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Can ChatGPT replace your marketing team?

Can ChatGPT replace your marketing team?Unless you've been living under a rock, you'll have heard about the ascendant rise of Open AI's ChatGPT and GPT-4 (plus other similar tools). These natural language processing tools have brought AI content writing to the masses – but does this mean that your content marketing team is now defunct?The short is no. For a start, great marketing has always been much more than just promotion. The traditional 4 P’s include Promotion but also, Product, Price, ...

Getting your tax affairs in order prior to death

Getting your tax affairs in order prior to deathIf you’ve always thought that your tax affairs end once you die, then think again. The truth is that the requirement for tax filings doesn’t end with the death of the taxpayer.There are tax considerations:Up to the date of deathFor the period of administration, the time between death and the final winding up of the deceased’s estateAnd the documentation potentially applicable to inheritance tax.What this means is that you could leave complica...

5 vital things to set up before you pass away

5 vital things to set up before you pass awayNo-one wants to spend too much time thinking about their own mortality. But the reality is that forward planning removes a lot of the uncertainty for your loved ones in the event of your death. The following guidance may also be useful to help you guide others.Passing on without any clear legal instructions regarding your finances, assets and estate can leave your nearest and dearest in a very difficult position. It’s far better to make plans well i...

Are you pursuing a trade, or following a hobby?

Are you pursuing a trade, or following a hobby?Many of us have hobbies that are dear to our heart, whether it’s playing guitar, building a giant model train system or knitting copious numbers of jumpers for our family.In many cases, it’s pretty clear whether these activities are being carried out in the course of a trade, or are nothing more than a personal hobby. But disputes with HM Revenue & Customs (HMRC) do arise. Are the profitable activities you carry out as part of your niche int...

Have you got a plan for growth in your business?

Have you got a plan for growth in your business?Growth doesn’t need to mean more risk, more hours and more headaches.It may be as simple as identifying where the opportunities for growth are in your business and industry. Once you've done this you can establish what you and your team are going to have to do in order to maximise these opportunities, and how you will navigate the likely obstacles.Here are a couple of tips to get you thinking about growth:Do an audit to document your growth over ...

Everything You Need to Know About Retail Stock Control

Everything You Need to Know About Retail Stock ControlInventory management or stock control, encompasses all the tasks you carry out to keep your inventory in check. Activities like ordering products, storing your merchandise, counting items, and forecasting demand are all components of inventory management.Having the right products at the right time for your audience is critical in retail. In order to run a successful retail business you’ll need to think about the following key areas:Sourcing...

5 top lead magnets for your marketing

5 top lead magnets for your marketingBringing leads into your business is what drives sales. So, how do you create the most effective lead magnets to draw potential customers into your sales funnel?Yes, we know, there’s a lot of jargon in sales and marketing. But, ultimately, every business wants to attract customers, get their details and try to convert them into a sale. It’s this continual process of pulling leads into your funnel that gives you stable sales and solid revenues.To help you,...

Proving your ongoing business viability through 5 financial reports

Proving your ongoing business viability through 5 financial reportsWhether you’re applying for government subsidies, taking out a business loan or seeking investor support, you need to be able to demonstrate your ongoing viability as a business.To prove this viability, it’s important to have the right financial information at your fingertips. This information is also just as important for your own internal planning and decision-making.So, where do you start and what are the reports that youâ...

Long-service awards - How to reward your staff tax-efficiently

Long-service awards - How to reward your staff tax-efficientlyRewarding your valued employees is a great way to keep them happy, engaged and motivated.When a member of staff clocks up an employment milestone, you want to show your appreciation for all their hard work. Giving them extra benefits or rewards helps them feel valued and one of the tax-free benefits that’s often overlooked is long-service awards.What is a long-service award?A long-service award could be a cash sum, a non-financial r...

VAT option to tax changes

VAT option to tax changesThe sale or rental of a property is normally exempt from VAT, the main exceptions being the sale of new residential property (zero-rated) or the sale of new (less than three years old) freehold commercial property (standard-rated). Exempt transactions mean no VAT is chargeable, but it also means that the person making the supply cannot usually recover any VAT incurred on their expenses.However, a business can 'opt to tax', choosing to charge VAT on the sale or rental of ...

Tax implications where employers pay above HMRC's approved mileage rates

Tax implications where employers pay above HMRC's approved mileage ratesAccording to the RAC, average fuel prices peaked a year ago at £1.91 per litre, since levelling off at the same price as ten years ago. However, HMRC's approved mileage rates have remained static, not increasing since April 2011, when petrol was around £1.42 per litre. In the ten years since the last increase, fuel prices have increased by more than 30%.As the price of petrol has hit new highs, employers are finding more e...

HMRC has closed its phone lines – How to make contact

HMRC has closed its phone lines – How to make contactWith four days' notice, a trial to redirect Self Assessment (SA) queries from HMRC's phone helpline to its digital services started on 12 June, running for three months to 4 September 2023. Ostensibly, the idea is to trial the department’s digital services, including its online guidance, digital assistant and webchat. In reality, HMRC is behind in answering its post and finalising problems including investigations, some of which have been ...

Cash basis or accruals basis?

Cash basis or accruals basis?There are two different ways in which accounts can be prepared – the cash basis and the accruals basis. The cash basis is the default basis of preparation for unincorporated landlords who are eligible to use it. However, they can elect to use the accruals basis if they prefer. Landlords who are not eligible to use the cash basis must prepare their accounts using the accruals basis.Nature of the cash basisThe cash basis is a very simple basis of accounts preparation...

10 deductible expenses

10 deductible expensesIf you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing the expenses that you can deduct depend on whether you prepare accounts using the cash basis or the accruals basis.If you use the cash basis (which is the default basis), you can deduct revenue expenses which are incurred wholly and exclusively for the purposes of renting out the property. You can also deduct capital expenses permit...

Swapping your main residence for capital gains tax purposes

Swapping your main residence for capital gains tax purposesPrivate residence relief means that you do not have to pay capital gains tax on any gain that you make when your sell your home to the extent that the gain relates to the period that you lived in the property as your only or main residence or the last nine months of ownership (36 months if you are disabled or sell your home and go into care). For capital gains tax purposes, you can only have one main residence at a time. Married couples ...

Do we need to register for VAT?

Do we need to register for VAT?If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold. The VAT registration threshold is set at £85,000.The need to register for VAT is triggered if your VAT taxable turnover for the last 12 months exceeded £85,000 or if you expect your VAT taxable turnover to go over £85,000 in the next 30 days.Taxable suppliesTaxable supplies for VAT purposes are supplies that are made in the UK and whic...

How to appeal a tax penalty

How to appeal a tax penaltyThere are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file your tax return late, your tax return is inaccurate, you are late paying tax that you owe or you fail to keep accurate records.If you do not agree with the penalty, you can appeal against it. The appeal route depends on whether the penalty relates to a direct tax, such as income tax, capital gains tax or corporation tax, or to an indirect tax, such as VAT.Direct tax penalt...

Avoid the traps when providing eye tests for employees

Avoid the traps when providing eye tests for employeesAlthough the tax system contains an exemption for employer-provided eye tests and the glasses or contact lenses for display screen use, its availability is dependent on the associated conditions being met. When seeking to take advantage of the exemption, the method of provision is key. The tax consequences of an employer providing eye tests for employees are very different to those where an employer reimburses an employee for the cost of an e...

Business Asset Disposal Relief – Have you exceeded the limit?

Business Asset Disposal Relief – have you exceeded the limit?HMRC have sent out nudge ‘One to Many’ letters to taxpayers who they believe may have claimed Business Asset Disposal Relief (BADR) in excess of the £1 million lifetime limit.Nature of the reliefFormerly known as Entrepreneurs’ Relief, BADR reduces the amount of capital gains tax that is payable where a person sells all or part of their business. Where the relief applies, capital gains tax is charged at the rate of 10% on all ...

Making tax-free mileage payments

Making tax-free mileage paymentsIf you have employees who use either their own car or a company car for business mileage, you can pay mileage allowances tax-free up to certain limit. However, if you pay more than the permitted amount, the excess is taxable and liable to Class 1 National Insurance.The amount that you can pay tax-free depends on whether the employee uses their own car for business or has a company car.Employees using their own car for business journeysWhere an employee undertakes ...

Changes to your tax position following separation

Changes to your tax position following separationWhen you separate from your partner, tax is probably the last thing on your mind. But, once the dust clears, it’s worth getting to grips with the changes to your tax position.Recent changes to the post-separation window mean that you now have three years to move assets between you and your spouse. But what does this mean for your tax?How the no-gain/no loss basis used to functionGenerally, when you transfer assets between you and your spouse, th...

Go walking: keep you and your business healthy

Go walking: keep you and your business healthyBeing able to run a business from a laptop is an amazing thing. But it does mean that you spend a LOT of time sitting in front of a screen not being very active. Research shows that office workers spend 75% of their waking hours sitting down – and that’s not great for your health.A good walk may well be the answer to this issue, with walking being a great way to get yourself fit and to add some energy to your business thinking too.Get active and ...

How to avoid business jargon in your writing

How to avoid business jargon in your writingEffective communication is an essential ingredient for business success. But when it comes to writing marketing content or communicating with customers, using cliches and business jargon can often have the opposite effect – muddying the water and confusing customers.So, how do you write helpful, engaging business content without reverting to stereotypical jargon, buzzwords and technical language?Keeping your content simple and easy to understandUsing...

The rules around buying company assets

The rules around buying company assetsThere will be occasions where you want to buy, or borrow, a piece of equipment from your business. But did you know that doing so could be classed as a benefit in kind?If you’re a business owner (or an employee) and you acquire an asset from your company below market value, there will be a taxable benefit, benefit in kind (BIK)%20are,received%20in%20a%20tax%20year), that arises. A BIK also arises where instead of purchasing an asset from the company, ...

How humour can increase your bottom line

How humour can increase your bottom lineYou want to be taken seriously as a business, right? But did you know that many customers and consumers actually want you to give them a laugh as well? 91% of people globally prefer brands to be funny, but 95% of business leaders fear using humour in consumer interactions.So, how do you overcome the worry about using humour in your sales and marketing? And what are the benefits of a brand that uses humour in an effective way?5 ways that humour improves you...