Reframing Our Company After 25 Years!

Target AccountantsTarget chartered accountants was (as of 2015 and earlier) an accountancy service for businesses and individuals based in Bath and southern England. We had a number of great clients and we were sorry to see most of you go.

Over the past 5 years we have been pivoting our business from accountancy into investments. As some of you might already know we have now completely stopped taking on any new accountancy clients, and fired about 50% of the clients we had. The 17 we still have we will continue to serve and actively manage their finances but for any new business you will have to find another accountant.

So why with change?

So this is a question I can see a lot of personal friends and family asking, as well as many business contacts too. Well ever since 2010 our client base has been decreasing, we like to work with a select number of industries and prefer rejecting clients we think we genuinely cannot help. But since 2010 we haven’t had the business we would have liked. Assuming that new companies spring up all the time, we thought we would get through this and the business would being to thrive again, but that wasn’t the case. – This was reason #1 although not the main reason for the pivot in business.

The primary reason though is due to our personal success in new income streams through investments. Over the past 5 years we have as a group been financing large investments, many of which have been extremely successful, and in 2013 we had our first year were these investments actually generated more income for us than our accountancy firm, which is a strange yet exciting feeling all at once. Following a good 2014/2015 year we decided to take the final plunge early this year.

What Does this mean for the site?

Well instead of seeing our old homepage with a bunch of services including pricing, what we do ect, you will instead see an investments blog. On this blog we will be posting both personal updates including any companies we have decided to invest in (whatever size) as well as general smart investing tips for businesses and individuals alike.

The strategies we use aren’t your average select a stock and invest style. We actually look into trading CFDs, foreign exchange, large shares, smaller start-up businesses and everything in-between. Even including financing a few start-ups on an angel investment plan. The style of our investments is working for us so we won’t be changing it.

We hope you enjoy the new style of the blog and hope this hasn’t changed anything with our clients.

New Client Spotlight – Drones? The Future!

quadcoptersHey guys.

This is just a quick post about our new client that I had to show you guys, I’ve had permission from them to write about the business, as long as I don’t reveal any financials (obviously.) Anyway, the business is choseaquadcopter.com – They specilise in making drones and quadcopters, as well as writing about the specific advantages and disadvantages associated with each make and model. This is seriously the entrepreneur of the future, which is one of the reasons I wanted to write this post. Most people will look at drones or quadcopters and think – Okay these look cool, I bet they would be great for going to the park, flying around, like the modern day KITE!

But these individuals took their passion one step further, they built a business out of it. This is something everyone can learn from. If you have a passion about something and people tell you “you can’t make money from that.” They are wrong. Straight up wrong nowadays. You can make money from anything now. Youtubers make 6/7 figures a year through providing content for people when they are bored! If they can do this, you can make money from your passion. Just think outside the box.

think-outside-the-box

Top 5 Investing Tips Everyone Should Know

Making an investment is not just only pouring out your money and waiting for it to profit. Indeed there are things that you need to do to make things work. When it comes to investing there are negative and positive sides of it. You just need to be ready for the negative side and always think positively about your investment.

Here are the top 5 investing tips everyone should know and to help you:

  1. Diversify

It is good to invest to other different businesses or trade. This is to diversify your investments into other types of industry. You can invest on different assets classes, sectors and geographies where you may benefit more. There are times that different markets have different status in the business world. One type of business or trade can be doing great while the other is not at this time. So it is better to invest to other businesses or trade so you can diversify your returns and risks.

  1. Invest only for a long term

Putting your investment on a long term process can definitely give you as well long term return. You would be consistently receiving more opportunities from there as well. You may focus on the trade or products on how it is being marketed and many others strategies that you can do to keep you up to date on your investment.

  1. Re-balance and then re-invest

Part of the business is to keep your balance sheet updated, to know if you are profiting or not. If that is the case, after you re-balance your business, then it is time to re-invest. Business persons are always taking their time in pulling up their business. Through reinvesting it will help them in balancing their other investments making them going to the right track of the business.

  1. Always remember the risk and returns in business.

Top 5 Investing Tips Everyone Should KnowWhen you enter the business world, you must be ready to take the risk so you can have returns in the end. The strategy you can do for a less risk investment is to learn the trade first. If you know the trade absolutely you only have less percentage of risk but greater return at the end of the day. Just always remember that whenever there is investment there are risks but returns that you should expect.

  1. Be Proactive

Though there are risks when you invest, be proactive still. It is risky to invest and that is the truth. But if you have strategies and you know you can make it, then you should not worry on anything. Just be prompt on your investment so you know where to immediately adjust.

Putting your investment on the right track can make you become successful on your chosen trade. But then without doing a path, there is possibility that you will be lost. So it is good to follow some tips on how your investment can be successful. Through this you will know if there are still other challenges and opportunities that you can open.

Basic Investing Tips 102 | Unit Levels

Investing 102Hello and welcome to episode 102 in the basic investing tips series. I hope you enjoyed the first one and if you haven’t seen it yet be sure to scroll down or search for it on the site as its pretty awesome (If I do say so myself.)

Today we are going to look at something extremely important for beginner traders and that’s Unit levels. Let’s get started.

What Are “Units”

Units or unit levels are the specific cash amount you place into every trade. For example if I have £100,000 in a forex trading account and place £1,000 in a trade then my unit would be: £1,000. You can make 2 unit plays for stronger leans and 0.5 unit trades for potential investments you are not 100% sure about. But generally you should try to stick to the unit level in which you select. Unit levels vary from person to person but also from channel to channel. If I am making a forex trade then my unit is going to be a lot lower than if I am buying stocks in a company!

How to Calculate a Unit Level

The way I did this was talking to Tom at Eliteforextrading.com (He’s a professional forex trader as you can probably tell) and he put it this way: “Your unit level should be an amount that is greater than “ah doesn’t really matter” money but less than “Okay I need to slow down” – A good place to start for beginners is 1% of your total deposit or bankroll, although if you are confident then you can go up to 2% but never above that for CFD trading. Most professional traders with large accounts make around 0.5% of their account totals per trade.”

Again remember that this is for forex trading and currencies. If you are only using high percentage share trading then having a higher unit is advisable as you will be making fewer trades, probably less than 1 a week in most cases so having a 20% bankroll unit is probably fine, but just select it on what you can afford to lose! Not how much you think you will make!

Conclusion

That’s it for today’s article, if you enjoyed remember to share and subscribe! Thanks for reading!

 

Basic Investing Tips 101 | Initial Capital & Channels

InvestingBasics Investing tips is a series we will be running over the next 12 months going in-depth into some of the key investment strategies we personally use and recommend to our clients, customers and even anyone looking to get interested in the stock market. Remember the key to success is 2 fold: 1.) Research – You have to research before you make any trades, this is a huge subject that also includes blocking off the bad sources, avoiding the irrelevant “experts” in a field and creating a unit size to suit your needs. 2.) Patience – Making too many trades is the quickest way to lose all of your capital, and is what most people actually end up doing. Investing is not gambling, if you want to gamble then go somewhere else, investments are for people with capital and brains!

Raising / Starting with High Initial Capital Levels

To begin investing you will need some capital. Now how you gain that capital is totally up to you, I wouldn’t recommend investing with a loan or other people’s money, especially if you are a newbie, but if you have some money tucked away in savings and you truly believe in yourself then I would highly recommend investing this. As a sidenote making 20% a year through investing if you are sensible is extremely easy. Making 50% is also quite easy but you have to be more active in the markets and usually the risk is a lot higher.

So the question you have to ask yourself is do you want to make 20% a year with a 1-5% risk factor, or do you want to make 50% per year with a 10-20% risk factor? You can obviously have both and this risk factor doesn’t mean you are going to have all of your investments tank at once, it just makes it easier for you to gauge your goals and aims through the year. Personally I use the 50% per year model as I am confident in my trades, and losing 10% of my bankroll on a few trades isn’t going to affect my lifestyle.

This decision does also depend on a.) What channel you are investing in (more on that in a second) and more importantly b.) How much capital you can actually introduce and deposit into an account. If you only have £10,000 to play with, then looking into forex is probably not a great idea. But if you have half a million, then forex might be your best option. I’m not here to tell you what you should be doing, just tell you the basics of trading!

Choose Your Channel(s)

There are a number of ways you can invest. There is forex, general stock trading, lower level stock trading (this is usually more risky), VC which stands for venture capitalists, who invest in businesses at their infantry and CFD trading which is similar to forex but can be done through almost any market. The key element in this case is to choose something that a.) Your budget allows you to go into and B.) You actually find interesting, for example there is a method that involves trading energies and its very profitable to a lot of people but for me I can’t think of anything more boring! So instead of even looking into that I thought I would be better served getting into forex trading and currencies as I find this a lot more interesting and also the business side of investing too, such as stocks and shares.

Select the Correct Technology

Finally I’ll make a quick note on the tech you should have. Now you don’t need a huge £2k laptop to start trading but I would recommend you get yourself a location you are comfortable working in, whether this be a home office, or just a cafe you could be in for 2 hours a day. Once you have this location you are going to need to ensure it has 1.) Fast internet – There is nothing worse than missing a trade by 10-30 mins because the internet went down or was slow. 2.) Drinks – Call me crazy but I like to stay hydrated and 3.) Comfort – It needs to be comfortable for you, I mean you want to be comfortable working as this is essentially what you are doing (Work.)

The technology itself, I would recommend just picking up a standard high quality high processor laptop, something with an I7 core processor by intel will do the trick. If you travel alot then also factor in weight, size and battery life, if you don’t then there isn’t much reason to do this!

Hope you enjoyed the post and 102 should be coming out soon!

Accounting Services For Digital Companies

With the introduction of the new tax laws in the UK and all over the world in many cases. Accounting in the correct way has become even more important than it was before. Here at Target Accountants we strive in one thing and one thing only. This is to generate you the lowest tax bill that is legally possible!

Accounting is a growingly difficult and diverse art. Many people including small businesses owners believe that it’s cheaper to simply file their own tax returns and do all of their accounting services using an online software or just manually. This is 100% not the case.

Our team have accounting and finance degrees from some of the most respected Universities in the UK. Many of whom have gone to Bath, Oxford and UCL. So we know what works when it comes to saving you money.

Individuals earning over £100,000 per year. The taxable allowances have decreased. This means if you are earning in excess of £121,000 per year your allowance is £0. This means that you will not be able to reduce your tax bill in the slightest. Individuals earning over £150,000 per year will pay the additional rate which currently stands at 45%! Which is extremely high and one we will help you reduce through the use of smart accounting as well as finding tax deductible costs that you can offset.

Contact Us

We are currently rennovating our website but feel free to contact us and we will be able to help you.