It’s difficult for numbers to tell a story. Yes, they may tell you if a business has made money historically but there are so many contributing factors to get to that point. How does a business owner interpret this information beneficially?

How can we possibly turn these end-of-year totals into a beginning, middle and end? There is no commentary, no discussions, no interpretation, no nothing. You can't tell a story can you? 🤔

And you can't make that real connection with numbers because they are… just numbers. 🤷‍♂️

Without that connection, there’s no room for ideas, ingenuity, or brainstorming, you miss opportunities due to conforming everything to a narrow field of view for no other reason than ‘something that has to be done each year’ and you grudgingly pay that monthly nominal fee.

But this isn't how it should be, in our opinion. It shouldn't be about ‘a year end figure’ and instantaneously forgotten. It should be about providing a service for the now, in real time, sharing stories, and providing a sound board. 💡

Going on a journey with a team that you are Accountable to. A team that shows up and is proud to be part of your business story.

Come and be accountable to us. Book your discovery call through the link in the comment section.

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i joined a local health program last year to get fitter and, as a bonus, lose a bit of weight after many unsuccessful attempts. I am weighed weekly by my program fitness coach in front of the class. 😮

By taking regular exercise and making better food choices, to my delight, over a period of weeks, it worked and is still working 12 months on!

But why did it work this time after so many attempts to get fitter in the past?

The difference is that I am accountable to my fitness coach for my own health and also I don’t want to let my classmates down!

I similarly see success happen when business owners are prepared to be accountable to me for their actions in trying to build a better business over a period of years.

Do you have any stories to share about how being accountable to someone outside of the business has worked for you?

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We would like to thank all of our clients and followers for their support over 2023.

We hope that 2024 is a prosperous one and look forward to continuing to help entrepreneurs make their business goals a reality by providing an Accountable solution.

We would like to wish all our connections a Merry Christmas and a Happy New Year!

Main takeaways for directors

👉 The National Insurance main employee rate will be cut from 12% to 10% starting from 6th January 2024;

👉 Minimum wage will be upped to £11.44 per hour (from £10.42) starting in April 2024;

👉 Corporation tax relief - Qualifying asset spending will continue to qualify for a 100% first-year allowance for main rate assets, and a 50% first-year allowance for special rate (including long life) assets.

Cars, assets for leasing and second-hand assets will continue to be excluded from the 100% and 50% first-year allowances

👉 A merger of R&D tax reliefs with the aim to simplify the scheme

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Buying gifts for your clients is classed as entertaining and as a general rule any entertaining expenses are not tax deductible.

There are some small exceptions to this rule however. For example if you are gifting an item (not food or alcohol) and it has your logo on it, and is up to the value of £50, then it will be tax deductible.

Treating your staff this Christmas? ✨

You can give your employees a tax-free gift of up to £50 as long as it;
➡ isn’t cash or a cash voucher;
➡ Isn't a reward for performance at work;
➡ Isn't in the terms of their contract

This is called a ‘trivial benefit’ which if qualifies, you will be saving tax at the employee rate and national insurance at 13.8%.

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Now that the Christmas party season is upon us, here is a summary on what is a taxable deduction 🌟

The cost of the function must be less than £150 including VAT per head.

🛑 Be careful, if the cost of providing the party (room hire/food/travel) exceeds that amount, the whole amount is taxable!

If you have more than one party over the year, the amount per head is combined, which may lead to one event being fully taxable.

To get the tax relief;

👉 All staff are invited;

👉 No relief for director only parties excluding employees unless the only employees are the directors;

👉 You can invite other guests but the main purpose is for staff entertainment.

You can claim VAT where the purpose of the event is for staff welfare.

Note! HMRC may decide to block any claims where they think it is client entertaining and there can be penalties imposed where they believe you have been careless and tax should be due.