How’s your work-life balance?

Fortuous • Jan 26, 2022

It’s great to be the boss – you can work any hours you like, right?

 

Unfortunately, for many business owners, that means long hours, plenty of stress, and very few breaks and holidays.

 

A survey done by Statistics NZ found that:

 

  • 21% of employers work 60 hours per week or more
  • Only 45% employers said they were satisfied with their work-life balance, compared with 76% overall.

 

After lockdowns and restrictions due to COVID-19, you might find yourself thinking about your priorities – at least, that’s been the case for a lot of business owners. This year work-life balance overtook salary as the main consideration for job-seekers, in this survey.

 

Running a business and having a life

 

Can you run your business effectively and still have enough time left over to do the things you love? You’re the best judge of how much time your business needs, but don’t neglect your wellbeing. If you would like to take back some personal time, you could consider:

 

  • Delegating – don’t try to do everything yourself
  • Saying no – not every project is worth taking on
  • Investing in systems – to reduce time on admin or paperwork
  • Taking all your leave – find ways to have breaks and holidays

 

Working towards a balance

 

If you really can’t work less right now, try to build your business with a better balance in mind for the future. It’s important that you can step back at some point to take a holiday, travel, or spend time with family. Being tied to your business for more than 60 hours each week isn’t a sustainable way to take care of your health and higher profits aren’t worth that sacrifice.

 

Also, any business that doesn’t allow the owner to step away is very hard to sell and worth far less than one that can run independently!

 

We might have some ideas

 

Whether you want to improve your work-life balance now, or build your business to achieve it in future, we have ideas. We’ve worked with plenty of clients who need to reclaim their time, and we know it can be done.

 

Give us a call, drop us a note or come in for a chat – we’re here to help.

 

The post How’s your work-life balance? appeared first on Fortuous.

Selling your business: what are the tax implications?

By Fortuous • 28 Apr, 2023
Selling your business is a big decision. If you’re incorporated as a limited company, you’ll usually be faced with two choices for how to structure this sale. You can choose between: Both routes have their own distinct tax outcomes. Having a good understanding of these implications is extremely important before you make a decision on […] The post Selling your business: what are the tax implications? appeared first on Fortuous.

What is Making Tax Digital for Income Tax Self Assessment?

By Fortuous • 17 Apr, 2023
Making Tax Digital is changing how we submit tax returns. And with Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) coming into force from April 2026, it’s time to start planning how you’ll meet the compliance requirements for MTD for ITSA. We’ve highlighted the four main areas where you need to take […] The post What is Making Tax Digital for Income Tax Self Assessment? appeared first on Fortuous.

Getting your bookkeeping ready for a digital future

By Fortuous • 07 Apr, 2023
Keeping up-to-date records of your business transactions isn’t the most glamorous part of being an entrepreneur, that’s for sure. But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control Digital bookkeeping is the future of your finance The digital age has […] The post Getting your bookkeeping ready for a digital future appeared first on Fortuous.

The top tax-effective benefits to offer employees

By Fortuous • 31 Mar, 2023
Offering benefits-in-kind to your staff is a great way to make your business an attractive place to work. And these benefits add even more value if they’re also either tax-effective or tax-free. You can offer certain concessions that make benefits provided to your employees (including directors) either low-tax or no tax. To be clear, we’re […] The post The top tax-effective benefits to offer employees appeared first on Fortuous.

How does the Substantial Shareholding Exemption help your business sale?

By Fortuous • 21 Mar, 2023
When selling your limited company, you want to do so in the most tax-efficient way possible. Making use of the Substantial Shareholding Exemption (SSE) is one way to do this. Let’s dive in and see how the SSE limits the corporation tax you pay on any capital gains. Why should I consider the Substantial Shareholding Exemption when […] The post How does the Substantial Shareholding Exemption help your business sale? appeared first on Fortuous.

Why your accountant is the mentor you didn’t know you needed

By Fortuous • 13 Mar, 2023
A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success. But have you ever […] The post Why your accountant is the mentor you didn’t know you needed appeared first on Fortuous.

5 ways to get in control of your business finances

By Fortuous • 06 Mar, 2023
Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable. With so many digital tools for managing your bookkeeping, accounting and management reporting, it’s never been easier to manage, track and forecast your financial position. But what are the main tools you […] The post 5 ways to get in control of your business finances appeared first on Fortuous.

What should be on a VAT invoice?

By Fortuous • 25 Feb, 2023
Whether you’re selling or buying, it’s important to make sure that any VAT invoices you issue or receive comply with the strict VAT regulations. Failing to do so can cause problems both for you and for your customers. If you reclaim VAT using a defective invoice, HM Revenue & Customs (HMRC) can disallow the claim. […] The post What should be on a VAT invoice? appeared first on Fortuous.

New UK corporation tax rates from April 2023

By Fortuous • 14 Feb, 2023
Did you know that the UK corporation tax rates are changed from April 2023? From 1 April 2023, the rate of corporation tax changes from 19% to a variable rate between 19% to 25%, depending on the profits made by your business. This could mean a change to what you will owe in tax for the […] The post New UK corporation tax rates from April 2023 appeared first on Fortuous.

Book a tax planning conversation with us today

By Fortuous • 06 Feb, 2023
The days of deciding on a tax planning at the start of the year and then forgetting about it are gone. As taxpayers and tax advisers, we both have to be nimble, flexible and aware of changes. That’s why regular tax-planning sessions are so important. The need for regular tax-planning conversations As your accountant and […] The post Book a tax planning conversation with us today appeared first on Fortuous.
More Posts
Share by: