Tax News
March 24, 2022
  •  
5 mins

Do you know your real-life number

Gravitate Accounting

What is your real-life number?


Every business owner has a real-life number. It is everything behind the scenes, that you are working towards in your real life, things like your next house, next big investment, or your pension pot. This real-life number can and should be linked with everything that the business is working towards.It is the key to achieving the life you really want, both now and in the future.


But many business owners can find themselves controlled by their business. They become wrapped up in running the business and unable to focus on improving their lifestyle.


You see, for many business owners there can become a disconnect between the work that is being done in the business and the impact it can have on their lives.But the only way to achieve your real life number, is by looking inside the business and getting serious. One of the ways you can do this is by understanding how tax advice and consultancy can help you achieve your real-life number tax efficiency.

This is where we come in.

 

To help you reap the rewards of you real-life number, we’ll work with you to:


Identify your real-life number

To start we’ll look at your current position and what your business can pay you right now. We’ll then look at what you need to achieve, to get you to the real life number that you want.

 

Impact of business performance

We’ll then review how your business performance is impacting your ability to achieve your real-life number.

 

Identify ways to make tax-efficiency savings

Using our expertise and knowledge, we will help identify tax saving opportunities, meaning you can take extra money out of the business for you and your family right now.

 

We’ll also make plans to take an extra sum out of the business during the next five to 10 years.

 

What information will we need to help you achieve your real life number?

If we’re to help you achieve your real-life number, we really to get know you. This means getting know things like…..


Family

Are you married? Do you have children if so, how old are they? Are your parents still around; if so, how old are they? Who is bringing in income; what is their job and how much do they earn?


Big life investments

What big life investments do you have planned? For example, do you intend to buy a bigger house, new cars, holiday home etc. How much money will your planned investments cost?



Family investments

What do you want for your kids?Nothing? School funded? University funded? First home? What amounts do these come to?



Protection Investments

How are your protecting yourself now and into the future? Things like insurance policies such as Medical, Life,Critical Illness, Income Protection, Key Person Insurance, Death in ServiceInsurance and so on.



Pension Investments

What are your plans pension wise? Are you planning to use a company pension, standard pensions, SIPP or SSAS? Do you want to generate more in order to take out more and fund a pension? How much would you like to fund each year?



Lifetime Investments

Outside of pension investments do you have a set amount you want to create – a disposable income wise to invest each year? What is that amount?



Lifestyle expenditure

What is your lifestyle generally like?Are you spending all the money you extract via salaries and dividends from the company on life expenses?

 

It looks likes like a lot of information but if you’re serious about achieving your real-life number and taking more value out of your business, this is what it takes.


Value Extracting Tax Diagnostic Review

We have launched a tax diagnostic review service that will analyse your business and personal circumstances, to identify all the ways you can tax efficiently put things through the business, or take value out of the business, benefitting you, your family and even your employees.

Find out more about the Value Extracting Tax Diagnostic Review

 

Do you know your real-life number?

If you want to get a better understanding of the tax position of your business get your real-life number down, and get a plan in place, we can help you get you there.

Let us help build your future. Book a discovery call and start your journey with us today.

Gravitate Accounting
Linkedin

Subscribe to Gravitate

Get industry insights that you won't delete, straight in your inbox.
We use contact information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time.

More news

6 Essential Questions to Ask When Hiring an Accountant for Your Business

Finding the right accountant to manage your finances is key to success! Click to read so you know what to ask when searching.

Read Article

Tax Benefits of Employing Family Members Through a Limited Company

If your partner or children are legally eligible to work, this strategy can offer substantial advantages for your business!

Read Article

The Business Owners Guide To Electric Cars

Find out how navigating the transition to electric vehicles and how to optimise it!

Read Article

What Expenses Can I Put Through My Business? 

This blog explains why you should put expenses through your business and what counts as a business expense.

Read Article

Strategies to Boost Employee Morale Without Tax Implications

For this blog, we're shining the spotlight to employees and exploring avenues to provide meaningful rewards that don't add extra tax weight.

Read Article

The Financial Advantage of Leasing Electric Cars Through Your Limited Company

Electric vehicles (EVs) have surged in popularity, driven not only by environmental consciousness but also by financial incentives.

Read Article

Maximising Tax Efficiency: Varying Your Income for Better Returns

When it comes to managing your income, understanding the potential tax benefits can significantly impact your overall net cash in hand.

Read Article

Maximising Earnings: Salary vs. Dividends for £150k Income

In our ongoing series exploring various income levels, we've already delved into the financial strategies for those earning £50k and £100k.

Read Article