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WTF: smoothing the tax charge makes sense to Lyra and it avoids a diet

Well, That Figures; smoothing the tax charge makes sense at last, having had a chat with Jonathan about the delights of the Deferred Tax charge that appears in accounts.  I was so delighted that I finally understood Deferred Tax that I could not resist helping myself to a chunk of Jonathan’s fruit cake; little knowing that this would result in me being taken ASAP to the vets for treatment. Jonathan was not impressed with the...

November 29, 2021

WTF! Avoiding cunning plans would have saved a tax payer £362,000 in penalties

“Well That’s Fortunate” said Jonathan, “that you did not engage in that cunning plan to circumvent the rules regarding the tax on overdrawn directors' loan accounts put to you by those dodgy cats Rumpleteazer, Mungojerrie, Macavity and Co.  (OK, I admit I do like the Cats musical, but a dog musical would be so much better!) “While your diet to deal with your overdrawn loan account in Lyra Enterprises is working” (see the blog WTF! Overdrawn director’s loan account puts Lyra on...

November 22, 2021

The Recovery Loan Scheme has been extended – are you eligible?

With most of the Government’s Covid financial support schemes now closed, the Recovery Loan Scheme (RLS) has been a last route to funding for many Covid-impacted businesses.The RLS was scheduled to end on 31 December, putting a very final full stop on government-backed financial assistance for the business community. But in the Autumn Budget & Spending Review 2021, the Chancellor, Rishi Sunak, announced an extension of 6 months to the scheme, making it possible to apply for a recover...

November 16, 2021

WTF! Employees could have bigger pension pots than their employers

In an earlier blog I asked Jonathan “What’s a pension?” If you want to know his reply in detail, which highlighted why I need to bury bones in the garden, then read, WTF: Different tax advice on the timing of pension contributions in 2023.Having understood what a pension was and what a good idea they are, I was surprised to overhear him explain to a client that while he was Watching The Funds, he’d noticed that employees could end up with bigger pension funds than their employer; and he ...

November 8, 2021

Lyra's Business Directory (Part 1)

I was sitting down to review the various blogs I have written over the last year and realised that I have been using terms and phrases that are peculiar to the accounting world but mean little to non-accountants. This being the case, I thought it would be helpful if I came up with a brief dictionary of words and phrases that accountants love to use:...

November 1, 2021

Step 10 of Building a Better Business

What activities fill your ‘well of happiness’? Set aside time regularly to do those things that help you reduce stress, improve resilience, and restore energy. Happiness is essential to your success!...

October 11, 2021

Step 9 of Building a Better Business

You monitor your car’s dashboard to avoid running out of gas or blowing up your engine… but do you monitor your business's dashboard? We can help you set up a dashboard to monitor the key things in your business....

September 28, 2021

Blog from the Dog - WTF! Has the Conservative party given up on small family owned businesses?

I was in the office this afternoon and Jonathan was busy muttering that he was going to Watch The Fallout in the opinion polls as to whether or not the Conservative party believed in small businesses. Historically, the Conservative party was seen as pro-business, but following the announcement on the Social Care levy, this is now debatable and may lead to a fallout in their support from the owners of small family businesses, which are an important cornerstone for the UK economy....

September 8, 2021

Step 8 of Building a Better Business

Building strong networks is essential for business success. What can you do for others in your network to help them succeed? Giving work to others will encourage referrals in return....

September 6, 2021

Step 7 of Building a Better Business

Do you find yourself setting goals but struggle to achieve them? Need accountability? A bit like a personal trainer for your business, find someone independent who’ll hold you to account and ensure you reach your endgame! ...

August 27, 2021

Step 6 of Building a Better Business

Are there signs of toxicity in your business? A toxic workplace culture will inhibit the success of your business. ...

August 16, 2021

Capital Allowances 130% Superpower! Kapow!
!

Earlier this year, you may have seen in the news – or online – talk of a new super duper 130% Capital Allowances deduction intended to accelerate investment by businesses. AKA the Capital Allowances Superpower!...

August 2, 2021

Capital Allowances - plant & machinery

'Super deduction' may not be so 'super' in reaching a decision on buying plant and machinery. Our practical advice to company clients has traditionally been: “If you need to replace plant and machinery to allow your business to continue trading profitably and grow, then don’t hang around asking when is the best time to buy the new equipment from the tax perspective; buy it now and don’t worry about the tax relief.” However, if it is more of 'I am thinking about buying a new digger in the...

July 27, 2021

Step 5 of Building a Better Business

Are you the bottleneck in your business?  How many departments are you leading? Are you doing a good job of them all? Get the right organisation structure in place and you’ll free up your time and reduce stress....

July 26, 2021

7 ways to grow your business

There are just seven ways to grow your business. The first five grow your sales and the last two reduce your costs. The seven ways are:...

July 19, 2021

WTF!: HMRC do have a sense of humour after all!

Well, That’s Funny; It appears that the HMRC tax tribunal does have a sense of humour. On a rare treat to the office, I pricked up my ears when I heard Jonathan burst out laughing about a tax case he had just read about. Given the volume of his outburst, I assumed that HMRC must have been brought to heel by a tribunal finding in a taxpayer’s favour. However, I was barking up the wrong tree and in fact it was a victory for HMRC; so why the laugh?It turns out that an employed taxpayer had clai...

July 6, 2021

Step 4 of Building a Better Business

Don’t be a slave to your business! Create a plan so you can extract what you want from your business. Need help developing your Business Plan or achieving your goals? We can help!...

July 5, 2021

Step 3 of Building a Better Business

Reflecting on your business’s vulnerabilities and defining where your business is at, warts and all, is a crucial step to building a better business. Knowing your starting point will clarify how you'll reach your endgame....

June 28, 2021

Blog from the Dog - WTF! I’ve paid the subcontractor gross and now I have to pay his tax as well?

Where’s The Fairness! “I’ve paid the subcontractor gross and now I have to pay his tax as well?!” is not something that contractors in the construction industry want to hear themselves saying. This week, Jonathan was musing on whether HMRC have it in for contractors in the construction sector.  With the introduction of the VAT Domestic Reverse legislation (see my previous article on ‘WTF! VAT: in Domestic reverse charge on building and construction services situations’) he is no...

June 19, 2021

Step 2 of Building a Better Business

As Mahatma Ghandi said, “Learn as if you were to live forever”. Being open to new learning is an essential part of building a better business. Where could you extend your knowledge? Set a target and get learning!...

June 14, 2021

Blog from the Dog - WTF! Overdrawn director’s loan account puts Lyra on a diet

“Where’s the food?” I asked Jonathan who had explained the unwelcome diet implications of me having overdrawn my loan account in Lyra Enterprises Ltd....

June 10, 2021

Know Your Numbers

Understanding your financial reports, or knowing your numbers, is critical to business success. It allows you to make better business decisions, measure the impact of those decisions, take corrective action where necessary and, ultimately, enjoy better results. If you grasp an understanding of your financial reports, you’ll: Know if your business is growing or shrinkingDiscover trends in your business and be able to respond accordinglyCompare your actual results to your expectationsIdentify ar...

May 17, 2021

Building a better business

As an owner-managed business ourselves, we understand at Rowdens that to be in business takes courage and commitment. It’s not easy. We're certain that at times you might question why you’re even doing it, particularly after the impact of Covid-19 and the effect that lockdowns have had on business.But you’re here because you had a vision. You decided being in business was a better way to achieve that vision than working for someone else. And, you’re right; you just have to work on it....

May 10, 2021

Step 1 of Building a Better Business

“The first secret of getting what you want is knowing what you want.” - Arthur D. Hlavaty. You can’t build a better business without defining exactly what you want. Your business is there to serve you, not the other way around! ...

May 8, 2021

Welcoming your people back to the workplace

As Covid restrictions continue to ease here in the UK, it’s time to start thinking about the return to the workplace and how you'll welcome your home-working and furloughed staff back into the office....

April 27, 2021 Posts 1-25 of 48 | Page next