Tag Archive for: business resources

This is a picture of the ChadStone team all laughing together in a meeting

5 Business Owner Hacks For An Enjoyable Q2

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We did it guys! We’ve pretty much completed Q1 of 2023! We hope it was a good one for you and whether it was or it wasn’t, we have 5 business owner hacks for an enjoyable Q2 🙌

 

Let’s get straight into it…

 

Hack 1) Go over the good stuff 🎉

We did this the other day. We got pastries and orange juice from Lidl for the whole team (cost less than £10) and had a breakfast meeting to go over all of the good stuff from this year so far.

This was a great exercise as it reminded us all how many things that included. 

When you’re in the thick of it, it’s hard to remember things that have gone well and actually, it’s important for you and your team to realise. Plus, you deserve to celebrate them!

 

Hack 2) Make a list of things that made life hard ✍️

In the same meeting, we also covered all of these. This got everything off everyone’s chest and meant that we had them written down to actually do something for Q2.

From your list, delegate what you can – Whether that’s outsourcing or giving it to another team member whose strengths/preferences lie in that area.

For what you can’t delegate, get a process for it to make it as easy as possible and schedule time to get it done ASAP (Eat That Frog style and all that…) 🐸

 

Hack 3) Get something non-work related booked in with your team 👋

This is so important and underrated. It could be a lunch, a walk, a coffee somewhere, or signing up for a challenge together.

Just having something you do together where there is no work to do, or work talk to be had, makes a huge difference.

 

Hack 4) Come to our networking👌

We do genuinely believe this will help because of feedback we’ve had from other business owners who attend.

Traditional networking makes us want to run far away! – Sales pitches, business cards, schmoozing – Nope, nope, nope.

That’s why all of our networking events are relaxed, friendly and with no pressure. And we have two for you👇

 

1) Book Club📚

Whether you’re after advice, learning, support or just company from other business owners, join us for our monthly Book Club.

It’s relaxed, good fun and available to anyone.

– Food provided 

– Drinks provided

– Real, honest and helpful conversations

– A good laugh and great people

To find out more, and when our next one is, click here.

 

2) Thirsty Thursday 🍻

On the third Thursday of each month, we invite business owners to a local pub to grab a drink and chat with other business owners. Casual, relaxed and not a sales pitch in sight.

Come along to our next one. You don’t need to be a client, it’s free and casual dress and a lack of business cards are encouraged!

Find out more here.

 

Hack 5) Take time for yourself 🛀 

It’s the classic, ‘you can’t pour from an empty cup’ and it’s so true. 

Q2 isn’t going to be nice if you aren’t actively taking care of yourself. As business owners, this can be something we feel guilty about but we shouldn’t. We can’t run a successful business if we’re knackered!

 

There you have it – 5 Business Owner Hacks For An Enjoyable Q2

 

We hope those help and please let us know how you get on!

 

In the meantime

 

  • Come along to our latest informal networking event, here.
  • Get the latest finance tips, business hacks, free resources, hilarity, memes and more by joining our monthly newsletter, ‘Sumthing To Say’ here.

 

Take it easy.

Al and Led



This is a picture of some of the ChadStone team having a meeting together

Understanding UK Tax Codes 101

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We’ve just come out of self-assessment season *shudders* and so we’ve seen A LOT of questions about tax codes flying around the internet – What are they? What do they mean? Is mine right? What do I do if it’s wrong? So, we thought we’d do an ‘Understanding UK Tax Codes 101’ for you!

 

Sure, it might not be the most riveting content but it’s important you feel in the know when it comes to your finances. So, we hope by the end of this blog, any tax code-related questions are answered.

 

Understanding UK Tax Codes 101

 

What Is a Tax Code? 🤷

A tax code is a combination of letters and numbers that show HMRC how much Income Tax and National Insurance you should be paying.

A tax code also shows your personal allowance (the amount of tax-free income you should receive in a single tax year). 

Anything earned above the amount shown through your tax code is taxable.

Who Receives a Tax Code?✉️

Anyone employed or paid via PAYE will be given a tax code by their employer via HMRC.

You can find your tax code on your:

  • Payslip.
  • By checking online (you will need a Personal Tax Account login for HMRC to do this).
  • On the HMRC app (bet you can’t wait to download that!).
  • On a ‘Tax Code Notice’ letter from HMRC if you’ve had one.

 

How are tax codes worked out?🟰

Whilst it may feel like HMRC is putting its finger in the air and seeing which way the wind blows, there is a system for working out your tax code. HMRC takes several factors into consideration, including:

  • The Personal Allowance you’re entitled to for that tax year.
  • Income from another job.
  • An estimate of other non-taxable income over £1,000 that HMRC expects you to earn.
  • Taxable benefits received (like a company car).
  • Whether you’re due a tax refund or owe tax from previous years.

 

What should my tax code be?💻

This is a difficult one to answer because it’s personal to you. 

As we mentioned above, your tax code is to do with:

  • Your personal allowance.
  • Your income from another job.
  • Any taxable benefits.
  • Money you may owe from previous years, etc.

 

The good news is, HMRC should issue you with a tax code notice each year (if you qualify for one).

This will also explain why your code is what it is.

What if I qualify for a tax code but I haven’t received a ‘Tax Code Notice’?📨

That’s okay. If you don’t receive one, another way of finding out what your tax code is is on the government website.

 

What if my tax code is wrong?❌

If you think your tax code is wrong, you should contact HMRC who will issue your employer with a revised tax code as required. This can be done by phone (0300 200 3300) or online.

It’s best to sort this out as soon as you suspect there is an issue as you could be paying too much or too little tax.

Tax Code Numbers 101✅

A good hack here is that the number in your tax code can be multiplied by 10 to show the total amount of income you can earn before being subject to tax. 

For example, if your tax code is 1257L, you can earn £12,570 before tax applies.

 

Tax Code Letters 101✅

There are a number of UK tax codes and they all mean something different (which is helpful when you’re trying to get your head around this!) 

So, let’s break them down below (We promise it’s not the full alphabet here…)

 

  • L – You’re entitled to the standard tax-free Personal Allowance (£12,570 for 2023/24)

 

  • M – You’ve received 10% of your partner’s Personal Allowance

 

  • N – You’ve transferred 10% of your Personal Allowance to your partner

 

  • T – Your tax code includes other calculations to determine your Personal Allowance

 

  • 0T – Your Personal Allowance has been used or you’ve started a new job and your employer doesn’t have the details they need

 

  • BR – All income from this job is taxed at the basic rate of Income Tax (20%)

 

  • D0 – All income from this job is taxed at the higher rate of Income Tax (40%)

 

  • D1 – All income from this job is taxed at the additional rate of Income Tax (45%)

 

  • NT – You’re not paying any tax on this income

 

  • S – Your tax is based on rates in Scotland

 

  • C – Your tax is based on rates in Wales

 

  • K – Your tax deductions already owed to HMRC from previous years are greater than your Personal Allowance. This can happen for a number of reasons, but most commonly it’s because you receive a benefit from your employer, like a company car, which impacts your Personal Allowance.

 

But what about Emergency Tax Codes?🆘

An emergency tax code is a temporary tax status given until HMRC works out which tax code applies. This can happen for a number of different reasons (Again, helpful for trying to understand…)

  1. You’ve started a new job and haven’t got your P45 from your old employer.
  2. You’re starting your very first job.
  3. You’ve become an employee (and are now paid via PAYE) after being self-employed.
  4. You get company benefits (like a van or car).
  5. You receive the state pension.

 

If you have been placed on emergency tax, your code will probably look like this:

  • 1257 W1
  • 1257 M1
  • 1257 X

 

And there you have it – Understanding UK Tax Codes 101.

 

We hope this blog has been helpful and if you have any questions about anything accountancy related, get in touch. 

 

In the meantime…

 

  • Come along to our latest informal networking event, here.
  • Get the latest finance tips, business hacks, free resources, hilarity, memes and more by joining our monthly newsletter, ‘Sumthing To Say’ here.

 

Take it easy.

Al and Led



How To Cut Yourself Sum Slack This Christmas

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Today’s blog is an important one. It’s how to cut yourself sum slack and look after yourself as we wrap up 2022 and prepare for 2023👋

 

We’re wrapping up one heck of a year. We think it’s fair to say, we’re all shattered and looking forward to the Christmas break!

 

However, with any break as a business owner, it isn’t really a break. It just means that you have to do more work before and after your break to compensate.

 

So, we’re here to remind you to cut yourself sum slack and give you some ways in which to do that👍

 

Starting with…

 

The official launch of our podcast Sum Slack!

 

It’s designed to encourage you to quite literally cut yourself Sum Slack (finance pun intended!) as a business owner👌

 

Each episode is around 20 minutes so that we can be part of your commute.

 

We cover everything from finance hacks, business madness and current affairs, to maintaining your sanity, juggling kids, work-life balance and more, over a beer🍻

 

We also have some awesome guests lined up to give you their perspective on being a busy owner, alongside some helpful tips from their industry to help you.

 

We’ve released two episodes so far:

 

Episode 1 – The introduction of why you need us as part of your commute – Also, what is a kebab log?!🤯

This is a screenshot of episode one of our podcast, Sum Slack

Episode 2 – This is our first ever guest appearance on a podcast and it was with the HR legends from Human Everything, Lucy Edgar and Colin Noble👏

This is a screenshot of episode one of our podcast, Sum Slack

You can find both of these episodes here!

 

You can also find out more about Human Everything, and how they can help you with the people side of business, here.

 

We hope both of those episodes help you cut yourself sum slack and give you some perspective that you’re doing an awesome job.

 

We also hope they help you realise that it’s okay to feel all the feels when you’re a business owner. It can be a lot and it’s been one heck of a year😅

 

We have new episodes of the podcast coming out every fortnight.

 

Happy listening and if there’s anything you want us to cover, comment below or send us an email to [email protected].

 

In the meantime, here’s some other ways you can cut yourself Sum Slack as we wrap up 2022. You deserve it!🙌

 

3 Ways To Cut Yourself Sum Slack

 

  1. Don’t compare yourself to others ✅ – Especially this time of year, you will be seeing people talk about their highlights of the year, goals for 2023, etc. Remember though, these are just highlights. Wherever you’re at is totally cool and where you’re supposed to be.

 

  1. Treat yourself like a mate ✅ – Haven’t done your Christmas shopping yet? That’s okay. Feel like you’re struggling to get work wrapped up by Christmas? That’s alright too. You will get everything done you need to but in the meantime, don’t tell yourself off for having not done it yet. It won’t help you get things done and will just make you feel rubbish.

 

  1. Take 10 minutes to note the good ✅ – If you’re feeling low, or like you aren’t where you should be finishing off 2022, make some bullet points of good things that have happened in 2022 – Both personal and work related.

 

We often don’t realise how much good stuff has happened when we’re in the thick of it. 

 

Noting them down not only reminds us, it’s also good to refer back to if we hit a wall.

Take it easy, Merry Christmas and Happy New Year!

Rob, Al & Led



The picture is of ChadStone's Book Club and it shows business owners working together to help each other with hacks for recession-proofing their business

7 Hacks For Recession-Proofing Your Business

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Talks of recession are everywhere, tax rules seem to changing at the drop of a hat and it’s scary🤯

We feel you.

Businesses have taken a hammering since the pandemic and we think enough is enough.

So, here are 7 hacks for recession-proofing your business📈

The point of this article is to help you feel confident within your business despite the economic circumstances.

You’ve made it through a global pandemic already, you’ve totally got this!

Let’s get into it…

7 Hacks For Recession-Proofing Your Business 👇

First off, it’s important that as a business owner, you decide what a recession means to you?

By definition, a recession is…

‘A period of temporary economic decline during which trade and industrial activity are reduced’

So, our aim today is to help you decide what this would look like in your business and how can you adapt your business to counteract it?

Time for the hacks…

1) Cash is king 💷

It should be noted that recession-proofing should be done in advance of a recession which is why we want to help you put plans in place now. One sure-fire way to do that is to have a cash reserve.

This sounds scary when times are tough but it’s important just as a general rule of thumb in business. You should aim to always have a reserve that can cover 6 months of your business expenses.

Cash reserves are also what we advise clients to have when it comes to their VAT and Tax bills. If they have a separate account where they save the money as they go, their bill is paid for with no surprises.

If you are unsure where to begin on building a cash reserve, you can speak to us. We can make you aware of potential problem areas in your accounting and advise you on areas that you should be giving more focus to.

2) Multiple revenue streams are the key to success 🔑

This is having various ways of making money from what you do.

You can do this both within your business and outside of your business.

We realise that sounds pretty vague so here are some examples:

Within your business:

We have a client that works in the beauty industry with their own salon. As well as offering their standard services, they also offer things like:

– Party packages – Where you and your friends go to their salon for a pamper or they go to you.
– Specialised offers – Mothers’ Day packages, Valentine’s Day packages, birthday packages, etc.
– Training – They offer training workshops on how to style your hair, do updos, etc.
– Giftcards.

All of these offer income through different ways whilst still relating to the services they provide.

Outside of your business:

Speak to a Financial Planner – Investing in areas like stocks, shares, property, etc, is a great way to build your income. Speaking with a financial planner will help you make the right investments for your situation.

3) Invest in your employees 👊

Not only will this help your team be more adaptable and efficient during challenging times, it will also empower them and encourage commitment and loyalty.

If you’re investing in your team, even when times are tough, they will be there to support you too.

4) Invest in your marketing 📱

When business owners panic about cutting costs, they often make the mistake of cutting their marketing budget. This isn’t helpful.

When times are tough, your business needs exposure more than ever. So, instead of cutting your budget, change up your strategy. Whether you do it yourself or use a company to do it, come up with a strategy that works with the circumstances and watch your business thrive.

5) Build on your current customer base 🤝

A huge part of recession-proofing your business is ensuring the clients/customers you do have, are happy.

Are you providing good customer service? Do you get back to them quickly and effectively? Are you continuously nurturing the relationship? Are you asking them if you can do anything better to support them?

6) Be flexible with what you offer ✅

As well as having multiple revenue streams, it’s important to be flexible with your service offerings to better suit the circumstances.

For example, during the pandemic, the hospitality industry had two options – Adapt or close, so businesses got creative.

They offered delivery services, food packages for making your dining-out favourites at home, etc.

How can your business adapt to the fact it’s also a difficult time for your customers, whilst still providing them with a service?

7) Ask the difficult questions 🤔

Quite simply, ask yourself and your team, what could cause us to go out of business within 12 months? Then, you can work through these issues and come up with actionable solutions to stop this from happening.

For example…

Issue – Not having enough stock to fulfil orders.

This could be because either the price from your suppliers goes up due to the recession or the demand is lower so your supplier isn’t producing as much as usual.

How can you combat this?

– Build up a reserve of stock that is enough to provide your regular customers, giving you breathing room to source a new supplier/ wait for stock to come in, etc.
– Nurture your current customer base so they feel like they get the best possible service. Therefore, if there are bumps in the road, they are less likely to leave.
– Offer other products or services relevant to what you already offer – Then, if there is a problem or delay, you have other options you can offer.

There you have it. Our 7 hacks for recession-proofing your business 🙌

We hope they will put you at ease and give you the confidence to know you have got this.

If you’d like to discuss any of these points further, or anything to do with your business finances, get in touch.

Would you like some new ideas for your business? For Free?! 🎉

A great way to get new ideas for your business is to talk to other people who are doing it just like you – Come along to our informal networking events each month.

We have a monthly Book Club and Thirsty Thursday (informal networking at the pub!). To find out more, and see when they are, click here. We’d love to see you! 🍻

Take it easy.

Rob, Al & Led

The ChadStone team at work at the Hangar

Get Okay For 2023

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  • Finance tips💸 – From your self-assessment to recession proofing and slim lining your business. We are putting together free resources to help you achieve all of these. 

  • Competitions🏆 – To make finance things more fun (Yes it’s possible!) – Watch this space for some exciting things coming to our social media channels…

  • We’re launching our new podcast, Sum Slack🎧 – It’s all about cutting business owners sum slack (finance pun intended) and creating a relatable platform.

  • Networking opportunities👋 – We don’t know about you but we aren’t about sales driven, intense, inauthentic networking where business cards are flying everywhere! It may work for some people but it’s not how we like to do business.

  • Training 💻 – If you’re a client, we offer free Xero training as a way of helping you with the ‘Making Tax Digital’ initiative the government has put in place. A member of our team will help you make the switch and get the most out of your system, empowering you when it comes to your finances.

  • Meeting room hire ☕- We understand making the choice not to invest in an office. If you don’t need to, why would you? It’s a big expense. Which is why our meeting rooms are available to hire (for free if you’re a client!) if you don’t have an office but would like a place to meet clients.

  • Business shoutouts 🔊 – The news is heavy at the moment and it can feel scary/overwhelming to be a business owner. So, as part of our #GetOkayfor2023, we want to share positive news stories about local businesses and help us all feel a bit better. Have you got one for us? Get in touch.

The Hangar
Hadley Park East
Telford
Shropshire
TF1 6QJ

01952 292729 [email protected]
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