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January 2003

REVITALISING YOUR BUSINESS

Sandy Robertson, managing director at Aberdeen-based Acumen Financial Planning, comments on good financial practises to consider at the start of 2003:

"Every business owner needs to take time out at the start of every year to write down what needs to happen to take their business forward. Quiet solitary time spent writing and thinking is perhaps the most important time of all.

"From a financial point of view, it is good practice to think ahead and prepare for April when there will be both tax opportunities and threats. Retirement relief will finally be phased out on 5th April and business owners who are over 50 now or will be before then, need to take financial advice to see if retiring or restructuring would create any tax savings.

"The financial threat to consider is increased National Insurance Contribution (NIC) charges which come into effect on 6th April. Those businesses who have high labour and salary costs to sales need to ensure that their sales pricing recognises these costs, so that profit margins are not eroded."
Companies in the Acumen Group include Acumen Accountants and Advisors Limited, Acumen Financial Planning Limited and Acumen IT Consultancy Limited. Acumen Financial Planning Limited are authorised and regulated by the Financial Services Authority. Acumen Accountants and Advisors Limited are registered to carry out audit work and are regulated for a range of investment business activities by the Association of Chartered Certified Accountants but are not authorised and regulated by the Financial Services Authority. Acumen Financial Planning Limited, Registered in Scotland number 215343, VAT Number 894 6221 94. Acumen Accountants and Advisors Limited, Registered in Scotland number 153885, VAT Number 894 6221 94. Acumen IT Consultancy Limited, Registered in Scotland number 284749, VAT Number 859 474862. Acumen Holdings (Aberdeen) Limited, Registered in Scotland number 215503, VAT Number 894 6221 94. Registered office, Commercial House, 2 Rubislaw Terrace, Aberdeen, AB10 1XE.