Hugh-Candoit (ENG) Posted July 24, 2006 Report Share Posted July 24, 2006 My son has a business and he does all his banking with the Abbey, average size of his cheques is £500 give or take a Penny, but he dont bank many in a week, probably 4 to 6, dont know about the charges but the local chamber of commerce advised him to go to Abbey when he set up his business 2 years ago. He is very pleased with the service. As for losing customers, one must remember that it is not just the 1 transaction that you lose, you lose a customer for life, or until they find out some years later that you take Plastic Cards. Make a guess at how much an average customer spends with you in a year.... multiply this amount by the number of customers who only pay by card... multiply this then by 3 years and you will get a close idea what you are missing as a minimum. Link to comment Share on other sites More sharing options...
ironplanet uk900 Posted July 24, 2006 Report Share Posted July 24, 2006 I think your spot on there Hugh I noticed a big increase in other companies using our services, especially for keys, just because they can use there company card. A friend of mine a few miles away who doen't except credit cards, sent me a customer about 12 months ago, for some keys. He wanted to pay on his company card. And told me so when he came into my shop. I cut the key's which came to around £60. I was a bit worried because I charge a fair bit me than him, But the customer never batted an eyelid. And is now one of my best customers. always uses his card, never moans about the price. In this day and age I think you have to except cards or eventually lose your customers, slowly but surely Link to comment Share on other sites More sharing options...
Hugh-Candoit (ENG) Posted July 24, 2006 Report Share Posted July 24, 2006 Company Credit cards had clean slipped my mind, and these are the big spenders where Keys and Engraving are concerned. I have seen orders for hundreds of £££ get charged to these cards and as you quite rightly mention, someone else will pick up the order and the subsequent repeat orders. Link to comment Share on other sites More sharing options...
ironplanet uk900 Posted July 24, 2006 Report Share Posted July 24, 2006 I am actually doing a £3000.00 order as we speak, I've got a IS400 volume at home, Saves me being at work till all hours Paid me in advance on a company card Been doing there stuff for a few years now. Another point Hugh: People who dodge the vat man, I also think they are discredited by companies, who want a vat reciept!! Link to comment Share on other sites More sharing options...
Hugh-Candoit (ENG) Posted July 24, 2006 Report Share Posted July 24, 2006 Many of my friends in the trade just keep below that ceiling and I sometimes wonder if they are doing the right thing. Although I went to colledge for Accounting and got my Certificate it still baffles me and it's one subject that I wish I had never taken, I found it a waste of time unless you were going into that Profession. Give me a Shoe or a Key and I'll spend an age trying to get them right, but Balance sheets, Profit & Loss accounts...... just headache subjects. and you dont get job satisfaction. Link to comment Share on other sites More sharing options...
ironplanet uk900 Posted July 24, 2006 Report Share Posted July 24, 2006 Your spot on with the vat thing, saying they wouldn't realise untill after job was done, espacially when they can see your busy anyway. rubs people up the wrong way I hate the paperwork side of thing's, but I do try to keep on top of it.Many years ago got into a bit of a mess NEVER again. Link to comment Share on other sites More sharing options...
keithm Posted July 25, 2006 Report Share Posted July 25, 2006 I must say, I find it incredible that so many repairers exist nowadays on less than £54k per annum. If I find it surprising then the Tax man certainly will eventually! What with rent and rates as high as they are, material costs, albeit it relatively small, running cost, I cannot see how you can make a good living Is it me? Am I killing off the trade? Oops Keith Link to comment Share on other sites More sharing options...
Lee Posted July 25, 2006 Report Share Posted July 25, 2006 Your a bit out of date there Keith 54k was the threshold back in 2001! the current correct threshold for VAT is £61k as of 01.04.06 Lee Link to comment Share on other sites More sharing options...
hibsjo(SCO) Posted July 25, 2006 Author Report Share Posted July 25, 2006 Accountant does all my paperwork havent done a vat return for 3 years, do enough work in shop to do it at home. I reached the vat threshhold after 3 years of trading from scratch. that was 6 years ago thing just get better and better wouldnt have half the work Ive got without being vat registered. Link to comment Share on other sites More sharing options...
ironplanet uk900 Posted July 25, 2006 Report Share Posted July 25, 2006 I agree with you there Hib's. My accountant does all that shit. Link to comment Share on other sites More sharing options...
ironplanet uk900 Posted July 25, 2006 Report Share Posted July 25, 2006 Your a bit out of date there Keith 54k was the threshold back in 2001! the current correct threshold for VAT is £61k as of 01.04.06 Lee Anybody who offers all the services that we do today has got to be trading over the 61K vat limit. £1173.07 per week £195.55 per day, You don't have to see many punters to take £195.55 per day. Link to comment Share on other sites More sharing options...
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