In the latest episode of Ascentis TV, the team covers a range of topics, from innovative solutions to common business challenges to essential tax advice. Let’s delve into the key highlights of this episode.
Tech Talk: Introducing DexCommerce
The episode kicks off with a discussion about DexCommerce, a solution that addresses the challenges of consolidating information from various sales and payment platforms into accounting systems. Freddie from Dex gives viewers an insightful overview of the platform. DexCommerce connects to popular sales platforms such as Shopify, Amazon, eBay, and more. It automates data extraction, categorisation, and pushes the data into accounting software like Xero and QuickBooks. The goal is to streamline the process and save business owners time, allowing them to focus on growing their business.
Tax Tip: School Fees and Limited Companies
The tax tip segment focuses on a common concern for business owners: paying school fees for their children through their limited company. The advice is clear: there’s no significant tax advantage to doing so. The income would still be subject to income tax and national insurance, similar to taking it as dividends or salary. However, the episode also points out a scenario where grandparents may be involved in a family business and how that might impact the tax situation.
Tech Tip: Optimising Director Salaries for 2022-23
The chancellor’s recent changes in employee national insurance thresholds are discussed in this segment. While it may sound like setting director salaries at £12,500 would be ideal for tax savings, it’s not that straightforward. The segment explains the intricacies, including the offset by corporation tax, and provides insights on the optimal salary level for directors.
Mind Matters: Understanding Personality Profiles
In this fascinating segment, the episode delves into the world of personality profiles. The concept of D.I.S.C. (Dominant, Influential, Supportive, Conscientious) is introduced as a tool to understand individual behaviour and communication styles. The episode highlights how recognising these profiles can improve team dynamics and employee satisfaction.
Admin Min: Key Deadlines and Tax Compliance
Admin Min wraps up the episode by reminding viewers of important deadlines, including the submission of P11Ds and the second payment on account for tax returns. It emphasises the importance of timely submission to avoid any penalties and optimise tax planning.
In episode 12 of Ascentis TV, the team brings together valuable insights into technology solutions like DexCommerce, tax tips for business owners, and strategies for optimising director salaries. Additionally, the exploration of personality profiles sheds light on enhancing team dynamics and employee engagement. Stay tuned for more informative and engaging content from Ascentis TV in the future.
About Ascentis TV
Ascentis TV is our update show that gives business leaders updates and insights on various growth-related topics such as taxation, financial management, people management and much more. The show features our amazing experts from Ascentis who have many years of experience in helping businesses grow successfully and helping individuals achieve their personal vision of success.
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