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Not Being Able To See The Forest For The Trees!

Posted: 18 Jul 2011 in Blog Business Advice

If you're busy doing paperwork, entering your receipts, filling out VAT returns and paying the monthly PAYE will you be able to see the new opportunities that show up in the distance? Are you missing the forest for the trees...spending your valuable time on activities that could be outsourced?

 

What’s the big issue here?

 

You are so bogged-down running your business that have no time to focus in developing or growing your business, or even to think about whether the business is going in the right direction. Do you feel that the business has taken over your life!

 

What can be done?

 

  1. You need to free-up time so that can spend time thinking about the business and how you can develop it. This is easier said than done. The point here is that you just need to do it. 
  2. To reduce your personal work-load you need to either:
    • Hand-over work to other members of staff
    • Outsource some work to external providers
  3. It all very well trying to hand-over work to your staff but they may be fully occupied already. In this case you need to
    • find ways to work smarter that improve efficiency by eliminating unnecessary and inefficient activities
    • improve value by using new but proven technologies that automate or replace low-value manual and repetitive tasks or work
  4. Outsource work to an external provider where you perceive the work to be non-core or low-value added. There has been a massive development in outsourcing in recent years. Due to technology as well a s this becoming more common the prices for this is becoming more affordable.  Specific areas that are simple and cost-effective to outsource:
    • IT
    • Accounting & payroll
    • Human resources management

 

 

 

 

 

 

 

Ian Swycher

January 2010

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Tax Rates

Income tax2013-142014-15
Tax-free personal allowance (under 65)£9,440£10,000
Basic rate: 20%£0 - £32,010£0 - £31,865

Higher rate: 40%(dividends: 32.5%)

£32,011 - £150,000

£31,866  - £150,000

Additional rate: (dividends: 42.5%)

Over £150,000

(45%)

Over £150,000

(45%)

Capital Gains2013-142014-15
Annual Exempt Amounts for individuals£10,900£11,000
Corporation tax (rates for financial years starting on 1st April)20142015
First £300,00020%20%

Next £1,200,000

23.75%21.25%
Over £1,500,00023%21%

Tax credit on dividends (basic rate taxpayer)

10%10%
Approved HMRC mileage ratesFirst 10,000 business miles in the tax yearEach business mile over 10,000 in the tax year
Cars & vans45p25p

Motor cycles

24p24p
Bicycles20p20p

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