Archives for Updates

Covid – Did you make the right business decision?

Covid and the change in the business community has brought some things to the fore for many business owners. Choosing who to ask to work from home, who to furlough and who can’t you work without? Can your business survive financially, is there still a market for me and can I, should I change my business model? Our experience from talking to our clients throughout the pandemic is that business owners didn’t really think about it. They panicked and just put everyone on furlough or asked them to work from home. We suspect that this was the wrong decision for
Read More

Tax-efficient Ways to Extract Profit from your business

Part 2 We’re often asked by our clients how they can best extract profits from their company without falling foul of the dreaded Tax Man. Completing company accounts isn’t and should never be just about ticking the compliance box for the company, it should also be about the owner’s aspirations.  That’s why during our regular reviews with our clients we look at where the business is, where the Director/Owner is, what they want to achieve and how we can help them reach those goals. In this installment we look at charging your company – Rent. If you personally own a
Read More

HMRC fuel rates 2020

New rates. Updated advisory fuel rates (AFRs) from 1 September 2020 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      Up to 1,400cc – 10p 7p – 1,401cc to2,000cc – 12p 8p – Up to 1,600cc – – – 8p 1,601cc to2,000cc – – – 10p Over 2,000cc – 17p 12p 12p N/A 4p – – –  
Read More

Tax-efficient Ways to Extract Profit from your business

Part 1 We’re often asked by our clients how they can best extract profits from their company without falling foul of the dreaded Tax Man. Completing company accounts isn’t and should never be just about ticking the compliance box for the company, it should also be about the owner’s aspirations.  That’s why during our regular reviews with our clients we look at where the business is, where the Director/Owner is, what they want to achieve and how we can help them reach those goals. In this installment we look at the most obvious method – Salary. It seems quite simple,
Read More

Accounts Payable

We have created a series of help guides so you can keep your finger on the pulse of your business finances. The guide will be centred around useful terms, Xero software and how they can help you run your business better. This week we are starting with the term ACCOUNTS PAYABLE, it’s another term used when you owe an amount to a creditor for goods or services and they have sent you an invoice you’ve not paid yet. Do you know how to access your ACCOUNTS PAYABLE report on your accounting software? If you use Xero follow the process below,
Read More

Nine weeks since the world changed…

On the 16th March we decided to close our offices to visitors, not only to protect our employees but also to protect our clients from Coronavirus. It’s hard to comprehend the changes that have happened in those 9 weeks because everything seems to have stayed the same for so many. I though I would give a little update on where we are, what we’re doing and how we’re continuing to assist our clients in these horrid times. Adam As our CEO and Principal Accountant, Adam has been working tirelessly in the background ensuring the accounts and tax deadlines are met
Read More

COVID-19 Help for individuals who are self employed

We are waiting for the chancellor to announce some measures for the millions of sole traders in the UK. Whilst we know they have a lot to consider, it must feel like you’ve been forgotten.  Let’s hope an announcement comes soon. Self-employment Income Support Scheme (SEISS) The chancellor has announced a measure of support to provide a grant to self-employed individuals or partnerships. HMRC are going to use the average profits from your submitted tax returns from 2016-17, 207-18 and 2018-19 to calculate the grant that you can receive. The grant is capped at £2,500 per month. The scheme will be open
Read More

COVID-19 How to furlough your employees

As responsible employers we all want to do what we can for our employees in these difficult times but what do you do if your business income has taken a hit and you don’t have enough work for your employees to do? Or, worse still, you are one of the businesses that the government has told to close? The chancellor announced a Coronavirus Job Retention Scheme (CJRS) whereby a UK employer can claim back 80% of the pay of employees they have placed on furlough, who would otherwise have been paid-off.  The amount will be reimbursed to a cap of
Read More

COVID-19 Financial help for businesses

The government has announced and continues to announce measures to assist business during this difficult time.  The financial assistance is coming in many forms; whilst it might seem like there isn’t much information available, we have to remember that these times are unprecedented and will take time to become available. But here’s what we are clear on, so far…… Bounce Back Loan The scheme will help small and medium-sized businesses affected by coronavirus to apply for loans of up to £50,000 and is due to be launched on Monday 4th May. The government will guarantee 100% of the loan and there
Read More

COVID-19 What if I need to lay off my employees?

In some circumstances you may need to temporarily close your workplace and lay off employees.  This may be because you cannot offer your employees the opportunity to work from home, or you may have experienced a downturn in business. Whatever the reason, it is a difficult time for both you and your employees. We know you won’t make this decision lightly. But before you make the decision, be sure to look at the business support available to you, especially as the government are making announcements of measures they are taking on a daily basis. Lay-offs and short time working As an
Read More