Free Business Advice, Coaching, Articles and Tools

01 – Self Employed Tax Calculator

Brian Gregory — Sat, 21 Jan 2012 10:56:13 +0000

At last a calculator for the self employed that will determine the Gross amount paid for any given Net amount. The calculations also take into account the Tax Code and Week Number.

The calculator will determine:

Tax deductions

NI deductions – Employees and in the case of class one Employers

Net or Gross Pay

Separate calculators for Class 1 and Class 4 NI contributions are available.

Why a Net to Gross Calculator ?

As a Self Employed person or the owner of a small business it is often necessary to pay yourself somewhat erratically. You may have to take several small payments spread over the month to fall in with your cash flow. This is never more necessary than during the early days of a start up business. The money that you pay to your self is essentially Net pay and of course you are liable for Income Tax and NI contributions, but how do you work them out. Most calculators and tables are only suitable for working out the net when you have the Gross but the above situation is the exact opposite.

Net to Gross Tax Calculator

Whilst the calculators can be used for ordinary Gross to Net calculations a subtle change in technique allows you to perform the reverse i.e. Net to gross. Please ensure that you observe the upper limit restrictions on this version of the Calculator.

A full version with no upper limit and the ability to change the legislated values and hence perform calculations for other years will be available for all privileged members.

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The VAT Man Cometh

Brian Gregory — Fri, 18 Feb 2011 13:17:29 +0000

What is VAT

Simply, VAT is a tax imposed by the Government and collected by HM Customs and Excise. The main rate of VAT was until recently 17.5% and is currently 20%. The tax is added to the price that you charge your customers and has probably been added by those who supply you. I say probably because there are some types of goods and services that do not carry VAT and these will be mentioned a little later.

Do not fall Foul of the VAT man

The HM Customs and excise are not known for their sympathy and consideration. If you do not fill in your returns honestly you will be called to account. Just about all businesses will receive a visit from the VAT inspector from time to time and there is no way of knowing when until you get the phone call arranging the time for an inspection.
This artlce aims to help keep you on the right side of the VAT man.

If it is found that you have underpaid your VAT by an appreciable amount this must be paid back immediately. Failure to do so will result in your business being closed there and then and the locks changed. These guys do not mess about. Whilst the Inland revenue will try to give you some time to repay anything that you owe them the VAT man can be very impatient and he has the power,bylaw, to take what is rightfully his. So beware !

To Register or Not ?

If your business exceeds £70,00 of turnover eligible for VAT (or more) then the decision is made for you. It is a requirement that you must register if ---------------------------------------------------------------------------------------
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Does your business want 100 New Customers Now ?

Brian Gregory — Fri, 18 Feb 2011 11:43:36 +0000

Can GROUPON UK Deliver this?

That’s the sort of claim that this business new to the UK is making.

Yes Groupon has arrived in the UK and judging by its enormous success in the USA we will all be hearing a lot more about it.

Small Businesses and Business Start-ups How will it help you?

For many it simply won’t. It can only be used effectively by certain types of business- see below for list of business types currently using this service. However I suspect that with a little imagination there are quite a few business types that have not yet discovered the Groupon way.

The benefits are:

An agreed number of customers to your Business at a set price.

money paid to you immediately – Service to be provided over an agreed period.

Customers can be added to your contact list

What does it do?

By giving their email address, the area where they live and their name members sign up to the scheme. Having done this they receive frequent emails ( Daily) each one making a different offer. The member is offered a package that would normally retail at say £100 and it is offered at £ 50. A big saving!

Having bid for a voucher for this product a minimum number of vouchers must be sold say 100. Only if the required number of vouchers are bid for does the deal go ahead and the members who were interested receive their vouchers.

Clear ? Well let’s take an imaginary example.

What is your USP ( Unique Selling Point)

Brian Gregory — Wed, 27 Oct 2010 13:37:39 +0000

Small Businesses must have a USP

If your not used to this term then its time to make its acquaintance simply because it is one of the most important things that you will give to your business.It is sometimes represented as Unique Selling Proposition

I know its easy to brush over this in haste to get on with other stuff but it is VITAL that you give a lot of consideration to your USP.

What is a USP

In a nut shell it is the answer to the question ‘how is your business different ( better ) than your competitors. That is unless you have no competitors then that fact becomes your USP. Once you have the answer the USP will be used in advertisements, brochures, business cards, presentations, radio & TV ads, Internet and social networking, in fact in just about everything that you do to promote you and your business.

Does your Business Need Internet Business Coaching

Brian Gregory — Wed, 27 Oct 2010 13:23:25 +0000

Put Your Business to the Test

Simply Answer the Following Questions – Honestly

1. Does Business come to halt when your not there?

2. Are you losing customers to the competition and want to reverse this trend?

3. Do you Spend your time firefighting not developing the business?

4. Are you working longer hours than your staff ?- work clever not long

5. Is Cash flow poor and profit low (as percentage of turnover)?

6. Is your motivation low – would rather stay in bed?

7. Is your sales team ( may be just you ) under-performing?

8. Do you have lots of information and plans for running your business but don’t know where to start?

9. Do you need more leads / prospects?

10. Is it hard to recruit good staff?

Plus a bonus point

11. Are you sleeping badly? waking in a cold sweat, dreaming of bankruptcy, court orders etc

OK, its getting bad

If you have answered yes to any of the above then coaching should be considered. The more yes answers that you get the more compelling the reason to find assistance. Where from ? one final question should sort that out:

Q. Has your business got plenty of money to spend on one-to-one coaching from top professionals ?

If your answer is Yes

Go to Google and search for One-to-one business coaching in your area and be prepared to pay anything from £30.0/ to £200.00 per hour for the help that you need.

If your answer is NO

Then Set Up and Grow is for you. Internet based coaching at a cost that any business can afford. You’ll find answers to the above questions and many more in the wealth of material available to our members. And it won’t cost you an arm and a leg, in fact Privileged Membership costs less than a couple of drinks per week.

Remember

Every report with the following symbol will contain the answers to the questions shown here including detailed cost analysis.

60,000 People a Week Want to See your Business Cards

Brian Gregory — Sat, 16 Oct 2010 14:08:06 +0000

Every week we all pass the racks of business cards in supermarkets should Small Businesses be using this simple form of advertising ?

Yes 35,000 to 80,000 that’s the number of ‘footfalls’ that ASDA claim for one of their stores in a typical week.

I’m not sure if you have to half that to allow for most customers having two feet, but anyway that’s a lot of potential customers in each store.

So if you have a store, in your area, with a rack for business cards, from local trades and services, it may be worth considering promoting your business there. If the supermarkets themselves are to be believed this is a great way of making your service or product known to the world of the weekly shopper.
Although this marketing technique will be of interest to crafts and trades more than business service providers or manufacturers I know of some service companies who have found that it really pays dividends to advertise in this way.

You will no doubt have noticed the boards that are mounted in supermarkets such as TESCO and ASDA you may have wondered how people’s business cards end up in there.

contact www.valuecards.co.uk/business-cards

Business Card £ 9.95 + VAT / week

One off set-up charge of £ 29.95 +VAT

contact www.wrtgroup.co.uk/tesco

Black and White – Single sided £ 12.00 + VAT / week

Colour -double sided £ 15.00 + VAT/ week

Well, if the supermarkets themselves are to be believed this is a great way of making your service or product known to the world of the weekly shopper. However you will not be able to use your own business cards no matter how well designed they may be. It is a condition of this service that cards are provided by the people who handle the card service on behalf of the supermarket chain in question.

However this should not cause any concern as most cards are extremely presentable and clear.
As you can see no quantities are given because the card holders will be refilled as soon as the level of cards begins to get low. This will be done for the duration of your subscription to this system.

For more information visit www.setupandgrow.co.uk

Business Networking

Brian Gregory — Sun, 05 Sep 2010 14:36:50 +0000

Networking-UK

What is networking ?
Will networking work for you ?
What will you need to do ?
What are referrals?
Which Network Group will suit You ?
Comparison of major Network Organisations
Getting your message across.
Speed Networking

The answers to these questions and many more in this full PDF report

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Revenue & Expenses – With Free Spreadsheets

Brian Gregory — Mon, 09 Aug 2010 13:56:45 +0000

Simple and Visible Analysis for Small Businesses

Here we have a couple of simple Spreadsheets free to our members the first is to keep a record of you Revenue and the second a record of expenses.

Whilst many people spend a lot of time and money on sophisticated programs to handle simple financial records the visibility and simplicity of the spreadsheet is hard to improve on.

These two sheets have been supplied for your use Free of charge by Graham Of Excel Go.
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Does your Business Start-up Match your Personality?

Brian Gregory — Thu, 29 Jul 2010 14:17:50 +0000

“To Thine Own Self be True”

If you are thinking of starting your own business or maybe you are already running a small enterprise that you started some time ago now may be the time to ask yourself am I the man for the job ?

There are many entrepreneurs who have been successful in business areas for which they were ill suited, however, this only makes a difficult job even harder. If you are a vegetarian who loves animals then opening a butchers may not be the best thing for you to decide on.

I’m not saying that you couldn’t do it but just that it would put you under a lot of pressure. When you start a business it should be the realisation of a dream. A venture into doing something that you really want to do. If you start your business on any other basis then when the long hours of hard work come along you are going to find it very difficult to continue. Starting up a business should be the chance you’ve waited for to do what you want and get the fun and satisfaction that being employed failed to deliver.
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Accounting for Business Startups

Brian Gregory — Tue, 20 Jul 2010 11:26:27 +0000

Which First Accounting System ?

There is no doubt that many of the largest companies started of with their accounts on the ” back of a fag packet” along with their business plans and cash flow forecasts.

Whilst this is not something to be recommended there is a great deal to be said for keeping it simple in the early days. I started my first business with precious little knowledge of accounting let alone the software that was considered necessary. I wasted hour upon hours trying to understand the accounts software and what it was doing to my figures.

Keep it Simple

The humble spreadsheet is probably the simplest of accounting systems and no doubt the one to bring your current financial situation clearly into view. Unless your business has a lot of itemisation i.e. you have many parts to purchase, operations to conduct or sales to make, then a simple spreadsheet is probably the best accounts package you could chose.

Set Up and Grow members will find a straight forward spreadsheet available in their privileged members area. This can be used for budget an Cash Flow forecasts as well as actual on going performance measurement.

It is so simple that the conclusions and implications leap out at you without you going on a course to learn to interpret them. Also ITS FREE. A very important consideration when funds are tight.

When the Sheet won’t Spread Far Enough

There comes a time when the humble but ever so useful spreadsheet won’t quite cut it. Your business will have grow somewhat and the complexity will have increased. Complex stock calculations, costings, and salaries may have covered an ever increasing product range and it’s time to look at a “proper” accounts software. A few years ago it was a choice of which software do I buy but now there are two very different types of offering in the equation.

Conventional Software versus The Cloud.

Conventional software is what we are used to. You buy it, it arrives on a disc, you load it up and you enter you figures,then, away you go. There is also the option of a support package at a monthly fee. When I say option if you lack a PHD in accounting then the support package is pretty much obligatory in order to avoid hours of hard graft trying to sort out even the simplest mistake.

Well not a lot has changed there although there are a range of entry level software available that are much better suited to a Start up Business. We will look at those i more detail. They include packages such as:

Tass - First Books ( from Sage),      £97.02 + VAT currently on offer for      £ 67.99.

Basics Free version for Small & Startup Businesses

Quick Books – Simple Start (from Intuit) £ 99.00 + VAT

Free copy of Simple Start Available.

Mamut – Start ( formerly MYOB ( Mind Your Own Business )the Australian Software company).      £ 79.00 + VAT

Plus some not so well known but nevertheless capable offerings from other producers. There is, however, a new kid on the block.

Note !

A The above Accounting packages have an optional Support package which can be purchased on an annual or monthly basis. It is unlikely that a new user will be able to manage without this assistance and the upgrades that come with it.

The cost can be as much or more than they purchase price of the software over the first year. This is a considerable additional cost and must be taken into account.

Accounts in the Cloud

Internet based or Cloud accounts packages are now readily available and worth considering. With a cloud based system you do not actually own a piece of accounting software. You simply Log on to an Internet site and do all your accounting in the cloud ( Cloud refers to the Internet itself ).

This concept takes a bit of getting used to if you haven’t gone down this route before. It’s quite a change to entrust all your accounting records to an on line service provider but this is becoming an increasingly popular way of doing things. The immediate advantages are:

No need for software purchase

No requirement for installation and maintenance

Systems support already available

Portable – access form anywhere

State of the art security and encryption

Regular reliable backups of your Data

So who are the people offering this type of accountancy service:

Liquid Accounts           £ 20.00 / month

Cash Bus -                 £ 17.99 / month

Kash Flow                 £ 15.99 / month

Although this gives a general indication there is considerable difference between products and the full buyers guide, which is included in the privileged membership, provides a detailed analysis and costing of all Cloud and conventional services and of course includes the free Spreadsheet.

Detailed Reports on Accounting Software Packages and Cloud Accounting are available to Privileged Members. These reports include performance and cost appraisals.

Free Business Advice, Coaching, Articles and Tools

01 – Self Employed Tax Calculator

The calculator will determine:

Why a Net to Gross Calculator ?

Net to Gross Tax Calculator

The VAT Man Cometh

What is VAT

Do not fall Foul of the VAT man

To Register or Not ?

Does your business want 100 New Customers Now ?

Small Businesses and Business Start-ups How will it help you?

The benefits are:

What is your USP ( Unique Selling Point)

Small Businesses must have a USP

What is a USP

Does your Business Need Internet Business Coaching

Put Your Business to the Test

Simply Answer the Following Questions – Honestly

If your answer is Yes

If your answer is NO

60,000 People a Week Want to See your Business Cards

Every week we all pass the racks of business cards in supermarkets should Small Businesses be using this simple form of advertising ?

For more information visit www.setupandgrow.co.uk

Business Networking

Dowload the Full report here:---------------------------------------------------------------------------------------Please Login or Register to read the rest of this article's exclusive content!---------------------------------------------------------------------------------------

Revenue & Expenses – With Free Spreadsheets

Simple and Visible Analysis for Small Businesses

Does your Business Start-up Match your Personality?

“To Thine Own Self be True”

Accounting for Business Startups

Which First Accounting System ?

Keep it Simple

When the Sheet won’t Spread Far Enough

Conventional Software versus The Cloud.

Note !

Accounts in the Cloud

Dowload the Full report here:---------------------------------------------------------------------------------------
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