Tag Archive for: Cut yourself sum slack

This is a picture of ChadStone's directors Al, Rob and Dave looking happy as they use the tips in this blog to not only survive the summer holidays as business owners, but enjoy them

Summer Holidays Survival Guide – Everything You Need In Your Arsenal As A Business Owner

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Ah, summer holidays – the time for sun, cold beers and relaxation… Or, for a lot of business owners, it’s sorting holiday cover, quiet periods and the children being off school.

 

But it’s okay. This summer is going to be different. This summer, you’re going to enjoy yourself, your business is going to be successful and you WILL get that cold drink of choice in the sun.

 

As business owners, managers and parents here at ChadStone, we have put together our own Summer Holidays Survival Guide. We’ve put together everything you need in your arsenal to not only survive the summer holidays, but enjoy them! 

 

Summer Holidays Survival Guide – Everything You Need In Your Arsenal As A Business Owner

 

  1. A pin 📌

 

During the summer, business can slow down a bit and that’s okay. Everyone is trying to juggle everything and so it’s going to impact things.

The pin is in your arsenal to release the pressure you are putting on yourself to keep running at a million miles an hour.

 

Instead, shift your mindset. If things are a bit quieter, embrace it and use it to: 

 

  • Get on top of the tasks that always get put to the side but linger in the back of your mind. 
  • Prepare for when it picks up to make your life easier.
  • Embrace the quieter period and take this opportunity to recharge.

 

  1. Permission to delegate👌

 

If you are lucky enough to have a team, trust and empower them to be exactly that – Your team. They’ve got your back. You hired them for a reason so let them do what they are more than capable of and free yourself up. Use that free time to take a holiday, catch up on work or both.

 

If you work by yourself, you can still have a team to support you. Reach out to freelancers, a VA or service providers to support you where you need it.

 

  1. Software 🖥️

 

Summer is the perfect time to automate repetitive tasks and streamline your processes. From social media scheduling to email automation, embrace the power of technology to take things off your plate.

 

  1. An ‘Out Of Office’👋

 

Set clear boundaries by scheduling specific times to check and respond to emails. Consider setting up an auto-reply with a touch of humour, letting people know you’re enjoying some Vitamin D and will get back to them soon. Remember, you’re in control of your inbox, not the other way around.

 

  1. Time off (Actually off!)☀️

 

Yes, we said it. Take an actual break! 

 

Schedule some time off, unplug and enjoy the summer holidays guilt-free. Trust us, your business will survive, and you’ll return with a fresh perspective and renewed energy. Remember, even the most successful business owners need to recharge their batteries.

 

  1. An ‘Is what it is’ mentality 👍

 

The summer holidays also mean the kids are at home. As parents ourselves, we totally get the carnage that comes with this! 

 

What we must remember as business owners are two things:

 

  1. If you have children, so do a lot of other business owners so you aren’t alone in trying to survive and juggle everything. People understand and are right there with you.
  2. If you don’t have children, a lot of other business owners do so you can take the pressure off yourself if things are slower than usual. It’s 6 weeks of chaos and then business will resume as normal.

 

If you do have children, here are some tips we’ve found helpful when trying to juggle parent guilt and business owner guilt:

 

– Create a Child-Friendly Work Area 🤖

 

Set up a designated workspace where your little ones can be like you. Provide them with colouring books, crayons, and mini laptops (or toy tills) so they can join in on the fun. 

 

– Plan Fun Activities ⚽

 

Take breaks throughout the day to engage in fun activities with your children. Whether it’s a water balloon fight, a picnic or a walk, these moments will create lasting memories and give you a chance to recharge before diving back into work.

 

– Involve your children in your business ☎️

 

Teach your children about your business and let them be part of it. Give them small tasks like designing a new logo, brainstorming ideas, or even helping with simple administrative tasks. Who knows, they might come up with something you haven’t even thought of!

 

– Set boundaries and feel no guilt 🙅‍♂️

 

If you’re working, do so with minimal interruption and guilt-free. You can’t spend the entire summer holidays with them and that’s okay.

 

Equally, if you’re parenting, do so with minimal interruption and guilt-free. Your business will be okay and that email can wait until tomorrow.

 

Remember, having the kids at home during the summer holidays can be both a blessing and a challenge…

Embrace the joy, laughter, and occasional meltdowns, and use it as an opportunity for family time. One major bonus of being a business owner is the flexibility that allows you to create meaningful memories with your family, while still managing to get work done.

 

There you have it – Summer Holidays Survival Guide – Everything You Need In Your Arsenal As A Business Owner

 

We hope this helps you have an awesome summer. Remember that you deserve to enjoy it – Your business and team are more resilient than you think and being a parent and a business owner is hard. You deserve an ice-cold drink in the sun, guilt-free 🍻

 

We’re also here all summer if you need us. We are all on holiday at some point because #boundaries but there will always be some of us in the office.

 

Happy summer!

In the meantime, here’s something to help…👇

 

  • 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

Mid-Year Business Review: The Finance, Business and Wellbeing Tips You Need

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Can you believe we’re halfway through the year already? Time sure flies when you’re having fun, or you’re a crazily overworked business owner…Whichever fits.

 

Halfway through the year is a good time to take a breather and look at where you’re at and where you’re going.

 

We’ve got some finance, business and wellbeing tips to make you feel better about the past 6 months and actually excited for the next 6 months.

 

But first? Grab a coffee and take these next couple of minutes for yourself ☕

Mid-Year Business Review: The Finance, Business and Wellbeing Tips You Need

 

Finance Tips: Facing The Fear 😱

 

A lot of the time, the finance side of business is left to last or avoided because of the fear attached to numbers. 

 

We understand why people feel this way but we are here to show you that numbers are not scary. Even if they aren’t where you want them, the cool thing about numbers is they are factual and so you know exactly where you’re at. We’re then here to help you get to where you want to be.

 

Here are some finance tips you can start with during your mid-year review to face the fear and feel better about your numbers.

 

  1. Celebrate Wins and Analyse Losses 📈

 

Take a moment to list your wins and actually write them down. As a business owner, time does seem to hit fast forward and it’s easy to feel like you’re not getting anywhere. However, we bet you a tenner that when you write down all your wins, you’ll be surprised by how many you have.

 

Once you’ve done that, take a look at your numbers and areas where improvements can be made. No idea where to start with this? That’s totally okay. Book a meeting with us and we will go through it with you.

 

  1. Budget Check-In👌

 

Review your budget and ensure it aligns with your business goals. Consider any changes in expenses, unexpected costs, or opportunities for investment. We’re here to help you fine-tune your financial roadmap and make the most of your resources.

 

  1. Cash is king 👑

 

This is a rule to live by. Keeping a healthy cash flow is key for success but it’s an overwhelming area for a lot of business owners. 

 

We challenge you to look at your invoices, payment terms, and outstanding balances and think about ways these can be improved – Starting with creative ways to incentivise prompt payments to help take the pressure off.

 

Business Tips: Stopping the overthinking spiral 😪

 

As a busy business owner, you probably hear mid-year reviews and don’t feel all that positive about it. You have a million things to do and not enough time to do them as it is. But this is where review sessions get made overly complicated and corporate. 

 

You don’t need to have your 5, 10 and 15-year goals mapped out and mounted in gold lettering above your desk. You just need to know where you’re at and what you’re heading for by the end of 2023, and a way to do that is by putting some energy into the following three areas.

 

  1. Goal Review 🥅

 

If you have your 2023 goals already mapped out, assess where you are in relation to them. Are you on track? Have they changed or need changing?

 

If you haven’t got any goals written down for 2023, get some down. Again, don’t overthink this. Start by breaking your business down into sections and make a goal for each. For example, you could make a sales goal, a productivity goal, a team goal and a personal development goal. 

 

If you’re struggling, we can help you realign your focus and set achievable milestones for the remainder of the year. 

 

  1. Marketing Plan📱

 

Halfway through the year is a good time to look at your marketing and get creative.

 

Brainstorm fresh ideas to reach your target audience and show people what you’re made of. Think about anything you are doing with your business between now and the end of the year and build a strategy that supports those offerings and lets people see what you’re up to.

 

  1. Team Time

 

The good news here is you don’t have to wait for your Christmas do to celebrate each other and have time together. As we’re halfway through the year, book some time in the diary to do something together outside of work. Not only will this give you all the break you deserve, it will boost employee morale, which goes a long way. 

 

Wellbeing Tips: Stopping the guilt around this 🥴

 

As a business owner, it’s all too easy to neglect yourself. Each time you go to take your foot off the pedal, there’s a part of you that thinks there’s always something you should be doing. 

 

And that part of you is right, there is something you should be doing… And that’s resting. 

 

Without sounding cheesy here, rest is productive. It’s also essential if you want to be a good business owner.

 

If you struggle to take time away from your business and take time for yourself, try these three tips.

 

  1. Self-Care for the Win 🌳

 

As a business owner, it’s easy to put everyone else’s needs before your own. But remember, you can’t pour from an empty cup. Take time to look after your physical and mental wellbeing, whatever that means for you. Whether it’s a yoga class, a nature walk, or simply enjoying a guilt-free Netflix binge, prioritise self-care and recharge your batteries guilt-free.

 

  1. Work-Life Balance Dance 💃

 

Finding that sweet spot between work and personal life is essential. Set boundaries, delegate tasks, and create a schedule that allows for quality time with loved ones and hobbies.

 

If you’re struggling here, we’d recommend getting yourself a solid morning and evening routine and calendar blocking your working day.

 

  1. Connect and Collaborate 🤝

 

Surround yourself with a supportive community of fellow business owners – it helps! 

 

Attend networking events (we know a good Book Club…), join industry groups, or engage in online communities. Sharing experiences, challenges, and victories with like-minded individuals will not only boost your business but also provide a network of support and friendship.

 

There you have it – Mid-Year Business Review: The Finance, Business and Wellbeing Tips You Need.

 

Which tips are you going to try first? Are there ones you do already? Do you have any of your own favourites for us? Let us know.

 

In the meantime, here’s something to help…👇

 

  • 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 the whole ChadStone team looking happy because they take breaks from work and have a healthy work-life balance

4 Benefits of Taking a Break: Why It’s Okay to Step Away from Your Business

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The life of a business owner can feel like it never stops. Society has over-glamourised this busy culture of always ‘hustling’, ‘grinding’ or any of those other buzzwords that make you feel a bit nauseous…

 

But the truth is, stepping away from your business is not only okay, it’s essential.

 

In this month’s blog we want to help you curb the guilt when it comes to taking time away from your business, explain why it’s needed and give you some tips on how to do it.

 

4 Benefits of Taking a Break: Why It’s Okay to Step Away from Your Business

  • Taking a break can help you avoid burnout. 

 

Burnout can leave you feeling drained, unmotivated, and even depressed. It’s so common among business owners as you don’t really ever switch off. 

 

The good news is, you don’t need to completely forget about your business in order to avoid burnout, you just actively need to take breaks from it.

 

Taking a break allows you to recharge your batteries and come back to your work with a fresh perspective. It’s a bit like hitting the reset button on your brain.

  • It can actually make you more productive. 

 

We get it. It feels counterintuitive. But hear us out. 

 

When you’re working all the time, your brain can get stuck in a rut. You start to approach problems the same way every time, and you stop coming up with new ideas. Taking a break, whether it’s a walk around the block or a week-long holiday, can help you break out of that rut and come up with fresh ideas. 

 

Plus, when you come back to work, you’ll be more focused and energised, which means you’ll get more done in less time.

  • It can save you money

 

When you’re working non-stop, it’s easy to get tunnel vision. You’re so focused on the task at hand that you don’t see the big picture. This can lead to mistakes that could cost you time, money, and even your reputation. 

 

Taking a break can help you step back and see things from a different perspective. It can help you catch mistakes before they become big problems.

  • Taking a break from work can improve your personal life

 

When you’re always working, it’s easy to neglect the people in your life. Whether it’s your spouse, your kids, your friends or yourself, they all deserve your time and attention. 

 

Taking a break can help you reconnect with the people you care about and having this quality time allows you to feel better in yourself. 

 

And if you’re in a good place, your business will be too.

 

How to actually take a break from your business

 

Now, we know what you’re thinking. “But I can’t take a break! I have too much work to do!”

 

Trust us, we get it. As business owners ourselves, we know how hard it can be to step away from your business. But there is an important mindset shift you can make to make taking a break much easier…

 

Taking a break is not a sign of weakness. It’s a sign of strength. 

 

It takes courage to step away from something you’re passionate about and trust that everything will be okay. But it will be. Your business will still be there when you get back, and you’ll be better equipped to handle it.

 

So, how do you take a break? 

 

Well, that’s up to you. 

 

It could be anything from actually taking your lunch break or going for a walk every day, to working a 4-day week or booking a holiday. 

 

If you’re nervous about taking a break, start small. Aim to finish at 4pm instead of 5pm. Book next Friday off and have a long weekend.

 

The break you take doesn’t matter so long as it is a break. This means:

 

  • No emails (if you have the app on your phone, delete it)
  • No work talk (unless your business is on fire, no one is to contact you about it. If you have a team, they’ll protect you. If you’re on your own, put your Out Of Office on. You’re entitled to time off too).
  • No ‘I’m just’ – It’s all too easy to say, ‘I’ll just send this email/ make this phone call/ check my LinkedIn, sign off this invoice. It’s hard but don’t let yourself and remove anything from your personal phone that could make it too easy.
  • No guilt – You probably will feel guilty to start with and that’s totally normal. Just remind yourself that your business is only good if you’re good and that you having a break actually supports your business in the long run.

 

So, there you have it – 4 Benefits of Taking a Break: Why It’s Okay to Step Away from Your Business

 

Taking a break is not only okay, it’s essential to your success as a business owner. 

 

It can help you avoid burnout, increase your productivity, avoid costly mistakes, improve your relationships, and ultimately, help you achieve your goals. So, go ahead. Take a break. You deserve it. And who knows? It might just be the best thing you ever did for yourself and your business.

 

In the meantime, here are some other things to help…👇

 

  • 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 the ChadStone team looking happy at work and not overwhelmed

3 Surprising Ways To Stop Feeling Overwhelmed In Your Business

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We’re about to enter month 5 of 2023?! Time is racing by, we’re a month into Q2 and the sense of overwhelm can be…well…overwhelming.

 

And whilst there are many ways out there designed to help manage the overwhelm that comes with being a business owner, here are 3 surprising ways we’ve found to be effective!👌

 

3 Surprising Ways To Stop Feeling Overwhelmed In Your Business

 

  • Get outside🌳

 

“And step away from my desk?! Do you not get I’m drowning in work?!”, we hear you shriek.

 

That right there is the reason to get outside. How many times do you get offered something nice for you – A walk, going for a coffee, finishing early, etc, and you don’t have time?

 

When we feel overwhelmed with work, the least plausible thing seems to be to take a break but it is the best thing we can do.

 

Having a break when you’re overwhelmed can:

 

  • Restore energy 
  • Restore mental resources 
  • Decrease the development of fatigue, sleep disorders and cardiovascular disease*

 

*(Check out The Wellbeing Thesis for more information – https://thewellbeingthesis.org.uk)

 

So, where do the outdoors come in? We’re glad you asked.

 

As well as being a lovely way to have a change of scenery and some fresh air, getting outside has so many more benefits, such as:

 

  • Increases empathy and cooperation
  • Boosts happiness and resiliency
  • Sharpens focus and attention
  • Improves blood pressure and cholesterol levels
  • Strengthens your immune system
  • Significantly lowers stress
  • Reduces depression and anxiety*

 

* (Check out Nurtured by Nature for more information – https://bit.ly/3n2nA3H) 

 

So yeah, as you can see, getting outside is a great way to reduce overwhelm in your business.

 

  • Adopt the ‘Fresh Start Effect’👍

 

The fresh start effect is what happens pretty much every New Year or each time you have a birthday. It’s that supercharged feeling you get when it feels like you have a clean slate. You feel like you can take on the world and 47 new daily habits.

 

We don’t advise that but we do advise a shift in your mentality.

 

You see, the fresh start effect is purely a mental game – You don’t need to wait until the end of the year or your birthday to have a fresh start. You can start today. 

 

From today you can be like, ‘I choose not to let overwhelm take over in my business’.

 

That doesn’t mean you need a complete fresh start within your business (hold fire on that rebrand!). It simply means you can have a fresh start mindset when it comes to overwhelm.

 

Start by acknowledging that you’re feeling overwhelmed and don’t beat yourself up over it. 

 

Then, you can choose to do what you can to help with those feelings. Starting with adopting the fresh start effect.

 

  • Use productivity as a tool, not a way of being🔧

 

We’ve all done it. We’ve fallen into the trap of seeing productivity as the ultimate way to win at life. We try and optimise every minute of every day and feel guilty if we aren’t being “productive”.

 

Instead of seeing productivity as a lifestyle, see it as a tool to help you use a set amount of time in the most efficient way. 

 

Because the thing is, research shows we can only concentrate on tasks for about 5 hours a day.*

 

* (Check out Wired for more information http://bit.ly/40x7v3D) 

 

So, instead of seeing productivity as a way of being, see it as a way of maximising 5 hours a day.

 

We’re not expecting you to reduce your office day down to 5 hours each day off the bat. 

 

However, using those 5 hours in the most efficient way frees you up to get outside, go for that coffee or finish early if you’d like, knowing you got the big stuff done that day.

 

Plus, who knows, you may just find your office days could reduce over time…

 

There you have it – 3 Surprising Ways To Stop Feeling Overwhelmed In Your Business

 

We hope they help and that you are already feeling less overwhelmed.

In the meantime, here are some other things to help…👇

 

  • 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 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



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