HMRC will reimburse 80% of furloughed workers wage costs up to a cap of £2,500 per month per employee. The scheme will be in place for 3 months and if needed, be extended until the health crisis is over. Employer Q&A: Coronavirus Job Retention Scheme, your questions answered here.

HMRC are currently creating a new online portal so that all UK employers, regardless of size, will be able to seek assistance if they have employee(s) who have been designated as ‘furloughed’ workers, known as the Coronavirus Job Retention Scheme.

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Its Q& A Friday! You may be wondering, why can’t I pay my taxes with a credit card? HMRC took the decision two years ago to ban credit card payments to pay your tax bill.

The main reason being to avoid the small credit card fees they would incur if they did!

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Let’s face it, who would want to be in Rishi Sunak’s shoes right now? Ok, he may have landed one of the most important jobs in the country as chancellor of the exchequer, but having to deliver one of the most important tasks of his job being only one month in? No easy task.

Our predictions for the 2020 Budget which will be delivered by Sunak on the 11 March.

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“My wife and I have decided to carry on trading in my company, can I defer my state pension? If I can, what are the effects on my pension payments?”

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What are the advantages and disadvantages of payrolling benefits to your employees? Let’s take a look…..

HMRC first introduced the ability for employers to payroll taxable benefits to employees in 2016.

Payrolling means that any benefits you provide to your employees is treated as cash equivalents, so the necessity of completing a P11D form is no longer required, benefits are in effected ‘payrolled’ into staff salaries and employees pay tax over the tax year each month via their salary versus additional tax having to be paid via employees’ tax codes.

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If you are self-employed or run a small business, time may well not be on your side and taking time away from your business may feel tricky to justify. Perhaps you are run a small business with only yourself at the helm, or even with a small team in place, you may feel that you need to be around for clients all the time to retain business. Even if you know in theory the many benefits of taking time out for yourself, not least of all to support your business’ productivity, here are five reasons to do something about it.

1. Your mental health

The way we work has changed significantly and will continue to evolve and change over time. There are now more people than ever going it alone and setting up their own business and entering self-employment.

In the UK there are now 5.5 million small businesses and self-employed in the UK and 60 per cent of private sector employment is now in small businesses.

Stigma around mental health remains a big issue but is changing in larger businesses, where for example, mental health first aiders are being trained internally providing a confidential, on hand, help to employees.

As a small business owner, you are just as susceptible to mental health issues and could be argued even more so, with potentially more financial and time pressures.

There are a few straightforward tasks you can do now to improve your mental health immediately. For example, making time for exercise, whether this is half an hour in the gym or just going for a long walk. Being physically active will help to improve your mood as well as release any stress. Taking short breaks regularly throughout the day is another great way to boost your overall productivity.

Don’t disregard booking holidays or longer periods of time off either. If planned well and in advance, Lastly, if you can, booking holidays or longer periods of time off can really help you relax and recover.

2. Spend time with loved ones

Now that you are regularly taking short periods of time away from your small business, this is also a good time to re-connect and spend quality time with family and friends. You are more likely to get the support, love and time from your loved ones, giving you a boost to your mental health and well being.

3. Keep up with your hobbies

A work/life balance can enrich your daily routine and time away to spend on your other passions and hobbies can help give you perspective and potentially spur new ideas on your business.

Taking time out from your small business on your hobbies doesn’t necessarily need to be a daily occur you enjoy doesn’t need to be a daily occurrence. Even once or twice a week could make all the difference to your health and well being.

It’s important to realise that there is more to life than just your business. Although it is of course essential for you to work on your business, from starting it up to growing it, you do also need a healthy mind and a thought process which is not overstressed or overworked.

4. Good sleep is essential

Ensuring you get good quality sleep is incredibly important to your productivity, concentration and general well being.  Despite this, many people don’t set sleep as a priority, and the build of poor quality sleep can have a detrimental effect on health and well being.

Getting a good night’s sleep gives you the energy you need to get through your busy day and cope with inevitable curve balls and gives your body and brain time to rest and recuperate, ultimately making you more productive.

Sleep also alleviates stress further supporting your mental and emotional wellbeing.

Why not set a daily time to clock off work every day and do something relaxing away from your screen and phone to help you unwind and get the quality sleep you need.

5. The dreaded burnout

A burnout is repetitive, long-term stress on your mental and physical health leading to exhaustion.

Signs that you are heading for a burnout include persistent low moods and motivation and perhaps feelings of disillusionment with your business.

If left unchecked, burnout can impact your health, happiness and job performance, all of which puts your business at risk.

If you recognise any of the signs then take steps to rebalance your work/life balance and seek help if you need it.

Southside Accounting supporting small business

The importance of taking good care of yourself for the benefit of your mental health and the success of your business maybe obvious, but can be hard to enact. Why not get organised, outsource work if you need to, put clear procedures in place and plan longer breaks well in advance. Set aside some time each day to switch off, get your work-life balance in check and reap the rewards!

Southside Accounting supporting small business

Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.

We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.

All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.

Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.

So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.

Call us to book a free no-obligation meeting today.

We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.

Written by Shaima Todd.

Cloud accounting software gives small businesses the opportunity to access cutting edge technology for a very low fee that offers both business efficiency and the ability to stay on top of financial affairs from anywhere and at any time. Furthermore, with the government’s plans to move all tax reporting digitally over time, with the first phase coming into force this year for VAT registered businesses, it is time for small businesses to embrace cloud accounting.

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A question we hear a lot when meeting small businesses who want to establish a relationship with us, is this: How do we switch accountants? Where do we begin?

Switching accountants may seem like a daunting process, especially if you have been with your accountant for some time or if you have only ever had a relationship with your existing accountant.

The good news is that the process is straightforward and actually requires very little work by you.

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Couples only have till April next year to claim the full marriage allowance rebate available to them, dating back to the first tax year the relief came into force in 2015/16. 

This falls into the standard timeline of a four-year backdated period to claim any type of tax refund from HMRC.  This means that if you were to miss the 5^th April 2020 deadline next year, your claim for the tax year 2015/16 will be closed and you would only be eligible to request a refund from the 2016/17 tax year onward only.

Don’t miss out, find out if you are eligible to claim the marriage allowance and how to make a claim.

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A company that has no transactions and therefore receives no income in a given accounting period is considered a dormant or an inactive company by HMRC.  A dormant company is nonetheless required to file dormant accounts to formally inform HMRC of the inactive status of the company and on an annual basis.

The process of filing dormant accounts is straightforward as only a high level of detail is required and if completed online, the process is free and approved quickly by HMRC.  But as you are not proactively asked by HMRC to file dormant accounts and the onus is on you to do so at the right time and in the right format, we have provided a guide on how to file dormant company accounts.… Continue Reading