After graduating with an Economics degree, Graham joined and qualified with a top 50 practice specialising in SME businesses and has over 5 years experience in practice.

He comes with a broad range of accounting knowledge, having worked with a large number of clients in a wide range of industries.

We are looking forward to him assisting our rapidly expanding client base, as well as helping us deliver additional higher value services to our clients. Outside of work Graham enjoys foreign travel, music and is a keen follower of Wycombe Wanderers Football Club (well someone has to be!).

Some of the important changes to the Act since its’ introduction makes the administration of running a private limited company easier and it may be worthwhile to review your Articles and Memorandum of Association to see whether any changes introduced can be implemented to make administration of running your business less burdensome.

Of course, your existing company could continue operating under its’ current constitution and the Articles will remain in force provided that they are not overridden by provisions contained within the 2006 Act. However why not take advantage of some of the provisions contained in the Act which has smaller owner managed businesses in mind. For example some of the changes made are:

• How decisions are taken by shareholders and the mode of communication used including the use of electronic means.
• Shareholders meetings have been streamlined and a private limited company no longer has an obligation to hold an annual general meeting unless 10% or more of the shareholders demand one.
• The requirement to have a Company Secretary is not mandatory.
• A new option on filing directors’ addresses, which means that your home address is ‘protected information’ and not available in the public domain.

The older your company is, the more likely that a review would be beneficial. Any articles of association based on Table A before 1 October 2007 will have certain provisions that have been overridden by the 2006 Act. With this in mind we provide our Companies Act health check and report to you on:

• Areas in need of revision.
• Recommendations as to your options.
• Easy to understand suggestions for any updating and amendments that are required, and
• Transparent cost of undertaking the work.

Ibrahim Aziz Numerion Associates

Why not contact us to discuss how we can help you. Mail me at Ibrahim.aziz@numerion.co.uk

Growing your business is hard, but then starting anything is hard, if you do not have an idea where to start. My advice is to just do it. Starting anything is the most difficult thing to do and it is because it is you who have to do it. If you think you cannot do it yourself, then find a business partner or a mentor who shares your belief.

There are plenty of books and resources on the internet on marketing, but none will tell you a step by step guide to growing your business, a fool proof way to obtain new and profitable customers or clients. However you will gain ideas and methods of marketing your business that work, but unless you implement them and persevere, the research will be for nothing. Experience in this area or any other aspect of your business cannot be bought but it needs to be earned by hard work and trying things.

This may seem old fashioned, but all good businesses have been built by leaders who have learnt the hard way from trial and error. Anyone promising you a quick fix solution or something that is too good to be true, the likelihood is that you will be left very disappointed. Before embarking on the journey of starting to build your business, take stock of where you want the business to go and your personal aspiration. As a leader, (even if the business at the present only contains you), the success of the business you set up, rests fairly and squarely on you.

One of the most useful tools that you can develop is a realistic plan with a time line, which will help you focus and overcome inertia. The starting point should be to find yourself a great accountant, who will be willing to take the time to understand your business and provide important input during the year and not just after the horse has bolted. That is, just preparing your year end accounts and tax return.

Growth for the sake of itself is insufficient, as it can suck limited resources. When you are starting out in business, you are the most vulnerable and you have to keep so many balls in the air just to survive. Growth should be planned to ensure that cash resources are not being depleted rapidly. As the popular saying goes ‘turnover is vanity, profit is sanity’. But then, in business you need a good dose of vanity, sanity and luck. Find the right mixture and you will be on your way.

Ibrahim Aziz Numerion Associates

Why not contact us to discuss how we can help you. Mail me at Ibrahim.aziz@numerion.co.uk

Firstly the terms and conditions of your personal bank account may prevent you from using it for business purposes. In addition if you are trading under a business name for example A Smith trading as Smith Marketing you might not be able to accept cheques under your business name.

Secondly separating your business and personal activities can save you in accountancy fees which should more than outweigh the cost of bank fees for operating a business account. The reason for this is that when you operate a single account you can quickly mix up your business and personal expenses. To avoid this mix up you would need to record each transaction made as to whether it was for business or personal use which becomes time-consuming and tedious. If you don’t do this, your accountant will have to do it and hence charge you more to prepare your accounts.

Thirdly by keeping personal and business transactions separately you can more easily keep an eye on how you are doing in the short term by monitoring your business cash flow. You will also be able to plan for your tax liability much easier by keeping funds in the bank account to pay your tax payment when it falls due. This will reduce the risk of money being inadvertently spent elsewhere.

Lastly, should you be unfortunate enough to be selected for an Inland Revenue enquiry, it may be possible to cut short the enquiry. In the Taxman’s booklet: “Self-Assessment, a guide to keeping records” he advises that “whatever records you keep you will need to make sure that you can separate your business from personal expenses.” Therefore a good set of records can persuade the Taxman to close the enquiry without asking tedious questions. This will save you lots of sleepless nights and ultimately accountancy fees.

In summary you do not need a separate business bank account to operate as a sole trader, but there are various tax, accounting and business factors that you need to consider in making that decision.

Ibrahim Aziz Numerion Associates

Please email me at ibrahim.aziz@numerion.co.uk