Understanding what your customers really value can help you to market your products and services more effectively. Customer value is the perception of what a product or service is worth to the customer. Customers don’t buy features – they buy benefits. Your customers will buy your product or service because of the benefits that they get.  If you take the time to understand what your customers value and what they

The government is currently consulting on important changes to private residence relief that are likely to be introduced from 6 April 2020. The two possible changes, announced in the Autumn 2018 Budget are: Firstly to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation The second is to limit “letting relief” to periods where the taxpayer is in shared occupation with

Last year HMRC carried out a review of rent a room relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent. The scheme currently exempts from tax gross rents up to £7,500 where rooms within the taxpayers’ main residence are rented out. HMRC were concerned

The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14. The charge applies if you have adjusted net income over £50,000 and either: you or your partner get Child

The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used this allowance it may be set against the employers NIC on directors’ salaries. Thus, where the only employees are husband and

In today’s fast-paced business world, here are some tips to help you to be more effective at multi tasking. Over the past 10 years or so businesses have become leaner by reducing employee numbers, focusing on efficiency and increasing the demands on their staff. An increased workload forces us to multitask, which may be effective for a short period of time, but over the long term, can cause stress. Multitasking

Managing difficult people can be time consuming and emotionally draining. You can’t reason with an unreasonable person. However, there is usually some underlying reason that is motivating them to behave in a difficult manner.   Try to identify the person’s trigger. What is stopping them from co-operating with you? It may be helpful to set up a one-to-one meeting. This gives you the opportunity to ask them what their intentions

The cost of running a business goes up every year, but when was the last time you increased your prices? Many business owners and managers worry that if they were to increase prices, they would lose customers. However, a customer will often be willing to pay a higher price if they feel they are getting value for their money. A good way to increase your prices can be to bundle

A reminder that if your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers. And please don’t forget that the term “employee” includes directors, and also that loans to family members may be caught. For example, the employer will have an obligation to report a beneficial loan to HMRC (and pay Class 1A NIC) and the deemed benefit would

As we have mentioned before in this newsletter, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000. To comply with MTD firms will need to file their returns – for periods commencing on or after