UPDATE: Coronavirus Financial Assistance Available - 14th October 2020
As the pandemic rolls on, it seems that the 'second wave' is well and truly here, with new localised lockdowns being announced almost daily. Those financial support schemes first announced back in April have begun to taper out, and so new programmes have been launched to support those who continue to be impacted by Covid-19. This week, we have heard more information about each scheme, the eligibility criteria, and how you can make an application....
October 15, 2020Capital Gains Tax 30-Day Deadlines: All You Need to Know
As UK business sectors begin to resume pre-pandemic trading, albeit with new safety precautions in place, the new deadlines to file and pay Capital Gains Tax (CGT) are now being enforced. We've summed up all you need to know to ensure you stay on top of your tax liabilities, and understand the new system to follow when selling a residential property at a profit....
September 28, 2020Manic School Runs Resume - Maintaining Work/Life Balance for Working Parents
September 2020 is like no new term in recent memory. It signals the reopening of schools, many of which have been closed since March. Millions of UK workforce members are returning to offices that they haven't visited in six months. Hundreds of thousands of furlough schemes are winding down, and laptops in home offices are tentatively being closed. This is always a slightly chaotic time of year, as working parents and carers stumble into the demands of a new routine - and that persistently early...
September 17, 2020Keeping Your Cool in Rising Temperatures - Top Tips for Smooth Work Relationships
Across the UK, we've seen the mercury rising, just as many of us return to work, businesses reopen, and schools gear up for a new term. This storm of stress has compounded tensions, with any slightest friction quickly coming to a head in sweltering conditions. How about we take a breather, have a nice cold glass of water, and think about the best strategies for managing workplace stress in a heatwave....
August 18, 2020Coronavirus Countdown: HMRC Deadlines for Inaccurate Claims
While government grants are hailed as having helped millions of businesses survive the Covid-19 lockdown and saving many more millions of jobs, there was always going to be vulnerability that the system would be abused, manipulated, or just misunderstood. It is difficult to quantify, but reports show that multiple companies have taken advantage of the grant schemes and financial support available - some without being eligible. So, what can you do if you're worried about your claims, think ...
August 5, 2020Choosing a Trading Structure: Sole Trader or Limited Company?
If you're running your own business or thinking of starting one up, deciding which trading structure to choose is always a bit of a puzzle! There are pros and cons to both trading as a limited company and as a sole trader, but the most critical factor is to understand precisely what it means, and what your obligations are as a business owner. To help decipher the differences so that you can make an informed decision, SAS Accounting has created a quick-fire guide to identify the core c...
July 29, 2020Managing Your Workflow & the Value of Lists!
Our modern lives run at a faster pace than ever before! It never ends; it never slows down - and we are seeing more and more people suffering from burnout. The HSE reports that in 2018/19 no less than 12.8 million working days were lost due to stress, depression or anxiety. How many things do you need to achieve in a day? Taking the kids to schoolCompleting a full day in the officeBooking that washing machine serviceCooking dinner (or ordering a pizza if it's one of thos...
July 16, 2020Summer Statement 8 July 2020
Summer Statement 8 July 2020 The Chancellor, Rishi Sunak continued with his campaign to support the business and jobs community today, 8 July 2020, as firms engage with the disruption caused by the coronavirus outbreak and the measures taken to control infection. The main thrust of his announcements during his Summer Economic update concerned his nominated Plan for Jobs 2020, details are listed below. He also announced measures to support the hospitality and tourism industry including a novel vo...
July 8, 2020Buy-to-let Property - Limited Company vs. Personal Investment?
Property investment and buy-to-let ownership are an attractive proposition for investors. While the property market fluctuates like any other, buildings and residences are a tangible investment that can return significant returns over time. As with any business, there are multiple ways to manage your investments and assets. SAS Accounting works with many property investors and professional buy-to-let landlords. Our team regularly consult on the pros and cons of making acquisitions through differ...
June 22, 2020The Work From Home Revolution - and How to Protect Your Mental Health
Without any doubt, since lockdown began back in March, working from home has risen sharply. The Office for National Statistics (ONS) reported that, at the time, around 1.7 million people were based primarily from home. In the week of the survey, 4 million reporting working from home at some point. While new figures are pending, it seems incredibly likely that these figures will have tripled - or more. So what does this mean for the future of the traditional workplace; and how can we make re...
June 17, 2020UPDATE: Coronavirus Financial Assistance as at 1st June 2020
Self-employment Income Support Scheme (SEISS) The Uk government has announced that the SEISS will be extended, and those eligible for the grant may claim a second grant, capped at £6,750. There is now a deadline to make a claim for the first grant of 13th July 2020. The second, and final grant can be claimed in August 2020. The second grant will be 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ profits. The cap for this grant will be £6,750.&...
June 1, 2020What is the Optimum Directors Salary for 2020/21?
What is the Optimum Directors Salary for 2020/21? The most tax efficient way for your limited company to pay you as a Director is usually through a combination of salary and dividends. We explain the best way to set up Director’s payroll to be tax efficient in 2020-21. Why have Directors’ Salaries Changed? National Insurance Contributions (NICs) are payable by employers, as well as employees. For the past few years, the employer’s & employee’s NI thresholds have been the same. This&nb...
May 28, 2020Self-employment Income Support Scheme (SEISS) - UPDATE
UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 13th May 2020 Self-employment Income Support Scheme (SEISS) The scheme is due to go live today, with applicants able to make a claim from the date provided to them by HMRC. To make a claim you will need the following: Self-Assessment Unique Taxpayers Reference (UTR)National Insurance numberGovernment gateway ID and password (if you do not have one, you can create one when making a claim)UK bank details includin...
May 13, 2020Self-employment Income Support Scheme (SEISS)
UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 4th May 2020 Self-employment Income Support Scheme (SEISS) HMRC have released a tool to help check whether you will qualify for the SEISS, which can be accessed by following the link for Self-Employment Income Support Scheme. It is looking likely that the individual will need to apply for this grant, and we will not be able to apply on your behalf. We therefore recommend ensuring you have a Government Gateway ...
May 5, 2020UPDATE: Availability of Financial Assistance Available to SMEs on 28th April 2020
UPDATE: Availability of Financial Assistance Available to SMEs on 28th April 2020 at 8am Coronavirus Bounce Back Loan The Government have announced a new loan scheme, due to be launched on 4th May 2020. This is intended for small and medium businesses and will allow them to borrow between £2,000 and £50,000. The Government will be guaranteeing 100% of the loan, with no fees or interest due within the first 12 months. The first 12 months will also be payment free and the Gove...
April 28, 2020It's The Weekend !
Whilst another weekend is nearly here, we know for many of us its much the same and we need to stay home and protect ourselves and our NHS. With this in mind, we attach a couple of colouring sheets which can be downloaded at your convenience. Enjoy them with or without the kids; with a refreshing non alcoholic or alcoholic beverage; or just utilise the relaxing properties of art to take your mind to someone else for a short period of time. Enjoy!...
April 24, 2020Coronavirus Job Retention Scheme - Update
UPDATE: Coronavirus Job Retention Scheme as at 16th April 2020 The UK government has announced the following updates to the Coronavirus Job Retention Scheme: You can claim for employees that were employed as of 19th March 2020 and were on your payroll on or before that date. You will have to have made an RTI submission notifying HMRC of payment of that employee on or before 19th March 2020. We are unsure as yet what that means for employees who started after 1st March 2020 but were not paid...
April 16, 2020UPDATE: Coronavirus Job Retention Scheme as at 9th April 2020
We have now received communication from HMRC to state their portal should be up and running on 20th April 2020. When will the First Grants be Paid? The first payments are expected to be made on 30th April 2020. It is anticipated that claims will take 4-6 working days to process and repay. If you would like us to make a claim on behalf of your business could you please provide us with the following as soon as possible: Your PAYE reference number (if we do not already have this...
April 9, 2020Social Distancing and Exercising - Rocky Boxset Anyone ?
Coronavirus Lockdown & Social Distancing With the continued implementation of the social distancing rules due to the spread of COVID-19 many people are now experiencing a new phenomenon – time! The hours spent commuting or at work are now being replaced with work from home arrangements or furlough and with no end in sight of the lockdown being relaxed, now to could be a good time to revisit that fateful night of 31 December, where we made that resolution to get fitter. How can we a...
April 3, 2020UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 30th March 2020 at 8pm
Companies House 3-month Extension to File Accounts If your accounts will be late because your company is affected by COVID-19, you can apply for an immediate 3-month extension to file your accounts. This will be applied automatically. It is important to note that your filing deadline cannot have passed for your company to apply for this. Also, any companies that have already extended their filing deadline, or shortened their accounting reference period, may not be eligible for an extension...
March 31, 2020UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 27th March 2020 at 8am
Self-employment Income Support Scheme The self-employment income support scheme (SEISS) will support individuals who are self-employed (including members of partnerships) whose income have been negatively impacted by COVID-19. This scheme will provide a grant worth up to 80% of their profits, up to a cap of £2,500 per month. HMRC will be averaging profits from tax returns filed in 2016-17, 2017-18 and 2018-19 to calculate the taxpayers grant. The scheme will be open to those where over 50%...
March 27, 2020UPDATE: Availability of Financial Assistance Available to SMEs on 25th March 2020 at 8am
Small business grant funding The eligibility has now been updated to state that the person who according to the billing authority’s records was the ratepayer as at 11th March 2020 will receive the grant. There is further information to state that where the local authority believes this to be incorrect, they can take reasonable steps to identify the correct ratepayer and withhold or recover the grant. Any changes to the rating list (rateable value or to the hereditament) after the 11t...
March 25, 2020Coronavirus Update 24th of March 2020
Coronavirus Lockdown - The Latest Whilst it appears there are no further updates to support for businesses at this current time, it is important to acknowledge the latest announcement by the Government. As a nation we have now been told we can only leave our homes for one of the following four reasons: Shopping for necessities, to be limited to items like food and medicine. These shopping trips should be as infrequent as possible.One form of exercise a day, to be carried out either a...
March 24, 2020UPDATE: Availability of Financial Assistance Available to SMEs on 23rd March 2020 at 8am
Support for Nursery Businesses that Pay Business Rates A business rates holiday will be introduced for nurseries in England for the 2020 to 2021 tax year. You will be eligible for the business rates holiday if: Your business is based in England Properties that will benefit from the relief will be: Occupied by providers on Ofsted’s Early Years RegisterWholly or mainly used for the provision of the Early Years Foundation Stage This should automatically be applied by your local authority. If y...
March 23, 2020UPDATE: Availability of Financial Assistance Available to SMEs on 21st March 2020 at 8am
Coronavirus Job Retention Scheme All UK employers will be able to access support to continue paying part of their employees’ salary for employees who would have otherwise been laid off due to Covid-19. All businesses are eligible for this. To access the scheme you will need to: Designate affected employees as ‘furloughed workers’ and notify them of this change. This change of status may be subject to negotiation, depending on the employment contract.Submit information to HMRC about t...
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