Insights

Tax advice and accounts for trainers and speakers
cashflow
Claire Priestley

Extracting Funds out of your Company

As we start a new personal tax year, here’s a reminder how business owners can extract funds from their own company:- Salary – a minimal salary of £8,840 per year (2021/22) can be taken which is enough to trigger your NI credits for your state pension, but low enough that no National Insurance contributions are

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Insights
Claire Priestley

Have we achieved what we wanted to in the last year?

In the spirit of transparency and honesty (one of our values), we’ve measured what is important to us as a company over the last year, so here is our Impact Report 2020 which we’ve shared with all our clients and team.  We’ve seen more and more corporate companies sharing their targets and impact their organisations

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cashflow
Claire Priestley

VAT Payment Deferral – Helping your cashflow

If your business deferred VAT payments during the period 20 March 2020 and 30 June 2020 and have still not caught up on those payments, you have a few options available to you:- Pay the full amount outstanding before 31 March 2021; Join the new VAT deferral payment scheme (see below) – opens 23 February;

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Covid-19
Claire Priestley

Self Employed help: Lockdown 2

In light of the Government’s decision to impose a second lockdown, thankfully they have now reviewed and made revisions financial assistance for those who are self employed and businesses suffering due to COVID-19.  Per our previous blog, this was significantly reduced, however the scheme shall now pay up to 80% of profits for November, and

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Covid-19
Claire Priestley

Help for SMEs: furlough scheme extended for November 2020

We are very much hoping that this second lockdown does indeed just last the month.  The impact already on SMEs is  already very worrying,  The Government’s help has been revised as follows Furlough Scheme extended for November 2020 As confirmed by the PM on Saturday evening, the original furlough scheme (Corona Virus Job Retention Scheme)

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Covid-19
Claire Priestley

COVID 19 Business Support Update: Self Employed Grant Scheme Extension

Our update on the Self Employed Grant Scheme (round 3?) This extension of the existing scheme covers the period 1 November 2020 to 30 April 2021.  The grant will be made in two instalments for three months each.  One covering the period November through to the end of January and one for February through until

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Zoe & Charlotte
Guest Appearance
Claire Priestley

Please no more forced networking, I can’t handle it…

What skills make a good networker? A question I have been asked recently on the back of being referred to as the ‘queen of networking’ (thanks Claire). Looking back over my career, I have always had sociable jobs. This was the thought that sparked my questions regarding my networking success. Are my past jobs the

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Xero Certified Advisor, Newcastle upon Tyne
Self Employed
Claire Priestley

Making Tax Digital Update

What is MTD? The idea is that all businesses, with a few exceptions, will submit and file their tax returns digitally with HMRC, along with keeping digital records.  This will also include individuals who are self-assessed with business and/or property income. Currently MTD only applies to businesses who submit VAT returns with a turnover of

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Property
Claire Priestley

Stamp Duty Land Tax Holiday

Rishi announced a Stamp Duty Land Tax holiday for properties worth between £125,001 and £500,000 last week, which will run until 31 March 2021.  If you are buying a property worth £500,000 that will be a tax saving of £15,000!! Remember that the 3% SDLT surcharge still applies for additional residential properties bought, although there

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SMEs
Claire Priestley

10 Tax Free Benefits for Employees

Work Place Parking – not only on site but also a season ticket at a public car park close to the office Award Schemes – such as a staff suggestion scheme are tax exempt capped at £5000! Reimbursement of relocation expenses – capped at £8000 – including:- Legal fees and SDLT Transportation costs Temporary storage

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Covid-19
Claire Priestley

Changes to furlough pay from July 2020

For those businesses who have furloughed some of their employees, here is a summary of the scheme changes from July 2020.  The scheme ceases on 31 October 2020. July 2020 Employers can bring back employees anytime to work any hours, whilst still being able to claim for furlough up to 80% of the salary (capped

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Guest Appearance
Claire Priestley

What do Virtual Assistants do and how they can help YOU?

What do Virtual Assistants do and how can they help YOU? “So, what is it that you actually do?” This is a question I get asked quite regularly, and it’s totally fair enough, as the term “virtual assistant” is rather broad! In a nutshell, Virtual Assistants are there to make your (the business owner) life

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Personal help with tax and accounts, Newcastle upon Tyne
Insights
Claire Priestley

Working From Home Expenses

Working from Home Tax Relief As many of us are currently working from home all day, here’s a list of what tax free expenses and tax reducers are available, to both employees and self employed: Self Employed/Partnerships Under the simplified expenses rules, if you are self employed you can claim a flat rate deduction to

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Covid-19
Claire Priestley

Business Bounce Back Loan

Here’s a quick overview on the new Business Bounce Back Loan which the Chancellor announced yesterday (27 April).  To quote the Chancellor ‘this is a simple, quick and easy solution…” Business Bounce Back Loan This is aimed at supporting smaller businesses who can claim for up to £50,000 (capped at 25% of turnover).  This may

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Covid-19
Claire Priestley

Government Support for Self Employed

Details about the Government’s scheme to help those of us who are self employed or a member of a partnership, who have lost income due to COVID-19. Self Employment Income Support Scheme The Scheme shall pay out 80% of average trading profits for the last three years, capped at a maximum of £2,500 per month,

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Tax and Accounts for property owners
Self Employed
Claire Priestley

Furnished Holiday Lets/Cottages & Covid-19

If you own a holiday cottage/rental in the UK or EEA, you’ll be aware that yon need to meet certain criteria for this to qualify as a Furnished Holiday Let.  However, due to the Covid-19 you may well be experiencing cancellations or alternatively requests for long stay bookings, which can have adverse effects on the

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Professional help with tax and accounts, Newcastle upon Tyne
Cash
Claire Priestley

Top tips for making a little cash go a long way

Top tips for making a little cash go a long way Speak to your creditors to arrange extended terms or monthly payment plans Contact your debtors and arrange payment plans for payment of outstanding monies if they cannot pay now Carry out a costs reduction exercise, lose any “nice to haves” Negotiate better terms on

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Covid-19
Claire Priestley

Government support for employers

Looking at the information we can find so far on the Government’s help to employers during these difficult and unpredictable times ….. Coronavirus Job Retention Scheme ‘All UK employers will be able to access support to continue to paying part of employees salaries for those that would have otherwise been laid off’.  In other words,

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Covid-19
Claire Priestley

Government business support for SMEs

Having gone through the information which is out there with regard to the Government’s COVID 19 business interruption loans and assistance for SMEs this is as much detail as we’ve been able to find.  Please bear in mind that the time this was posted, this is the state of play. We’ll keep updating. Small Business

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Tax and Accounts for Creatives & Tech
SMEs
provenweb

What is IR35 and why may it impact your business?

This term relates to the piece of legislation which deals with a sub-contractor/consultant who has in place a limited company (personal services company) to engage with contracts with their clients, to determine whether they should really be classed as an “employee” for tax purposes.  The test being if the limited company (PSC) did not exist,

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Guest Appearance
provenweb

Guest Blog: Employment Law Changes April 2020

Employment Law Changes from April 2020 – Claire Rolston, CLR Law  This Spring not only heralds the daffodils, but also a raft of new employment law legislation. Most of this legislation comes into force as part of the Good Work Plan and is designed to improve the employment rights of casual workers and those working

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Tax and Accounts for property owners
Capital Gains Tax
provenweb

Reporting and paying capital gains tax on UK residential property

Changes to reporting Capital Gains Tax on UK residential properties from 6 April 2020 If you sell a UK residential property which generates a capital gains tax liability you must report your liability to HMRC within 30 days of completion.  In addition, you also are required to pay any tax due within the same 30

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SMEs
provenweb

10 Very Good Reasons to Use Xero

Are you still using excel spreadsheets, or even worse a shoe box for paper receipts?   Below are ten very good reasons why you should make that change to Xero: Automate invoices and reminders for payment Collect payments from customers/clients via direct debit Bank account automatically feeds into Xero Automated cost allocation Dashboard for an easy

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Advisor for VAT and accounts, Newcastle upon Tyne
SMEs
provenweb

5 reasons to invest in management accounts

Management accounts are taken up by the majority of our clients’ businesses.  Whether monthly or quarterly, they are absolutely worthwhile.  Here’s five reasons why it makes sense:- Give a real-time, accurate overview of the profitability of the business; Tie in with your company’s KPIs and targets; Help forecasting for the financial year; Help support any

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Insights
provenweb

UN Sustainable Development Goals and Harris21

Although we may be a small business, we take our corporate responsibilities seriously. Therefore, our core values are intrinsically entwined with the UN Sustainable Development Goals and giving back to the community. We have signed up to the UN Sustainable Development Goals for: Gender equality; Zero hunger; and Responsible consumption and production How do we

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