Origin Shared Workspace

Would a co-working space suit my business?

When working remotely, whether from home or in co-working spaces, it’s important to set structures in place that ensure working hours are effective, sustainable and beneficial for both employers and employees. Thanks to the power of technology, it’s easier than ever to keep in touch with colleagues and keep communication flowing to check in regularly whilst enjoying the flexibility of working out of an office.

Great for entrepreneurs, start-up businesses, freelancers, developers and teams to meet, co-working spaces are becoming ever more popular. For some, replicating the office environment eases the isolation of working alone at home, and provides the mental shift to get into the zone whilst remaining independent and flexible. However, with working alongside like-minded people shared work-spaces are also a great way to network, have a sounding board to bounce ideas off and even collaborate with other businesses or remote workers.

Co-working spaces also encourage users to develop a routine whilst discouraging the ‘work creep’ - when employees struggle to be off the clock, and before they know the fragile work/ life balance starts to skew. By having set hours in the day that are dedicated to your work it’s much easier to clearly establish when you’re receptive to emails, phone calls and other communication and keep to those times.

Working alongside professionals, rather than beside your dog, can give you that extra boost of motivation to achieve your tasks for the day, instead of going for a nap or procrastinating around the house. Plus co-working spaces offer the comforts of modern amenities like Wifi, large desks, tea and coffee, comfortable chairs, relaxing areas with the added bonus of conference rooms, to create a relaxed environment you can still be productive in.

 

Our TOP 4 Co-working spaces in Bristol:

 

Fortunately if you’re local to Bristol there are plenty of co-working spaces around:

 

DeskLodge Old Market, Bristol https://desklodge.com/bristol-coworking-office-space

Redbrick House Co-working Space, York Court, Bristol https://redbrickhouse.org.uk/

Origin Workspace, Berkley Square, Bristol https://originworkspace.co.uk/

Pollen Place, Backfields Lane, Bristol  https://www.pollenplace.com

 

Give these spaces a try to see if you can benefit from working in a shared space!


Accountant at desk

Do I really need an accountant?

I can do it myself.

 

How many times have you decided to do something yourself, rather than delegate or wait around for someone to get the job done?

 

As a business owner, the onus is often on you to stay on top of things, and make sure that the cogs keep turning and the machine keeps running. That may be something that you can stay on top of at the beginning, but as your business grows, the less time you will be able to dedicate to everything. To borrow from the game of strategy- Risk, spread yourself too thin and you’ll find the enemy troops (or competition) ready to swoop in and take over your lands.  

 

Changing the mentality you have, from thinking that in order for something to get done you need to do it yourself, to being able to delegate appropriately, will allow you to focus on the growth of your business, rather than drowning in a series of never ending tasks. 

 

Hiring an accountant is one of the ways you can reduce the work-load and give yourself the piece of mind that your accounts are in the safest of hands. We get that not everyone wants to take on an accountant, perhaps they feel like it is an unnecessary cost or simply haven’t thought their business requires one. 

 

However, there are some important factors that you should consider before disregarding the value of an accountancy practice for your limited company.

 

Time saved

With each year, new tax laws and changes are brought in. The most important one for this coming tax year is Making Tax Digital. If you, or your current agent, are not prepared for MTD, it really is imperative that you get a move on.

Do you have the time to keep up with the new systems and tax changes? Things move quickly, and HMRC has a zero tolerance policy for mistakes made due to negligence. Completing your accounts and tax returns will take you time, time that could be better spent on your business.

Software

Rather than spending several hundred pounds a year on commercial tax filing software, your accountant would be able to do the same job, which will be spread across their clients rather than falling to you.

Corporation Tax Return

The CT600 corporation tax return only covers a period of one year, which means that in your first year of trading you may have to do two returns if your accounting period is a couple of days over one year. This can get pretty complicated, and is worth going over with an accountant.

Fines and Penalties

 

Some of the fines and penalties you can incur from filing a late tax return can get very expensive. HMRC’s penalty regime is famously strict, and if you are a sole trader, you could be facing fines of up to  5 percent of tax due if you are later than 12 months. The minimum amount you will owe for filing one month late will be £100.

 

Lite Tax is a chartered accountancy practice based in Nailsea, that serves businesses across and around Bristol. If you would like a free consultation then give us a ring at  01275 541807 for your free quote.