NORFOLK VOICE
Time to spring clean those accounts? David Missen
Partner, Larking Gowen
Whilst on the subject of bank accounts, are they making you money or costing you money? It is quite common for current accounts to be running at a substantial balance and even though interest rates are low, you can normally at least earn a little bit on surplus funds. Do you have a current account balance and borrowings? If the money on the current account is not likely to be needed you might as well pay off the borrowing.
As Easter approaches and the days lengthen, we all feel the need to refurbish and spring clean. There is no reason why this process should not apply to your business accounts just as much as the house, car and garden! Some of the things which can be done are surprisingly simple – “quick wins” in business speak. Have you considered… Sorting out old bank accounts. Dormant bank accounts can be a real nuisance. Why not close them all down and save those irritating letters from the accountant?
want to take over? Am I in the right markets? It is all too easy to get bogged down in the dayto-day transactions without thinking about the bigger picture. Go on – spring clean your business. You will feel so much better for it! For more information on this topic, or any other tax query, please contact David Missen on 01362 693318 or at david.missen@larking-gowen.co.uk
Is there a rump of old stock which is being kept “because somebody may want it one day”? That may be true, but in the meantime it will take up space, require insurance, absorb working capital and gently deteriorate. This might be the time to hold a sale, flog it on eBay or put it in a skip, clearing space or raising working capital. Shock your accountant! Gather up all your personal tax information by the middle of May and put it on his desk instead of yours. It will be worth the exercise just to see his little face light up with joy! Set aside a couple of hours to think seriously about strategic issues. Where is the business going? When am I going to retire? Who might
This article is designed for the information of readers. Whilst every effort is made to ensure accuracy, information contained in this article may not be comprehensive and recipients should not act upon it without seeking professional advice. Larking Gowen is registered to carry out audit work by the Institute of Chartered Accountants in England & Wales. Authorised and regulated by the Financial Services Authority. ©Larking Gowen.
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THE MAGAZINE OF NORFOLK CHAMBER OF COMMERCE AND INDUSTRY
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08/03/2011 09:58