The impact of the Coronavirus on the UK economy will be profound and will certainly mean that a lot of business will face challenges over the next twelve months and possibly longer into the future. It is important that you use this time if your business is suffering a downturn in trading to spend time and resources on your business.
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A Self-Assessment Tax Return is document that may be normally prepared by your accountant and will gather all the sources of your income for a tax year and present them in one document. It will contain all the P45’s and P60’s relevant to the tax year along with the details of any sources of income that you may have such as dividends, rental income, capital gains and pensions.
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One of the measures that the Chancellor has announced to protect jobs and businesses throughout the COVID-19 outbreak was the Coronavirus Job Retention Scheme. This allows a business to claim 80% of the wages of staff, up to a maximum of £2500 per month, that have been furloughed as a result of the Coronavirus outbreak.
Read MoreOn the 8th of April 2020 The Chancellor announced a £750million support package for UK Charities to ensure that they can continue to work through the COVID-19 outbreak. This package will help to support hospices and charities caring for people suffering from domestic abuse.
Read MoreYour accountant should be your major source of support for your business during both good and bad times. They give you advice and support how to run your business and help you keep up to date with changes in tax and regulations. It should therefore be the case that during the current COVID-19 outbreak that your accountant should be your guide to navigating your business through this crisis.
Read MoreIt was announced on the 3rd of April 2020 that The Chancellor is to take further action to increase the support given to businesses under the Coronavirus Business Interruption Loan Scheme. The scheme is to be extended so that more businesses can benefit, and it is easier to apply and access essential funds during the current COVID-19 Crisis.
Read MoreThere have been several updates in the tax rates for the tax year April 6th 2020 to April 5th 2021, these changes affect the tax rates for England & Wales and the tax rates for Scotland. The tax-free allowance remains unchanged at £12500 per year.
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As a company director you have responsibilities to co-operate with your accountant on the preparation and submission of your accounts, taxes and VAT. To think that because you appoint an accountant to do this work there is no responsibility is wrong, and if a filing is missed it is the Directors who will be held responsible by HM Revenue and Customs and Companies House.
Read MoreAs well as help for businesses and self employed the government as also announced help for individuals during the COVID-19 outbreak.
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We have been asked by several our clients how they can access funding from The Government for their business due to Coronavirus. Due to the nature of the current outbreak a lot of the funding as been announced, but a lot of the systems are not fully working yet and are currently being set up by HM Revenue and Customs.
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The Governments response to the COVID-19 has been swift and comprehensive, the level of support given to business was also required since the guidance has been that employees where possible should work from home.
Read MoreYou are entitled to use this scheme if you have lost income due to the Coronavirus and are self-employed or if you are a member of a partnership. This scheme will give you a taxable grant of 80% of your trading profits up to £2500 per month for the next three months and may be extended if required.
Read MoreYou will have several responsibilities from the day that you are appointed a Director to your company.
Your main responsibilities are to perform a number of duties under the Companies Act 2006 and these will still apply if you are either not active in the role as a director, you have not yet been formally appointed as a director or you control a board of directors without actually being on it.
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The Chancellor has set out a series of measure to help the UK economy cope with the disruption caused by COVID-19, below is a brief summary of the packages announced.
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An online accountant is an accountant that uses the latest software technology to deliver their service to the client. This software can be using apps like Xero, QuickBooks or Freeagent to maintain the accounts but also supplementary apps like Receipt Bank or Arthur Online.
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How well do you know the business that you run? Do you know the profit that you make from each sale, or do you know the key parts of your business that makes the most money? You may be able to narrow that down to one or two parts, but do you know exactly what is the most profitable good or service that you sell?
Read MoreAs a small business-owner you need to focus on making your life as easy as possible, there will be enough problems that will come to you without you going looking for them. .
Read MoreWhy we start out business very often gets lost as we start to get more involved in our business, our priorities start to change focus. Our focus becomes our business rather than the reason we wanted to start the business in the first place.
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Time is the enemy for any business owner, as you grow your business you will spend money to give you more time. You will hire staff to do the work and you will spend money on systems and software to reduce time spent on admin and mundane tasks that can be automated.
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