How I intaxicated my business and life
Updated: Feb 16, 2021
I’m a business owner… your client’s are business owners… and so are you.
Tax advice has totally boosted my life. It will do every year. It’s impacted family life, business culture and in my case …weight loss! For the biggest impact, I start with a tax diagnostic review.
It’s like an MRI scan of myself and my business to make sure that I’m aware of all of the tax advice available to me – so that I can cherry-pick the bits that impact my life in the best way …according to me!
Here’s what happened when I did this for myself…
I picked the areas that had the biggest impact on challenges I had, at the time. This was the advice I went for:
• Research & Development Claim • Company Share Option Plan (CSOP) • Salary Sacrifice
Here’s the what happened…
I’m going to Disneyland, and HMRC’s Paying!
We’re developing software that diagnoses all tax advisory needs – so as you can imagine, we were eligible across a number of different areas:
Software and web application development
Improving business processes
Developing new products and services.
Investing so much time and expertise ain’t so bad knowing we’ll get up to 33% back!
I’ve helped deliver R&D claims to restaurants, construction companies, environmental services, architects, archaeologists, engineers, digital agencies, dentists, and even a supercar manufacturer! Don’t rule your clients out without speaking to an expert.
Its mind blowing, but our first claim was worth £128K. Getting this money back gave me comfort. I knew that expenses were covered and that we were comfortably on track for another year and beyond.
Comfort = confidence… confidence to be a bit more frivolous in my own life, without worrying about the business! I took the family on a once in a lifetime holiday – to Disneyland for the kids (for me, for the Star Wars).
More family time, for me.
To lock in a great manager and show my appreciation to her, I offered her a CSOP. She goes above and beyond in her work. This bit of tax planning is like a promotion for an employee, with a positive-r twist. She has bought shares in the business whilst saving some Income tax & NI.
She’s a shareholder, and a more senior team member. She’s be invested in the business like a director. That means I can trust her like one, too! That’s one more self-motivated person keeping my business growing.
This gave me the peace of mind to work on my business, rather than in it. I could let go a little more!
But the real sweet spot is that it helps me relax, outside of work, and take more time out to spend time with my family – that’s more rugby matches with my son… weekends away… and hot date nights with the Mrs… all with my phone turned off!
A promotion & tax saving, for my manager. More family time, for me.
New bicycle & weight loss.
It’s something that I’ve been aware of for a while, but never got round to doing.
I used ‘Salary Sacrifice – Cycle to Work Scheme’ to purchase an expensive road bike, pre-tax, and in instalments.
This reduced my tax liability on income & NI, plus it gets me a dream bike, without a surprise mammoth expense.
Most importantly, it’s gets me exercising whilst commuting, and at the weekend.
Sexy bike. Sexy body. Tax is sexy!
Sign up for a tax diagnostic review and take the power back, from tax!
If I didn’t deliver this service on myself, and experience the value first-hand, I may have carried on thinking about tax advice like a typical advisor: Reactive. Reactive. Reactive.
If your don’t offer an MRI scan for tax advice, the chances are that you’re not aware of all of the opportunities available to clients, yourself, OR your accountancy business – and you’ll be missing out.