Monday, 26 January 2015

5 Great Tips To Reduce Your Taxes

The end of the tax year is fast approaching and sole traders and small limited companies should be busy ensuring their 2014/15 tax liability is minimised. To help I have invited chartered accountant Martin Robertson to share some of his top tax avoidance tips. Although most of the tips are applicable to both sole traders and small limited companies tip two differs depending on your business status. I would recommend watching the video that relates you and then scroll down to see the text version of Martin's 5TopTips on reducing your tax bill.
Please note tax avoidance is legal however tax evasion is illegal and we do not recommend nor condone it.*
5 Top Tips to reduce the Tax Bill for Sole Traders



5 Top Tips to reduce the Tax Bill for Small Ltd. Co

 

Martin Robertson is a director of Martin Robertson Associates, Chartered Accountants in Falkirk and We Are Business Transformers Ltd. Martin Robertson provides accountancy, taxation and business transformation services to small and medium sized businesses so is ideally placed to provide tax avoidance advice to the sole trader and small Limited company. Martin is also a published author; his book Your 60 minute Business Transformation is available as a Kindle download for just £4.99 on Amazon or you can get the direct link on my book eview page by CLICKING HERE. If you prefer a physical copy you can buy direct from Martin's website http://www.mraca.com/ at £9.99. If you would like a FREE copy you can book a FREE one-to-one Know Your Numbers Session with Martin that is worth £147. For details call Martin at Robertson Associates Chartered Accountants in Falkirk on 01324 633 550.
5TopTips To Reduce Your Tax Bill
One (Sole Trader & Small Limted Company)
Know Your Numbers. Prepare your financials using accounting software and keep it up to date at least at the end of every month. Two or three months before your year-end pass the figures to your accountant so that they can:

Firstly, give you an idea of what tax you can expect to pay based on the figures.

Secondly, and most importantly they can give you some tax saving ideas which you can implement by your year-end.

Two (Small Limited Company)
Extract the profits from the company by taking a small salary and dividends

In the year to 5th April 2015, assuming your salary and dividends from the company are your only sources of income, you could take a salary of £10,000 and dividends of £28,650 and have no personal tax to pay. The company would pay corporation tax.

Two (Sole Trader)
Consider running your business through a limited company.  Tax and national insurance savings are possible if the business is incorporated and profits are taken by dividends.

Three (Sole Trader & Small Limited Company)
Consider making your spouse or partner a business partner. This tip is only relevant if your spouse or partner is actually involved in the business performing a role which is necessary for the business to function properly.

Four (Sole Trader & Small Limited Company)
Employ your children in the business as long as they are performing functions necessary to the business and are old enough to legally employ. To justify a deduction against your taxable profits you should pay them at the market rate for the duties performed.

Five (Sole Trader & Small Limted Company)
If your business needs to replace vans, equipment or computers and you can find the finance buy them rather than rent them. For example, if you need to replace a piece of equipment costing ten thousand pounds if you get ownership of it your profits will be reduced by £10,000 in the year you buy it. If you rent it for two hundred pounds per month you will only get a tax deduction of two thousand four hundred. To get your tax deduction as early as possible buy these assets before your year-end, not the month after.

For HMRC tax rates and allowances visit:
https://www.gov.uk/government/publications/rates-and-allowances-income-tax/rates-and-allowances-income-tax

For a BBC News article on the rules of tax avoidance see: http://www.bbc.co.uk/news/business-27372841

The 5 Top Tips video HMRC Inland Revenue Self Assessment or Income Tax Return tax avoidance ideas for the Sole Trader can be viewed above or by following this link: http://youtu.be/eVwSNRWkkmo

* We recommend you seek professional advice from a qualified accountant before implementing any or all of these tax avoidance tips. The tips are provided for general interest and may help reduce the tax bill of sole traders.

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For more top tips for small business visit the Tosh Lubek Channel on YouTube, where you can also leave a comment and subscribe.

Saturday, 24 January 2015

60 Minute Business Transformation Tips By Martin Robertson Chartered Accountants


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If you want to work with a chartered accountant who is a real business expert you would be well advised to go to Robertson Associates, Chartered Accountants in Falkirk. Martin Robertson has been in business for nearly 20 years. In that time he has made the same mistakes many small business owners make but he has learned from those mistakes and his accountancy business in the heart of Falkirk is thriving.

With the help of Susanne, his wife and business partner, Martin has written a book for small business owners detailing his experiences in business, the mistakes he has made and how to avoid making those same mistakes. At the end of each chapter Martin sets out his recommendations for you to follow. The book is called “Your 60 minute business transformation”, a five star reviewed book on Amazon. It’s packed with real, honest business advice that is designed to save you time and money.

It is ideal whether you are looking to start a business, stuck in a rut or looking for great business development advice. The Kindle edition of “Your 60 minute business transformation” is available on Amazon at £4.99, follow this link to see it.

If you prefer having a physical book the paperback version is available direct from Martin's website http://www.mraca.com/ at £9.99.

One of the beauties of the book is that you will be able to read it all in around an hour or so because unlike many other business books Martin has deliberately avoided padding the golden nuggets of advice with lots flannel. It is jam-packed full of precious nuggets of business advice and insightful tips and it makes a real connection with the reader. Quite simply Martin is just like you, the typical small business person is is going to be confronted by all the usual pitfalls. So if you are starting a new business, want to know how to start a business, or want to get out of the rut your business is in then don't hesitate to buy it. It may not give the exact details of how to make money in your niche but it certainly gives the entrepreneur good solid business advice that you would do well to implement.

I have mentioned that you can buy the book either on Amazon or from the Martin Associates website but there is a way you can get hold a free copy and Martin Robertson will give it to you personally. If you are based in central Scotland Robertson Associates Chartered Accountants not only offer a brilliant professional, accurate and timely service they differ from many other accountancy firms by offering a FREE Know Your Numbers session worth £147. As part of the session you will receive a free copy of the book but more importantly the session is an opportunity to identify key business figures in your business, so going forward you can measure and monitor the right things for your business. Or if you prefer you can discuss your business and business plan with someone who has faced many of the same challenges as you. The sessions are extremely popular so Robertson Associates restrict them to just two per week, so if you want a free Know Your Numbers Session worth £147 and a free copy of Your 60 minute Business Transformation call Martin at Robertson Associates Chartered Accountants in Falkirk on 01324 633 550.

Meet Martin Robertson "in person" by watching the new video for Robertson Associates accountants in Falkirk.
The video Chartered Accountants Falkirk Call 01324 633 550 for Robertson Associates accountant in Falkirk can be viewed above or by following this link: http://youtu.be/6e5VTrndOxk

To watch Martin's 5TopTips on Self Assessment Income Tax Return allowances for the Sole Traders follow this link.  https://www.youtube.com/watch?v=eVwSNRWkkmo 


For more top tips for small business visit the Tosh Lubek Channel on YouTube, where you can also leave a comment and subscribe.

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Please note the video was created by Tosh Lubek Productions and this post contains an affiliate link. If you buy the book I will earn a few pennies but you will earn a great deal more in great business advice.



Friday, 23 January 2015

5 Great Tips To Develop Your Online PR Strategy


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Ken McGaffin is a writer, speaker and trainer in online marketing. He provides webinar and video training in link building, online PR and content marketing. When it comes to sending out a press release or PR shots to a newspaper there’s not much that Ken doesn’t know. I was therefore thrilled when Ken accepted my invitation to present one of my 5TopTips on online PR and although I normally restrict my videos to just five tips Ken threw in a bonus tip at the end.
Tip 1. Read as much about your industry as you possibly can online, and that includes trade journals, trade press, but also the general press. It is very important to look at what the quality press write in a general sense about your industry. And of course do not forget bloggers in your industry, whether they are in the UK or the USA. They can be a tremendous source of coverage for you. And when I say read, I do not mean scan the way most of us do at the moment, I mean really read in depth, so when you see a story about your industry read it carefully, notice what the points were, see what you can learn from it and see how you can emulate that.

Tip 2. Start building a list of target publications as soon as you can. Collect details of outlets, journalists and bloggers who are in your industry and find their contact details. It is not hard to do so by searching online and then once you’ve found those details start interacting with them. If they are on Twitter follow them on Twitter, retweet their stories, even make comments on the stories that are published, so that when you do come to pitch those journalists or bloggers they may have some vague recollection of your name and therefore be more likely to write about you.

Tip 3. Now a lot of people think that PR is free. Well it is in the sense that no money changes hands but certainly there is a value exchange going on. If you want to get free PR you cannot expect it by right, you have got to work hard for it. That means you have got to spend time creating a newsworthy story. If you do not do that you are very unlikely to get any coverage at all. So invest in creating your story and then you will get some free PR after that.

Tip 4. Companies often under estimate the news stories that are actually in their company and round about them in their industry, as a result they don’t exploit those. So think creatively about all the things that are going on in your company. I do it in three ways. Think about industry events you can piggyback on. Think about company anniversaries which are set in stone that you can celebrate and the third part, which is my favourite, is creating events for those months that are free. So that is where you can put your creative work to great use and create an event so that when you send out your press release it will attract TV, radio, online and newspaper coverage.

Tip 5. Remember this is a global opportunity. Online PR lets you contact a newspaper like the San Francisco Chronicle in the same way as you can contact the Sunday Herald or any other newspaper in the UK. It breaks down barriers and if you are a small company or a medium sized company interested in exporting this is tremendous. You can build a presence in your export market just by working from your own desk here at home in the UK.

Bonus Tip 6. Find yourself a freelance journalist, someone who is working locally, and employ them to come in and interview you and then write up a story. What that will give you is practice in understanding and answering a reporter’s questions and then you will see the end result in terms of the article that they write. And that can be valuable promotion in itself. You will also be supporting a local journalist and building a relationship that will stand you in good stead in the future.

You can find Ken McGaffin at http://www.mcgaffin.com or for further articles on PR and SEO from Ken visit http://searchenginewatch.com/author/1900/ken-mcgaffin 
The 5TopTips video Online PR - How to develop your online PR strategy and create a great press release and PR shots can be viewed above or by following this link: http://youtu.be/0c1LnDml-4s
For more top tips for small business visit the Tosh Lubek Channel on YouTube, where you can also leave a comment and subscribe.
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