Building customer loyalty for small businesses

Building customer loyalty for small businesses

Building customer loyalty is a vital element for a small business. It aids in the return of first-time customers, which leads to building a solid customer base and make you stand out from your competition. So how do you begin to achieve customer loyalty in a small business? We have prepared various fundamental ways to build customer loyalty and help make your important customers into regulars.  1. Making customers feel special The first essential step in building loyalty with your customers is to make them feel special. This depends on the customer service that you provide from the moment they walk through your door for the first time and every time after that. Small businesses are often closely associated with local businesses and local customers. So…

Negotiating tips

Negotiating tips

Here are a few of the the best negotiating tips. Negotiating is something most of us do on a daily basis, whether is for business or personal reasons.  Negotiating is a way of reaching an agreement between two or more parties. This will result in a suitable solution for all involved. But, if you find yourself negotiating with a much more experienced opposition, it may turn out for you not as great as you expected it to be. So, how will you get better results?   1. Be well-prepared  Reasonable preparation is very important. The first thing you need to do is to decide what you want to achieve from this negotiation; what are the other options available to you and what are you prepared…

Startup tips

Startup tips

Here are some important startup tips that we would like to share. In the business industry patience is a virtue, impatience a vice. Entrepreneurs must take action whenever a great idea merges with an appropriately substantial sum of money (so the story goes) or be in danger of losing out. There’s an old saying in startups: “Being early is the same as being wrong.” In order to be a successful entrepreneur, you must take into consideration that long term financial planning and timing are as important as the ideas and the funding. While it is tempting to rush at an opportunity, it is also essential to wait for the right moment. Take for example the online group buying service, LetsBuyIt.com, which was Groupon without everything…

15 Tax SavingTips for Landlords

15 Tax SavingTips for Landlords

Landlords need to be aware of the tax issues and obligations facing them not only as property investors but also as individuals with other businesses, careers and investments when making a buy to let investment decision. Tax is a complex area and it is crucial that landlords seek advice from a tax expert. This will ensure a method is devised which best suits your individual needs. The list below aims to give you some top tips to perform this new adventure in a superb way.   Tip # 1 – Do not forget to exclude the deposits you receive from new tenants when you add up your property income for your tax return. Tip # 2 – If you are married or in a civil partners living together…

Getting paid from your business

Getting paid from your business

We all love being paid for doing our work whether you are employed or self-employed. However, following changes in the tax on dividends introduced in April 2016, those of you who are your own boss will almost certainly need to reconsider what you should pay yourself as a salary or dividends from your limited company. In this article, we outline what methods directors of their own company might use, before you discuss what action to take with your accountant. A Salary In 2016, the employment allowance for sole director limited companies was abolished but paying yourself a salary may still have many advantages. By receiving a salary in excess of £490 per month, you maintain your National Insurance records which gives you access to certain…

EU VAT

EU VAT

There are few things that strike more fear into my heart than EU VAT, apart from perhaps spiders. In the age of the internet as it becomes increasingly easy to buy and sell abroad, so EU transactions are becoming a more common feature in the small business VAT returns. EU VAT cannot be avoided, (a bit like spiders) so it’s best to make peace with it and learn to understand it. But this is easier said than done, as we’ve found researching this article. The idea of the EU VAT rules are so that small businesses can trade within the EU area without having to register for VAT in every single EU country. Although the rules are complicated, the alternative would be a lot more work…

Small business Taxes and what you need to know

Small business Taxes and what you need to know

Starting your own business is a truly exciting life decision, allowing you to pick your own gigs and do things your way. On the other hand, failure to get familiar with the small business taxes you’ll need to pay can have major consequences when the taxman cometh. To help you get a better idea what you’re expected to pay as a freelancer, contractor, or small business owner, here’s a quick-fire explanation of the main small business taxes. Corporation Tax What is Corporation Tax? Corporation Tax is applied to limited company profits after employees’ salaries and other business expenses have been paid, but before dividends are withdrawn. Sole traders don’t need to pay Corporation Tax. How and when do you pay Corporation Tax? UK-based limited companies are required to…

Changes Contractors Need to Know About IR35 Rule

Changes Contractors Need to Know About IR35 Rule

How could they affect your earnings if you work for public-sector clients? 1. IR35 rules seek to ensure fairness… According to HMRC: “The off-payroll rules (known as IR35) ensure that individuals who work through their own company pay employment taxes in a similar way to employees, where they would be employed were it not for the personal service company or other intermediary”.  2. A significant change has happened… From 6 April 2017, all public-sector organisations will be responsible for determining the employment status of all “off-payroll” workers – including contractors and freelances – engaged through “intermediaries” such as PSCs (ie personal service companies) and third-party agencies. According to HMRC: “Use of intermediaries [could]: reduce or avoid an individual worker’s personal tax/NICs liability; and reduce or…

The VAT Flat Rate Scheme Changes Contractors need to be aware of

The VAT Flat Rate Scheme Changes Contractors need to be aware of

Significant changes to the VAT Flat Rate Scheme come into force on 1 April 2017 and will affect the amount of VAT some contractors and small businesses have to pay.  Despite being announced in the 2016 Autumn Statement, very little information has been released by the Government about exactly how the changes will be implemented and the type of expenses that will be allowed. To help you prepare your business for the arrival of the changes, we have put together this guide to the new VAT Flat Rate Scheme with the information that’s been released to date. How does the Flat Rate Scheme currently work? The VAT Flat Rate Scheme is a method of VAT accounting that was introduced to make it easier for small…