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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.

26 Nov 2021

Border management is key if there is to be cohesion across your business

Border Control has been in the news a great deal lately and many businesses have been impacted since Brexit, with the need to adopt some unfamiliar practices. But it is also within businesses that there can be borders, which can be as great a hindrance to trade and have become all too familiar within some organisations.

18 Oct 2021

A model of trusted accounting and governance is vital for business in the face of increasing climate change

Climate change is increasingly a business issue for all size of company, both great & small. As we approach COP26, the issues that will affect business and how business will affect the issues will fast come under the lens of government and undoubtedly the scrutiny of HMRC.

30 Sep 2021

As the furlough scheme winds down how will you avoid getting wound-up in financial difficulties?

If there’s been one word that has never been used as exhaustively before, as it has been in the past 18 months, it is furlough. As the furlough retention scheme finishes at the end of September, it brings to a close the temporary release from working for the employee and the temporary release from paying full wages for the employer.

27 Aug 2021

Post-pandemic there’s never been a greater need for a business to take a fresh approach

In a Lloyds Bank survey 7 in 10 businesses made changes to their operations during the pandemic that they propose to retain for the long term. One third of those say their operational changes have already boosted revenues and profits.

27 Jul 2021

Behind every resilient business there’s a hard working accountant

Every company will want to remain resilient in the face of a crisis and as the world still reels from the health and economic impact of coronavirus, there’s perhaps never been a better time to ensure you are business-ready for any future crises.

25 Jun 2021

Now is a good time to see if your business is in good financial health

After periods of uncertainty your business, like many, may benefit from a root and branch review of the financial systems in place to ensure you are meeting regulatory requirements, that your aspirations for the company aren’t being stymied and with the recent stop-start to business activities we’ve all experienced, that financial problems haven’t been masked.

21 May 2021

Thrift has become a strong source of uplift in charity income again

The impact of COVID-19 lockdowns has meant that many charity trading subsidiaries may now be making significantly reduced profits or even losses.

14 May 2021

Are we doing enough to support mental health in the workplace?

I’m still what I would consider to be a young man (40 next year….shhhh), although some of our trainees may disagree. Growing up in the 80’s and certainly for the first thirty years of my life, I had not really heard the term ‘mental health’ used too often in conversation nor promoted in the way it now is.

23 Apr 2021

A window of opportunity for retailers to improve profitability

The challenges for retailers are many as we ease out of lockdown and chief amongst these are to reopen, keeping staff and customers safe. As accountants we would also say that our next priority is to help you to return to profitability.

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.

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