6 top tips to ensure your invoices are working effectively for your business.
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If you’re a VAT-registered business that imports things from outside the UK, you may find that you’re now dealing with a much higher volume of Import VAT due to Brexit. If so, you may find the Postponed Import VAT scheme of use to you.
After the Chancellor’s budget speech yesterday (Wednesday 3 March), there are a couple of areas I wanted to highlight.
CJRS / Furlough Scheme
As you will no doubt have heard, the scheme has now been extended until 30th September 2021.
There are two areas which were not quite so widely reported, which are:
Tapered Grant level
Extended Eligibility criteria
We live in times of uncertainty that have a direct impact on our day-to-day lives and the way our business' function. It's crucial to take action and have as much control of the situation as possible to help your business. One useful tool to gain control of the present and plan ahead (to minimise the risk of failure) is forecasting. Forecasting is a tool to help your business move forwards towards success.
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There’s no denying 2020 was a tough year for all business owners. And that looks set to continue, at least in the short term. We’re sure, like us, your employees’ dedication, hard work and flexibility has been essential. We also understand that you may not be able to reward your employees for all their efforts. One solution that could benefit you and your employees, is offering salary sacrifice pensions.
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What is a business tax account?
A business tax account is an online account with HMRC which gives you access to see your current position for all the taxes for which you are registered.
If you’re a limited company – then the business should have a tax account and you should be able to see VAT, PAYE and Corporation Tax.
If you are a sole trader or partnership, you should be able to view Self Assessment, VAT and PAYE.
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Ergo Law is a specialist employment law firm helping employers navigate the rules around redundancy. Experienced at advising on the legalities and procedure concerning redundancies, Ergo Law’s solicitors apply a knowledgeable but compassionate approach to difficult business decisions. Ergo Law’s director Emma Reid answers three common questions asked by employers considering making redundancies for the first time.
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We’re Xero Silver Partners - and pretty good at all things Xero - though we say it ourselves!
The problem we’ve been finding
is that business owners are taking on Xero subscriptions with no real idea of how to use it - or how to use it well.In recent months, we have spent more and more time sorting out Xero for new clients who have had it recommended to them, with no practical support to getting it set up correctly. Added to that, many business owner operators don’t know all the amazing things Xero COULD be doing for them.
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The Coronavirus Job Retention Scheme was announced on Friday 20th March - just before we went into lockdown. Since then, it may feel like you’ve talked about little else - and much of that was due to the scant details which had been published.
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All businesses are thinking about cashflow just now.
Whether it’s a large organisation with fourteen different scenarios per department, or a small owner-operated business, chances are, you’ve paid more attention to cashflow in the last month then you probably have in the last year.
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1. Collect your income
First things first, make sure you have made efforts to recover anything anyone owes you. If emails are getting you nowhere, then pick up the phone.
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It’s not a trick question!
And it’s not really about the difference between a receipt and an invoice (although we have lots to say about that too!)
If you’re in business and you have encountered a bookkeeper or accountant, chances are, you’ve been asked for the paperwork.
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