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What to do when your business hits a bump

Posted: 14 Apr 2011 in Blog Business Advice

Hurtling towards a sturdy-looking pine tree, clinging to the reins of an exuberant pack of huskies I was faced with a conundrum; to obey what I had been repeatedly told and “never let go of the dogs” or to do what my survival instinct were urging me to do and let go.  This happened last week whilst I was on holiday with my family in Finland. We had decided to go dog-sledding in order to experience the stunning landscapes without the usual accompanying sound of the internal combustion engine.

Our guide had given us a crash course in how to drive a dog sled. It didn’t seem overly complex, with a forward section on which a person could sit and a rear section to stand and drive the sled. However they repeated one instruction time and again and that was “never to let go of the dogs”. This was because they would run off and retrieving them could be a nightmare, especially since it was -20 and the dogs were our only means of transportation.

Just after lunch I hit a snowdrift and the sled flipped, throwing me off, putting me in the predicament described above. In case you were wondering, I let go!

Having recovered and the dogs retrieved, it struck me that this was a good allegory for what often happens in business. Your business is moving forward smoothly and all seems well. Then, unpredicted and unforeseen, along comes the business equivalent of a snow drift, which you hit and upsets matters. You then find yourself in a situation where it isn’t clear what to do and how to avoid crashing into the proverbial tree. Making the uncertainty worse is often the lack of information and the lack of time to react.

 So when you hit a bump or when things aren’t going according to plan this is where we at Accounting Help can assist. With decades of business experience, we can help you find a way through those difficult times and help get you back on track after you have hit the metaphorical “snow-drift”.

Checkout out our website for more information and to see what we offer:

Accounting Help

Tax Rates

Income tax2013-142014-15
Tax-free personal allowance (under 65)£9,440£10,000
Basic rate: 20%£0 - £32,010£0 - £31,865

Higher rate: 40%(dividends: 32.5%)

£32,011 - £150,000

£31,866  - £150,000

Additional rate: (dividends: 42.5%)

Over £150,000

(45%)

Over £150,000

(45%)

Capital Gains2013-142014-15
Annual Exempt Amounts for individuals£10,900£11,000
Corporation tax (rates for financial years starting on 1st April)20142015
First £300,00020%20%

Next £1,200,000

23.75%21.25%
Over £1,500,00023%21%

Tax credit on dividends (basic rate taxpayer)

10%10%
Approved HMRC mileage ratesFirst 10,000 business miles in the tax yearEach business mile over 10,000 in the tax year
Cars & vans45p25p

Motor cycles

24p24p
Bicycles20p20p

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