Whats New With Furlough?
As of August 1st 2020, employers can continue to have employees on furlough, but they will now be responsible for their National Insurance and Pension contribution costs. The level of grant will also gradually be reduced each month. To be eligible for the grant employers must pay furloughed employees 80% of their wages, up to a cap of £2,500 per month for the time they are being furloughed. As an employer, you can choose to top up employee wages above…
Save Your Business From Failure
We have rounded up three of the top reasons we have found that small businesses fail. so that you can be on the lookout for these weaknesses in your business. We have paired each one with a suggestion we believe can help prevent you and your business from becoming a negative statistic. No marketing platform You should always be marketing yourself, but many businesses don’t have a clear marketing platform or strategy. They somehow believe that just by opening…
Free Receipt Bank For All
We value you, as our clients. We’re here to make your life a whole lot easier, so you have time for the more important things. Therefore, for the next three months, we are offering you all the use of Receipt Bank for free! Receipt Bank enables you to send any receipt/invoice to your accountant or bookkeeper as soon as you receive them – with just a few clicks without delay or effort. Gone are the days of the collection…
What Do The Coronavirus Business Interruption Loan Scheme Changes Mean For Your Business?
Following the recent EU changes in State Aid Law relating to the ‘undertaking in difficulty’ test for businesses, the British Business Bank has amended its Coronavirus Business Interruption Loan Scheme. Until this week an SME was classed as an ‘undertaking in difficulty’ if by deducting accumulated losses from its reserves it was left with a negative amount greater than half of its subscribed share capital, as at December 2019. Any SME classified in this way was barred from accessing…
Challenges Your Business Can Overcome With A Little Help
Regardless of size, location, or funding, business up and down the country has faced a whole new set of challenges presented by the Covid pandemic. Cashflow issues, downsizing, lack of knowledge on funding options and issues with furloughed payroll are just a few of the issues our clients have come to us with. We are here to provide you with assistance an education on all aspects of your business. Do not let the last few months dictate the next few…
Current Business Challenges And How To Overcome Them
Regardless of size, location, or funding, business up and down the country have faced a whole new set of challenges presented by the covid pandemic. Cashflow issues, downsizing, lack of knowledge on funding options and issues with furloughed payroll are just a few of the issues our clients have come to us with. We’re here to provide you with assistance an education on all aspects of your business. Don’t let the last few months dictate the next few years of…
How To Calculate Your Employees Part-Time Pay Whilst Furloughed
As many of you will be aware from our previous articles, from the 1st July you can have your employees return on a part time basis and the remainder of the employees hours will be paid through the job retention scheme. The government will continue to pay employer National Insurance Contributions (ER NICS) and pension contributions for the hours the employee is on furlough. For an employee to qualify for this the employer should have had the employee furloughed for…
Government Summer Statement Update And What It Means For You
Yesterday, the Chancellor Rishi Sunak, delivered a summer statement announcing further measures in Parliament to support us all during the pandemic and help our economy. VAT Cuts + Eat Out To Help Out It was announced that the rate of value added tax (VAT) is being cut, on hospitality and tourism from 20% to 5%, from 15th July 2020 to 12th January 2021. Post this, rates will resume at 20%. The cut applies to food and non-alcoholic drinks as…
Paying Your Tax Now Will Save Pain In January
Tempting though it is, delaying paying your tax bill this month means facing a double bill in six months time. For those of you who pay through self-assessment, you will have the option to defer your normal July payment on account until January. This option was introduced in May to help taxpayers struggling with the impact of Covid-19 on their finances. This means the normal second payment, due this month, can instead be postponed until the start of next year.…
