September Newsletter

Sep 6, 2023 | Newsletters | 0 comments

MARATHON MINDSET FOR YOUR BUSINESS

Focusing on your business with a marathon mindset will help you in the long run (yes, that pun was intended). Successful businesses are built from patience, planning and adaptability – key traits of marathon runners. Use the following steps to help guide your business to achieve a marathon mindset:

PLAN YOUR GOALS

Business owners with a marathon mindset set plans for long-term objectives. By creating their aspirational but still achievable goals by looking at the bigger picture, they can continue to work towards their business success.

PATIENCE AND PERSEVERANCE

Patience and perseverance are key aspects of marathon running. Businesses that use these understand that achievements take time and hard work. By staying committed to long term success, the commitment to your goals will pay off.

ADAPTABILITY

Challenges and unexpected events are normal for both marathon runners and businesses. Adapting to challenges is essential to achieve the long-term goals set. Overcoming these issues with determination will help your business prepare for other future challenges that may occur.

MAINTAINING YOUR SUCCESS

While applying the above, businesses that do not overload themselves are more likely to be successful and maintain their successes. Like marathon runners, pacing is crucial, and this also applies to business maintenance.

COLLABORATION

In the same way that marathon runners have a great support system around them, businesses also need to build up their strength from teamwork and networking. By creating an environment where all are supported, clear communication is established and shared goals can be achieved.

By using this marathon mindset, businesses can create and achieve their goals.

HMRC’S ADVISORY FUEL RATES FROM 1 SEPTEMBER

HMRC have set out the advisory fuel reimbursement rates for employees’ private mileage using their company car.

When the employer does not pay for fuel for the company car, the amount of fuel can be reimbursed in respect of business journeys without the amount being taxable on the employee.

The new advisory rates from 1 September are:

Engine Size	Petrol	Diesel	LPG
1400cc or less	13p	–	10p
1600cc or less	–	12p	–
1401cc to 2000cc	16p	–	12p
1601 to 2000cc	–	14p	–
Over 2000cc	25p	19p	19p

For hybrid cars, the petrol or diesel rates must be used.

For electric vehicles, the rate is 10p per mile.

SET UP A TAX-FREE CHILDCARE ACCOUNT

The government’s Tax-free Childcare Accounts scheme tops up savings of up to £8,000 per child by 25%, which means you can get an extra £2,000 per child a year to spend on childcare.

The scheme applies to children under 12, with the age limit of 16 for children with disabilities.

Tax-free childcare accounts are available to both employees and self-employed workers. Eligibility depends on the parent earning at least the National Minimum Wage or the National Living Wage for at least 16 hours a week.

Date	What’s Due
01/09	Corporation tax for year to 30/11/22 unless paid by quarterly instalments.
19/09	PAYE & NIC deductions, and CIS return and tax, for month to 05/09/23 (due 22 September if you pay electronically).
01/10	Corporation tax for year to 31/12/22 unless paid by quarterly instalments.
05/10	Deadline for notifying HMRC of chargeability for 2022/23 if not within Self-Assessment and receive income or gains on which tax is due.
19/10	PAYE & NIC deductions, and CIS return and tax, for month to 05/10/23 (due 22 October if you pay electronically).