Lagom Finance

Discover how to optimise your Digital Agency for success by finding the perfect size and shape with our Capacity Plan model. Link in bio

Managing both your business and personal finances can be overwhelming. Take our questionnaire and find out how Compass can bring clarity and efficiency to your financial life. Link in bio.

In order for decision-making to become much easier for you, we believe strongly in being crystal clear on your goals and the financial model of your business.

Being clear on your goals is part of financial maturity because when you are clear on a specific outcome, you can tie every decision and action back to what you are trying to achieve, and know for sure it’s the right thing to do so you can execute with commitment.

Find out more about our goal-setting tool on our website, link in bio.

“Never take your eyes off the cash flow because it’s the lifeblood of business.” Here at Lagom, we work with agencies of all different shapes and sizes. That can be anything from a close-knit team of 5, generating revenue of £300k per year through to teams of 50, bringing in £5m+ but there’s one consistent across all of them - CASH. Check out our latest blog on our website, link in bio.

Self Assessment Deadline! 🗓️ The deadline for payment to your Self Assessment is January 31st. For guidance on how to complete your Tax Return accurately and on time, folllow the link in our bio to your FREE Self Assessment guide full of tips. ✅

Reduction in National Insurance. Here’s an illustration for an employee and a sole trader of the saving 👀

Some highlights from the latest Autumn Statement 2023:
•From 1st April 2024, the national living wage will increase by 9.8% to £11.44 an hour, with the age threshold lowered from 23 to 21 years old.
• From 1st April 2024, the national minimum wage will be increased to £8.60 an hour for 16–17 year olds and to £6.40 an hour for apprentices.
• Employee National Insurance contributions (NICs) will be cut from 12% to 10% from 6th January 2024.
• Class 4 NICs will be cut by 1p, from 9% to 8% from 6th April 2024.
• Class 2 NICs will be abolished, with no one required to pay from 6th April 2024.
• State pension is set to increase by 8.5% in April 2024.
• Full expensing of capital expenditure will be made permanent so companies can claim 100% capital allowances on qualifying main rate plant and machinery investments.
• A business rates support package worth £4.3 billion will be introduced over the next 5 years, including a rollover of 75% retail, hospitality and leisure relief and a freeze to the small business multiplier.
• The existing R&D expenditure credit and small and medium enterprise (SME) scheme will be merged from 1 April 2024.
• The rate at which loss-making companies are taxed within the merged R&D scheme will be reduced from 25% to 19%, and the threshold for additional support for R&D intensive loss-making SMEs will be lowered from 40% to 30%.
• The climate change agreement scheme providing for reduced rates of climate change levy will be extended, giving energy intensive businesses around £300 million of tax relief every year until 2033.
• The investment zones programme and freeport tax reliefs will be extended from 5 years to 10 years.
• Three advanced manufacturing investment zones will be established in Greater Manchester, East Midlands, and West Midlands.
• Duty on all to***co to increase by RPI plus 2%, with the rate on hand-rolling to***co to increase by RPI plus 12%, from 22nd November 2023.
• Alcohol duty will be frozen until 1st August 2024.

We are now part of the MAP family 💕

Today - Lagom became I have spent the last 5 years building up the Lagom business, supporting small businesses and growing an amazing team. I have taken the business as far as I can and it is now time to pass over the reigns to an extremely capable and trustworthy team at MAP. Realistically nothing will change, the same great service from a great team, focussed on helping small businesses grow. Thank you to everyone for your support over the years. It’s time for me to begin my new chapter. Becki 😊

There’s nothing quite like being your own boss, but running a small business can be a headache at times too.

We have put together a list of tips to help you better manage your people, time and money so that you can stop stressing and enjoy the wild adventure that is entrepreneurship.

➗ Separate your personal and business finances

This is a step that many small business owners tend to skip, especially in the early stages. However, it’s important to separate your personal and business finances as soon as possible. It’s very difficult to manage your finances well when your accounts are muddled, so start as you mean to go on.

🖥️ Use accounting software

As a business owner, it’s natural to want to save as much money as you can but the DIY approach is not cost-effective in the long term. It’s worth paying for good quality accounting software, as you will reap the rewards in terms of time and headaches saved.

🦸🏻‍♀️ Be super scheduled

As a business owner, there are always a hundred and one tasks demanding your attention. To ensure that you achieve what you want to achieve, you need to diarise it

🏫 Invest in education

Yes, Google is a wonderful resource, but you can lose hours falling down internet rabbit holes when you don’t know where to look. Often, you save a significant amount of time by investing in a course or mentorship program that will show you a clear-cut path.

🧾 Hire an accountant

Accounting software certainly does make your life a lot easier as a small business owner, but it’s not always enough. Hiring a quality accountant who can not only do your taxes but also offer financial advice will dramatically improve your financial situation and help to protect your business against tough times.

The above small steps will make your life as a business owner infinitely easier, and put your company on the path to success.

Share this post with a friend who might find this useful!

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With the 2022/23 tax year coming to an end, there is no better time to have a deep clean of your business finances! 🧹🫧

Swipe for some tips to get you started

Are you aware of some of the upcoming changes to tax from April 2023?

• Dividend allowance will reduce from £2,000 to £1,000
• Capital gains annual exemption will reduce from £12,300 to £6,000

Tying the knot? If either you or your spouse/civil partner has an income below the personal allowance, the higher earner could save up to £252 per year in tax.

🤵‍♂️💍👰‍♀️💒🤵‍♀️

Did you know that we have free guides available on our website? Link is in our bio

Your registered office address will always be publicly displayed on Companies House. For this reason, we allow all our clients to use our office address to protect their privacy 🙌

Do you have a buy to let property or holiday home that you’re looking to sell? After 1st April 2023, the tax-free capital gains allowance will be slashed from £12,300 to £6,000. This effectively means that you’ll pay tax on an extra £6,300 of any capital gains from the sale.

Preparing your own self assessment? It may be more tax efficient for you to claim the trading allowance. This is a flat rate tax deduction of £1,000 aimed at those with total self employment expenditure of less than £1,000.

Looking to purchase a new laptop? Remember that companies can claim 130% tax relief on qualifying new plant and machinery until 31st March 2023. 🖥

The deadline for 2021/22 tax return submissions & payment of tax owed is 31st January 2023 - have you done yours yet?

2023 - new year, new goals. What do you want to achieve this year?

#2023

Happy New Year everybody! We hope that you all enjoyed the festive period. Our office is reopening from tomorrow and we can’t wait to get back to helping our clients.

Our office is now closed for Christmas until 3rd January. All of us here at Lagom wish you a very merry Christmas & a happy New Year. 🎄❤️

For all you last minute Christmas shoppers, the answer to this is YES…. within reason.

You can purchase Christmas gifts for your staff as long as the total does not exceed £50 (including VAT).

You can also buy gifts up to the same value for your clients & customers, but the key difference is that these gifts must have the business’ logo on them.

It’s that time of year again 🎄🎁 here are our Christmas opening hours ✨

Wishing our lovely Adele a very happy birthday 🎉❤️

Wondering what it’s like to work with us? Here’s the process in 5 simple steps.

This is a question we get asked a LOT. Whilst there’s no definitive list of what expenditure can & cannot be claimed, here are a few things to get you started.

The maximum amount you can contribute to your pension tax-free each year is £40,000 - have you been making full use of your allowance in previous years?

Not to worry if not! You can carry over any unused allowance from the previous 3 tax years. This allows you to contribute even more into your pension pot without having to pay the annual allowance tax charge. 🙌

QUESTION - are you using accounting software?

If not, we’d highly recommend looking into it. Some of the benefits include:

✔️ Invoicing process can be automated
✔️ You can store receipts digitally & dispose of paper copies
✔️ It’s in line with HMRC’s plans to make tax digital

We’ve tried & tested most accounting software packages and wins our vote every time. 🙌