The UK economy is ever-changing. We are experiencing high rates of inflation, which the government has reacted to by increasing interest rates. Because of this, people may have less disposable income, due to borrowing payments increasing. This may result in households spending less on luxuries, instead, they are prioritising essential spending. This shift in spending habits is likely to continue in the future as people become more mindful of their finances. In short, credit control is the practice of making sure your customers don't take too long to pay you.  I feel that reactive spending on plumbing and heating is not a luxury, it’s essential! Plumbing and heating firms supply and deliver a necessity. If the plumbing and heating were to become faulty in one's home, then people would prioritise getting this fixed to ensure they have water and warmth. This is potentially good news for many plumbing and heating businesses because you should be able to weather the economic storm

Below is a summary of the September 2022 Mini Budget: The Health & Social Care Levy cancelled The Government has announced that the 1.25% increase in National Insurance rates brought in this year will be reversed with effect from 6th November 2022. In addition, the 1.25% on dividends will be abolished from 6th April 2023. The proposed standalone Levy due to come in from April 2023 will not now happen. From April 2022, the Levy had temporarily increased the National Insurance rate by 1.25% for employees, self-employed and businesses, as well as the tax rate on dividend income by 1.25%. What could be the annual savings by removing the Levy? Individual earning £20,000 – Additional saving £93. Employer saving £136. Individual earning £50,000 – Additional saving £468. Employer saving £511. Individual earning £100,000 – Additional saving £1,093. Employer saving £1,136. Individual in receipt of a dividend of £20,000 – Additional saving £225. Individual in receipt of a dividend of £50,000

The Government have just announced the outline of support for businesses in regards to the energy crisis. This is in the form of the Energy Bill Relief Scheme. This impacts England, Scotland and Wales with a comparable scheme to be put in place in Northern Ireland. The Energy Bill Relief Scheme This particular Scheme will apply to England, Scotland and Wales. A parallel scheme, based on the same criteria and offering comparable support, but recognising the different market fundamentals, will be established in Northern Ireland. The Scheme will see wholesale energy prices for all businesses capped for six months from 1 October. Hospitals, schools and other settings such as community halls and churches will also receive the support. To administer support, the Government has set a Supported Wholesale Price – expected to be £211 per MWh for electricity and £75 per MWh for gas, less than half the wholesale prices anticipated this winter – which is a discounted price per unit of gas and elect

I have recently critiqued some quotes with the aim to spot areas which can quickly be approved upon. The businesses whose quotes I critiqued have read or listen to ‘The Quote Handbook’ already, so it felt great to see my teachings had not fallen on deaf ears. There were so many pieces from my book that they had implemented already! Below I have stated some suggestions to further improve quotes: Have an opening paragraph .  Thank them for letting you quote for the job. Make it personal. Grammar!   When quoting for work, grammar must be correct. This is because the quote sets the tone for the entire project, and incorrect grammar can give the impression that the work is of poor quality. It also shows that you are not attentive to detail, which could reflect poorly on the final product. In addition, incorrect grammar can change the meaning of what you are trying to say, which could lead to misunderstandings or even legal problems. How long will the work take?   Letting the customer know h

Let’s face it, business is a struggle at the minute for any plumbing and heating firm. You might have full order books but staff could be jumping ship for pay rises in other businesses. You might have to pay recruitment fees to recruit new engineers and then there’s the cost of training them and getting them installed in your business. Fuel prices are increasing, Bounce Back Loan repayments are in full swing all coupled with customers taking longer to pay because everyone else is feeling the pinch. All of these can have a negative impact on your cash flow. So, what can you do to ensure your business is as lean as possible? Have you heard of the traffic light system?  Let me explain now… Review your bank statements regularly. Quarterly is ideal. Carefully check every bank payment transaction on your bank statement and categorise or even better highlight them as follows: Green = This expenditure is vital for my business. There is no cheaper, suitable alternative. A green example may be

I’m in the process of looking for tradespeople because I need a new bathroom. My shower’s leaking due to a cracked valve. I saw this as a good opportunity to upgrade the entire suite bathroom. The gas engineer I use regularly doesn’t do bathrooms so he recommended someone. The contractor came round at the agreed time. He was prompt, courteous and thorough. He then said, “I’ll follow up with a quote”. I have received a quote. A WhatsApp message saying: Cost for new bathroom suite, labour only: £3,600 (inc electrician) Materials: Customer to decide and purchase. I need to pick this apart! Firstly, this tradesperson has come recommended by someone that I trust, so the chances of me giving this person the job was extremely high. Before I had even received the quote he was a front runner. But I have now received the quote and have to question the company’s professionalism. The price was sent over WhatsApp so I don’t know the company name, I haven’t been given links to any previous work so I

What does the Scheme aim to do? This Government backed scheme enables eligible businesses, across the whole of the UK, to obtain a discount of up to 50% on approved software solutions up to a maximum of £5,000 (excluding VAT). This discount covers 12 months’ worth of the approved software's core product costs. What cost does the discount not cover? Planning and delivery services. Any separate one-off payments. Transaction costs. Professional, technical or supplier support services not included as standard. Any costs listed as ‘additional’. Supplier support packages that are provided at additional cost and provide more than standard supplier support offers Value Added Tax (VAT). The discount is applied against the total software product price offered by technology suppliers, exclusive of VAT. What is the eligibility criteria? You have to be a UK company registered with Companies House or on the Financial Conduct Authority’s Mutuals Register. You have between 1 and 249 employees. The