Tag: cash in your bank

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Business tips Finance Function Gym

Why is our tax service different and how does this benefit you?

Why our tax service is different and how does it benefit you?

There are 3 ways that we deliver over tax service to you as a client. 

The 1st is vitally important, its tax compliance, its how we help you account for the tax
that is due and therefore we help you fulfil your compliance obligations and
give you peace of mind. It’s box ticked, brilliant, that’s really important and
a key part of the service we offer to you.

However, what we really like to do as an accountancy firm is to focus on two additional areas, that in the market place don’t tend to get delivered in a consistent way to clients. What we are about as a business is delivering services in a consistent
and optimized way to clients.

So the way that we do that with tax services, is that as well as offering tax compliance we also deliver tax advice and tax consultancy to you.

Tax advice is delivered to you in a singular area of tax where we will charge you a fee
and you will usually benefit to a greater degree from the work that is delivered
via tax savings that will dwarf the fee that is charged in that area.

We are usually able to spot that piece of tax advice really in 1 of 3 ways.

ONE: you come to us and tell us you are doing something, sometimes if we leave it to
that point, it can be too late for us to do anything, because maybe you have already done it, or taken it too far and we cannot do some planning that can help you better your position.

Two: sometimes the nature of the area is that we can do a surface level spot. In other words, if you are a new start up fitness center and incurring large equipment costs and you walk into my office, I would say to you, you should look at getting VAT registered. It is a surface level spot.

The reality with tax advice though is that there are over 1000 tax reliefs, incentives, allowances and planning opportunities, that can apply to any client and we cannot leave delivery of these services to just surface level spots. 

So instead of waiting for you to come to us, we need proactively get on the front foot
with you and consult with you on the areas that could apply to you, as you move through your evolution as a business. And the way we do that is with tax consultancy, where we get under the skin of your business and really understand what the tax reliefs, allowances, incentives and planning opportunities are that at this point in your evolution specifically apply to you.

 

So (a) you are fully aware of what those areas and (b) we give you the full opportunity at implementing those areas with us. At every different point we will come to you and suggest to you an appropriate level of service and that level of service will be contingent on what you need. It will always comprise of the different tax areas; always tax compliance, often tax advice that we can initially identify you will need and we provide a level of tax consultancy that you need proportionate to where your business is up to.

If you think of your business as an iceberg, tax compliance is the tip, tax advice is the bit above the water (surface level) and tax consultancy is the majority of your business below the water. How we help you the most is by tailoring the package we offer to you with these three things in mind.

 

So how do we deliver to you as a client the different tax
consultancy levels I will go through this in the next article. (To be released shortly).

Until then take a look at the 32 ways you can extract value from you business: https://debbiebaileymoney.co.uk//32-ways-to-maximise-extracting-value-from-your-business/

Here is an example of how the tax consultancy service could benefit you: https://debbiebaileymoney.co.uk//prime-example-of-maximising-extracting-value/

 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

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Cash Finance Function Gym

7 signs that your business is leaking profit

7 signs that your business is leaking profit

.....and you need to hire an accountant

7 signs that your business is leaking profits and you need to hire an accountant.  

Accountants play an important role at various stages of the growth of your business. They can handle much more than just your payroll and tax returns. So, when should you consider hiring an accountant for your small business? 

Once you decide to start a small business of your own, you have to ensure all of its financial records are accurate. Unfortunately, being too frugal by trying to sort out your small business’s finances might most likely prove to be a costly mistake later and cause you to close shop. 

So you should observe if your business already exhibits these seven signs that it needs expert help now: Top 7 things to outsource now 

1) You are neglecting core business activities. 

At the start of a business you will probably “bootstrap” it, wearing every hat in the business to keep costs down. However, you need to question your ability and what your time is worth. If you value your time at £150 per hour and it takes you 10 hours a month to complete your accounts, that is £1,500 a month you are spending on completing the accounts.  

It is likely that an accountant may cost less than this and produce a more reliable result. Also, you can then use that time saved to go and generate £1,500 of revenue or more! You will be more focussed on the core revenue generating business rather than distracted with the accounts.  

This sort of simple calculation might be a sign that the cost of hiring an accountant is well worth it. 

You could consider outsourcing other tasks too such as marketing, your website, whatever you are not an expert at. For further ideas check out this blog on 8 things to outsource in your business:  

2) Your business is experiencing rapid growth 

Your business is growing, customers numbers are increasing steadily but do you have the right foundations for growth? At the beginning it makes financial sense to do everything yourself but as the business grows, things start to slip through the net, now is the time to seek outside help. 

More customers, more sales equals more paperwork and number crunching. It is helpful to have someone on board whose sole focus is on keeping the finances accurate but also keeping a track of your current growth and providing professional insight for growth in the future.  

Here is a blog on successfully growing your business: Successful growth 

3) You are not taking the salary/rewards you were expecting 

Are your currently taking a salary from the business? On top of that are you taking dividends – your reward for all the hard work and risks you have taken in building your own business. If not, is this because you are not making enough profit or is it because you don’t know your cash position and are unsure if you can afford to take money from the business?  

Most businesses fail due to poor cash management, so now is the time to concentrate on your cash position. You will need to look at the future ups and downs so you can make smart decisions with regards to your business. Look at this blog: Importance of Statement of Cash flow 

4) Not getting the right financial information 

Can you trust your data? You may have an accounting system in place but is it providing accurate, up-to-date information that you can make sound business decisions on? Are you able to use the data for scenario planning (what-if x happens), to help you decide if to take on that extra member of staff? 

You may also want to measure key business metrics, such as the ratio of salaries and other employee payments to total revenue. An accountant can help here by managing your payroll and producing graphs so you can see how the ratio changes over time. 

A blog on why a virtual finance director can help your business: What is a VFD and how it can one help you? 

5) Revenue is on the up, but profits are not 

You have worked hard, sales are streaming in, but you are still not making a profit. This is can be common in business as owners are so excited about making a sale, they accept any price with whatever terms and conditions the customers want. If you do not have an agreed progress for pricing a product or service, you are susceptible to this. It is more likely that you will be negotiated down and devalue your service/product.  

It is important to look at the lifetime value of a customer and take action with those customers that are in real terms costing you more than they are making you.  

6) You need to raise money 

If your business is at a point where you’re looking for loans or investors, your company’s financial history will be a key portion of the loan application or investor proposal. 
 

You’ll want reports and financial forecasting that are professional and provide all of the relevant information, and an accountant can ensure you’re not missing any critical pieces or parts. 

7) You’ll need advice when you write a business plan 

Do you have a business plan or is in hidden away in a drawer never to be seen again? An accountant will help you to make the most of a business, looking at real numbers which you can track you process against. A business plan will give you focus and direction for the business.  

Hiring a professional at this early stage will mean you get the benefit of their financial knowledge and advice right from the start. That could save you time and money compared with hiring one later. 

Make your business a success 

The truth is tapping into the expertise offered by a financial professional might be one of the most effective decisions you could make for your company. Your accountant can provide recommendations that will propel your business efforts forward and help you reach higher levels of success. 

We charge on a monthly basis and whether you take you seek help now or after the year end, the cost will largely be the same. However, by investing at the start, we will be able to ensure you are accounting correctly, have valuable information on a monthly basis, have monthly support, and ensure that you are operating in the most efficient way. Whereas if you hire an accountant after the date, they will be not able to help you make tax efficient decisions and if they need to fix past mistakes, it will cost more to correct these.  

 

Accountants can help you every step of the way 

As you can see, accountants can help you out during every stage of your company’s development. That doesn’t mean you have to hire one, but the right accountant should make life easier for you, so you can concentrate on what you love doing. 

Your speciality is running your business. Leave the financial detail to an accountant. A Virtual Finance Director is particularly suited to forward-thinking start-ups and established businesses where financial expertise is the best way to assist its continued growth. 

Is the time right you for to get an accountant and get focussed on your business? Book a discovery call today and find out how Southbourne Accountancy & Business Services can help you. Our service ranges from monthly or quarterly board views to management reports, our aim is to match the level of support with your business needs. This support can be flexed as an when needed. 

 

2. Download our free guide on “7 mistakes to fix, to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Download the “32 ways to extract cash from your business” Here 

4. Connect with me on social media: 

 

 

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Business tips Cash Finance Function

Trivial Benefits – what are they?

business journey

What are trivial benefits? Should you care?

What are trivial Benefits?

Trivial benefits are best described as small ‘token gifts’, given by management to their employees. This can come in any shape or form but generally speaking, they are typified by gestures such as bottles of wine, chocolates, beer for the office, or team lunches. Essentially little everyday sweeteners that keep the morale of the company up.

Tax on trivial benefits

 

A benefit can be “trivial” and mean you don’t have to pay tax on the benefit for your employee if all of the following apply:

·     it cost you £50 or less to provide

·     it isn’t cash or a cash voucher

·     it isn’t a reward for their work or performance

·     it isn’t in the terms of their contract

You don’t need to pay tax or National Insurance or let HM Revenue and Customs (HMRC) know.

You have to pay tax on any benefits that don’t meet all these criteria.

Salary sacrifice arrangements 

If you provide trivial benefits as part of a salary sacrifice arrangement they won’t be exempt. You’ll need to report on form P11D whichever amount is higher:

·     the salary given up

·     how much you paid for the trivial benefits

What kind of trivial benefit can be provided?

The benefits can include anything except for cash or vouchers that can be redeemed for cash. Examples of benefits provided by clients include:-

  1. Christmas Turkey
  2. Tickets for the theatre/sporting events
  3. A tennis lesson
  4. Retail gift vouchers

Is there a limit on the amount of trivial benefits?

For employees there are no limits to the number of times they can receive a trivial benefit in the tax year.

However for Directors of ‘close’ companies

You can’t receive trivial benefits worth more than £300 in a tax year if you’re the director of a ‘close’ company.

A close company is a limited company that’s run by 5 or fewer shareholders.

The key distinction when defining trivial benefits is that they are not intended to add financial value to an employee’s pay-check. Nor can they be given in lieu of payment. They are trivial in the traditional sense of the word; having little actual value. 

 

4 facts about Trivial Benefits:

1. Price cap

You must bear in mind that any ‘gift’ given as a trivial benefit cannot have cost you more than £50. This is irrespective of how much has been paid for it but rather its market value.

 

2. Non-cash

It has to be a material offering, you cannot simply hand someone a crisp fifty. This also includes any voucher that can be redeemed for cash. This is just too close to being a form of payment and so as a blanket rule, all cash gifts must be recorded and incorporated into the tax.

 

3. It is not a bonus

It cannot replace a bonus. So if someone’s landed you a contract and you give them a voucher, that isn’t a trivial benefit.

 

4.      It is not in their contract

Trivial benefits have to be one-offs or random acts of kindness. There cannot be a formal agreement between employee and employer about their supply and frequency. Again this resembles a type of payment.

 

 

1. Book a call with me: https://debbiebaileymoney.co.uk//contact-us/ 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

https://www.linkedin.com/in/southbourneaccountancy/ 

https://www.facebook.com/debbie.hancockSA 

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Business tips Cash Finance Function

Collect your debtors faster

Collect your debtors faster

Did you know that you still have to pay tax on your debtors, even if you haven’t yet collected them? 

This is because you pay tax on your sales figures, whether you’ve collected the cash or not. 

So, how do you collect your debtors faster? 

  1. Agree your payment terms at the time of sale. 

  1. Ensure your customer signs your Terms of Trade before you start the job. 

  1. Include a guarantee in your payment terms. 

  1. Invoice as quickly as you can. 

  1. Ask for a deposit prior to starting the job. 

  1. Change your payment terms to within 7 days of invoice or on delivery. 

  1. Send statements with only two columns – current and OVERDUE. 

  1. Follow up the day after the due date. 

  1. Have someone other than the owner be responsible for collection of debtors (owners are usually too soft!). 

  1. Document any changes to your standard payment terms in writing. 

  1. Use a debt collector sooner rather than later – the longer you leave it, the harder it is to collect. 

  1. Don’t provide credit to customers who’ve been late payers in the past, and don’t offer more credit to customers with outstanding payments. 

Don’t procrastinate on your debtors. Establish clear payment terms and ensure you stick to them. 

“It’s the squeaky wheel that gets the oil.” – Anon 

Need help developing your Debtor Management Policy? We can help… get in touch! 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

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Business tips Cash Finance Function

Prime example of maximising extracting value

Prime example of maximising extracting value from your business

Let me introduce Gwil, a business man who knows what he wants; he wants to save tax, so the money he makes stays in his pockets (or his families…). 

Here is his story and if you can relate and would like to see how you can maximise extracting value from your business, get in touch to book a tax diagnostic review with me.

Gwil’s story

Household Income

It’s important to me that we maximise our household income in a tax efficient manner. The way we do that seems to have changed so much over the years as we’ve gone from care free pre-kids to responsible parents (ish) post-kids! Currently, this involves my Mrs being employed by the business, she’s an financial chartered accountant so we might as well use her! This suits the business as we have an important function covered. It suits my wife who wound down slightly from her career after we had kids. It also suits our household income because we are taxed across the two of us, not just me. This means we benefit from maximised personal allowances, lower level tax bands and the company can make a national insurance saving.

I needed a dividend for extra expenditure

Not the norm for me, but the current year was a bit of a spending year – ouch! Thankfully, they only seem to happen once every ten years as I’m such a tight arse! But this year we had some extensive work done our home…which seemed to go on forever! Plus, we had a few lovely holidays as me and the Mrs had been married for ten years. We took the family to Disneyland Florida over Xmas and New Year which is something I’d always wanted to do. Me and the Mrs went to Paris on our own, which we’d not done since before Oscar was born…now 8 long years ago! To do this, I took out a dividend, the £2K tax free amount, plus a little more to keep the clan in a happy home and enjoying our ten years married celebrations! 

Building retirement investments

My years of frugality in extracting money from the company paid dividends a few years back when I set up a SSAS which bought the office premises. Nice little arrangement which ensures the guaranteed rent is paid back into my pension tax free! Purchase of commercial property No 1 has wetted my appetite for more, so I’ll always invest as much as I’m able into this arrangement with a view to eventually planning the next investment. I’m a bit of a nerd so these kind of things excite me! I think it’s because I feel in control with it…firstly it’s a very tax efficient way to put money aside as you pay no income tax or national insurance when the money is paid in (subject to the limits). You also get a corporation tax deduction on the money paid in. Plus I get to dream…plan a future commercial property empire…long way off but hey, dream big! When I retire, which is probably never as I’ll get bored…so when I reach retirement age…I’ll take 25% tax free with the remainder being taxed but spread across multiple tax years, making the most of the personal allowances and tax rates. I want to live a highly active but extremely comfortable work / life retirement…I just can’t see myself retiring…but let’s see!

I’m not that into Cars, but…

I’m not massively into cars. I’ll be honest enough to say, I want something that looks decent, but not too flashy. One of the businesses had done really well so it was a bit of a no brainer to go for an electric vehicle when the time came around last year.  Reason being we got 100% corporation tax relief against profits in that year, plus there is no BIK on me. It’s all the extra running cost aspects I was able to put through the business and take advantage of as well like installing a charging point at home, charging tax free at the office, car insurance and servicing which all normally add up to a pretty penny. I did have my eye on also putting a personalised number plate (GWIL-1-AM) through the business (which is allowable) but Mrs D said she would divorce me! Quite right as well!

Company Loans

Way back when I lent money into the companies to get some started and the company paid me a commercial rate of interest back on that money which allowed me to take out £1K from the business tax free. However, the circumstances have changed, that money has now all been repaid to me and a few years back I instead took out a £10K tax free loan from the business. I didn’t need it, I just took it because the company had spare cashflow and you can take the loan of £10K tax free. My thinking here was to simply invest this and make more back, it’s a strategy that’s worked and I’ve made a fair amount on investing that £10K well.

Maximising business expenses paid for personally

Running a business takes grit, it’s hard to switch off and you are always working because it’s your passion. That’s why for me, it’s vital to maximise business expenses wherever possible. That means ensuring claiming travel expenses on trains/flights, mileage allowances,  when travelling for business. Also subsistence expenses when eating & drinking when on travelling on business as well.

I also ensure I double bubble the benefits by spending on a points reward card. My favoured card is Amex as they have a points rewards system connected to Airmiles. In the last year doing this I’ve build up enough points to travel to Paris 1st Class for £2. Then to Florida family of 4, 2 free tickets and upgrade to 1st class there and back. All because of the points I built which enabled me to do this!

Employee Benefits

The tight arse in me ensures I maximise the hell out these with all the following being put through the business at every opportunity:

·       Life Insurance, it’s personally really important to me that my family is secure if anything were to happen to me.

·       My annual pension advice tends to be mostly covered by the £500 allowance

·       Mobiles – four in total for me and the Mrs – personal and business

·       Trivial benefits – albeit in £50 amounts the £300 from me and £300 amount for my wife ensures all Christmas and Birthday presents are covered in our household

·       £150 per head slap up dinner for the Xmas Do where we also have a good dance

·       Parking costs when visiting the office

New Bike and weight loss

It’s something that I’ve been aware of for a while, but never got round to doing. I used ‘Salary Sacrifice – Cycle to Work Scheme’ to purchase an expensive road bike, pre-tax, and in instalments. This reduced my tax liability on income & NI, plus it gets me a dream bike, without a surprise mammoth expense. Most importantly, it’s gets me exercising. Sexy bike. Sexy body. Tax is sexy!

Future intention

I would like at the right point to start exploring a family investment company.

For me this is about retention of earnings for me, my family and the business.

Inspired by Gwil’s story then book a Tax Diagnostic Review

To make sure you’re getting all the benefit from the tax saving opportunities available to you and your business, book a tax diagnostic review with me.

Get peace of mind you’re aware of all the tax advice relevant to you.  

 

Book a call

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

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Business tips Cash Finance Function

32 ways to get the maximum value out of your business

32 ways to get the maximum value out of your business

A question I get asked all the time is: ‘What can I take out of my business?’ and ‘how do I save more tax?’ Well, the quick answer is, ‘there’s up to 32 ways to get value out of your business, tax efficiently.’ Yep, that’s a lot of ways ⬇️ (checkout out the full infographic here). 

But the truth is, not all these 32 ways will be relevant to you and your business, and it’s likely that you’ll already be doing a few of them. But how do you know if you’re maximising every opportunity you could be, to improve your life, your families and your employees?

Value Extracting Tax Diagnostic Review

Well, we have a tax diagnostic review service that will do exactly that for you.

In our Value Extracting Tax Diagnostic review we will analyse your business and personal circumstances against the 32 ways, to identify all the ways you can tax efficiently put things through the business, or take value out of the business, benefitting you, your family and even your employees.

Every business owner can extract loads of value from their business, you just need to know what is relevant for you. 

Find out more about our tax diagnostic service here.

Let’s have a chat

If you’d like to review how much value you’re getting from your business, we’d love to speak to you, book in a
call & let’s have a chat: 

 

 

Book a call

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

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Business tips Cash Finance Function R&D

You are not getting the tax advice you need…..

Stop! You are not getting the tax advice you need....and deserve

There’s an unspoken truth when it comes to tax advice: for business owners, there’s a complete lack of transparency from advisors over what tax advice actually is. This means as a business owner:

…..you don’t know what to expect from your accountant

…..you don’t know if you are getting all the advice you need

But isn’t ‘really’ anyone’s fault.

Tax advice is an incredibly complex area that hasn’t been set out as a universally defined and priced service before. Like say, bookkeeping. If you need bookkeeping, your accountant will ask you several questions about your business and give you a price based on the requirements of delivery.

Tax advice shouldn’t be any different but currently it is. Well it was until now….

Three types of Tax Service

We’ve devised a way to define our tax services to make them completely transparent and clear for our customers, and us too! 

Our Tax Services are broken down into three areas:


Tax compliance

Helping you pay the right amount of tax that’s due; your year-end accounts and tax return.


Tax advice

Delivery of specific work or planning to improve your tax position, to make a future saving, or get cash back into your business e.g. making an R&D Tax Claim

 

Tax consultancy

Reviewing your overall affairs & motives and applying tax legislation to their situation, to see where you may benefit from advice in the future.

Most accountants will have a tax compliance service that is priced or built into their accountancy package services; with tax advice delivered and charged for as and when a situation arises.

Tax consultancy though?  This is a bit of an unknown. But it’s where the most value sits for you as a business owner.  Find out more about our tax consultancy services below.

Our Tax Services

At Southbourne Accountancy we aim to be completely transparent with our pricing and recognise that as with accountancy services, the individual tax requirements of a business are very different.  

At each stage of a business’ lifecycle, there are different tax service options to consider, to make sure you are paying the most efficient amount of tax.

Take a look at our tax diagnostic service here

Like what you see?

If you’d like to have a chat with us about our tax services and find more about what you could be doing, book a call below at a time that suits:

Book in a call to get started now

 

 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

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Business tips Cash Finance Function Gym

Zero to Hero

From Zero To Hero Event

Learn how to be wildly profitable with ease even if you’re a newbie! We help you to go from zero to hero!

What you’ll get from this event

For attending From Zero To Hero live online

This is an unprecedented event for the health & wellness industry, with 13 top expert speakers offering you leadership & advice on marketing, sales & mindset to help lead you into the future – all on one single platform, for 1 entire day, 100% FREE!

This online event is perfect for anyone who’s a fitness, health and wellness professional, gym, studio or health club owner – with a brand new or existing business.

Book on here: Zero to Hero event

The presentations

Landing corporate clients for your health & wellness business

What cashflow means for fitness businesses

You’ll learn why cashflow is important for your business growth and survival. By the end of the presentation, Debbie will teach you how to create a cashflow forecast for your business.

3 ways to use client feedback to write copy that sells

In a jam-packed industry like health and fitness, it can be hard to stand out. You’ll learn from Louise how to ask for glowing client feedback and use that to craft a killer brand message and turn that into a persuasive copy that sells.

How to get stuff done and reduce stress

You’ll learn from Isi tips and strategies to get more done in less time. Her advice revolves around overcoming procrastination and staying focussed for longer. So you’ll start to see what it feels like to get more done and be less stressed and less exhausted after a long working day.

Building professional networks online and at events

Shamshad will help you to get a better understanding of different types of networking events and how to prepare for these so they use your time effectively. By the end of her training session, you’ll know how to write an elevator pitch for your business and build meaningful networks.

Automation made simple

You’ll learn a lot from Yvonne about what is possible by using Zapier to automate your business. By using templates and training videos you can have a go at implementing simple steps to save time. You’ll know how to map out your workflow.

Amplify your social media

From Minessa you’ll learn 3 Facebook and social media tactics that won’t take much time but will amplify your voice online so that you can do less and make more. You’ll be able to create content that attracts your tribe and clients.

Coping with toxic stress

You’ll learn from Jaque how to navigate through high stress times, just like this Covid situation and be able overcome these mentally exhausting problems. You’ll be able to embrace self-empowerment, which is pretty much needed.

How to leverage your expertise and raise your profile by getting in the media in three easy steps

Laura will share with you PR 101: going back to basics and busting a few well-known PR myths. You’ll learn about how to find opportunities so that you’re able to increase visibility and share your message on a larger scale. She’ll also share her top 3 tips on how to get yourself featured in the press.

How to earn more, without doing more

Gemma will show how a website can earn you money by implementing some simple steps. You’ll learn 5 proven methods of increasing conversions through your website and she’ll also share best practices to help get you that ROI from your time or money invested in the website.

How to influence people with high-quality visuals and effective positioning

You’ll learn about how design can help you with building authority and what’s the importance of positioning. Mehar will give you actionable steps, so you’ll know how to influence people with your visuals on social media. She’ll help you with effective postitioning on Instagram.

Increase your revenue by adding structure & consistency to your social media

You’ll learn from Janine about the tools you can use to increase your online presence and revenue, by adding structure and consistency to your social media platforms.

How video can elevate your brand or startup

Mark will take you through how video is an essential part of many brands marketing strategy today and how it should be a part of yours. You’ll learn about how you can create for your business and how to execute a plan for a video. You’ll have a greater understanding of video, the kinds of video you can have made for your business and how it greatly benefit your business.

NO this is NOT some big pitch fest online seminar. This is in-fact a LIVE training event with 13 TOP EXPERTS!

And you can have access to it from the comfort of your own home!

Meaning…

NO long hours travelling & NO spending money on hotels

You’ve just got to show up at your computer or smart device ready to grow & learn!

This will be different from all other online events you’ve ever attended so far! No FLUFF, no HYPE just straight to the point strategies around marketing, sales and mindset. So, it’s perfect for anyone who’s a fitness, health and wellness professional, gym, studio or health club owner – with a brand new or existing business!

Who is this event for?

  • health and wellness professionals who truly want to help people to live happier and healthier lives
  • fitness professionals who desire to make a much bigger impact
  • studios, gyms and health clubs who have and are struggling because of the pandemic
  • trainers, coaches and instructors who have and are struggling to get clients consistently
  • sports recreational businesses who want a structure and guidance
  • those who have and are struggling to get their message out to the people who really need help
  • those who are passionate about helping others, making a change, but have secretly been struggling to build a successful health, fitness or wellness business

How much will “not attending” cost?

Think about the average monthly income of a personal trainer over the past 12 months…

Let’s say their average income was £1,500 and that’s generous because the average salary of a personal trainer in the UK is £19,601…

So their goal is £10,000 per month through their business because they don’t want to be broke all the time…

That means they have a shortfall of £8,500 every single month…

So, basically, they lose £8,500 every single month because they don’t know how to get from zero to hero…

And that’s a staggering £102,000 opportunity cost per year…

Hosted by Viktoria Thorbjorn

The speakers

  • Debbie Hancock, Southbourne Accountancy
  • Miriam Gilbert, Founder & CEO ImpactfulnessLab
  • Louise Shanahan , Health Copywriter and Director, The Copy Prescription
  • Shamshad Walker , Marketing Consultant
  • Isi Dixon , Productivity Expert
  • Gemma Murphy , Website Architect
  • Janine Edwards , Founder of Media Pimps Marketing & PR
  • Mehar Lebana , Graphic Designer
  • Yvonne Hemmings , Automation Made Simple
  • Minessa Konecky , Direct To Success
  • Jaque Hanson , Bee Present Wellness
  • Laura Perkes , PR with Perkes
  • Mark Weathers , Mark Weathers Creative

free online event

Discover how to be wildly profitable with ease even if you’re a newbie during the pandemic!

Get your online event ticket 100% FREE

This is truly a once in a lifetime opportunity!

Claim your FREE ticket, valued at £1,999. Hurry – before there are no seats left!

So why do we give away this for free?

Obviously, we won’t get rich by this, so here’s the real reason;

2020 has been a horrible year for everyone and our industry got hit by the covid truck and this has caused severe damage.

It is kind of a ‘hit and run’ case.

And this industry is the one responsible for peoples’ health and wellbeing before the NHS jumps in.

We’re the first line of defence or prevention if you like.

If we fall, others will follow us. And we can’t afford that…

From here, you have 2 options

Either do nothing and continue to struggle and fear that covid will further affect your business and your financial situation…

Or make a conscious decision and invest your time in the ‘from Zero to Hero’ live online event and follow a different path.

Nothing changes if YOU don’t change. It’s up to YOU and on YOU.

Book on here: Zero to Hero event

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Book onto the free event: Book here

4. Connect with me on social media: 

Categories
Cash Finance Function R&D

Finding R&D in Food & Drink

Find R&D Tax Relief in Food & Drink

AM I ELIGIBLE TO MAKE A CLAIM?

The key questions to ask yourself for any project you have undertaken are:

1.    Have you gone beyond “the norm” within your industry?
This could be using new techniques, or re-thinking how something can be achieved because you were constrained by conventional methods. This could be from the types of ingredients used, all the way to the overall process and project management.

2.    Have you then had technical uncertainties and challenges in achieving what you have set out to do?
Did you know how you were going to achieve the end goal when you started? Or was it uncertain because of the new or different way were approaching it?

 

CASE STUDIES

 

THE GASTROPUB

Our client created a menu with different options for all menu items, to cater for
different diets, whilst maintaining a uniform appearance and taste/texture
experience to the ‘standard’ menu options. This took careful thought and
planning, with rounds of testing and refinement. Costs claimed were for time spent by the chef and kitchen support staff in developing the new dishes.

Claim size £7k cash refund from HMRC.

WHOLESALE FOOD PRODUCTION

Our client designed and created a vegan substitute chicken and range of battered products. The recipes and designs were based on traditional Far East dishes but required redesigning to fit in with the western palate.

 

Claim size £12k cash refund from HMRC. 

NEW FOOD PRODUCTS  

Our client designed and created vegan energy bars and compostable wrappers for the retail market. The project involved trials, experiments and developments of prototypes.

Claim size £5k cash refund from HMRC.

COCKTAIL BAR

A bar and events business offering unique experiences, developed a series of new drink recipes to be served at the bar. The project involved reducing calorie content and changing ingredients, whilst enhancing the flavour and experience. This required careful thought and experimentation by experienced professionals. Costs claimed were for staff time spent developing the new products.

 

Claim size £4k cash refund from HMRC. 

If you want to find out if you are eligible, jump on a quick 15 “rule in, rule out” call with our R&D specialist Tim: Book a call

 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

Categories
Business tips Finance Function Gym R&D

R&D in Beauty & Cosmetics

Finding R&D in Beauty & Cosmetics

R&D Tax
Relief might not seem glamorous, but it is incredibly relevant for businesses
in the beauty industry. There’s a huge amount of companies in the UK developing
beauty and cosmetic products from new start-ups to big multinational brands. That’s loads of innovation! It’s an industry pretty much driven by the need to produce the best products for consumers and success is dependent on how well a business can continue to innovate. This is mainly by using science to create a human benefit through devices and appliances, creams, make-up, and health supplements.

But surprise, surprise, R&D tax relief isn’t widely known about by SMEs, the businesses who could really benefit from the cash injection most, to take their businesses to the next level.

What projects
could qualify as R&D?

Qualifying businesses are often investing in activity like; developing materials, coming up with new formulas, developing fragrances and tools, equipment or technology.

Here are some examples of research and development projects that have qualified for R&D Tax Relief in the beauty and cosmetics industry:

  • Designing & creating new products or processes
  • Testing products against UK health and safety regulations and other legislation
  • Testing complex formulae for products or mixing new combinations of ingredients
  • Improving quality of products
  • Improving cost efficiency of products
  • Developing processes and products to be more energy efficient and reduce waste

·       Developing products without the use of readily available ingredients but still maintaining the same price point and performance characteristics.

·       Devising new ways to scale up production whilst retaining product composition and stability

·       Developing products to be apportioned out in one state, to then set in another e.g. liquid to solid. 

·        Developing scientifically innovative ways to overcome project constraints; like the chemical makeup, stability, and overall performance of a product without breaching legislative guidelines.

 

·       Using cutting edge technologies that no one else is using, meaning there is no one else to learn from. 

Case study: Developing beauty products

A Beauty Products client, imports product from overseas. They developed the ingredients, colours, fragrances to trial and produce a range of new products. Costs claimed were for chemist’s expertise, materials, and support staff.

Claim size: £15K cash refund from HMRC.

Case study: New Perfume fragrances

A perfume manufacture invested heavily into the experimentation and development of new fragrances through blending standard fragrances, to develop brand new fragrances.

Claim size: £27,000 cash refund from HMRC.

Case study: Profitability of luxury Spa Products

A manufacture of luxury spa products completed a project, to increase the profitability of their product range, without compromising the performance characteristics of the product. Costs claimed were for chemist’s expertise, sourcing new ingredients and support staff.

Claim size: £10K cash refund from HMRC.

Case study: New sensitivity formulae

A producer of sun creams and moisturisers developed a complex formula to improve the performance for sensitive skin by incorporating never before combined ingredients. Costs claimed were for chemist’s expertise, sourcing new ingredients and support staff.

Claim size: £35K cash refund from HMRC. 

AM I ELIGIBLE TO MAKE A CLAIM?

The key questions to ask yourself for any project you have undertaken are:

  1. Have you gone beyond “the norm” within your industry?

    This could be using new techniques, or re-thinking how something can be achieved because you were constrained by conventional methods. This could be from the types of ingredients used, all the way to the overall process and project management.

  2. Have you then had technical uncertainties and challenges in achieving what you have set out to do?

    Did you know how you were going to achieve the end goal when you started? Or was it uncertain because of the new or different way were approaching it?

 

Want to have a chat?

 

If you think you might be doing some activity that could qualify for R&D Tax Relief, book in a quick call with us, it only takes about 15 minutes to determine whether or not you could be claiming. It’s a bit of a no brainer. Book here to speak to our specialist.

 

1. Book a call with me: https://debbiebaileymoney.co.uk//contact-us/

2. Download our free guide on “7 mistakes to fix, to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/

3. Download our free Coronavirus support guide: https://debbiebaileymoney.co.uk//coronavirussupport/

4. Connect with me on social media:

https://www.linkedin.com/in/southbourneaccountancy/

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