What is Making Tax Digital in 2017?

Making Tax Digital (MTD) in 2017

 

Making Tax Digital is the Tax Office’s vision for the future.

They want to be a world leader in tax administration!

 

The simplest way to think of it? Online Banking for Tax

 

Where you have own account and you log in and do what you need to do.

 

They did try creating software, but it looks like they have given up on that one.

Manual bookkeeping should be no problem.

 

The most likely scenario? To enter your figures every 3 months.  Not until 2020.

 

If you pay VAT or have staff?  You will need to do it quarterly along with your VAT returns, but still not until 2018.

 

Right now, you don’t need to worry about it.

 

Just know they are making changes, so worth keeping up to date.

 

Follow my blog and I will keep you up to date.

The Tax Office should notify you by letter when it affects your business.

 

So don’t worry about it and carry on doing your books, however you do them.

Thank you for reading, Jenny

 

 

 


£148 investment for £6000 back, not a scam, just very unsexy!

£148 investment for £6000 back – not a scam, just very unsexy!

 

I have spent a fascinating week looking at Her Majesty’s Revenue and Customs (HMRC), the tax office website!

A good time to remind you about National Insurance (NI) and the State Pension.

 

Don’t switch off, this is the best investment you will ever make!

 

£148 gets you £6000-8000 a year, once you reach the right age.  For the rest of your life.

That is a fantastic investment.

 

Yes I am talking about the state pension and what you are entitled to.

 

At the moment they are transitioning how they treat self-employed people.

 

There is a window of opportunity.

 

You have always been able to back pay National Insurance up to 6 years, for years you have missed.

 

Currently it costs you £148. Next April it is likely to cost £730 per year.

 

So this is a great time to do it.

Go to the Gov.uk website or Call 0345 3000 168 for a pension statement

 

If you not sure because you have been part-time, a mum or out of the country – DON’T IGNORE IT, or worry about it – GET A STATEMENT and find out what the situation is.

You can decide from there.

 

Well worth looking into – the best investment you might ever make.

 

All the best, Jenny

 

 


4. How to Be Your Own Business Adviser – Key Info

 

4. How to Be Your Own Business Adviser – Key Info

 

Every business has key pieces of information that are really useful to know.

Yes, monitoring your money in and money out is useful.

 

But today I am talking about something that is not money orientated!

 

It is usually comes under promotion.

 

For example, how many times you have engaged with people?

Giving talks, posted in social media or invited them to buy?

 

Whatever it is, to get out there and engage with people, to keep the customers coming in.

 

Monitoring and making sure you keep doing it, ensures that the customers keep flowing to your business.

 

What is your most reliable method of finding customers?
It could be as simple as handing out a number of business cards!

 

Thank you very much for watching.

My name is Jenny Bracelin and I am a business adviser and money coach.

 

Please follow me on Facebook, YouTube or sign up to my email newsletter at www.JennyBracelin.co.uk

 

 


Picture of hope

How Could You Grow Your Business with a £50,000 loan?

How could you grow your business with a £50,000 loan?

 

A reasonable question asked at a business networking meeting recently.

 

There was a lot of shuffling of feet and looking at the floor.

 

I realised the last few years, has taken its toll on everyone.

 

It feels like a very long January, where people are hung-over and tired!

Which is the perfect time to look after your health and plan the year.

 

Customers are buying, just carefully.

 

Listen to them, look at your market and have the courage, to find ways to meet their new needs.

 

For example, retailer John Lewis, is expanding into services.  Having bought your interiors at the shop, they will arrange for tradespeople to install them.

 

With the right product, sold in the right way to the right customers, you will make money and grow your business.

 

Maybe start small, before taking that £50,000 loan.

 

But you can do it.

 

 


3. How to Be Your Own Business Adviser – Customers

 

Where do your ‘best’ customers come from?

 

By ‘best’, I mean the people who pay you the most money, as opposed to the ones you like best.

 

Because once you know where they come from. You can find more of them.

 

Maybe it is referrals, possibly from just one person?

Perhaps a networking group, social media campaign or even adverts.

Then you can direct your efforts, more fruitfully, into getting more of those customers.

 

More excitingly, you can stop doing those things that don’t work.

 

My name is Jenny Bracelin and I am a business adviser and money coach.

Please follow me on Facebook or sign up to my email newsletter for tips on running your business simply and well.

 

 


2. How to Be Your Own Business Adviser – The Money

 

2. How to Be Your Own Business Adviser – The Money

Who Are Your Best Customers?

It seems like an obvious question and often people tell me. But when I look at their figures, I find the answer is something different to what they thought!

 

Quite interesting. (see my post on logic and intuition in business for why this happens).

 

Today what I would like you to do is to look at your figures and find out who your best customers are?

 

What I mean by BEST, is the people who pay you the most money, over a period of time.  Whether it is a week, a month or a year.

 

Often I find it is the quiet ones.  The ones you don’t really think about?  They pay you regularly, on time, enjoy what you do and refer you.

 

Those are the customers we are trying to find.

 

Look at your figures and add up how much each customer pays you – you will be surprised at the totals.

 

If you don’t have figures, don’t worry about it.

I have a 15 minutes bookkeeping course, that will talk you through how to set up your books.

 

My name is Jenny Bracelin, thank you for watching.

 

 


1. How to Be Your Own Business Adviser – About You

1. How to Be Your Own Business Adviser – About You.

 

Business Advisers tend to look at the whole of your business.

They look at what solutions they can find to improve.

Personally, I tend to focus on you, your customers and the money. I find those make the most difference.

 

Today, I am looking at YOU.

Specifically, what is working in your business.

 

So that fact your are in business, that’s great.

You have set up in business, you have a price, got some customers.

Maybe you have a website, been doing social media or perhaps  got yourself organised?

All the things you have had to learn, in order to run your business.

 

Make a list and acknowledge yourself.

Celebrate how far you have come in business.

 

I always think starting with the positive is the way to go.

 

My name is Jenny Bracelin and I am a business adviser and money coach.

 

Please follow me on Facebook, YouTube.  Sign up to my email newsletter below, for more tips on how to run your business well.

 

Thank you for watching.

Jenny

 

 

 


Tax Credits Reminder

Don’t have children? You can still claim Working Tax Credits of up to £230 a month, if your household income is less than £16,100.

A useful top up when you start your business.

 

The Tax Credit Office don’t cope well with the ups and downs of self-employment.

 

So you tell them your expected income for the year.

Whether you are full time, 30 hours a week or part time 16 hours.

If things change by more than £2500 let them know, otherwise you just need to tell them your actual income by 31st July the following year. Hence the reminder, although you can apply at any time.

 

They keep changing their mind about age and eligibility so worth checking it out.

 

The calculator only takes 5 minutes and is not a commitment.  Note: it is based on income, not savings.

 

https://www.gov.uk/tax-credits-calculator

 

Too old for Tax Credits? Try Pension Credit instead

 

https://www.gov.uk/pension-credit-calculator

 

Being savvy and claiming what you are entitled to, is all part of being a successful entrepreneur.

All the best,
Jenny

 

 


Don’t forget to Be your boss!

How to set a simple money goal you can actually achieve.

In our house, if we achieve our money goals, plus a little extra, then we get a take-away. Otherwise we have to cook.

 

Take aways might not be your reward?  Giving yourself free or low cost rewards on a regular basis is extremely motivating.

 

If you work for yourself and don’t have a boss.  No one else is going to give them to you, so you need to do them for yourself.

 

Today we are talking about goal setting.  Whether you call it dreams, targets, promises, whatever word motivates you, it doesn’t really matter.  It is about setting a simple weekly goal, that’s achievable, possible but a little bit of a stretch.

 

For example, if you are just starting up, setting the monetary amount of one client a week is probably enough.  Or if you sell products, if you are selling 10 a week, make it 12.  Quite often it is about consistency, achieving that money target week in, week out.

 

When you do, give yourself that little reward.

 

Why do it that way? Particularly if you know that target is not enough to live on.  But you need to start somewhere. Starting now with a weekly target, builds that money goal achieving muscle.

 

Plus it puts you in a really positive frame of mind.

 

When you are feeling positive about money, it makes a huge difference.

 

You can change it in the future as your business grows.

So think about it, on a Friday you might be thinking, I haven’t quite reached my goal.

 

It can be quite fun, thinking how am I going to reach my goal and the satisfaction of achieving it.  Or if you have had a really good week, having the afternoon off and enjoying yourself.

 

If you would like to talk about setting your money goal, or money generally?  You can book an appointment with me for a 121 consultation, either via Facebook or my website.

Thank you

Jenny

Entrepreneur, Business Adviser, Money Coach

 

 

 


Where Does All My Money Go?

Where Does All My Money Go?

Ever wondered why, no matter how much you earn, there is never enough for you?

 

Well I am going to explain that today.

It’s funny, once we set up a standing order or a direct debt, we kind of forget about it.

 

What we actually spend half our money on is what I like to call “essentials”  water, food and shelter.

 

Once we have set up that direct debit for our mortgage or rent.

We come home, transport ourselves somehow magically.  Lay our heads down knowing we have somewhere warm and dry to sleep, somewhere to wash ourselves, wash our clothes, cook a nice dinner, even plug in our phone to charge.

Yes that does take up about half our money, 50%.

 

Personally I think it is a good investment, but I do my best to keep the costs down.

 

In America, that is one of the reasons for ‘Tiny Houses’ where people say no, I don’t want to spend that money on housing, I want to spend it on travel and technology, but it is your choice.

 

What about the rest of our money?

 

Well on one hand, half of that, 25% goes on debt payments or savings, depending on your personality.

 

The other half, 25%, goes on things we get really excited about.

I am talking days out, I am talking delicious food, I am talking getting together with the family, birthday presents, Christmas, holidays, even just a decent phone.

And we are not even talking vices, wine, chocolate, smoking, or whatever else you do?

 

Maybe that explains why, no matter what you do, this is only 25% of your after tax income.

That’s why it never seems to stretch as far as you hope it will!

 

So hopefully that answers the question, where does your money go?

If you would like some help, message me on Facebook, or book one of my workshops on Money Mastery.

 

Thank you for watching, Jenny