Is Your Business Structure Working For You?

As your business grows and your personal circumstances evolve, it’s important to regularly review your business structure to ensure it’s still aligned with both your financial goals and personal needs. Changes in your lifestyle, family, or long-term plans can impact the way your business should be set up, and reviewing your structure now can help ensure you're getting the best outcome.

Financial Considerations:

• What are your 5-year and 10-year business goals?
• Is your business in a growth phase? -Are you planning to sell or retire in the next 5 years?
• Have you planned for succession, or is the business set up to pass on to the next generation or new owners?
• Do you operate under a single entity or multiple entities?
• Is your structure either too complicated or too simplistic for your needs?
• Is the business structure contributing to unnecessary complexity or administrative costs?
• Are you optimising your business for tax efficiency?

Personal Considerations:

• Has your family income changed (either increased or decreased)?
• Have your family’s needs changed, such as more time for travel or family commitments?
• Are all owners in the business properly compensated with a wage or salary?
• Are you achieving the work-life balance you desire?

At Pulse Accountants, we can help you assess whether your current business structure is positioned to support both your business and personal goals. We offer personalised consultations to ensure your business is optimised for success.

Schedule a time with us today to explore your options!

Contact Mel

Company Taxation Specialist

Balance & Beyond

Hey Sole Traders, did you know "Taking a Break Isn’t a Luxury - It’s a Necessity"

As a sole trader, it can feel like there’s always something that needs to be done. Without the traditional safety net of paid leave, it can seem impossible to justify taking time off, especially when your income directly correlates to the hours you work. But the truth is, taking breaks isn’t just a luxury—it’s essential for your long-term success and well-being. Saving for time off is just as important as saving for your taxes and looking at how to make sure you can take that well-deserved break without sacrificing your business or financial stability. Plus, you get to look forward to deciding where to go and planning that holiday.

Quick tips on Planning for Paid Leave as a Sole Trader

• Estimate Your Time Off Think about how much time you realistically want to take off each year. This could be a week’s holiday, a few long weekends, or days off for health and personal matters. The more you plan in advance, the easier it will be to save and ensure that you can afford it when the time comes.

• Set a Savings Target You need to save the equivalent of your income for the time you plan to take off. For example, if you plan on taking two weeks off each year, save up enough to cover those two weeks of income in advance. Work this into your budgeting.

• Create a Separate Savings Account Open a dedicated savings account just for your leave fund. This way, the money is protected from being spent on other things. Treat this account like a non-negotiable expense.

• Start Small, Build Over Time It might seem daunting at first, but the key is to start small. Set aside even a small percentage of your monthly income for leave, and over time it will add up. Gradually increasing your savings as your business grows will make it easier to take time off without financial stress.

Tips for Taking Time Off Without Stress

• Plan Your Time Off Around Slower Periods: This way, you won’t feel the pressure of a drop in income while you’re away.

• Let your clients & team know well in advance when you plan to take time off giving them plenty of time to prepare.

• Delegate or Automate Where Possible - Whether it’s an email autoresponder, virtual assistant, or other outsourcing options, make sure your business can keep running smoothly without you.

It’s easy to think that taking time off as a sole trader is impossible, especially when you’re working hard to keep things afloat. But planning for paid leave is not just a smart financial move - it’s also a health and productivity strategy. By setting aside funds regularly and planning for breaks, you’ll be ensuring that you’re able to give your best to both your business and yourself. Not to mention enjoy that holiday!.

Contact Carley

Sole Trader Cash Management

Smart Minds, Smart Moves

"A goal without a plan is just a wish." – Antoine de Saint-Exupéry

Kick off the year with a clear vision. Set SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) and create an action plan to guide you.

Having a vision and setting SMART goals is the foundation for a successful business. January is the perfect time to start planning and setting goals to implement in the new financial year.

Contact Natalie

MINDSET

Protect Your Business with Audit Shield Insurance

As a business owner, you're no stranger to risk. But what about the unexpected costs of an Inland Revenue audit? Even if you've done nothing wrong, the professional fees associated with an audit can be a significant financial burden. That's where Audit Shield insurance comes in.

What is Audit Shield insurance?

Audit Shield is an optional tax audit insurance designed to protect individuals and businesses from unexpected professional fees due to Inland Revenue audits, enquiries, investigations, or reviews. It's like having a safety net for your business, giving you peace of mind and financial protection.

Benefits of Audit Shield insurance

So, what are the benefits of having Audit Shield insurance? Here are just a few:

Covers professional fees: Audit Shield covers costs related to your accounting firm's work, as well as fees for legal, bookkeeping, or other specialist advisors up to a set limit. No excess or minimum claim amount: You don't have to worry about meeting a minimum claim amount or paying excess fees. Retrospective coverage: The policy includes retrospective coverage for all previously filed returns, so you're protected even if an audit relates to a past return. Tax-deductible premium: The premium is tax-deductible, making it a cost-effective way to protect your business. One-off annual fee: You only pay one annual fee, making it easy to budget for.

**Why choose Audit Shield insurance? ** In today's uncertain business environment, it's essential to protect your business from unexpected costs. Audit Shield insurance gives you financial protection and peace of mind, allowing you to focus on what matters most - growing your business.

By taking out Audit Shield insurance, you can:

• Reduce financial risk and uncertainty

• Protect your business from unexpected costs

• Ensure you're prepared for any Inland Revenue audit or enquiry

• Focus on growing your business with confidence

Audit Shield insurance is an essential protection for any business. With its comprehensive coverage, tax-deductible premium, and one-off annual fee, it's a cost-effective way to protect your business from unexpected costs. Don't leave your business vulnerable to the risks of an Inland Revenue audit - consider taking out Audit Shield insurance today.

Contact Mandy

BOOKKEEPING COMPLIANCE

The Procrastination Trap

I had some calls I had to make,
But thought, "They’re fine, they’ll have to wait."
The bills stacked up, a looming pile,
Yet I ignored them for a while.
The bank was waiting for my cash,
But I just left it in my stash.
The accountant called—once, then twice,
I dodged their emails (not so nice!).
"I’ll do it later," I’d declare,
Then business woes filled up the air.
A late fee here, a lost sale there,
Yet still, I acted unaware.
But business doesn’t run on dreams,
It needs some action, plans, and schemes.
So take that step, don’t stall or hide—
Or watch success just pass you by!

Contact Gail

CERTIFIED PROFIT FIRST PROFESSIONAL