Choosing the Right Credit Cards for Your Business #21

Welcome to another insightful episode of the Profit Cash Growth Podcast, the go-to resource for six and seven-figure business owners aiming to grow a financially successful business. This week, Simon and Claire kick off the episode with a lighthearted discussion about the recent EU regulation that mandates bottle caps to be attached to the bottles, a rule aimed at improving recycling processes. They also touch on the typical British complaints about the weather, adding a touch of humor to the conversation. The news story this episode is the alarming increase in the tax gap, which is the difference between the amount of tax that should be collected and what is actually collected. Claire breaks down the complexities of the tax gap, explaining how it encompasses everything from self-assessment to VAT returns, and how innocent mistakes, tax avoidance, and tax evasion contribute to this gap. Shockingly, 60% of the tax gap is attributed to small businesses, making it a critical issue for entrepreneurs to understand and address. In the Deep Dive segment, Claire and Simon explore the pros and cons of using personal versus business credit cards for business expenses. Claire shares her expert advice on various aspects, including credit limits, interest rates, and the impact on personal credit scores. She also emphasises the importance of maximizing rewards and points, explaining how business owners can benefit from using personal credit cards while ensuring they comply with tax regulations. Additionally, Claire offers practical tips for managing team expenses, suggesting the use of prepaid cards for employees to control costs and streamline spending. She also touches on the importance of having a qualified accountant and the potential risks of scrimping on professional financial advice. The episode wraps up with this week's Profit Cash Growth Extra, where Claire highlights Small Business Saturday, an initiative introduced by Amex to support small businesses. She explains how business owners can register for free, gain free marketing, and potentially benefit from Amex's promotional offers, encouraging listeners to sign up early and take advantage of this opportunity. Don't miss this episode packed with valuable information and practical advice to help you navigate the tax gap and make informed decisions about credit cards for your business. Tune in now and take the first step towards growing a financially successful business! https://smallbusinesssaturdayuk.com/ ⭐ Rate, Review & Share this episode with fellow business owners, and let's grow together! ⭐ Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe   VALUABLE RESOURCES Website YouTube Facebook Instagram TickTok LinkedIn ABOUT THE HOST: Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers. As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business. Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.