I was talking to a bank manager recently, and he was telling me about a growing scam where new customers overpay an invoice and then request a refund. Like all good scams, it is very simple and seems perfectly reasonable at the time. But you should be aware of it – some local businesses have lost a lot of money.
Taking money out of your company – the rules are changing
What amount can you take out of your company and pay no personal tax? Well, as we enter the new tax year it is important to remember that for 2013-14 the amount is reduced. It is now £38,076.
Beware of extra tax bills when borrowing money from your company
The 2013 Budget included a brief summary of proposed changes to the tax rules if you borrow money from your company. The new rules will give extra, unexpected tax bills if you do not apply them correctly.
Emphasise the positive – tell people what you want
You’ll have greater success when giving instructions, if you tell people what you want them to do rather than what you’re trying to avoid. For example ‘No Smoking’ signs are more likely to make people want to smoke. Fascinating! How is this relevant to your business?.
That’s all for this month. Feel free to contact me at any time.