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Vat’s it all about?
By law, a business has to register for Vat when their sales reach £73,000 or it’s likely that they will in a calendar year. But what is Vat? Basically it’s a tax on goods & services. But not all goods & services. So if you sell children’s clothes or books & magazines vat’s not applicable. But it is on adults clothes! The standard rate of Vat in the UK is 20%, which means that if you are selling a product for £1,000 then you have to add Vat of £200 making your total sales price £1,200. Many people forget about…
Contractor accounting with a difference
If you’re a Contractor then your accounting options are pretty limited. You either go with one of the big “volume” providers where you’ll simply be a number and never speak to the same person twice, or else you go with the small local accountant for a more “personal” service. The downside here is that the local accountant won’t have experience of the contracting sector, nor the technology to deliver you a seamless service that lets you get on with the job. With this option, you better get used to spreadsheets and Sage.
Caught between the devil and the deep blue sea.
That’s why we’ve built our business. We fit nicely between the two. Big enough to be able to invest in technology and employ staff who are experts in the contracting field. Small enough to still deliver a personal service.
Knowing when to step aside
This post is inspired by the fantastic Michelle Rodger of Tartan Cat Communications. Read her full Scotland on Sunday article here
Over the years I’ve seen this time & time again. People seem to think that as they were the founder of the business they have to be the leader / CEO too. That’s okay in the startup phase, where their inspirational vision is absolutely what’s necessary.
