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Welcome to the GSM & Co Blog where we share our expertise and experience of best accountancy practice. Do let us know of your experiences. And if you have any questions that arise we'd be delighted to answer them.

12 Mar 2021

Remember when a carry-back felt so good? Well thanks to Mr Sunak you can do it all over again.

Businesses have weathered quite a storm in recent years, not least the impact of Covid-19. Now, where lockdown has adversely affected profits and pushed profitable businesses into a loss-making position, there’s an extension to the period over which they may carry-back trading losses, up to 3 years, from the current 1 year entitlement. In this way, businesses can gain relief against profits of earlier years, to get a repayment of the tax paid. And they have the choice to carry-back all or part of a tax loss from that income year.

02 Feb 2021

Now you can reverse and still move forward

From March 1 most suppliers of building and construction services will need to go into a different gear, when the VAT Reverse Charge must be used when invoicing. It is designed to combat VAT fraud in the sector by moving the VAT charge further down the supply chain and paying it directly to HMRC. This aside, importantly, it will have a significant impact on how construction businesses account for VAT and manage cash flow moving forward.

25 Jan 2021

What shape is your business in for 2021 & beyond?

If your business has altered in recent months due to the pandemic, it is not just the business framework that has had to be reshaped, but at its very foundation will be the need for a robust financial infrastructure that fits the new shape company and the ‘new normal’ as we move forward in 2021.

08 Dec 2020

Protect and project your value in a post-Covid era

The coronavirus recession is unlike anything business owners have experienced before, with many companies plunged into uncertainty.

30 Nov 2020

Goal setting in uncertain times

COVID-19 has changed the business landscape for everyone. Few companies have not been affected by it in some way. While some changes may be temporary, others may present longer-term challenges.

23 Nov 2020

The importance of good record keeping during the pandemic

As we adapt to regularly shifting circumstances, and more remote working during this pandemic, it has become very clear how important good record keeping is as a key aspect of business continuity planning and one that shouldn’t be overlooked.

07 Sep 2020

Getting your business back in the swing of things

With summer drawing to a close and the ease on commercial restrictions increasing, business are facing the ‘new normal’ once up and running again.

24 Jul 2020

A post-lockdown wake-up call for business

Slowly but surely, businesses in every sector are heading back to work.

16 Jun 2020

In the current crisis a band-aid won’t keep you well heeled. A good accountant will.

A good accountant will always determine areas of your business requiring attention, identify those that have the most potential for growth, provide insights on cash flow, advise and assist in implementing improvements to stock management, ascertain if there’s a need for business financing and produce financial forecasts so you can make better decisions.

02 Jun 2020

Navigating the pandemic with a hole in the hull will not be remedied with a sticking plaster

Charities could miss out on well over £4bn worth of income in the wake of the pandemic, so navigating the crisis with such a hole in your reserves will not be remedied with sticking plaster solutions.

28 Apr 2020

Whether your financial management needs a pull or push to get through this crisis, don’t do it in isolation

The coronavirus is undoubtedly pushing companies and charities alike to operate in different and even new ways.Your systems, decision making and resilience are likely being tested as never before, as you juggle priorities, productivity and/or performance.

27 Apr 2020

UK200Group Coronavirus Business Impact Survey – April 2020

The responses to this survey confirm the widely held view that SMEs have been dramatically impacted by the effect of the pandemic.

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