Why Outsourcing Admin Work Can Help Build Your Business

An average business in the UK will spend around 71 days completing business administration tasks, with 20% of this spent on accounting tasks.

Daily administration tasks vary in importance and time and are mainly none earning. Imagine what you could do with your time if you gained just a percentage of the 71 days you currently spend.

Here are the four top reasons why outsourcing your businesses admin work can help you build your business:

Better Focus

Removing some of your daily admin that takes up your time and attention will allow you to focus on what you love to do. Remember you did not set up your business to be stuck behind a desk completing admin you do not earn income off. By removing these tasks, it will help your business focus on your customer needs increasing customer satisfaction.

Increase Income

This one may seem a bit strange how can I increase my business's income if I am spending money on help to complete tasks? 

The answer, reducing time spent on none income-earning tasks, allows you to take on more space on income-earning tasks, the money that you earn will not only offset the cost of admin help but will also increase your profit margin.

Gain Time Back

When asking business owners why they went into business, most at some point will answer a better work/life balance. It is the dream to work less and earn more. It is hard when running a business to achieve this dream, however by outsourcing your admin, it is achievable, think about the time off you will be able to have with some of those 71 days a year back.

Increase Productivity

By outsourcing admin, you only pay for the productive time spent in your business, which means that they help you outsource will ensure maximum productivity for your business.

Finally, when you take the plunge and secure that outside help for the administration within your business, make sure you find the right support. They will be an extension of your business, so you need to ensure you are happy.

Here at VASS, we would be happy to help your business with its administration, to arrange a meeting to discuss how we can support you, please get in contact here:

Which is the best business structure for your new business?

Starting a new business can be an exciting time, but with so much information and tasks to be done, you want to ensure that you are doing it right. One of the main decisions you can make for your business at the very start is which business structure is right for your business.

There are four different types of business structures for you to choose from:

• Self employed / sole trader
• Limited Company
• Partnership
• Limited Liability Partnership

Each one is very different, requiring different setups and year-on-year accounting. Here at VASS, our main aim is to help make business as easy as possible and help you as best as we can.

Here is information on each of the structures and the pros and cons of each one.

Self Employed/Sole Trader

Being self-employed or a sole trader is to work as a freelancer or owner of a business, taking responsibility for its success or failure.

This is the quickest route to start your new business and means you keep 100% of profits, but it does mean that you are liable for all business debt.

An annual self-employment tax returns each January, where you pay your Annual Tax and National Insurance, is required.

Pros

• Easy to setup

• All profit belongs to you after tax and national insurance

• Tax reporting is easy to work out

Cons

• You are liable for any debts made within the business

• It can be harder to find borrowing and finance

Limited company

A limited company is a company that has been incorporated at Companies House as its own entity, operating separately from the business owners. 

You would register yourself as a director of the business and, you pay yourself a salary or dividends of the business. 

Owning a limited company can be tax-efficient and you would need to pay Corporation Tax at 19% of the business's first £300,000. 

Pros

• You are not liable for any business debt

• It can be easier to obtain credit from lenders

• Can save tax (dependant on business earnings)

• You will be registered at Companies House, meaning no other business can register with your name

Cons

• Accounting is more complicated and may require an accountant

• Initial fees will incur during business setup

• Not recommended if your taxable profits are below £30,000

Partnership

This business structure is similar to self-employed but allows for two or more people to co-own the business, with each owner being responsible for the business and its debts. 

Each partner within the business would be required to pay their portion of taxes and national insurance. 

It is advisable to have a formal Partnership Agreement that covers profits, costs, and all other important business decisions.

Pros

• Easy to setup

• All profit belongs to you and your partners after tax and national insurance

• Tax reporting is easy and simple to work out

• You can split the business responsibility and start-up capital

Cons

• Sharing business profits

• You may be made liable for business costs you did not agree to if the partnership fails

• It can be harder to find borrowing and finance

Limited Liability Partnership (LLP)

This structure is similar to a Limited company but requires a minimum of two partners, and you and your partners would not be liable for the business debts.

Each partner can have a varying stake in the business depending on what they bring into the partnership.

Each partner is required to pay income on their profits meaning.

Pros

• You and the partners of the business are not liable for protecting assets

• As the business is registered with Companies House no other business can register with your name

• Each partner can hold different levels of responsibility

Cons

• Each partner is required to pay income tax on their profits, which may mean the business pays more tax than if the business was a Limited company

• Public disclosure of annual accounts

There are many pros and cons to each of these business structures, and it can be complicated to work out which one is best for you and your new business. 

Here at VASS, we have a dedicated team of bookkeepers who will be able to discuss the best options for you and your business to get in contact to see how we can help click below

Life After Lockdown And How Lifestyles Have Changed

The last 18 months have changed many people's lives across the globe. The COVID pandemic has affected everyone in one way or another, people are realising they can enjoy a slower pace of life, spend more quality time with loved ones, businesses have been created and businesses have changed. As life in the UK is returning to normal, the way we live our lives has changed for good. Office life is becoming a thing of the past with people and businesses opting for flexible working. Here at VASS, we are helping people achieve what they thought wasn't possible two years ago. There are many ways in which you can achieve the life that you want post COVID, here are VASS's top tips:

• Relocating to a quieter/different area, have you remained in an area that you don't love because of your work commute. People who are no longer commuting or have flexible working are opting to move further afield from where they live now, making the most of different areas, moving nearer to loved ones, or wanting a bigger space for the family. Moving house can seem like a massive task and it is, but done right it can be a smooth journey to a life that you are longing for. At VASS, we offer support in many aspects of house moving, from researching properties, areas, education, removal, and unpacking, and even completing New Home letters to suppliers making sure you are getting as smooth a journey as possible to your new home.

• Decluttering your house and your life can have many benefits, finding you lost space within your home and helping clear your mind. If you are looking to create the perfect office space within your home, decluttering is the way forward. At VASS we can help source, locate and manage the decluttering of your home while creating the perfect office space that is just right for you.

• Celebrate with your loved ones by throwing a big party. Lots of families haven't been able to come together for nearly 2 years and what better way than that to happen. Here at VASS, we can help arrange your whole party from the perfect location, managing the RSVPs, entertainment, and more.

• Take a well deserved holiday. A year ago, a holiday for most people was a dream that we didn't know when we would be able to go on. As restrictions are lifted for many, more people are looking for that well deserved break, whether that is in the UK or abroad, we can help with that. From keeping on top of the travel restrictions, locating and managing your dream holiday, even find those special 'create memory' moments throughout your break, leave it to us.

At VASS we offer a full range of Lifestyle Management services to help make your life easier, to find out more about what services we offer and how we can help you get the perfect life balance you are looking for contact us at http://www.wearevass.com/contact-1.

The Black Print Podacst

Our Founder, Zelica Jones, does not often give interviews. But when Darren from The Blackprint Podcast called, she couldn’t resist.

What is lifestyle management?

Lifestyle management is the outsourcing of personal tasks to a Lifestyle Manager or a Lifestyle VA.  They act on your behalf to take care of the personal aspects of your life.  Giving you more time to enjoy the important things in life.

Here are a few lifestyle tasks that you could outsource.

Holidays and Travel

Planning and booking a family holiday is a very time consuming task.  Lifestyle VAs will know the best travel agencies and experts to find you the perfect holiday.  They’ll do all the research and coordination to shortlist you a few options to choose from.  As well as managing and sticking to your budget.

After that, they’ll ensure that everything is booked and planned to the last detail, leaving you to relax and enjoy your trip, knowing that every detail has been taken care of.

Party and Event Management

Whether you need help with a child’s birthday party, a private cocktail reception, a large family celebration or a small intimate dinner party with friends, a Lifestyle VA has got you covered. 

Not only can they help you with arranging and organising all the details of sourcing venues, invites, catering, decorations and hiring staff, they can even help you pick out the perfect outfit for the occasion. Which leads us into…

Personal Shopping

Shopping is time consuming.  Some people love it, some hate it.  But no matter where you sit, trying to find the perfect gift for family or friends can take up a lot of time trying to source.  That’s where your Lifestyle VA comes in! 

Whether it’s a special treat for yourself, a gift for a family member, or a unique present for a friend, they can take care of the research, sourcing, gift wrapping, arranging delivery or even organising a unique experiences on your behalf.

Children and Education

Looking for a nanny?  Maybe you’re relocating to a new area or wanting to hire a private tutor?  Your Lifestyle VA is there to use their skills and connections to look after your family’s wellbeing and happiness.  From research, applications, short listing or just reminding you of important dates, they ensure it’s the best for your growing family.

Health and Wellbeing

Our physical and mental wellbeing is so important, and we need to ensure we look after our health.  Your Lifestyle VA can help to make sure you’re receiving the very best healthcare. 

Sourcing medical experts, booking appointments or assessments with a private doctor, dentist or physiotherapist allows you to stay in control of your health.  They can also source quotes and follow up to ensure you have the finest medical insurance cover in place.

The bespoke service of a Lifestyle VA is tailored to your needs.  It allows you to enjoy the finer things in life, knowing that the smallest, but important details are taken care of.  They take on the intensive time-consuming tasks and worry, giving you back your time to enjoy life.

If you want to find out more about our own Lifestyle Management Services, contact us now on lifestyle.management@wearevass.com