How do you feel about the VAT threshold? I know many people are terrified of going over the VAT threshold in the UK, but it isn’t something that should scare you; it’s something that’s good for your business!
That’s why I want to talk to you about sailing over the VAT threshold without the fear, worry and self-sabotage that can go with it, so you can enjoy the growth of your business instead of worrying about whether you're going to go over the VAT threshold or not.
Because that VAT threshold isn't something to be scared of, and yet, it stops people from growing and reaching their potential. So let’s cover the basics, so you can drop the fear and overwhelm and sail through that VAT threshold instead.
In the UK, the VAT threshold is currently set at £85,000. That’s £85k worth of revenue and is done on a rolling 12-month basis. So it's not relevant to the calendar year or your year-end. You need to know when...
What even is a CFO? A CFO is a Chief Financial Officer or Finance Director (FD).
Every big business has a finance director or CFO and they are needed to keep the financial affairs of the business in line and to provide valuable financial management information to the business. They are your trusted adviser and translator of the numbers!
In small businesses you don’t need a full-time FD/CFO but you do still want to know what your numbers look like on a monthly basis and have someone checking on a regular basis. People often think that they can’t afford to have finance support in a business. This is very different from a year end accountant where they are producing the statutory returns for your business. They are not there to analyse your business and understand your business in detail but merely to submit the tax and legal requirements.
If you just have a year end accountant, this can mean that you only look at your accounts once a...