Ever feel like your accountant just doesn't get you?

Anyone who's been self-employed for any period of time will very often have felt frustration when they can't get answers from their accountant, or feel like they're not important to them.

The right accountant will be one who know more about you and your finances than anyone else. You need to enjoy working with them. They need to be helpful when you ask for help. They need to be there when you need to talk to them.

Choose the right accountant, and if it doesn't feel right, choose again. You need to have comfort that you can focus on your business knowing they've got the boring stuff covered.

I’m giving you 3 tips a day for 5 days this week to help you get a head start on having a better business in 2024.

And because I know you’re busy, I’m going to give you all the days today, so you don’t miss out.

There’s nothing new or earth-shattering here, but it never hurts to remind ourselves how we can be better.

Monday: 3 Ways to pay a little less tax in 2024.

1.????? Keep every receipt. Use an expense app like this one (https://www.contractingplus.com/services/online-portal/) ?to record all your expenses. Every €100 spent, saves you €50* in tax.

2.????? Work with a good accountant who can help you identify ways to reduce your tax liability. A good accountant is an investment, not a cost. And the fees only cost half* when you take the tax relief into account.

3.????? Claim any flat-rate expenses you are entitled to. These are Revenue approved expenses which reduce your tax liability, and you don’t need to have receipts for them. For example, Journalists can claim a flat rate expense of €381 each year.

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Tuesday: 3 reasons a limited company is better than being a Sole Trader (not a Soul trader)

1.????? Save €500* in tax by purchasing a prepaid voucher / money card every year.

2.????? Get 52% tax relief on your pension contributions. As a Sole Trader you only get a maximum of 40%* tax relief.

3.????? Save money in your company and take up to €750,000 tax free between the ages of 55 and 65.

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Wednesday: 3 tips when saying no to business you don’t want.

1.????? I’m sorry, I don’t have time to work on that while maintaining the level of skill/expertise/attentiveness I would want to give. It wouldn’t be fair to you for me to commit knowing I couldn’t give it the attention it deserves.

2.????? If you’re saying no based on previous experience (e.g. you know the client is likely to take up more time than normal or looks for additional scope without wanting to pay for the extra work), but you like the work and/or the person, then try quoting a good multiple of your normal rate. That often removes the penny pinchers (who don’t value you anyway), and if you get the work, its now worth your time.

3.????? Whatever you say, always say it clearly and kindly. A no doesn’t need to be rude. Don’t leave the door open for them asking again, unless you want them to. We tend to want to over-explain. E.g. I don’t have the time right now because I have x and y and z to complete before the end of the month. That leaves them open to say the following month is fine.

Thursday: 3 ways to generate more income in 2024

1.????? Contact any current/past clients and ask do they have 30 minutes for coffee…you’ve a favour to ask, or you would like their help with something. The favour is to ask them could they introduce you to one person in their network who might benefit from your service. The ‘help’ is to ask them how they think you could win more business. Don’t be afraid to look vulnerable. Good people actually like to help.

2.????? Deliver a free webinar where you give information that is useful to your target client base. You’ll need to get this in front of them, so you’ll need a list of potential targets to email. Show your value and help them solve a problem. For most of us, what we do isn’t rocket-science. When we help, people see our knowledge and when they realise they haven’t the time or resources to complete the job themselves, or they are struggling with it, they’ll contact you.

3.????? Increase your price by 20% for every new client. Seems obvious and I already know you’re shaking your head saying it wont work. But if it doesn’t work, why is there always someone charging more than you?

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Friday: 3 things that will give you back more free time.

1.????? Every day, do the hardest thing on your list first. This is really hard as we all procrastinate too much but start the habit and you’ll be amazed by how quickly you get through the rest of the stuff on your list. We will find things to do which seem important to put off the difficult job/conversation.

2.????? Say no more often. Do it kindly, but firmly.

3.????? If you work with others and they need your help or are looking for your approval, then before ‘telling’ them your answer, ask what they are thinking. Teach others around you. Its slower today, but in the months ahead, they’ll have the knowledge and the confidence to start doing more while asking you less.

*any item marked with an * assumes you are paying tax at the higher rate.

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Shameless plug:

I’d love more business. We love independent professionals; contractors, freelancers, coaches, business consultants. We believe everyone should have the opportunity to follow their dream. When you're busy doing that, we'll be looking after all your tax, accounting, bookkeeping, pensions...all the boring, but important stuff. And we’re easy to talk to too.

If you have a friend who’s self-employed, please share this with them. We can’t work with everyone, but those we do work with are cared for. You can see what they have to say in our Google Reviews

www.contractingplus.com

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