As the lockdown continues businesses are continuing to operate in very challenging conditions as we start the new year. We wanted to share with you a few tips which we hope will help you to manage your business budget as this is essential to maintain financial health for your business.
We wanted to update you about the VAT Domestic Reverse Chare scheme as this is being enforced from 1st March 2021. We have previously written articles about this, and you may want to refer back to these for more background and how this will impact your business.
In the Spring Statement issued in March 2019, there was an update on employment taxes and changes that all employers need to understand. We have written this article for you to help you keep up to date. Click here to download the full summary of the Spring Statement 2019.
Good cash flow is essential for businesses to function effectively and helps with growth. We always support our clients to understand the importance of maintaining good cash flow, and we wanted to share some of our top tips in this article.
In the Spring Budget, schemes were put into place to support employers, help people remain in employment and create new jobs. Two of the schemes are summarised below for employers.
The Recovery Loan Scheme was launched on 6 April 2021 to provide businesses with extra financial support to help them to accelerate recovery post-COVID19. This article explains how the Recovery Loan Scheme works and who can apply.
Do you or your employees have company cars? If you do, you need to keep an eye on the advisory fuel rates, updated by the HMRC every quarter. The fuel rates are reviewed on the following dates each year:
Bookkeeping is a necessary task for all small businesses, and when not completed properly it can lead to chaos and confusion. The coming New Year is a great opportunity to get organised and sort out your accounts for the coming year.
A key part of running a business is effective record keeping. Why? Because it can help you run your business much more efficiently as well as saving you time and money if you are on track with all your records. If you fail to follow legal obligations for tax purposes, you may be fined up to £3,000 for inaccurate records.
As an employer, it is important to know that every working person in the UK is paid under the PAYE system, and are assigned a tax code by the HMRC. The code is made up of a number followed by a letter suffix. However, there are some ‘non-standard’ codes that can be used in exceptional circumstances.
Did you know that as an employer you could get up to £3000 a year off your National Insurance bill? In previous years the employment allowance was £2000 but in 2016-17 this went up to £3000 as an incentive for companies to take on more staff.
All employers have to automatically enrol their eligible employees into a workplace pension scheme. However, it is important to note that an employee can decide to opt out of a pension scheme if they do not want to take advantage of this.
Accounting standards are used to prepare financial statements of all companies. These allow the companies, their investors and other regulators a standardised way of measuring financial performance.
Essentially it is a system in which employers must automatically enrol their employees onto a pension scheme if they are eligible. In the past, many workers have missed out on the potential benefits of having a company pension.
On the 6th of April 2016, new government legislation came into play; a register was created for ‘persons with significant control’. UK companies must keep this register so that individuals that have significant control over businesses are identified and their holdings are then made public.
When looking to start a business you must choose what structure of the business you’ll use. This is an important decision as it determines the legal responsibilities that you will have.
The national minimum wage has been raised for over 25s from £6.70 to £7.20; whilst it has remained £6.70 for those aged 21 to 24. This new wage has been named the National Living Wage.
In business, the most important thing that defines success is whether you are making money. Often it can be difficult to determine just how much you’re making if you cannot pinpoint your sales and expenditure.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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