For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A financial planner will create a customized, strategic action plan to help you achieve your personal financial goals. Getting to know you and your business inside out is the first step a financial planner will take to understand where you are now, where you want to go, and then… Read more
It’s been said that a business partnership is a lot like a marriage, and the comparison holds true when things go awry: the end of a partnership is a lot like divorce. Lawyers will be involved and assets will need to be divided. However, a separation need not be overly dramatic or unnecessarily painful. These tips can help make separation easier – and more amicable – should your business partnership come… Read more
UPDATE 11 April 2023 If you have a growing businesses or find cash flow difficult to manage under the standard provisional tax system, you may like to consider moving to the AIM system for provisional tax. We first tried this system ourselves when it came out in 2018 (see below). Since then we have been struck by how easy the management of cash flow has been for us compared with… Read more
If you’re ready to start growing your small business – whether you’ve been operating for a while and you’re in need of a boost, or you’re just starting out – meeting with a business planning specialist is a great first step. Unfortunately, all too common for businesses in this situation, is a lack of time and funds to make this happen. Not only is it hard to time time to… Read more
No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale. These four tips will help you get a head start on making your business attractive to buyers for the day you’re ready to sell. 1. Get a business valuation Even if a business sale isn’t imminent for the next five years,… Read more
If you need a car to operate your business, you may wonder whether it makes more sense to purchase or lease. On the one hand, if your business owns the car you’ll have a long-term asset and may qualify for more tax deductions. On the other hand, buying a car is a huge expense and monthly lease payments tend to be lower than car loan payments; they will also be… Read more
Victoria Richardson is an engineer and a business woman with a little bit of Spiderman thrown in for good measure . As a Chartered Building Surveyor, Victoria’s job involves not only office-based work, report writing and client liaison, but also scaling large buildings in a single bound! Part of her work involves abseiling down the side of all types of buildings to inspect for defects or maintenance requirements. To us,… Read more
New legislation enacted in February substantially simplifies obligations under the provisional tax regime. Most taxpayers pay their provisional tax at three times through the course of their financial year, being the 28th day of the 5th, 9th and 13th months after their balance date. The ‘standard uplift’ method determines a person’s liability based on a prior year’s tax payable (105% for last year, or 110% for previous). The problem is… Read more
While working at home as a freelancer sounds like the ultimate dream for anyone tired of the rat race and daily commute, freelancers still have more than a few financial issues to worry about. Perhaps the most important trait that you should have as a freelancer is the ability to be fully responsible and accountable to yourself, and saving money is something that you should think about on a daily basis! So let’s walk through… Read more