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Don't let the tax tail wag the dog

Small owner-managed companies will usually pay their directors a small salary and dividends. The level of the directors’ salary is usually set in order to avoid any monthly income tax and national insurance deductions. On this basis, to use all the basic rate tax band, the recommended remuneration package for the 2019/2020 tax year is: 2019/20202018/19Salary£8,632£8,424Dividend£41,368£37,926 This assumes that sufficient accumulated post-tax profits are available to pay the full dividend to...

April 16, 2019

Coffee table bookkeeping

We had a very interesting meeting with a new client a few days ago. The client had been running the business as a sole trader for about a year and approached us to incorporate the business and provide accountancy services. Turnover was low but solid plans for growth were in place. We ran through the quote face to face and the client took the sensible approach and added all the services that they thought they currently needed: annual accounts, CT, monthly payroll (director), weekly payroll (2 sta...

April 10, 2019

Personals Goals: Driving your business forward

In a few minutes, Mark explains how one of his personal goals (spending six months of the year in Dorset) can be turned into business goals and then how these business goals can be turned into actionable objectives (financial or otherwise) to help him stay on the right road to success. After all, if your business (and an accountancy business is no exception) is not giving you what you want out of life or has no reasonable hope of doing so, why are you bothering? Put some personal goals in place,...

April 9, 2019

Personal Goals - you can’t run your business efficiently without them

Why should an accountant be discussing personal goals? Surely that is life coach, tree-huggy, self-help book kind of stuff? Let’s put the record straight here and now in shouty capitals: CLEAR PERSONAL GOALS ARE FUNDAMENTAL TO THE SUCCESS OF YOUR BUSINESS. Why? Because if your business is not providing your life with what you want then why are you bothering? Remember why you started your business in the first place - you wanted a better work/life balance, you wanted control of your own destiny...

April 2, 2019

Your business needs Management Accounts

You know how it goes. You’re at a networking meeting or just chatting to a customer/supplier/prospect/friend and they ask: “How’s business?”. Without a moment’s hesitation, you reply: “Great. Thanks.” We all do it. Nobody actually says: “Brilliant, thanks for asking. Sales are 17% ahead of budget, cash flow is good so I can head off to Barbados next month for an extra holiday” or “Actually, business is rubbish. I’m not sure how much longer we can carry on”. Why do the con...

March 28, 2019 Posts 1-5 of 5 | Page