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How can I use webinars to win business?

Webinar marketing is all about hosting online workshops to build a relationship with attendees and to promote and increase credibility for your business.

What’s great about webinars is that they are a win-win for both parties: attendees learn valuable content and, if you do it right, it markets or achieves a sales outcome for your business. Sounds good, right?

While webinars are a great tool to use to win business, if you don’t do it right, it can end up costing you a lot of time and effort for little reward. So this is the point of this short article. We want to show you the 3 essential steps for how to use webinars to win business.

Step 1: start with the end in mind

If you think about what you want to achieve from your webinar before you start, you can make sure that it is relevant and that it is a topic that is in demand. Before creating your webinar, explore these 4 questions:

  1. What is the purpose of my webinar? Is it just to inform clients, to stay front of mind or to sell an additional service?
  2. Who do I want there? Is it for existing clients or potential clients or both?
  3. What pain points are my audience motivated to solve? What are their biggest challenges at the moment?
  4. When will they attend a webinar? When is the most ideal time for them?

Step 2: get people to sign up, turn up, stay till the end, and to buy from you

For your webinar to be successful and for it to win you business, you will need these 4 essential processes in place:

  1. How I will get people to register – your webinar needs a catchy title and objectives that promise value and raise curiosity. You also need to pick a time and day that is best for your audience and use an email marketing tool to assist with registrations.
  2. How I will get people to turn up – streamline a process for sending email reminders to attendees (we send a total of 5 reminders to ours) and call warm prospects or people you want there.
  3. How I will get people to stay to the end – keep your attendees engaged and make them want to stay. You can do this by making the webinar highly interactive (especially at the beginning); tell them the agenda, promise something for those who stay to the end, and make it about your audience and their issues.
  4. How I will get people to buy – you need to show your audience their ‘ideal’ scenario and position your product/service as the solution to getting them there. You can do this by including case studies of clients who have had the same or similar issues and how you’ve helped them to take action and resolve them. You can also include statistics, show them the different options available to them, and have clients actually on the webinar to advocate for you in real-time.

Step 3: use the right technology

Technology can make or break a webinar, so make sure you are using the right tools. Tools that will assist you and make your life easier rather than tools that limit you. If you want to win business from your webinars, you need to be using the following technology:

  1. Webinar or online meeting software (e.g. Zoom, Microsoft Teams etc)
  2. Decent broadband and ideally a webcam
  3. Automated diary booking system (e.g. Calendly, AcuityScheduling etc)
  4. Registrant data collection tool (e.g. Eventbrite or the other event software)
  5. Bulk email marketing tool (e.g. Active Campaign, MailChimp etc)

Webinar marketing is a great way to win new business and to stay in front of your existing clients. You just need to know how to create a relevant and engaging webinar that your audience is interested in and you need to make it as easy as possible for people to remember to turn up and buy.

How to change your Mindset to trade through a recession

The global pandemic has hit everyone hard, the knock-on effects of which will be ongoing for the years to come. So how do we make it through? How can we keep trading successfully through the recession? While there are many changes and improvements you can make, the most underrated one by far is your mindset. By simply choosing the right mindset, you can not only survive in the recession but you can thrive in it.

How to change your mindset to successfully navigate the recession

It’s very easy to dwell on the doom and gloom when it comes to the current state of the economy, but what does that do? How does that help us to navigate through the recession so that we can come out of it stronger and more successful, and ready for the economic upturn? In short, it doesn’t.

Here are a few ways that you can change your mindset to a more positive one. One that facilitates growth and success in a time where we need it most:

1, Remember that the economy is cyclical

It’s important to remind yourself that the upturn will come. The economy is cyclical. Yes, we are currently in a downward spiral but there’s still business out there. Businesses are still doing business and they are looking for help. That’s an opportunity for you to try and grab some of that opportunity.

Be creative – how else can you offer value? What does your target audience need help with the most?

2. See this as an opportunity to review and improve

It may be difficult to see but the recession is an opportunity to put everything under the microscope and see whether you can do it differently. In some instances, you could even find a way to do things better. This is a massive opportunity for businesses and one that will go as quickly as it has come.

3. Appreciate that recessions are cleansing times

It might not feel like it now, but recessions are cleansing. If you find yourself less busy, is it because you’ve just weeded out the time-wasters? Many businesses have reported that the recession has forced them to focus on what really matters and as a result, they are focusing on their core business and what they are good at. They’ve found that the clients who were producing the most ‘noise’ have gone and they actually have time to focus on tasks that help their business to grow.

4. Reconnect with your “why?”

We’ve been forced to look at our businesses in a different way so re-evaluate. Why are you doing this? What is it that you are doing it for? What does it actually mean? Reconnecting with why you started is a great way to re-ignite the fire. It’s a great way to self-motivate and to start being proactive.

5. Surround yourself with people who support you

The last way to get the right mindset is to appoint a war cabinet. What we mean by this is surround yourself with people that you trust, people who you can lean on and who can advise you to get through this time. If you choose the right people to have around you, who you can vent to and laugh with, and who can lift you up, it’s really easy to choose the right mindset and to make positive changes.

Believe that you can and you will

Mindset is really all about attitude and you can choose it. If you think you can, you can, but if you think you can’t, then you can’t. It really is that powerful.

If you think that you can grow through this recession, you will, not because of magic but because of the decisions you make and all the things that you’ll put in place. So how can you change your mindset during this recession? How can you innovate and offer more value so that you can grow?

If you would like some more advice on changing your mindset please click here to get in touch. 
Or feel free to use our chat box —>

4 ways to recession-proof your business

Unless you have somehow managed to avoid the headlines, I’m sure you’re quite aware that a deep dark recession is coming our way. In fact, it’s practically knocking on our doors. As if this isn’t bad enough, the knock-on effect is causing issues too; relentless client queries being a big one. So how can we weather the storm as business owners? How can we be one of the ones who come out of it stronger than ever and ready to grow when the economy bounces back?

4 ways to recession-proof your business

1, Change your mindset (and quickly)

Henry Ford said “whether you think you can or you think you can’t, you’re right” and it’s true. If during the recession, you think that you are going to come out of it, then you will. Just make sure to surround yourself with people who support you and reconnect with why you started your business. It will make a positive mindset so much easier.

2. Increase your marketing activity

The temptation is to cut marketing to save on some costs but that will do more harm than good. The recession will show some clients that they aren’t getting the service that they want so how can you expect to win them if you’re not marketing yourself?

Increase your marketing in the right areas. For example, refresh the copy on your website, review your marketing to see what is working the best, send out weekly emails to your clients, call them every month, call prospects who went cold to see how they are doing, and increase your activity on your LinkedIn.

3. Make it easy for your clients to pay little and often

Clients will say they have no money (they are struggling too), but you will find that they do for the right service. If you swap your services for ones that they really need now, they will see you as essential and they will pay for your service. You can also help them in other ways such as switching them over to a direct debit payment method or by giving them a payment holiday on their normal monthly payments.

4. Increase your practice efficiency and reduce your overheads

The best changes that you can make for your business during a recession is to cut your overheads in a way that will increase efficiency. For example, what can be automated or eliminated? Automating certain processes will cost initially but they will increase productivity. The same goes for things like outsourcing and offshoring.

Don’t forget to involve your team in this process. Ask them every week what they think can be improved on and you’ll see that they will have some great ideas.

Another task that you can do which will cut overheads is to get tough with your long-term debtors and low-performers. If you tackle these head-on during the recession, you may find that costs will reduce while efficiency soars.

Do you have a scalable business model?

Nobody starts a business to see it crashing after a couple of years. No one wants their business to stay small forever or to have to throw in the towel when a recession hits. Every business owner wants their business to generate sustainable revenue, one that funds the lifestyle that they want and creates a comfortable future for them. So how do you do this? And how do you know if your business is scalable?

What is a scalable business?

Firstly, to know whether your business is scalable, you need to understand exactly what that means.

To quote Investopedia, scalability is defined by “a company’s ability to grow without being hampered by its structure or available resources when faced with increased production.”

To put it simply, a scalable business is one that can handle and perform well under mounting workload or scope; it is one that can grow through new geographies and markets without falling apart.

Man thinking
measuring tape

How to check you have a scalable business model

With the current Covid-19 recession, if they haven’t already, businesses need to be checking that they have a scalable business model. If they haven’t, then they need to be implementing one.

Here are a few questions that you need to be asking yourself:

1. Is your bottom line growing faster than your top line?

2. If you went on holiday for a month, would your business still grow?

3. Can your current systems/processes/ways of working support your business being twice or 3 times as big?

4. Can your current ways of working produce predictable new client wins?

5. Can your business win work without you being involved?

6. Is there enough of a market place for your firm’s services to scale to the level you want?

If you answered yes to all of these questions, you have a scalable model in place. If you answered no to some or all of these questions then you have a bottleneck that is limiting the growth of your business and you need to address those areas.

Build a scalable business

The difference to surviving the recession and thriving in it is whether you have a scalable business model. There are plenty of fast-growing, cash-burning companies that are going to be vulnerable during this time, but if you have a flexible model in place, then you can not only adapt to the turning tide, but you can also grow comfortably when the economy is on the upturn again.

Here are a few tips on creating a business that can sustain the level of profitability as sales volume grows:

  • Refine the company’s growth trajectory
  • Communicate and enforce a growth culture
  • Define specialist jobs clearly & set and monitor goals
  • Set and monitor goals
  • Hire strategically and invest in technology
  • Streamline processes to boost efficiency
  • Build trusted partnerships
  • Give significant importance to marketing
  • Tactically outsource

5 easy ways to cut overheads during a recession

So many businesses are in the position where they need to cut overheads but how do you do this without having to make anyone redundant or reducing their hours? How can you do this without having to trawl your financial reports? If you’re looking for easy ways to cut your overheads during a recession, here are 5 steps that you can take.

Number 1

What processes can you automate or eliminate? What tasks can be passed down the hierarchy or outsourced to reduce wage costs and free up staff for work of a higher value? How can you streamline your workflow? What do you do for clients that doesn’t really add value?

While the answers to some of these questions may take an initial investment, such as automating your processes, the increase in efficiency and productivity will save you in the long run.

number 2
team walking down street

Your employees are the ones on the ground, they are doing the tasks and are experiencing the potential problems and inefficiencies first hand so involve them. Ask them all the questions above that you’ve been thinking about yourself. They may come up with some great ideas that you haven’t even thought of.

number 3
Lady on phone

Make the first two steps a continuous process. For example, in every weekly team meeting, ask your team members to identify one thing which can be improved or made more efficient. If something hasn’t worked or hasn’t been delivered on time, analyse the process and see what changes can be made. If you give your team members new objectives that aim to improve the efficiency of the business, you’ll soon see that you will all start improving the way you do things naturally.


You can’t afford underperformance normally, never mind during a recession, so now is the time to address this. While setting individual targets and having regular check ins will work for some employees, others will need a bit more support. Maybe they need more training in the areas where they are struggling or for a particular software. Maybe they need to be put onto a formal performance management procedure.

number 5
Two men high five.

It’s all well and good talking about positive changes and implementing them, but you need to know if they are indeed making you more efficient and productive as a business. To do this, you’ll need to decide on your KPIs and you need to measure and monitor them. Once you have these figures, review them regularly, and you’ll be able to see if the changes you are making have been worth it.

You can reduce your overheads AND increase efficiency

The best changes, especially during a recession, are those that increase productivity as well as reducing your costs. That way, you don’t have to let anybody go and you don’t have to reduce hours. It’s all about working smarter.

speech bubble "how to network remotely"

How to network when you can’t network in person

Small to medium-sized businesses have to go the extra mile to stand out from competitors, particularly when those competitors can afford the best advertising campaigns. In the past we could compensate with networking, by attending conferences, trade fairs, or local groups. Now those options have gone, how can you compete with bigger businesses?

In many ways, the principles of virtual networking and prospecting are the same, but unlike a crowded coffee break, you have to work harder to strike up a conversation. Online you need to build up small talk, such as likes and shares, over a longer period of time.

The best place to network depends on who you need to talk to. People tend to use LinkedIn to sell professional services, but if your target market is people and businesses in your area, you should be able to find Facebook groups covering the parts of the country that you would like to sell to. Instagram and Twitter can be more difficult to network on, so we’ve focussed on Facebook and LinkedIn.

Get your profile right

Use a photo that shows your face clearly, or if you’re very shy, something innocuous. In person we all build rapport by talking to faces, whether we’re good at reading body language or not. When people interact with posts and comments, they’re building a rapport with your photo, so pick an image that you’re comfortable with as your work persona and you’ll attract the kind of people you want to work with.

You should also have a look at your profile as other people will see it and think about what it says to potential clients.

Follow any group administrator rules

When you know who you’d like to interact with and where, you can find and join as many groups as possible on LinkedIn and Facebook. The first rule for any social media platform is to make sure you follow the rules of any group you join. If a group states that you aren’t allowed to advertise your business, be careful about how your posts might appear. You could leave a bad impression if you get told off or banned by group administrators!

It’s still worth joining groups so you can see your competitors, find out what your potential clients are interested in and contact those that you’d like to work with.

Be visible

Whichever platforms you use, it’s best to post regularly. Not posting on a social media platform is worse than being a wallflower at an in-person event, because no one can see you at all virtually.

On LinkedIn and Facebook, the usual advice is that it’s better for your visibility if you write a new post on your own newsfeed, but to build relationships with potential clients, you need to be more generous. Sharing, liking and commenting on the posts of people you’d like to network with helps their visibility at the same time as introducing you to their circle.

Comment sections are a great way to network with people that you aren’t already connected with. They’re a little like small talk in the queue for refreshments, except that you don’t need to find your business cards while holding a coffee. Having had a discussion, it’s much easier to send a message to talk further.

Show them that you’re worth talking to

Since you can’t usually post traditional adverts in virtual groups, being helpful is a more subtle way of advertising your expertise. People won’t read a long explanation and you don’t want to give your expertise away for free, so a brief answer followed by “if you need more help, please contact me” is enough.

Remember to specify how they should contact you, so it’s as easy as possible for them to follow up. If they have to stop and think “did they mean email or private messaging?”, they’re less likely to follow through.

Look for mutual contacts

All of the main social media channels allow you to see friends of friends, or second connections, if those people have opted in. 15 years ago someone might have hesitated to ask a contact to introduce them to a new contact virtually, but it’s normal now that so many businesses use social media platforms for marketing and networking.

Return favours and share goodwill

Offline it can be difficult to make introductions unless the two people you think could work together are in the same room. The beauty of online networking is that it takes seconds to tag someone in a comment and say “this person could help you”. It may seem a small gesture at the time, but every little introduction is a step on the way to success for you and anyone that joins your network.

Team of hands

8 Key Principles to lead your team and enhance performance

Whether leading in person or virtually, there are 8 principles that you can adopt to improve team performance. Many organisations are adjusting to remote or virtual working and the majority of managers have no training in how to manage staff that aren’t physically in the same office, which impacts on team performance.

We’ve produced separate guidance on managing a team remotely, so for now we’ll focus on how to lead, in or out of the office.

1. People don’t set out to be poor performers

The majority of people have good intentions and don’t want to be poor performers. There are 3 factors to consider before deciding on someone’s performance:

  1. The situation or environment that they’re working in
  2. Organisational culture
  3. Leadership

2. We get the team we deserve

The culture of a firm is shaped by the worst performance that a leader will tolerate. If a leader is too busy to notice or wants to avoid talking to a low performer, other team members will take note.

In general, it’s good practice to speak to all staff on a regular basis regardless of performance. That way, if a high performer slows down, you’re already aware of what might be behind it e.g. illness, caring for dependents etc.

If you haven’t been having regular conversations, the first step is to establish what’s going on. At the moment Covid-19 is the most obvious cause, since we know many people have had problems with things like access to broadband, a space to work, sickness and childcare. You may not be able to solve all problems, but you can fix some, if you know about them.

3. How your team perform is your responsibility

At first glance this seems unfair. Surely an adult is responsible for their own performance? But leaders are there to set priorities, ensure everyone has the information and tools to get on with their jobs and maintain a culture where staff are able to discuss anything else they need to get things done. For example, if a leader doesn’t give a clear explanation of what needs to be done and then creates an environment where no one can ask more questions, a member of staff could deliver something different, or spend a long time trying to guess what is wanted.

There is also a risk that if you tell staff to set their own priorities, they might not have the same vision for the business as you do. As a leader, you need them to follow your plan.

4. If someone is a long-term low performer, then you haven’t lost anything if they leave

It can be difficult to sit someone down and tell them that they aren’t performing well. If you’ve gone through the process of discussing their circumstances and the environment you’re working in, then thought about whether your organisational culture and leadership could be an issue and still have issues with performance, you’ll know that you’ve tried everything possible to resolve it informally. Many businesses rush to consult an HR specialist, before speaking to their employee, which can create unnecessary resentment.

5. We underestimate how much we actually know and how long it takes someone else to do it for us

When delegating a task, we tend to underestimate how much we know and how long it would take for someone else to take over, so when someone first starts a task they may look too slow. It’s frustrating when you’re busy, but delegating successfully does mean spending time creating detailed instructions. If you prefer not to write, or struggle to remember what you didn’t know when you first started working on the job you want to delegate, you could try recording video tutorials, explaining what you’re doing and why.

6. Everyone has a learning curve and no one is a mind reader

As mentioned in point 5, we have to make allowances when someone is carrying out a new task. They may have questions you haven’t thought of, or not understand why you’ve taken a shortcut or used a particular method. A little investment in time in the early stages will save time in the long run and you should see an improvement in performance as they get more practice.

If you’re concerned that staff are coming to you with the same questions, or are moving too slowly, a coaching approach is useful. Rather than giving answers, you could ask “what have you thought of or tried?”

7. Hire for attitude first, experience and skills second

No one can predict what might affect your employees in the future, but you can reduce the risk of low performance by getting the hiring process right. Companies tend to focus on the qualifications and experience that a potential employee has, but it’s important that their values are aligned with your business. For example, one business may value creative problem-solvers, while another needs people to solve problems by following set processes.

8. Making it always safe to talk to you is what makes a great people manager

Everything is tied together by communication. Leaders need to know what’s going on and what might affect productivity, not just what the output is. Two things that are highly effective, but often forgotten are:

Know when to apologise – if you see something’s gone wrong due to unclear communication, it’s helpful to say “I could have been clearer”. It emphasises that you’re open to answering questions where instructions aren’t clear.

Praise where it’s due – recognising good performance publicly encourages the rest of the team and keeps everyone motivated.

skull - To charge or not to charge blog

To charge or not to charge? That is the question.

To charge or not to charge? That is the question.

Right now many business owners are in desperate need of support to help them get through the current crisis. These are unprecedented times and the question keeps popping up “should accountants charge for the additional help to their clients?”

As a family run business, with strong family values at our core – we say NO.

We have approached this current crisis head on and have offered our clients help and support as an extension to their current service. We are extremely proud of the 1 Accounts team for delivering extra services such as processing furlough claims, applying for grants for our retailers and small business rate relief clients and preparing forecasts to help get essential funding from the banks. Not to mention giving advice to all our clients on how to get through this crisis. This approach has not been adopted by all accountancy firms, and has even been scrutinised.

We have looked at why we are able to adapt and support our clients so quickly and this is what we have done to secure our business and help others in their time of need:

  • 100% digital. Meaning the team can work from home easily.
  • We don’t have time sheets and are happy to give extra support and not charge for every 6 minutes.
  • We operate on fixed monthly fees that are easy to understand – https://www.1accountsonline.co.uk/
  • We furloughed three of the team, two admin and one Director
  • We received SBRR grant of £10k. This enabled us to keep paying our landlord and office services.
  • We applied for a loan from our bank under CBILS.
  • We deferred our VAT payment although we expect to pay this very soon.
  • We reviewed our expenses and reduced some of our spending.
  • We paid for Zoom to enable us to service our clients easier
  • We have appointed a marketing company to adjust our website
  • We have been sending our regular updates to all clients
  • We have become a shoulder to cry on and a much needed sounding board.

Many traditional accountants will be struggling with this current crisis. We sympathise with them as they are business owners too. However COVID-19 has highlighted even more that online accounting is the way forward. It is time to embrace technology not to hide in the shadows. Due to the way our business is set up, we have not had to furlough our whole team nor ask anyone to take a pay cut. We will also not be sending out a bill in the post for every 6 minutes of advice we have given. We genuinely want to help our clients – after all we are all in this together.

If you need some extra help and support, and would like to hear more about our services, please email jade@1accounts.co.uk to arrange a zoom call.

#weareinthistogether

How to preserve your cashflow during Covid-19

How to preserve your cashflow during COVID-19 crisis

How to preserve your cashflow during COVID-19

As the saying goes, turnover is vanity, profit is sanity and cash flow is king. And never has that saying been ever truer. Use this tips sheet to help you preserve your cash flow so you are ready and able to trade again as normal when the restrictions lift.

Tip 1: Know when you are going to run out of cash

It is really easy to get caught up in hysteria and believe that your business is going to go bust. When we recently spoke with an insolvency practitioner, they told us that only 5% of the calls they are receiving at the moment are for businesses that are genuinely insolvent. If you haven’t already, it’s time to look at how long your cash will last if the lockdown restrictions remain. (If you need help with this, then let us know) When you know how long your cash will last you then you can take sensible decisions in regards to your business.

Money bag

Tip 2: Make sure your books are up to date

Book

I know we accountants are always telling you to keep your books up to date. But it now more important than ever to know the true picture of your finances. If you don’t know what you owe and what is owed to you then, you can’t take the right decisions. For those of you still relying on spreadsheets or desktop software for your books, now is the time to go onto the cloud. We, as a firm, can’t easily advise you if we are looking at out of date figures. And the benefit of the cloud is we can see exactly what you can see.

Tip 3: Look to take advantage of all the government financial help which is available right now

The best type of borrowing is the borrowing you don’t have to pay back. And there are grants worth £10k or £25k for most small businesses with premises who pay rates or who get small business rates relief. If you haven’t already claimed your grant from your local authority then give us a call. Once you’ve checked this look at the following to see if your business is eligible:

  • Deferment of VAT payments
  • Coronavirus Job Retention Scheme
  • Paid sick pay
  • Business rates relief
  • Accessing a Coronavirus Business Interruption Loan

Tip 4: Analyse your business costs and pare it back to the bare essentials

Now is the time to examine your overheads. What exactly can you eliminate or cut back on and still be, either able to trade, or be able to trade when the restrictions are lifted?

pound symbol

Tip 5: Do you have an opportunity to reduce your wage bill?

arrows pointing inwards

Wages are often a business’s biggest costs. Which of your employees can you Furlough or make redundant in order to save costs? If you believe you wouldn’t be able to employ your whole team again after the lockdown restrictions are lifted, you may be better off in making them redundant now.

Tip 6: Prioritise actions which are the quickest ways to generate cash

Normally they are in this order:

  • Chase late payers
  • Change your payment terms to get paid quicker with current customers or clients
  • Give long-term customers/clients the opportunity to pay in advance for work (potentially with a discount added?)
  • Bill any customer/client with outstanding work which can be invoiced
  • Focus your sales team on your warm leads
  • Consider what can be your business equivalent of a ‘toilet roll’, i.e. what can you change about the product/service you deliver or how you deliver it which will make it an ‘in-demand’ item?

With all these cash flow tips, we can help you take balanced and rational decisions about what to do to preserve your cash flow in these very difficult trading conditions.

Family eating a picnic in a clearing in the woods

Extracting Profit From Your Family Company

EXTRACTING PROFIT FROM YOUR FAMILY COMPANY

The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used this allowance it may be set against the employers NIC on directors’ salaries.

Thus, where the only employees are husband and wife there would generally be no PAYE or employers NIC on a salary up to the £12,500 personal allowance.

There would however still be employees NIC at 12% on the excess over £8,632 (£166 per week) which would be £464 on a £12,500 salary, leaving £12,036 net.

Taxation of Dividend Payments in 2019/20

Traditional advice would then be to extract any additional profits from the company in the form of dividends. Where dividends fall within the basic rate band (now £37,500) the rate continues to be 7.5% after the £2,000 dividend allowance has been used. Thus where husband and wife are 50:50 shareholders they would each pay £2,663 tax on dividends of £37,500 assuming they have no income other than a £12,500 salary, leaving £34,837 net of tax.

So a combination of £12,500 salary and £37,500 in dividends would result in £46,873 (93.7%) net of income tax and NICs.

Ensure dividend payments are legal

The Companies Act requires that companies may only pay dividends out of distributable profits. This means that in the absence of brought forward reserves the company would need to provide for 19% corporation tax in order to pay the dividends and thus there would need to be profits of £92,593 in order to pay dividends of £75,000 (after providing corporation tax of £17,593).

Overall the combination of salary and dividends suggested above would result in net of tax take home cash of £93,746 for the couple out of profits before salaries and corporation tax of £117,593 (20.3% overall tax). This still compares very favorably with the amount of tax and NIC payable if the couple were trading as a partnership.

Our Advice

Make sure that your SageOne or Xero is up to date so that we can assess your distributable reserves and complete your Dividend vouchers and board minutes.

Where we complete your payroll we will have changed your payroll to suit your business and maximise your tax reliefs.