ChadStone’s FREE Business Book Club

Sick of feeling lonely in business? And worst still, when you do succeed, the people around you don’t truly understand.

You need to surround yourself with people on your level. People that have been there, know how it feels and can relate to your situation.

That’s where our Business Book Club comes in… our monthly business Book Club. Open to business owners looking to chat, discuss and debate with like-minded business owners. It’s a safe environment for people to talk about what they’ve read, learn from others’ experience, and get feedback on their own ideas.

For our members it’s like attending a mastermind but without the high price tag – a place where you can be vulnerable without feeling judged or criticised. Somewhere where you can bring your business successes to celebrate, and your failures for everyone else to learn from.

Expect a friendly welcome from our regular readers and plenty of general chat around business. We pride our club on the fact that no question is a silly question and that there will always be someone in the room who has been through it before.

Our club has received incredible feedback from local business owners. Joel Stone, director of Codebreak said, “ChadStone’s Business Book Club is a breath of fresh air. Away from the usual pressures and formalities of formal networking, it feels like once a month I can lean on the experience and advice of other business owners for help. I’ve never come away from a Book Club without having learnt something that I can implement in my business.”

In normal times our Book Club is hosted at a hotel and we provide a free buffet. Everyone gathers at the bar for a drink afterwards too! Unfortunately, we’re not in normal times, so for now, we’re hosting it on Zoom. Many of our attendees still bring a drink, we still have all the chat and debate, and obviously, if time is an issue, Zoom will probably suit you better!

So, join us for the next one. If we’re honest you don’t even have to have read the book. You’ll soon get into the swing of things. We’re always going off on tangents to discuss a specific business example or relate it to the real world.

Click here to book your place. We’ll see you there!

No obligation and no charge. We may even have a biscuit or two.

Say hello

The Hangar
Hadley Park East
Telford
Shropshire
TF1 6QJ
Phone: 01952 292729
Email: [email protected]

2020 – A Year in Review

We’ve never written a year in review before, but it feels like this one needs recording! We imagine most people feel the same. Nothing could have prepared us for 2020….

We promise to avoid mentioning Coronavirus too many times in this review; let’s stick to the positives! However, it would be remiss of us to entirely avoid the subject. Hopefully we’ll never see a year as difficult as this again. To all the individuals and organisations adversely affected by the events of this year, keep going. You’re an inspiration to us all.

January

2020 kicked off with a bang! We knew there was a good chance we’d be moving office and began to plan for that. On top of this, the team completed their 90-day plans. And, as usual, we hosted our networking events; Dinner, Beer and Book Club, Thirsty Thursday, and Young People in Business.

February

Book Club, Young People in Business and Thirsty Thursday all proved a great success. It was fantastic to see our apprentices celebrate #NationalApprenticeshipWeek too.

In February, the Knife Angel came to Telford. An angel sculpture formed of over 100,000 knives seized by police or handed in through local amnesties. The sculpture was created in order to highlight knife crime in the United Kingdom and educate young people about the harmful effect violent behaviour can have on their communities.

We took the decision to sponsor the Knife Angel. A cause very close to our hearts. Sadly, Dave’s wife, Geraldine’s, father was a victim of knife crime. Supporting this cause was hugely important to us.

February also saw a number of Shropshire businesses affected by the flooding of the River Severn. Many were forced to close as national media attention descended on Shropshire. The resilience of some businesses was astounding.

March

March brought Rishi Sunak’s first budget. We reported the news to clients and contacts. Much of the talk was around planning for Coronavirus, but nobody was quite prepared for what was to come.

This month also saw us start a recruitment drive for a new accountant to join our team.

And then it happened… a UK-wide lockdown was announced. Thousands of UK businesses had a couple of days to transform the way they operate and implement remote working. We fielded more enquiries in late March than we could have ever imagined.

April

Sadly, it was no longer safe to hold our Thirsty Thursday and Young People in Business networking events. However, we decided to take Book Club online through Zoom. The first ever Virtual Book Club.

April turned out to be a huge month for us. Almost out of nowhere, after a near two-year wait, we got confirmation that our new office purchase had completed. And to top it off, it was Al’s birthday! We had to pop the Champagne on Zoom, but the thought was there.

May

All systems go! Branding and completely changing the interior of an office space is no easy task. It is even tougher when you’re in lockdown.

With the help of some trusted contacts, relatives and friends we pulled a plan together. Work got under way to transform ‘The Hangar’.

June

The 1st June marked our last official day at Grosvenor House. We hadn’t been there for a while, but we spent the weekend clearing it out. If you remember how warm it was in June, you can probably picture the scene.

At the same time, our external signage went up on The Hangar. We were so pleased to see our brand on our own building.

July

As summer set in we were busy setting up the new office whilst continuing to run operations working from home.

August

Finally, we opened the doors to The Hangar. It was fantastic to realise our vision and show the staff what we’d been working on.

Open plan workspaces, flexible desks, booths, a pool table, an arcade machine, a welcome screen and even a coffee machine where you can start brewing from an app on your phone!

This was a serious change for us. We wanted a space that could be shared by our clients and the business community. We’re determined that when it is safe to do so, that will be the case.

We’d had to pause our recruitment from earlier in the year, but our move meant we could start looking once more. And so, interviews commenced.

September

We were delighted to welcome Hannah Brathwaite to our team as an accounting technician.

It was also lovely to welcome Charlie Arthur Leddington to the world, Dave and Gez’s second child.

October

October saw our first ever international attendee to Virtual Book Club. We’d been lucky enough to have some authors attend from America, but this was our first international guest. Book Club had gone global!

The installation of our totem signage finished off the works to The Hangar too. Anyone driving past couldn’t fail to miss us.

Sadly, we were unable to host our annual charity quiz. Let’s hope for a bigger and better one next year!

November

A second lockdown for England. This meant further protocols at the Hangar and some staff remote working. Again, we found ourselves fielding extra enquiries.

The furlough scheme was extended, SEISS was adjusted and new business support grants announced. November became a busy time.

December

To bring us up to the present day, this December we find ourselves preparing for a different kind of Christmas to the usual ChadStone festivities. We’re working from The Hangar surrounded by screens and hand sanitiser. Hopefully next year it will be less sanitiser and more tinsel!

And there you have it, quite the year. Thanks to our families, staff, clients, suppliers and contacts for all your support during what has proven an incredibly challenging year for everyone.

Wishing you all a Merry Christmas and a happy and peaceful New Year.

Rob, Alex & Dave

No obligation and no charge. We may even have a biscuit or two.

Say hello

The Hangar
Hadley Park East
Telford
Shropshire
TF1 6QJ
Phone: 01952 292729
Email: [email protected]

Knowing the Difference Between Cashflow and Profit

Many businesses get confused between turnover, profit and cash. And worse still, this sort of confusion can lead to mistakes and bad business decisions.

The key difference is easy to outline, but it can be difficult to understand sometimes why you have less (or more) cash than you expect. And it is vital to be able to predict how much cash you’ll have and when (cashflow forecast).

Profit

Profit is an easy one. Turnover (sales) less costs. This indicates how much the company is making in a given period and if that company is in profit or loss.

Cash

Cashflow is different. This is about what cash is coming in (when invoices are paid) and what cash is flowing out (when expenses are paid).

Many companies will do a lot of predicting and budgeting around their profit and loss. However, they’ll forget to factor in their cash position in those predictions.

If you run out of cash and you’re unable to borrow, your business isn’t viable. So, knowing your cash position and how to manage your cashflow is vital. This applies to projects too.

It is all very well planning for a profitable project, but if that project requires a significant amount of cash at the start and you don’t have that cash, it is pointless. Knowing your cashflow allows you to plan and predict more accurately than just looking at profit and loss.

Monitoring Cashflow

The good news is, cashflow is easy to stay on top of. Our clients use online bookkeeping software and all of the leading packages have apps and plugins for cashflow. These applications can look at your historical cashflow and predict your future cashflow. Some of them allow you to input projects and large expenditure too so they can account for those.

Once you’re on top of your cashflow and what you owe and when, you can really start to plan for your business. Whether that be cash required for a new project, an acquisition or asset expenditure, everything is in front of you to be able to make informed decisions.

If you want to talk about your business, book a Discovery Meeting here. We can help you work out what steps you need to put in place to get on top of your cashflow.

No obligation and no charge. We may even have a biscuit or two.

Say hello

The Hangar
Hadley Park East
Telford
Shropshire
TF1 6QJ
Phone: 01952 292729
Email: [email protected]

How ‘Company Culture’ Has Helped Us Build a Better Business

Many businesses and business owners can often overlook the values of their business and the company culture those values help nurture. And worse still, lots of businesses don’t believe in them.

At ChadStone, it is the opposite of that. We’ve built our business around our culture and strict set of values. We even work with our suppliers on that basis.

Our company culture defines who we are as a business. It is the core behind why we do what we do and how we deliver it and every employee is expected to live up to it.

We’ve built our culture around eight core values:

Adventure

Balance

Fun

Gratitude

Celebration

Progressiveness

Self-improvement

Togetherness

We want everybody who’s in this with us, every member of our team, to feel like they’re on an adventure. To enjoy what they do, to have fun, to balance that with home life and work life because we feel like that will then enable us to give the best possible service to our clients.

To create this culture, we involve everyone in the decision making. Every member of the team is welcome to offer their ideas on how we can improve things across the company. From systems, to the work environment to the services we offer.

Celebration is a huge part of it. When things go well, the team are rewarded for it. Not just financially, but with days out, team building and more. We work really hard to ensure everyone is involved in every stage of the business.

The benefit to our clients is our culture nurtures a feeling of togetherness (or collaboration). Getting businesses to seamlessly work together (not just with us) for the benefit of all involved. We’ve found suppliers by looking for companies that match up to our values. By sharing the same outlook and having clients and suppliers that understand our ‘fresh perspective’ we’re able to offer so much more.

Want to know more about our culture and how we’ve done it? We even don’t mind sharing some of the mistakes we’ve made along the way. Give us a call on 01952 292729.

No obligation and no charge. We may even have a biscuit or two.

Say hello

The Hangar
Hadley Park East
Telford 
Shropshire 
TF1 6QJ
Phone: 01952 292729 
Email: [email protected]

Bounce Back Loans – Everything You Need To Know

There is so much information going around at the moment, it can be hard to keep track of what you need to hear.

Since the start of COVID-19, our goal has been to support you and your business however we can, making this transition as smooth as possible. With announcements now happening more regularly again, we want to ensure that still happens.

So, today’s agenda – Bounce Back Loans. What are they, how can they help your business and what do you need to do? Let’s bounce…

What are bounce back loans?

So, from Monday 4th May, the government announced a new loan scheme called the Coronavirus Bounce Back Loan Scheme.

This is for borrowing between £2,000 and up to 25% of your turnover, to a maximum loan value of £50,000.

The difference between this loan scheme and the Business Interruption Loan Scheme, is that rather than it being 80% backed by the government, it’s 100% backed by the government.

How does this help your business?

Well for starters, this makes it much easier for applicants to receive this loan, and the banks much more willing to lend.

There won’t be any repayments in the first 12 months, or interest charged, and the maximum loan term is six years. So, you won’t pay anything for 12 months and then the remainder of
the loan will be paid off over those remaining five years.

There are no penalties for repaying it early, so if you find that cashflow allows, you can repay it earlier without any penalties.

How to qualify for the bounce back loan scheme?

In order to qualify, you need to be based in the UK, you need to be established before 1st March 2020, and you need to have been adversely impacted by the Coronavirus.

You can’t claim this loan scheme if you’ve already got a loan through the Business Interruption Loan Scheme. However, if the loan is up to £50,000 through the Business Interruption Loan Scheme, you can transfer it to the Bounce Back Loan Scheme, provided this is done by 4th November 2020.

You will need to speak to your bank or lender to have this organised.

How to apply for the scheme?

In order to make the application, certainly with HSBC, it’s an online link through your online banking, and we believe this is the case for most other high-street lenders.

But, if you have any issues, give us a call and we’ll be able to help.

Stay safe, take care and shout if you need us.

No obligation and no charge. We may even have a biscuit or two.

Say hello

Suite 3.12 Grosvenor House
Central Park
Telford 
Shropshire 
TF2 9TW 
Phone: 01952 292729 
Email: [email protected]

Covid-19: Business Updates

In these unprecedented times we’ve seen a huge surge in enquiries from all walks of business. Coronavirus is a situation that no business could plan for.

We understand the concerns for businesses and the self-employed right now and we’re doing everything we can to furnish you with the most up to date information.

To that end we’ve put together this guide, that we’ll periodically update as and when information becomes available from the Government.

At ChadStone, we’re all working from home. We’re in the fortunate position where all of our team are able to securely access their work from remote locations. We are fully operational.

As I’m sure you can understand, our phone lines are incredibly busy at the moment. If you have an urgent enquiry, please email it to us and we’ll get back to you as soon as possible. We’re doing everything we can to provide as much information and support as possible to our clients and the local business community.

In these challenging circumstances it is fantastic to see the Telford & Wrekin and Shropshire business communities pulling together. A proactive and resilient community is exactly what is required.

To repeat, we’ll be keeping our downloadable guide up-to-date as and when information is made available from the Government. We’ll also be updating our social media and website at the same time.

Most importantly, stay safe.

Rob, Alex and the ChadStone team.

No obligation and no charge. We may even have a biscuit or two.

Say hello

Suite 3.12 Grosvenor House
Central Park
Telford
Shropshire
TF2 9TW
Phone: 01952 292729
Email: [email protected]

How Brexit Will Impact Your Accounting

It is certainly set in stone that the UK will be leaving the EU, as it stands we are set to formally leave on 31st January 2020 when we will enter a transition period until 31 December 2020.

During this period, the UK’s trading relationship with the EU will remain the same while the two sides negotiate a free trade deal. At the same time, many other aspects of the UK’s future relationship with the EU – including law enforcement, data sharing and security – will need to be agreed.

If a trade deal is ready in time, the UK’s new relationship with the EU can begin immediately after the transition. If not, the UK faces the prospect of having to trade with no agreement in force. This would mean checks and tariffs on UK goods travelling to the EU.

Across the last few years, many people have voiced concerns over the uncertainty that Brexit will bring, however, we’ve rounded up all of the key information you need to know regarding accounting and how Brexit will impact you and your business.

Our handy guide will make sure you go into the new decade feeling confident about the changes your business might face.

Preparing your annual accounts

When you’re organising your accounts, be aware that all companies will need to use ‘UK adopted IAS’ instead of EU adopted IAS for financial years that begin after the UK leaves the EU.

On the day that the UK leaves the European Union, both of these standards will be same, so don’t worry too much. However, later down the line there may be some differences if the UK adopts or amends standards and the EU doesn’t.

Data Protection

The majority of data protection rules that impact small and medium-sized businesses and organisations will stay the same after Britain leaves the EU. Luckily, there will actually be very few changes required in preparation for data protection compliance post-Brexit.

VAT

Now this is the big one.

Firstly, when Britain leaves the EU, businesses will have to apply VAT to trading with EU countries in the same way as when trading with non-EU countries now. Ultimately the UK will set its own VAT rates, however, to ensure a simple and smooth transition, the short-term plan is to stay as close to our current position as possible.

Secondly, we’ll be seeing the end of triangulation. Currently, triangulation lets British businesses order goods from one EU country and have them delivered straight to another EU country without the need to register for VAT in either of them. When Britain leaves, this won’t be available anymore and businesses will need to register in either of the two countries.

As well as that, businesses currently registered for VAT in other EU countries need to be aware that some countries have different registration requirements for EU and non-EU businesses, so your circumstances might change.

Current EU rules also mean that UK businesses will still be required to register for VAT in EU member states where sales are made in order to account for the VAT due in those countries.

Self-Employed UK workers abroad

In terms of travelling, passports for those of you working abroad must have at least six months left and be less than ten years old for valid travel to EU countries. There’s also been a lot of rumour online in regard to Visas. Providing your stay will be less than 90 days, no visas will be required at all.

However, you will also need to make sure that your travel insurance and healthcare will cover trips. Access to state health care through the European Health Insurance Card (EHIC) might no longer be available after Britain’s exit.

And finally, if you’re a self-employed worker operating within the EU, EEA or Switzerland, it’s also important to check whether you will need to pay local social security contributions after we leave the EU, as it’s all still subject to change.

That just about sums up the most important factors that will affect accounting after leaving the EU. Many of the changes aren’t as big as predicted, so there’s no need to worry about how your business will adapt. Having an idea in advance of the measures you may need to introduce once we leave the EU will certainly help your business’ transition to a post-EU UK be a lot smoother.

No obligation and no charge. We may even have a biscuit or two.

Say hello

Suite 3.12 Grosvenor House
Central Park
Telford
Shropshire
TF2 9TW
Phone: 01952 292729
Email: [email protected]

ChadStone Supports Local Events

We have been lucky enough to be involved in lots of brilliant events this summer. We have had a great time supporting these community spirited events that bring people together and allow us to appreciate all that the region has to offer.

Here is a round up of the most recent events we have supported.

Pure Telecom Cricket Challenge

On the 11th July we attended the Cricket Challenge at Wrekin College, which we have enjoyed for the last four years. It is one of Shropshire’s main business events and a fantastic way to mix with great local people, eat great food and watch great cricket!

The event draws in nearly seven hundred guests, with a cricket match featuring Shropshire against Scottish champions – Grange Cricket Club.

With music from Dirty Rockin Scoundrels, a gin bar and wood-fired pizzas, it was a highly enjoyable day out.

Rob commented, “The 2019 Pure Telecom Cricket event was another triumph. The weather threatened the cricket but managed to hold out. Thank you again to Wesley Lovett of BCRS and Jonathan Johnson of Ultimate Finance for the invite, a great day all round.”

Vice Presidents Day at Wellington Cricket Club

Saturday 20th July delivered one of our favourite events of the year – the Vice Presidents Day in Wellington.

We are proud to be long-term sponsors of Wellington Cricket Club. The event gave us the perfect opportunity to get involved with some fund raising for the club and meet some of the people involved.

We love showing our support for the local community. Not only are we supporting something that will bring together the local residents, it also helps us to make long-lasting connections in our area.

Alex attended the event and said, “Supporting our local community has always been of great importance to us. We love a day out and where better to spend it than in my hometown of Wellington. Our table loved the cricket, loved the company and we’re not going to lie, very much enjoyed the port!”

Charmina Festival

Another fantastic local event that we supported this summer was Charmina Festival, in Clive. A client of ours, Harry Reece, started the festival two years ago, after his mum Joy was sadly diagnosed with terminal cancer in 2017.

Harry, his sister Sophie and a dedicated team brought the festival back for a second year on the grounds of the family home. The aim was to bring the local community together for a fun day out, whilst raising money for local cancer charities.

This year they raised funds for the Lingen Davies Cancer Fund, Severn Hospice and Cancer Research UK.

Rob said, “It was an easy decision to support such a superb festival. We couldn’t be prouder of the impact Harry is having on the community. We look forward to supporting this for many years to come”

Dave added, “As something that is close to all of us at ChadStone, it was great to get involved with a fun event to raise money for such a worthy cause. With the festival growing and going from strength to strength, we’re already looking forward to being a part of next year’s event.”

It has been a great summer so far, and we look forward to supporting more local events in the near future.

If you would like to discuss your business or individual needs with one of the team, get in touch for a free chat with no obligation. Contact us on 01952 292729.

No obligation and no charge. We may even have a biscuit or two.

Say hello

Suite 3.12 Grosvenor House
Central Park
Telford
Shropshire
TF2 9TW
Phone: 01952 292729
Email: [email protected]

Deregistering for VAT

A compulsory VAT deregistration is usually required if you:

– Stop making taxable supplies
– Sell your business
– Change legal status
– Disband a VAT group
– Join a VAT group
– Join the agricultural flat rate scheme

A voluntary VAT deregistration can be made if you do not expect your taxable turnover to exceed the VAT deregistration limit. The current deregistration limit is £83,000.

You will be required to submit a final VAT Return for the period up to and including the VAT deregistration date.

You must account for any stock and other assets you have on this date if:

– You could reclaim VAT when you bought them,
– The total VAT due on these assets is over £1,000.

You can also make late claims for input tax on invoices received relating to the period that you held a VAT registration. This can be done after the final VAT return has been submitted (subject to the usual VAT time limits).

No obligation and no charge. We may even have a biscuit or two.

Say hello

Suite 3.12 Grosvenor House
Central Park
Telford
Shropshire
TF2 9TW
Phone: 01952 292729
Email: [email protected]

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