So, are there any signs of improvement? by Tourerfogey

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Have just completed my accounts for the last tax year and, compared to previous years, turnover is slightly down, bad debts have doubled and consequently profit has suffered.

Having done a review of the first 4 months of this tax year I can't see any sign of improvement. Now, it's always been said that down here in the South we escape the brunt of recession but it certainly doesn't seem that way to me this time round.

Would be interested to hear how other members, either self employed like me or employed, are faring elsewhere?

Posted 01 Aug 2011, 21:39 #1 

Aurora MG
I have noticed a severe turndown in my valeting work over the last 2 years. (the failiure of EMS Ltd didn't help either).
I once did a lot of the paint & fabric protection packages (Diamondbrite etc) but they are exceedingly rare nowdays & just in general I am finding it hard with all those damn side of the road car washes that are simply false ecconomy!!
Not good at all. I actually made a loss last year but the personal use of the Freelander was the only thing that pushed it into a taxable profit!

Posted 01 Aug 2011, 21:47 #2 

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After several takeovers and reduction in government funding I have had to take a 6k cut in salary this year, wouldn't be too bad if i was on a good salary to start with. trouble is now i'm at the age where it would be difficult to find another job :(


Posted 02 Aug 2011, 02:54 #3 

Last edited by takestock on 02 Aug 2011, 15:41, edited 1 time in total.

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Any sign of recovery - not from where I'm sitting there isn't, getting tougher by the week and work's getting harder to come by and people are dragging out paying their bills

Posted 02 Aug 2011, 07:58 #4 

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Bad debt and companies failing increased and people also slower paying.
Having said that production is increasing with orders and demand up.

Posted 02 Aug 2011, 17:57 #5 

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The business I'm in hasn't made any year-on-year increases for the last two years. With overheads always increasing we're hoping that trade picks up so we can start to turn things around and start gaining on last year. Some weeks look promising with increases compared to last year but some weeks are down :( We rely on average weather rather than this nice hot stuff we've got at the moment - seems to bring in more customers shopping if the weathers only average. If it's very nice (or conversely, very bad) people just don't wanna shop (and I don't blame them either!)

Posted 02 Aug 2011, 18:14 #6 

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So, seems to be much the same across the board then - which I guess is what we've been told to expect. Everyone seems to be tightening their belts, most because it appears they actually have to, the rest because they've been conditioned to do so by the media.

I guess we all have to keep doing what we can until things do actually improve.

Thanks for the feedback gents. :)

Posted 02 Aug 2011, 19:26 #7