Dividend or salary – or both to extract funds from your company
What is the most efficient method of extracting funds from your company? As a director of your limited company, you are not allowed to simply keep the profits in the same way that a sole trader does. Instead, you will need to decide how much to pay yourself. The choice between drawing a salary or […]
Contextual Pricing
A variable pricing model can help to strengthen customer relationships. Contextual pricing involves adjusting the prices of your products or services depending on specific variables which are often external to the business. These external variables could include customer demographics, purchasing behaviour, economic conditions or competitive landscapes. Unlike static pricing models, which set fixed […]
Pay Now buttons in your accounting software
It is possible to add Pay Now buttons to your invoices from many accounting software packages to give customers a quick and easy option to make payment. You can accept online payments by credit card, debit card or direct debit straight from the invoice, reducing the time spent chasing payments and increasing the likelihood of […]
Training, Education, Presentations
Do you need a meeting or write down lengthy notes? How do you show someone how to do something on your PC, and do they remember it, or do you need to show them again (and again)? Do you write manuals or instruction guides, perhaps with screenshots? Why not record a video of the screen […]
Fulfilling demand
If the pie’s not big enough, make a bigger pie. Fulfilling customer demand is the primary objective for any business. It involves accurately anticipating customer needs, ensuring product availability, and delivering goods or services in a timely manner. Meeting demand not only enhances customer satisfaction but also contributes to brand loyalty and positive word-of-mouth […]
National Living and Minimum Wage
The National Living and Minimum Wage increased on 1 April 2024 for around 3 million workers in the UK. The new rates apply to everyone and are different based on your age, including whether you are in an apprenticeship role. It doesn’t matter if you’re in a full time, part time or […]
Strategy – choosing what not to do
The essence of a good business strategy is choosing what not to do. Resource allocation is a fundamental consideration in any business strategy. Businesses operate within finite constraints, such as time, finances, or human resources. Choosing what not to do enables a more focused allocation of resources towards activities that align with the overarching […]
The Budget and VAT
From 1 April 2024, the VAT registration threshold and deregistration thresholds each increased by £5,000 to £90,000 and £88,000 respectively. The thresholds had previously been frozen at £85,000 and £83,000 since 1 April 2017. According to the government, this will mean 28,000 businesses will no longer be VAT registered in 2024/25. In some […]
The value of teamwork
None of us is as smart as all of us. Way back in the 1920s the Hawthorne Studies, conducted by Elton Mayo, highlighted the importance of groups in affecting the behaviour of individuals at work. Fast forward to today and workplace design has evolved from solo workspaces and closed offices to open layouts that […]
High-Income Child Benefit Charge
Approximately 180,000 families are encouraged to reconsider claiming child benefit following changes to the high-income child benefit charge (HICBC), which apply from 6 April 2024, when the thresholds will be increased. You may have to pay the HICBC if you are considered to have ‘high income’ and child benefit is being paid in relation to […]