Tuesday 5 October 2010

Are you in business and losing out?

Could you be claiming tax credits and you don’t know it?

In my experience many business owners are losing out on tax credits.

Tax credits aren’t only just for people with children, what people know as family tax credits.

Tax credits are also for people on low income without children; these are known as working tax credits and are for people in work.

For example, you could be losing money in your business and therefore have no taxable income for tax credit purposes and possibly therefore be eligible for maximum tax credits or simply have a large drop in profits to a point where you are eligible for some working tax credits. We come across this situation all the time.

Another situation is where you have just started up in business and invested a lot of your own money in the business. This is very likely to be all allowable as a cost for tax credits purposes and is likely to generate a loss and therefore nil income for tax credits purposes.

In both the above cases you could be entitled to maximum tax credits (for a couple this could be nearly £4,800, where your partner has very low income).

Are you losing out? Get in touch if:
  1. You have a very large drop in business income so that you are either making losses or very low profits, or
  2. You have just started up in business and have invested a lot of money in the business

We may be able to help you generate more income for you and your business.

Want to know more?
Contact Jan on 07890 239442

Monday 4 October 2010

A Life Story, inspired by Carl Hopkins, a Secret Millionaire

I was inspired to write this piece when I attended First Friday in Wakefield last week. Carl Hopkins, best known for his appearance on Channel 4’s The Secret Millionaire, was the speaker and he is passionate about inspiring young people to get what they want through education. Carl got no help at school and despite that was a great success. He wants to help other young people to achieve success too.

It was interesting to reflect on my own experiences at school, which I‘m sure aren’t unique.

By the time I was 16 after middling performance at school, I found myself not working at all (I enjoyed going out every night with my mates) and failing nearly all my GCE mock exams. It was massively embarrassing and one of my teachers took me on one side and told me that I was wasting my life. My parents didn’t give me a hard time but from that night I started working really hard and passed all my GCE exams bar one. I started my A levels with top of the class results and went on from there, getting A/B/C/D A Level results (surprising everyone else at my school), a 2:1 in Law (despite my school careers advisor telling me that I wouldn’t be able to do Law), first time passes in the Chartered Accountancy exams (and one of the best performers in the revision class) and more recently a Distinction (first class) in an MBA at Bradford. I also had a long and successful career as a Finance Director before setting up my own business, Sanders Geeson Chartered Accountants. Not bad for a “no hoper” at 16……..

The secret – working hard, doing my own thing and never stopping learning…….as well as lots of support from my wife and parents.

I know many people think I’m mad doing all the courses and exams I do, but learning never ceases to be fun.

I also have a friend who dropped out of University after 3 days, spent 2 years working for the DSS in a basic job, then decided to go back to University. He is now a Professor in Philosophy at Nottingham University, speaking all over the world. Life is full of great positive stories….

Finally, regarding Carl Hopkins, his first assignment for JDA (his first job) was to work on the Falcon by Post (knitting) catalogue. A year later I arrived as Finance Director for the business, my first senior finance job and a big step up for me …….it’s a small world……