A question of making the most of your business
As accountants we work together with our customers. We try our best to support and guide our customers.
We have a few top questions which often pop up. In this week’s column we will go through some of the most commonly asked questions and will take a look at another batch of questions in our next column.
1 – How much is my business worth?
Many business owners are keen to know what their business is worth. All the hard work that goes into running your own business is hard to see when you are on your own.
When valuing a business we look at several things. The assets of the business are the starting point – property vehicles, furniture and equipment. The current value of these form part of the total value of the company.
Any amounts owed to the company and amounts owed out to suppliers, loans, and taxes are deducted.
The next step is to look at the trade of the business, the sales, costs and profitability.
These are all used to establish the historical and future results. If you have contracts with customers these are considered as well.
With all these factors in mind we can draw a value of your business.
2 – Will you help my business grow?
Working with an accountant who understands you and your business has more benefit than purely preparing end of year accounts and tax bills.
Annually or more frequently we work with our customers looking at how the business can develop, moving into new lines or expanding current lines.
We look to help support our businesses and often find that the first five years of any business are the most involved, helping clients to establish themselves and build a good base for their future.
3 – Can you save me tax?
Having an accountant is the best way to increase your chances of paying less tax. Using our expertise and knowledge we can ensure you receive all the best tax reliefs available.
We work closely with all our customers to understand them and their businesses. We look to support our customers and feel that we work together to achieve the best possible outcome.
If any of these questions are something you feel you would like help with, please contact us and we will aim to help you get the right answers.
Next time we will answer some more of the most popular questions.