The Business Engine
Most small business owners are paying more tax than they have to. Not because they want to, but because no one ever taught them the formula. In this episode of Business Engine, Arthur sits down with Fay Bartlett, a chartered accountant with ten years in the industry and the founder of her own practice. Faye works with small business owners, entrepreneurs and creatives who feel intimidated by their numbers. They get into the formula to take up to £100,000 out of your company tax-efficiently, the trivial benefit allowance most directors don't know exists, and why a good accountant should pay for themselves through the tax they save you. If you've ever stared at your accounts and wondered if you're doing this all wrong, or felt like tax is something that just happens to you, this one is for you. CHAPTERS (00:00:00) Intro: meet Fay Bartlett, chartered accountant (00:02:57) How to read your financial statements (and why it matters) (00:08:14) Set up separate pots for tax. Stop spending money you owe HMRC (00:11:59) "HMRC doesn't care WHAT you put through your business" (00:13:12) The OnlyFans question and what counts as a business expense (00:17:32) The £300 trivial benefit allowance most directors miss (00:23:54) The formula to take £100,000 out of your company tax-efficiently (00:27:00) "It's illegal to pay yourself a dividend" (00:28:58) When to hire an accountant (and how much they should cost) (00:34:31) What the autumn budget means for small business owners (00:36:08) 16,000 businesses closed and why community matters (00:41:20) Final advice: don't hide from your numbers GUEST Fay Bartlett, Chartered Accountant Website: https://www.financeandyou.co.uk/ [https://www.financeandyou.co.uk/] Instagram: https://www.instagram.com/faydoesfinance/ [https://www.instagram.com/faydoesfinance/] LISTEN YouTube: https://www.youtube.com/channel/UCdjyVyy1eSl_wQNNDLj9hnQ [https://www.youtube.com/channel/UCdjyVyy1eSl_wQNNDLj9hnQ]Spotify: https://open.spotify.com/show/1OyuXYMEgbKcGsNHiGDEpW [https://open.spotify.com/show/1OyuXYMEgbKcGsNHiGDEpW] Apple Podcasts: https://podcasts.apple.com/us/podcast/the-business-engine/id1896631852 [https://podcasts.apple.com/us/podcast/the-business-engine/id1896631852] FOLLOW BUSINESS ENGINE LinkedIn: https://www.linkedin.com/company/thebusinessengine/ [https://www.linkedin.com/company/thebusinessengine/] Instagram: https://www.instagram.com/the.business.engine/ [https://www.instagram.com/the.business.engine/] TikTok: https://www.tiktok.com/@the.business.engine [https://www.tiktok.com/@the.business.engine] HOSTED BY ARTHUR JONES Instagram: https://www.instagram.com/arthur.maskew/ [https://www.instagram.com/arthur.maskew/] LinkedIn: https://www.linkedin.com/in/arthurmaskew/ [https://www.linkedin.com/in/arthurmaskew/] PRODUCED BY MASKEW MEDIA https://www.maskew.media [https://www.maskew.media]
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