Control Your Finances and Make it to 2020  


Derek Williamson


Control Your Finances and Make it to 2020

1)Review your Phone, Mobile Phone and Broadband Contacts.

2)Ask your Bank for details of your Bank Charges.

3)Review your Stationery supplier.You could save money.

4)Check that your Utility supplier is offering the best deal.

5)Are you eligible for Small Business Rate Relief? 

6)Do you really need the latest upgrade for Microsoft Office?

7)Can you expand the memory of your computers and so get an extra year or two of life from the computer. Expanding the memory costs between £20 and £40 per computer.

8)Can you buy second hand furniture & fixtures? This could save you money.

9)If buying a vehicle, why not go for an Ex Demo; you can save up to 1/3.

10)Join the FSB and use their benefits package for Legal Help Line, Critical Illness and Special Credit Card terms. 

11)What networking are you doing? :-

-Surrey Chambers

-Kingston Chambers

-Hounslow Chambers

-Federation of Small Businesses

-Institute of Directors


-Omni Local

12)Have you joined Academy, Facebook, Linkedin or Twitter?

13)If you are advertising have you asked for series discounts?If not, why not?

14)Do you have Business Cards?If so, do you have them with you at all times?

15)What are you selling and why?

16)What does it cost you?

17)If doing direct marketing remember that 30% of your costs will be advertising and marketing costs.

18)Do you use subcontractors, if so are you getting invoices from them?Are they genuine subcontractor or are you using them that way in order to avoid employing them?Have you completed a Subcontractors questionnaire to ensure that they are not "De Facto" employees? (as per our example).

19)Have you included all costs not just the material costs?Wages with NI of 13% and holidays etc., share of rent costs, share of depreciation on relevant machines. Packaging costs; assembly costs.When assessing costs what have you included?

a)Wages.Annualise, so say £9.50 per hour for 35 hours per week is £17,290 pa.Add on NI of 13.8% £2,386.02.Total cost £19,676.02.Divide by unions assumed 1600 hrs productive per year.True cost £12.30 per hour.

b)What are establishment costs?Rent, Rates, Light, Heat, Water, Cleaning, Premises Insurance and Repairs.Take the total and divide by 1600 hours and divide again by the number of productive staff. That gives you an established hourly recovery cost.

c)Equipment.What is the depreciation in a year and what are the repair and maintenance costs?Again divide by 1600 hours to give you a plant usage hourly recovery cost.

20)Are you claiming for the Business use of tea, coffee, and toilet rolls etc?If not why not?

21)If you work from home, are you claiming for "use of home"?

22)Is your Public Liability, Product Liability and Staff Insurance adequate?If not, you may be personally liable.

23)Are you claiming for trade subscriptions and magazines?

24)Business Trips. "Two or more people sharing one vehicle" or finding alternative cheaper mode of travelling, to avoid traffic and excessive use of fuel?

25)Out sourcing some of your Business activities.Such as debt collections, computers system maintenance, Accounting?

For further information about Goddards Accountants, please call us at our offices:

Brixton Office

c/o Technoestates

102 Acre Lane




High Wycombe Office

c/o Franklin James

Axis 40, Oxford Road,


High Wycombe

HP14 3SX

Croydon Office

c/o Technoestates

109 Church Street




Head Office

Spirit House

8 High Street

West Molesey



Tel: 020 8941 2187



Skype: willconsult69 (Derek Williamson)

Control Your Finances and Make it to 2018.pdf