Midlands private sector firms increased further midway through the first quarter. The rate of charge inflation was marked, as companies attributed hikes in selling prices to the pass-through of greater costs to clients. The rate of increase softened to the slowest since May 2021 and was weaker than the UK average. Rashel Chowdhury, NatWest Midlands and East Regional Board, said: “East Midlands private sector firms signalled a renewed rise in output and new business during February, amid stronger demand conditions. Although only marginal, the latest data indicated an end to a sequence of contraction in business activity. Nonetheless, spare capacity was still seen across firms, as employment rose only fractionally. “On a positive note, inflationary pressures softened again. Although still marked, rates of cost and selling price inflation slowed to the weakest in almost two years as supply chains improved and demand conditions remained subdued. Slower upticks partially supported stronger business confidence in the year-ahead outlook, which picked up to the highest in almost a year.”

Streets Chartered Accountants covers year end tax planning, R&D tax reliefs, its new merger and more in its new news roundup. The merger of two leading accountancy practices is a welcome boost to Banbury and the surrounding area Streets Chartered Accountants have announced the establishment of Streets Eadie Young Chartered Accountants. Podcast: Personal financial planning ahead of the 5th April tax year-end In this episode of The Streets Sessions, Streets talk to Sam Tindale, Financial Adviser and Managing Director of Tower House Wealth Management, about what individuals and business owners may need to do and consider from a tax and financial perspective as we approach 5th April 2023. Year End Tax Planning Guide 2022/23 With the end of the tax year fast approaching, now is a good time to review your business and personal finances to ensure that they are as tax-efficient as possible. As your accountants, Streets can work with you to make sure your business and personal finances are in a strong position to weather whatever lies ahead. This includes planning to make the most of the tax-saving opportunities available to you, particularly ahead of the tax year end. What are the changes to R&D tax reliefs and how might they affect you? Over the last 12 months, HM Revenue and Customs and the Government have made a number of changes to the Research and Development (R&D) Regime which have arisen largely from consultations and policy announcements. Streets have summarised these changes along with an overview of the current stance HMRC are taking when reviewing R&D claims. Why would you want to spend more time with your accountant?

For many in business the idea of spending more time with their external accountant may sound a bit alien. It certainly is not untypical for most business owners and their accountants to only meet once a year to review the annual accounts and to discuss the tax returns. Invariably, most can then be forgiven for thinking that there is little to be gained from frequent contact. Podcast: The business life of a serial entrepreneur

In this episode of The Streets Sessions, Streets talk to Ryan Carruthers, a serial entrepreneur who started out selling PlayStation games at school, then makeup at university, managed a successful property portfolio and now runs a SaaS business. In conversation, they explore what makes a serial entrepreneur, how to juggle a number of businesses, knowing when to stop doing something and when to turn to something new, along with how to test whether ideas have legs. Webinar: The Budget 2023 – what will it mean for you?

The Chancellor, Jeremy Hunt, will present his Spring Budget in the House of Commons on Wednesday 15th March 2023. Following the announcements, Streets will be holding a special webinar on Thursday 16th March, 11am till 12noon. It will provide details of the announcements along with guidance on what they may mean for businesses and individuals. Presenters will include Michael Ball – Tax Partner, Kelly Goodchild – Tax Manager and Sam Tindale – Tower House Wealth Management.

Greg Simpson, founder of Press for Attention PR, discusses the importance of choosing your media opportunities wisely. What do you get when you cross Prince Harry with ‘mascara’? Well, national coverage in the tabloids and the BBC and a carefully considered conversation about Piers Morgan for a start. All of this happened for a client of mine very recently. You may have noticed that some chap called Harry had a book out? It is fair to say that it caused a bit of a stir! In it, he gets a heck of a lot off his chest. In fact, royalist or not, some might say…too much? That was a concern for one of my clients, the trauma expert, Danny Greeves. You see, there is a danger that when something so personal such as a family member’s death (Diana) gets major airtime, it can totally UNINTENTIONALLY trigger old traumas for a lot of people who do not have the support networks in place that others might. Danny and I discussed this on a recent catch-up call and together we pulled together a thought leadership piece on the topic, designed to position him squarely as an expert on trauma. It was my job to then find a home for it. It was found pretty swiftly in the Daily Mirror and across a fair few other websites too, including the New York Post. Now, the attentive among you will know that the Mirror was long the stalking ground of one Piers Morgan and that he is not the greatest fan of Harry and Megan. You might also recall that I spoke on stage to a national business audience, just before the man himself a year or so back – my word time flies! So when his team reached out to Danny and I to discuss whether he would appear on the show to cover the topic, we had some thinking to do.

1. Massive national exposure.
2. Right audience?
3. Risks and rewards.

After careful reflection, we decided against the opportunity. This was not from any fear, Danny is a bona-fide expert, published author and multi-award winning therapist on both sides of the Atlantic. No, the concern was that the topic of trauma would be at risk of being skewed to an anti-Harry/Megan message or ‘woke’ bashing session rather than a discussion about trauma. That might then have reflected poorly on Danny as that is not what he was saying at all. Trauma is what Danny is an expert on. Not the politics and optics of Harry and Megan. You see, there is always a balance to weigh when these mega moments come up. We decided to stick to our knitting. Did it pay off? Well, who knows what may have come from that opportunity but mere days later, after some judicial Twitter research by yours truly, Danny was featured on the BBC. This time he was discussing the hidden dangers of codeword trends on social media, such as ‘mascara’, as they can trivialise very difficult topics. These words can be used to wangle around censorship filters on the likes of TikTok and according to the article Danny was featured in, the #mascara trend, which originated less than two weeks before the BBC chat, had racked up more than 100 million views. Was Danny right to turn down the Piers opportunity? I would argue that he wouldn’t get the BBC opportunity if he hadn’t and given his target market, that was the right call. Remember, the old adage that “there is no such thing as bad publicity” is utter BS! You want to be known for what you want to be known for by the folk you want to know you. Focus your attention on that at all times. A former business journalist, Greg Simpson is the author of The Small Business Guide to PR and has been recognised as one of the UK’s top 5 PR consultants, having set up Press for Attention PR in 2008. He has worked for FTSE 100 firms, charities and start-ups and conducted press conferences with Sir Richard Branson and James Caan. His background ensures a deep understanding of every facet of a successful PR campaign – from a journalist’s, client’s, and consultant’s perspective.   See this column in the March edition of East Midlands Business Link Magazine here.