Jay is with Simon Misiewicz founder of Optimise Accountants, he is a tax specialist with extensive experience and expertise and is answering the questions everyone wants to know the answers to, whether they are an employer, self-employed or an investor.
They discuss the rapidly changing financial landscape and the moves the government are making to support businesses whether you are an employer or self-employed.
Uncertainty is the new norm and this episode has practical advice and clear information that is of value to any business, in this very different time that we all find ourselves in, listen in and learn more.
The government is having to build a system to be able to pay employers so employers are going to need to cover furloughed employee salaries for March, April and early May prior to the Government being in a position to pay-out.
The British Business Bank is offering a loan and there is a holiday payment of 12 months available but you need to consider the interest that you will be paying later on.
These loans will still take 2-3 months to process and your own bank or loan provider may be able to offer a loan that is cheaper and quicker than what’s on offer from the Government.
If you need the money immediately start talking to your bank about what they can do to help now.
If someone was about to make a VAT payment then the payment does not currently have to be made, potentially providing a cash injection for your business.
If your payments are via direct debit make sure you cancel it as it will take approximately 6 weeks for the money to be returned to your account.
Self-employed, how will it work?
One of the roles of your accountant or tax advisor is to keep your profits as low as possible so that your tax is as low as possible so it will be difficult to work out an approach or system that will be fair for everyone.
Whatever is decided there will be some people who will lose.
Are you self-employed if you are an investor?
The government definition of self-employed is someone who is actively doing something to provide a service or sell a product.
Property investment is passive, you get the money regardless of what you do, the government will not be providing assistance to investors.
You need to have a contingency plan and also understand there are opportunities that you need to be prepared and ready to take action on.
Everyone is in the same situation don’t be proud or bury your head in the sand communicate with others and ask for help if you need it.
‘Whatever they bring in some people will like it and some people will loathe it, it’s a very difficult situation and any solution will be complicated’
‘It has to be a fair and equitable number that is paid to most people’
‘There are on online businesses that will not be affected’
Optimise Accountants website
Optimise Accountants YouTube
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its huge success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone, 95% of business fail within the first five years, and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.