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Invest in a good bookkeeper - we're worth it!

ACCURATE FIGURES MATTERBeware the False Economy of 'Cheap' & Find Real ValueBlog by Ian AllenHow many times have you paid for something and it breaks after a handful of uses? Or you considered buying the cheap knock-off version of the latest Android phone because "it's the same thing, just without the fancy name!" Only to find out it's not, it's a long way off the same.You might not be able to use it as it's too dangerous, badly wired or just not up to the job and to make matters worse it do...

The Suspense Account - isn't it an Agatha Christie 'Whodunnit'?

We've had The Accountant, The Shawshank Redemption, The Untouchables and even Monty Python believing it was 'fun to charter an accountant, and sail the wide accountancy' in their cinematic tribute to the profession in the Meaning of Life, but I doubt that The Suspense Account will be the next biggest thriller to top the best sellers list or a play running for over 65 years in London's West End (well, you never know these days).The suspense account is, however, one of those tools that bookkeepers...

Bookkeeping 1.01 Debit & Credits, what's the difference? (and why is it the opposite way around on your bank statements?)

Dr & Cr or Debits and Credits what do they mean in the bookkeeping world? In short, the debits are what you pay out of the business for example, wages, supplies, bills, rent, rates etc. whereas credits are what you have come into the business such as sales, services provided, tax rebates, PAYE credits for Maternity/sickness etc. However, things do start to become a bit more complex when you add in control accounts. You see the whole principle behind bookkeeping is about balance (not of the tight...

Self Employed Working From Home? Here's what you can claim

For those of us who own our own business as a sole trader have long been able to claim for 'office' expenditure when our office is in our home. If you read the HMRC website page - https://www.gov.uk/expenses-if..., you'd be forgiven for thinking that HMRCs explanation on how to claim lacks clarity. That's because much of the information given is open to interpretation first, and if HMRC feel you're then doing something wrong, they'll tell you.Their simplified explanation on what you may claim pr...

Bounce Back Loan Scheme for SMEs knocked back from CBILS

When the coronavirus hit the UK, no one could've expected the unprecedented measures that the Treasury would put into place for the majority of people, whether an employee or business owner. However, as these began to be rolled out, it became apparent that some of these measures were either extremely convoluted or difficult to obtain, and in most cases, both. Enter the Bounce Back Loan Scheme (BBLS), designed in light of the CBILS lack of success by approximately half of those SMEs who...

Do you really need a will?

This is what almost happened to a client of mine recently. He tried to execute the administration of a relative’s will himself to save money. He’d calculated the inheritance tax bill for their estate as £263,000, but realised he was a bit out of his depth and called on me. I managed to get the tax bill down to what it should have been, saving him and his family £103,000. I’m Daniel Torres, one of the Co-Founders of Wright Wills, the estate planning and will ...

Coronavirus Financial Initiative Update

There have been a couple of changes to some of the Governmental initiatives for financial assistance. These are: Furloughing employees - dates have changed, this has now been extended to the end of June, plus the furlough date has been extended to the 19th March instead of 28th February 2020. However, those employees that moved jobs in between those dates, paid monthly and at the end of the month may still miss out at being paid on furlough as an RTI has to have been lodged by the empl...

Keeping mind and body healthy during lockdown

In these challenging times we have many hurdles to overcome. Many of us have had to jump over some hurdles already, and unfortunately many of us have been directly or indirectly affected by the virus itself.My article is designed to help you stay physically and mentally fit over this period… why?We all know the benefits of staying active… not only does it help increase the amount of calories we burn to keep the weight off but exercise is amazing for our mental health. Getting outsi...

Unprecedented Times

We have not experienced such a global pandemic in our lifetime before. The previous being the Spanish flu in 1918. The world is a very different place today than then, both personally and in business. Those of us in business are facing some challenging times, a few of us are prospering now, some of us will go out of business and the rest of us will find a way to still be around when things eventually become a little more normal. Is there a way we can position ourselves to at least be one of...

Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan Scheme (CBILS) has been open for nearly 2 weeks, has already come under fire by all involved and has had much of the detail already repurposed into version 2 designed to make it easier to apply. Here's the information you need to understand if your business is eligible and how you can apply. Which businesses can apply? There are certain conditions that businesses must meet in order to be eligible for the loan:Must be a UK based small or medium...

The Coronavirus Job Retention Scheme (CJRS)

Several weeks ago, the Government put a scheme into place that effectively pays all employees 80% of their wages up to a cap of £2,500 per month, plus any employer national insurance contributions (NICs) and employer pension contributions where applicable. HMRC are busy setting up the portal that will be used to claim back any money owed. Who can apply?Businesses including owner-managed businesses (where director's are the only employees)Charities and not-for-profit organisationsParents em...

Self employment grant ... What it means for you

Yesterday, the Government finally announced their measures to help self employed people in the form of the Self Employment Income Support Scheme (SEISS). Financial assistance will come in the form of a grant and will pay up to 80% of average declared profit (before taxation) over the last three years tax returns, if they are available and up to the £2500 limit per month. However, these measures still don't address company owner directors that earn wages as an employee of the company and ta...

HMRC & Coronavirus updates

At the time of writing, there are already a number of measures in place for many businesses and employees to gain financial support from the government. Below is a quick rundown of those currently available and these will be updated as anything new is added, especially for the 5m self employed people that seem to have been missed presently with only access to universal credit available to them - we understand that this may be tackled by the Chancellor this afternoon, so watch this space. We will...

Bookkeeping: A regulated profession?

I've had several people ask me if bookkeeping is a regulated profession? The short answer to this question is 'Yes'.But why? I hear you cry.Just think of organised crime as a battlefield, there will be many soldiers waging war against the criminal underbelly. The police and other serious crime agencies will be at the back, waiting to pounce on the unsuspecting criminal once they have the information they need to arrest and charge them. Auditors and accountants will generally be somewhere in the ...

Will auto enrolment affect me?

You may have seen this cuddly fellow 'Workie' on the TV within the last year and wondered what he was selling. Or you may have seen adverts with lot's of employees, including Theo Paphitis and Karen Brady, telling us that 'we're all in'. But even now, you're still not sure what it's all about. Or even if it will affect you. In a word. Yes.If you're a business owner and currently operate a payroll then you have to put a pension scheme in place for your eligible job holders by 2018. There are exce...