The government's records for the past 12 months to March 2022 showed that consumer prices have risen as much as 13.4% in some sectors. This is much higher than the 9% reported a few weeks ago. It is therefore prudent to assume when bad news is highlighted by the government or a corporate entity it will most likely be understated.

Now that the ONS has issued more accurate figures its important medium to small sized businesses know the exact figures when it comes to costs to make sure they can budget correctly and choose to either absorb or pass on costs. So the business owner can safely steer the business through a recession or downturn.

A quick list of UK inflation figures is below and it is advised that business owners plan and manage these as soon as possible:

• Transport: 13.4% 
• Furniture, household equipment and maintenance: 10.3% 
• Clothing and footwear: 9.8% 
• Housing, water, electricity, gas and other fuels: 7.7% 
• Restaurants and hotels: 6.9% 
• Food and non-alcoholic beverages: 5.9% 
• Recreation and culture: 4.9% 
• Alcoholic beverages and tobacco: 4.8% 
• Education: 4.5% 
• Health: 2.5% 
• Miscellaneous goods and services: 1.9%
• Communication: 0.7% 

Tax Affinity Accountants are rated as the number one business advisors for medium to small businesses. So if your a business owner who is effected by the inflation rises and need expert guidance and support then get in touch today and we will be happy to help you plan a strategy to steer your busines to growth and success.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

The spread of (Covid-19) Coronavirus from Mainland China throughout the world is having massive effects upon small and medium sized businesses. A lot of small business owners are so busy with running their busy everyday that they have not had time to try to figure out a plan to safeguard their employees, customers and profit lines.

The British economy is reliant upon finance, tourism and to a lesser extent manufacturing. Data presented earlier this month showed British economic growth slowed to a stand still at the end of 2019. Supply chains from China have dropped off and many travel operators are slowing down or closing services. This means limited supply and increases in costs. And because small to medium sized (SME) businesses often do not have the cash flow and financial resources to absorb sudden increases in costs this can mean a serious problem, not to mention the health and well being of their staff.

Unlike the press, we don’t just present the problem but provide an answer - So here is what SME business owners need do to manage the coronavirus problem:

1. Increase suppliers and look for different origin source countries - often SME's have one supplier and a cannot order in bulk. So shop around and look for similar products and suppliers importing from other countries other than China. Think about pooling together with other buyers into a self made buying group and ordering in bulk. Sharing purchase and storage costs can make it affordable.
2. Ensure your staff well fare - keep them safe from infection, and provide hand sanitizers and anti-bacterial wipes etc for surfaces where customers may touch and pass on infection. Ensure all staff are told to clean their hands with soap and water for at least 20 seconds several times a day. Ask them to minimise physical contact with customers and minimise usage of public transport if possible, even working from home if possible.
3. Speak to your bank - ensure you have access to cheap loan and overdraft facilities to get a cash injections in case you need it. Think old school, borrow at 0% interest from friends and family or trade in goods and services without money if needed.
4. There is always an opportunity - sell different products or services, think about selling face masks, hand sanitizers and anti-bacterial wipes etc. Think of changing the way you do business and your market even.
5. If imports from China are falling then home produced suppliers and exports are an opportunity for many businesses to fill in the gaps. Look for current gaps in your industry supply chain and see how you could fill them. eg if you find a great supplier that no-one knows about, think about becoming a wholesaler and reseller not just a retailer ot the public.
6. Raise prices - SME businesses often fear raising prices and losing customers. They often absorb increased costs without touching the price. This means they are earning less net profit as time goes by and take home less pay each month. Don't be afraid to lose some customers if you raise prices due to rising costs, your not running a charity.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames and Epsom they are considered in the Industry to be expert business accountants and tax advisors for small and medium sized businesses (SME's). Helping and supporting limited company owners and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

Every year around this time we get a wave of negative news in the media with large corporations issuing retail sales warnings, making excuses publicly about Brexit, the election, weather, online sales, anything really to distract from their own incompetence in the run up to Christmas and New Year 2019. In fact last year December 2018 it was the exact same excuses with only exception being the recent general election.

Always ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years. To help with this we've compiled a short list based on our extensive experience and industry wide knowledge.

1. Go where the money is - try to be fluid and adaptable and look to see what is selling and sell more of that and stock less of what is in less demand. If its a different product or service that you don't offer consider adding this.
2. Give the customer what they want not what you want - try to listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Don't be shy to ask them, actively ask for feedback.
3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like supermarkets do. This may mean you have to offer something at a lower price with the plan to sell another product/service that compliments that item which will make more profit.
4. Keep an eye on competition - try to make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a slowing economy.
5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in.
6. Don't use bad economic conditions as an excuse - try to stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just  that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director /  CEO that thinks and plans positively is the one that drives their business forward.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

Every year around this time we get a wave of negative news in the media with large corporations issuing retail sales warnings, making excuses publicly about Brexit, the weather, online sales, anything really to distract from their own incompetence) in the run up to Christmas and New Year 2018. Always ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years.

To help with this we've compiled a short list based on our extensive experience and industry wide knowledge.

1. Go where the money is - be fluid and adaptable and look to see what is selling and sell more of that and stock less of what is in less demand. If its a different product or service that you don't offer consider adding this.
2. Give the customer what they want not what you want - listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Don't be shy to ask them, actively ask for feedback.
3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like supermarkets do. This may mean you have to offer something at a lower price with the plan to sell another product/service that compliments that item which will make more profit.
4. Keep an eye on competition - make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a slowing economy.
5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in.
6. Don't use bad economic conditions as an excuse - stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just  that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director /  CEO that thinks and plans positively is the one that drives their business forward.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

With all the negative news currently in the media and retail sales warnings issued by a few large retailers (who may be using this as an excuse) in the run up to Christmas and New Year 2017. Its a good time to ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years.

So we've compiled a short list based on our extensive experience and industry wide knowledge.

1. Go where the money is - be adaptable and look to see what is selling and sell more of that and stock less that which is in less demand. If its a different product or service that you don't offer consider adding this.
2. Give the customer what they want not what you want - listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Ask them, remember you have two ears and one mouth, use them in that proportion.
3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like the supermarket and larger traders do to entice them. This may mean offer something at a low price with the plan to sell another product/service that compliments that item and will make more profit.
4. Keep an eye on competition - make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a downturn.
5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in.
6. Don't use bad economic conditions as an excuse - stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just  that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director /  CEO that thinks and plans positively is the one that drive their business forward.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

The General Election, Brexit, Falling UK Sterling and lower consumer confidence across the UK has made a perfect storm of negativity with small to medium sized businesses seeing lowering sales and profit in last couple of months.

We've seen this is with many of our clients. (Why is your current accountant not telling you this?) And this worrying trend may last longer as the summer months arrive and peoples' focus switches to holiday and spending less money as they keep hearing about inflation and other scary words they don't understand.

So with that in mind how does a small / medium sized business keep growing or, at the very least, keep the money coming same as previously?

Well at Tax Affinity Accountants we've been helping business through many recessions / downturns and believe in giving useful real time support and advice to small and medium sized businesses. And with this in mind the tried and tested list below will help:

1. Go where the money is - be adaptable and look to see what is selling and sell more of that and stock less that which is in less demand. If its a different product or service that you don't offer consider adding this.
2. Give the customer what they want not what you want - listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Ask them, remember you have two ears and one mouth, use them in that proportion.
3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like the supermarket and larger traders do to entice them. This may mean offer something at a low price with the plan to sell another product/service that compliments that item and will make more profit.
4. Keep an eye on competition - make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a downturn.
5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in.
6. Don't use bad economic conditions as an excuse - stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just  that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director /  CEO that thinks and plans positively is the one that drive their business forward.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

If your thinking how to expand and grow your business in 2017. Then your not alone, many entrepreneurs and business owners are paying little attention to the media and hard focused on their business and making it even bigger and better than before.

So below is a helpful list of things that will help you:

1. Market Research
Ask your customers what is good and what is not and improve the not. It doesn't mean making forms and handing them out to everyone only to be disappointed that 99% of people binned it. It means talking and listening to customers and getting the all important feedback about what you can do to improve the business and noticing the opportunities to grow. After all your customer will know what else they need and what you could also offer to increase your sales.

2. Segment your market for increased growth
Ever heard of divide and rule? Well it works, sit down and look at your business and start to split it up into different parts especially your customers. Some splits may be geographic others age or income related etc. Knowing what are your customers key traits and background can highlight triggers to get them to buy more. Look at how the large corporations pour millions into analytics and data analysis. All businesses have this potential info at their finger tips but most small business owners chose to ignore it instead looking at day to day stuff. Plan far ahead and use analysis to get there.

3. Finance for growth
Sometimes you just need more money to open more branches or take on more people or have the infrastructure to take on more business. If your looking to export (due to the GBP pound being lower) then maybe you need better logistics facilities. Therefore look at how you can raise finance cheaply for this. And don't trust the banks they are not really looking  to help you, look at the old school way of borrowing from friends and relatives or crowd funding as these can help you more and leave you free to not worry about a greedy bank knocking on your door when you need more time.

4. Diversify services and products
It sounds like common sense, and we see it every day in the supermarkets - how many different types of products do they have. There is always something for someone when you have enough choice. Well why not stock sale or return items and expand your stock and customer appeal. And if your a service industry increase your types of services or add more parts to your current level of service. e.g. if your a contractor get another qualification and get yourself in demand in another market place that may be more lucrative.

5. Partner with others and align with complimentary brands
Have you seen some services advertised on the payment counter at your local coffee shop? They are partnering with that shop to promote themselves and they probably equally do the same at the their business. Look at what your customer's have in common and where else they frequent so you can partner with them and bring more customers in. And don't be shy what will the other business say at the worst it will be a no. Move on ask some one else.

6. New technology
Try to see how new software and technology can help make things more efficient and cost effective. They say a pound saved is the same as a pound earned. In the old manufacturing days it was more advanced factory machinery that required less workers and produced more output. Today in the UK its more to doe with software and hardware that can do the same for you too in your industry sector.

7. Engage customers with social media
Today increasingly customers are looking online and on social media platforms for service recommendations. Have you seen the size of the yellow pages now? Its like an A5 few page pamphlet , gone are the days people look in this great big yellow book. This means people do not need it to tell them where to look for a service. Post daily updates about your business and what's going on to engage an audience and build trust in your business, so when they make a decision to buy they come direct to you.

8. Merge or buy other businesses to expand rapidly
Buy out another business or to merge with a competitor can be a quick and easy way to increase business and sales. The big companies seem to be doing it all the time, so why can't a smaller business do this to achieve rapid growth too. Maybe you want to sell up and try something else and someone could be interested in your business. Or your competitor is getting ready to retire and you can move in and take all his business.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

At Tax Affinity Accountants we have a huge spectrum of clients from a multitude of industries and sectors. And all of them are effected directly or indirectly by the the shopping habits of the public during Christmas.

So whether your selling luxury brands such as Aston Martin's or Jimmy Choo shoes or selling personal services such as dental or psychotherapy work. The public's time and willingness to spend time and money on what your selling is effected by both the weather and their holiday spirit (not including if their tooth hurts or car breaks down). That's why large retailers are starting to show Christmassy type adverts and high streets and shops are starting to decorate their premisis to get people in the mood to spend money. Spend on others and also to spend on themsleves. Not every purchase is a Christmas gift.

Granted the late and longer summer has moved the goal posts somewhat. But facts and figures do not lie. And if Coca Cola and a Starbucks are always busy looking at trend analysis to help push sales higher then why shouldnt a small business too. In fact maybe they need to doing it even more so.
 
And so because everyone loves a Christmas list, here's one to help you sell more:

• Review Last years sales and business strategy - change and improve it stock more of the right items and remove the ones that didnt do well last year
• Use Social Media to highlight your business and get people talking about your products - generate the demand and interest yourself
• Give great customer service - who wouldnt recommend a business that they are really happy with
• Create a sense of urgency in the mind of the customer - limited time offers or vouchers will draw people from further away and make them spend more on impulse rather than say I'll think about it
• Loyalty cards - give something back for the faith people show in your business and think of having a loyalty card that gives a shopper something off if they buy so many times
• Increase visibility both online and on the high street - let everyone know your ready for business more so than before - have baloons outside, use pavements signs, have the shop lights on for longer in the dark evenings
• Use pay incentives to motivate staff to sell more - bonuses are a great way to engage employees to sell for you
• Upselling on products and services - if someone came in for a scarf see if they may be interested in gloves too. Think what goes with what they have purchased and gently push the easy 2nd sale.
• Make your environment a happy place where employees and customers both enjoy being - positivity is a very big thing
• Collect all your customers data you can - this will help in the future always plan ahead, have you thought about 2017, 2018 etc
• Understand your target customers and who they are - focus more on this target - too many times a small business doesn't actually know this, that is why collecting the customers data is important
• Demonstrate products and services and let customers touch - as any car salesman will tell you if the customer is touching a product it means he/she likes it
• Give the impression of being there permanently and knowing your product / service inside out - customers don't want to commit if they feel the business may close down or staff don't know much

Over all innovate and update, learn and evolve that's what clever businesses do and its why their businesses improve year on year. Look at trends over previous years and look at what worked and sold well, then look at current conditions (economy/weather etc) and then make a very educated plan so you can optimise sales better than last year.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

A few months ago it was #Brexit hitting the UK headlines and now its Trump. The cartoon series The Simpson's, many years ago, predicted Donald Trump would be the President of America and joked that he will bankrupt the country. In the cartoon Trump calls America just another one of his ex-wive's. (they even flicked through different possible years in the cartoon in one spooky sequence).

And if your wondering what does all this mean to the UK economy and to your business, then your not alone.

Speculation and peoples opinions are what effects business on an a very basic level. The UK has not yet even activated article 50 to start leaving the EU but the vote made the (GBP) Pound drop dramatically in value and UK public spending to slow. Who'd have thought that there were there that many Marmite lovers out there?

Similarly the US election win of Trump doesnt mean he is the 45th President yet, but public and business opinion has swung already and made the GB Pound rise and become stronger against all currencies as the exchange rate investers shift from the Dollar back to Sterling. Far Eastern economies jitter and UK confidence rise thinking they will have have just found a better business partner than the EU. 

Brexit may mean better trade deals in the future with the US, Canada, India, China etc as we shift focus on building stronger ties with others rather than Europeans. But negatively in the short term it has also meant direct increase in costs for businesses, which may eventually mean more unemployment and less spending. Have you noticed how many recruitment agencies have been calling you to place their candidates recently?

Across the pond, Trump promised lower corporation taxes and more investement in infrastructure and the economy. Although lacking in detail how he really plans to make 'America great again' (suggesting its not very great at the moment). And not to mention the huge (Berlin/Chinese type) wall against Mexico. That curiously seemed to go down very well with US voters.

So with so much media trash being touted to sway public opinion. A clever entrepreneur will try to cut through opinion and see the facts only. Then try to foresee the rise and fall of public opinion before it happens. Letting this be his/her guide as to what to do with their business and ensure that it remains in an optimal position no matter what the economic situation prevailing.

That is why at Tax Affinity Accountants in Kingston we recommend all our cleints worldwide who could be effected by Brexit and Trump or whatever happens next (bad news usually comes in three's doesn't it?) to keep a cool head and see the the wood for the trees.

Focus on making your business better and stronger even more so than before. And just keep moving forward even if its only an inch a day, because that is how winners perform. And that is exactly what hugely successful multinational corporations already do.

Look at the facts and view the visible signs to work out if The Simpson's predicted it right and Trump will make America another one of his ex-wives or if he will make make it a more profitable place to do business than ever before. Maybe your business needs to have a established foothold in the US while Brexit ping pong starts with the EU or maybe you just need to make sure you offer a better level of service today if your prices are going up in 3 months time.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.