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How to Account Correctly for Christmas Spending

As we come towards the end of 2021, it's undoubtedly been another difficult year for millions of UK businesses. While the pandemic hasn't yet dispersed, many employers and managers are keen to treat their clients and reward their staff, taking this festive period to celebrate their achievements and resilience. The media has demonstrated how vital it is to be mindful of Christmas events and celebrations. Still, for SAS Accounting clients, the focus will be on ensuring all gifts and seasonal items...

Preparing for Employment Costs in 2022

With multiple changes to tax bands, minimum wages and National Insurance contributions, the new 2022 tax year will require more amendments than usual for employers. In this guide, the SAS Accounting team explains some of the core changes to be aware of and factors to build into your workforce budgetary plans for the year ahead. Preparation, as always, is key, so please get in touch for further advice about any of the information included here or for assistance calculating the effects on your mon...

The Big News From the Autumn Budget 2021

The autumn budget was always going to focus on economic recovery, with Brexit and the Coronavirus pandemic in the background. With inflation hitting 3.1% in September and predicted to reach 4% over the next year per the Office for Budget Responsibility (OBR), many people and businesses are concerned about factors such as higher energy costs. Sunak's raft of measures on 27th October offers some good news, with potential reductions in business rates and 50% discounts for critical sectors - but the...

Guide to the National Insurance Contribution Increases from April 2022

Recent headlines have been dominated by the news of National Insurance increases and a new health and social care tax - but when will our contributions rise, and what does it mean for your business? Let's recap exactly what's changing, by how much, and when. If you need any support budgeting for tax increases or revising cash flow forecasts for the year ahead, please contact the SAS Accounting team for further assistance....

The Final Month of Furlough: How to Prepare Your Business

After a full year and a half, the Coronavirus Job Retention Scheme, or what's become universally known as furlough, ends this month on 30th September. While around three million people are now back to work, there remain many businesses that are just starting to resume normality. Many more companies have been taking advantage of flexible furlough, where staff work part-time and are on furlough pay for the remainder, which will also cease. In this guide, the SAS team summaries the key steps for em...

The Final Month of Furlough: How to Prepare Your Business

After a full year and a half, the Coronavirus Job Retention Scheme, or what's become universally known as furlough, ends this month on 30th September. While around three million people are now back to work, there remain many businesses that are just starting to resume normality. Many more companies have been taking advantage of flexible furlough, where staff work part-time and are on furlough pay for the remainder, which will also cease. In this guide, the SAS team summaries the key steps for em...

Making Tax Digital: Your Company Checklist

All UK businesses have doubtless heard of Making Tax Digital (MTD). While MTD isn't mandatory for all VAT returns until April 2022, the SAS Accounting team regularly hears from clients concerned about the endless reminders and wanting to know what they can do to prepare! The great news is that companies over the VAT threshold of £85,000 are already using MTD to submit their returns. That means many of the initial glitches have been ironed out. In this blog, we'll run through how MTD works and w...

Claiming Limited Company Owners Expenses When Working From Home

Over the last year, the work from home revolution has transformed the way many businesses operate. It's also common for limited company owners to put in extra hours away from the office or to operate primarily from home. Inevitably, that means some of your work is carried out at your private residence, which might be: BookkeepingPreparing correspondenceWriting reportsPaying billsA home workshop Whether you're a limited company owner working some of the time remotely, or a business owner with a h...

Back To Work: The Changes Ahead for the Furlough Scheme

The Job Retention Scheme seems to have been around forever, and something around eleven million workers have benefited from over the last few months. Now, furlough isn't suddenly falling off a cliff (the scheme runs until September 2021), but it is about to change. Here we've summarised how the initiative will start tapering off and what to plan for in the weeks ahead....

Help on the Small Business Road to Recovery

Aside from the slight stumbling block on the 'lockdown route map', most British businesses are now back at work or expecting to reopen in the next four weeks. However, the SAS Accounting team works with hundreds of small companies and sole traders, some of whom feel that they face a substantial mountain to climb to get anywhere back to pre-pandemic profits. If that sounds familiar - don't feel you're alone! There are vast amounts of anxiety across the sectors, with furlough support coming to an ...

Exploring the New Recovery Loan Scheme

Over the last year, we've seen a range of financial support initiatives, grants and loans. Those included the: Coronavirus Interruption Loans (CBILS and CLBILS)Bounce Back Loan Scheme (BBLS) As these programmes come to an end, many businesses have been left concerned about how they will manage the season ahead, with a great deal of time and investment required to recover from a year of little to no trade. The government has now announced the new Recovery Loan Scheme (RLS), replacing all these pr...

Finding The Balance - The Optimal Salary for Directors in 2021/22

Each tax year, directors need to make decisions about how to structure their remuneration. Typically, that includes a basic salary and dividends. The optimal salary depends on several factors:Whether they have additional income or employment.Their income tax bracket and applicable income tax rates.Whether they have passed retirement age.Dividend income tax rates.National Insurance rates for the tax year in question. In this article, the SAS team summarises the ideal salary for directors, per the...

New Rules Announced on Cryptocurrency Taxes!

Just before the start of this new 2021/22-tax year, HMRC announced changes to how crypto assets - those funds held in or earned through cryptocurrencies - are taxed. As a relatively new concept, there is a great deal of confusion about the legality and declaration requirements around crypto assets, so the SAS team has summarised how this works and what the changes are!...

Streamlining Remote Staff Management - Exclusive Offer for SAS Clients

One of the most popular services the SAS Accounting team offers is payroll processing. We appreciate that managing staff, calculating tax and National Insurance deductions, applying allowances and producing accurate, on-time reporting can be a substantial pressure for many businesses. We are continually looking at new ways to make your accountancy requirements faster, easier to manage, and more cost-effective. The SAS team opts for BrightPay as our software of choice for this service area. Strea...

How Can Businesses Pay Back VAT Postponed Due to the Pandemic?

While the gradual reopening of business sectors is great news overall, many companies have deferred VAT liabilities. They are now considering how they will get back on top of their finances when regular trading resumes. There are two options available, applicable to VAT deferred between 20th March and 30th June 2020: Pay the VAT owing now.Join the new payment scheme for deferred VAT. Here we'll run through how the two options compare to help our clients make sound judgements about the best way f...

Budget 2021 - The Key Announcements

Following yesterday's Budget, the SAS team has compiled this summary of the most significant announcements to help you see where this might impact your business and trading to plan for the coming months....

Latest News on Stamp Duty Holiday Extensions & Government Coronavirus Support Schemes - 15th February 2021

After weeks of speculation, this weekend we heard more indicative news that the Stamp Duty holiday, which saves buyers up to £15,000 on every UK property purchase, is likely to be extended for a further six weeks. Let's consider how this is likely to impact the property market and look at other funding and economic stimulus packages to get the latest updates....

Jargon Busting: The Construction Industry VAT Reverse Charge Explained

From 1st March 2021, a new VAT exemption is being introduced by HMRC. This rule applies to businesses in the construction and building sectors. Firstly, this doesn't have any impact on the existing CIS scheme for contractor payment deductions. Many construction businesses use the CIS scheme to account for tax and National Insurance deductions from contractors' gross pay or self-employed tradespeople. This new VAT system doesn't change that. Let's run through what this new VAT accounting system m...

Self-Assessment Tax Return Deadlines - Why a Pandemic Isn't an Excuse for Late Payments!

Over the past year, we've seen several deferments and extensions, to help businesses and people cope with the demands of the pandemic, without falling behind with their tax obligations. However, assuming that the self-assessment tax return deadline, which falls on 31st January 2021, is also 'flexible' this year would be incorrect! HMRC is offering some concessions, in that they will consider a 'reasonable excuse' as to why some returns have not been submitted before the cut-off. Provided you can...

Scam Awareness - Latest COVID-19 Fraud Reports

Just as we take our first steps in 2021, many businesses continue to face severe challenges in light of the new lockdown. The news came yesterday of a new raft of grants to the value of £4.6 million, which is both welcome and necessary to support employers and employees alike with the substantial impact to trading. However, on the back of this governmental support comes something far more sinister - a wave of spammers and fraudulent schemes aimed at manipulating struggling firms, at a time when...

The Year Ahead: The Likely Impact of Brexit on UK SME Business in 2021

As we approach Christmas and the end of 2020, many of us will be hoping for a fresh start in the New Year, with a positive outlook after a challenging year for the vast majority of business sectors. However, now that news of Coronavirus vaccines has brought renewed optimism to many, and older spectre has raised its head that felt largely forgotten in the wake of a global pandemic - Brexit. The Transition Period ends on 31st December 2020, so while the UK officially left the European Union some t...

Take Note - HMRC is Back in Action!

In the earlier stages of this year, HMRC dialled down compliance checks and follow-ups, as we all worked frantically to adjust to a rapidly changing business landscape. While many employers continue to face restrictions, make use of the furlough schemes, and operate with postponed payment due dates, that does not mean that HMRC is going to stay silent for long! Many taxpayers have enjoyed payment holidays, compliance extensions and an easing of pressure while normal operations were suspended. Ho...

The 2020 Effect - How COVID-19 Is Impacting the UK Property Market

Given the breadth of the chaos caused by the Coronavirus pandemic, it wouldn't be fair to single out a particular industry or sector that has been hardest hit. However, hospitality and housing are unquestionably reeling from the impact. For UK movers, this year has been a significant challenge, with a continually changing scenario and guidance. This has meant that sales, investments and moves have both been on indefinite hold, and then conversely moving at the speed of light to take advantage of...

The Return of Furlough: Coronavirus Job Support Scheme Updates

This past weekend saw the announcement we had long anticipated - another lockdown. As well as the return to movement restrictions, the government has announced that the Coronavirus Job Retention Scheme will not end on 31st October 2020 as planned, but will be extended until 1st December 2020....

Winter Working Woes: How To Put the Spring Back in Your Step When the Clocks Go Back

So there's a lot to love about this time of year; crispy autumn sunshine, beautiful colours on the trees, hot chocolate... That said, the clocks are set to go back an hour this weekend, and along with the loss of an hour's sleep, a lot of people find the shorter days, earlier evenings and often gloomy weather takes a toll on their energy and productivity. The SAS team has compiled our favourite ways to take the sting out of winter - and keep your mind ticking over brightly no matter how dark tho...