New Website – Caroline Streatfield Accountancy Software Training Courses

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Caroline Streatfield Accountancy Software Training

Caroline Streatfield Bookkeeping now offers in-house accountancy software training courses and online courses. You can discover all you need to know about the courses and how to book onto them by visiting our NEW dedicated website.  It’s easy to navigate and has lots of interesting information about the courses including information about the various  modules and who they are suitable for. Courses are available for QuickBooks and Xero for those who are new or inexperienced at using the accounting software as well for those who want to expand their knowledge. There are also courses on Construction Industry Administration and Finance For Non Financial Managers.

An informative Home page

You’ll discover what is on offer and who the courses are aimed at. Those who will really benefit are established and new business owners, accounting students, job seekers and accounts staff and of course those new to the Construction Industry Scheme (CIS). This is not an exhaustive list as anyone can come along who is interested in learning more and no previous knowledge is required. The modules have been planned meticulously and on the day of your course, you will find everything is supplied including a laptop computer to use on the day.

About your tutors

The new website includes a helpful page that details the ladies who will be teaching you and includes some information about their backgrounds. Caroline is the director and lead tutor and started her bookkeeping business over twenty years ago. She has designed the modules. Assistant tutor is Juliet Hills, a senior bookkeeper at the Caroline Streatfield Bookkeeping. Claudia Sander is the perfect choice as the Course Administrator and she’ll be in touch with you with all the details you need to know about the courses and you can get in touch with her if you have any questions.

Book a course

It’s so simple to do. Choose the course that you would like to book onto. You’ll then be asked to book a date, you add it to your basket and make the payment. You will be able to book onto any of the following courses:

What do you get on your cloud accounting software course?

So all you need to do is book onto your course, and we’ll supply the rest.

  • A modern, comfortable training room at Archer House in Eastbourne
  • A laptop computer, should you need one
  • Pens, pads and everything for taking notes
  • A comprehensive online workbook which includes the modules
  • A delicious lunch
  • Refreshments and biscuits
  • 30 days free email support
  • Certificate of attendance on completion of the course

Reviews about the training

As you would expect, there is a whole page dedicated to the super things people are saying about Caroline, all from business people who she has taught on a one-to-one basis. The reviews are from owners of all sizes of business and those entrusted in keeping the company accounts up to date.

“Caroline has the patience of a saint and nothing is too much trouble for her.”

David Carter – Sussex Furnishers Ltd

“I like that Caroline is available for ongoing support and always at the end of the telephone. Highly recommended.”

Sue McHale – Ratsport

Blogs and helpful articles

On the new site, we want to keep you up to date with all the latest news and articles with helpful information. Although the site has just gone live, you have three blogs to enjoy. These will be added to at regular intervals, so do take a look.

How to sign up for a Caroline Streatfield Bookkeeping accounting software online course

Further details of the courses and to book can be found on our dedicated website, or by visiting this site. Alternatively, we have a dedicated phone line and you can call Claudia on 07823 757362 or email info@csbookkeeping.co.uk

In-House Accountancy Software Training Courses On QuickBooks, Xero, QuickBooks Payroll and Sage

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Caroline Streatfield Bookkeeping has been training clients on a one-to-one basis on QuickBooks and Xero accountancy software. It’s proving so popular that we have decided to offer in-house training courses. These will be held at Archer House in Eastbourne, East Sussex. By coming along to one of our workshops, you won’t need to struggle with the software anymore. It also means we’re offering you the personal touch, so you don’t have to grapple with those online courses. The workshops have been very carefully prepared with the precision you would expect from a bookkeeper. They are suitable for a wide range of expertise, whether you are a complete beginner, have some prior knowledge or are more advanced. In our latest article, we tell you a lot more about them, the courses we are offering, what you will achieve from coming along and who the courses are aimed at.

In-house accountancy software training courses from Caroline Streatfield Bookkeepin

Currently we are running the following courses:

To book, click here or visit our dedicated website.

Online Sage 50 Course

We also offer a self-paced Sage 50 Accounts Online course. This is perfect if you are a brand new or existing Sage Accounts user who would like to learn step by step and want to fully understand the functions of Sage 50 Accounts from the comforts of your own home or workplace.

Step-by step modules to make learning easy

Each course on the Caroline Streatfield Software Training programme is divided into step-by-step modules to simplify learning for you. Our courses have been carefully and meticulously designed and planned by professionals to focus on the key elements. These are aimed at equipping you with the essential skills that you will need to run your business or pursue opportunities in this area. You can learn to use QuickBooks or Xero for your business accounting. You will be taught how to manage your business account and how to invoice clients, track expenses, bank reconciliation, raise purchase orders and more.

What you get on your Accounting Software Training course

  • In-house training at Archer House, Eastbourne
  • Maximum of 6 delegates
  • One day course (approx. 6 hours) with finger buffet lunch and refreshments
  • Laptop computer to use
  • A detailed workbook
  • Certificate of Attendance on completion of the course
  • Free email support for 30 days
  • Subsequent email support offered for a small fee

The QuickBooks Payroll in-house course is a half-day course (3 hours) and is priced at £75. QuickBooks and Xero Skills and Advanced courses are full day courses (6 hours) and are priced at £150.

Who is this course for?

The course will appeal to those who want to refine and develop their QuickBooks and Xero skills and those who wish to learn a new skill.

  • Small business owners
  • Recently qualified college students
  • Recruitment Agencies for job seekers
  • Employees from businesses using QuickBooks and/or Xero
  • Management teams

How to sign up for a Caroline Streatfield Bookkeeping online course

Further details of the courses and to book can be found on our dedicated website, or by visiting the links above.

Alternatively, we have a dedicated phone line and you can call Claudia on 07823 757362 or email info@csbookkeeping.co.uk

 

Personal And Business Tax Changes From April 6 2021

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The 2021/22 tax year begins on 6 April 2021. The government has implemented limited measures this year although it will start to claw back the monies it has put into coronavirus relief after 2021/22. In this article from Caroline Streatfield Bookkeeping, based in Eastbourne, we look at the key changes in personal tax thresholds and allowances, National Minimum and Living Wage amounts, National Insurance contributions, Corporation tax and VAT.

Changes at a glance

  • Individual personal allowances frozen until 2026
  • Corporation tax to increase to 25% in 2023
  • VAT relief remains at 12.5% and returns to 20% in 2022 (hospitality sector)
  • Increases to National Minimum Wage
  • National Living Wage extended to 23-24 year olds
  • Rise in the threshold for National Insurance contributions (NICs)

 Personal tax thresholds and allowances

Your personal tax allowance is the amount you can earn before paying any income tax. After this year, these thresholds will be frozen until 2026.

2020/21 2021/22
Basic rate tax 20% on income between £12,501 and £50,000 20% on income between £12,571 and £50,270
Higher rate tax 40% on income between £50,001 and £150,000 40% on income between £50,271 and £150,000
Additional rate tax 45% on income above £150,000 45% on income above £150,000

Minimum Wage and Living Wage amounts

There are increases in Minimum Wage rates. The National Living Wage is extended to 23-24 year olds for the first time having previously been limited to those aged 25 and older.

National Living Wage (Aged 23 and over) £8.91
National Minimum Wage (Aged 21 to 24) £8.36
National Minimum Wage (Aged 18 to 20) £6.56
National Minimum Wage (Under 18) £4.62
Apprenticeship Rate (Aged under 19 or in first year of apprenticeship) £4.30

National Insurance Contributions

Class 1 NICs (Primary Threshold/Lower Profits Limit) rise to £9,568. The Upper Earnings Limit (UEL)/Upper Profits Limit (UPL) rises to £50,270.

Corporation tax

There is no increase in corporation tax for this year or for next year. However, in April 2023, the tax will rise to 25% on profits over £250,000 which will be referred to as the Upper Profits Threshold. This is actually the first rise in corporation tax since 1974. It’s better news for smaller businesses as there is now a lower threshold for corporation tax, referred to as the Small Profits Rate, which will apply to profits under £50,000 and the rate will remain at 19% as of April 2023. For those businesses with profits between £50,000 and £250,000, there will be a new tiered corporation tax rate from April 2023 onwards although the government has not yet released the details of this.

VAT changes

There are no changes for VAT with the threshold of £85,000 locked until 1 April 2024. However, the reduced rate of 5% for businesses in the hospitality sector which was launched in 2020 and although due to end on 31 March 2021, has been extended until 30 September 2021. From this date a new rate of 12.5% will apply until 31 March 2022 with the 20% rate resuming from 1 April 2022. For the self-employed there are also income tax and VAT deferral schemes in place.

How can Caroline Streatfield Bookkeeping help you with your tax returns?

These are the major changes, but if you have any uncertainty how they will affect your business or your personal tax, please do contact us. Changes to IR35 and how Domestic Reverse Charge VAT will affect your business are explained in more detail in our previous articles. Caroline Streatfield Bookkeeping, based in Eastbourne in East Sussex can help you with your tax returns. Call us on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk. We will visit your home or workplace, if possible, within East Sussex and can also work remotely to cover other locations, which are further afield.

Private Sector IR35 Changes From 6 April 2021

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The new rules for IR35, which is another name for off-payroll working, will hit businesses from the private sector from 6 April 2021. They should have been in place in April 2020 but have been held back due to the COVID-19 crisis. These rules have been live in the public sector since April 2017. In a nutshell the changes mean that it will be the responsibility of the client and not the contractor to determine the employment status of contractors. In the latest article from Caroline Streatfield Bookkeeping, based in Eastbourne, East Sussex we look at what constitutes Off-Payroll working (IR35), why the new rules are being implemented, the main changes, your responsibilities according to the government and how we can help you.

Why are the new rules being implemented?

It was a year ago that Steve Barclay MP, Chief Secretary to the Treasury made an announcement that the Off-Payroll private sector rollout would be deferred for a year. It was made clear that this was a deferral and not a cancellation. The aim is ensure that people who work in a similar way to an employee but through their own limited companies broadly pay the same tax as those employed directly. By implementing the new rules, the tax advantages of individuals providing services via a limited company will be removed.

What Is Off-Payroll working?

This is a term used by HM Revenue & Customs (HMRC) to describe the following situation:

It is when an individual provides their own personal services via their own private company, known as their Personal Service Company (PSC) to an end client where the following test is met: if the worker is actually providing those services directly to the end client, the worker would thereby meet the employment status tests to make them an actual employee of the end client.

Main Changes To IR35

  • The end-client is responsible for determining if a contract is inside or outside IR35
  • Small businesses are exempt from the new rules
  • A Status Determination Statement must be provided by the end-client confirming the IR35 status of a contract
  • IR35 status dispute is led by the end-client
  • The 5% administration allowance is to be withdrawn although it will continue for PSCs working with small end clients
  • Employment tax liabilities are transferred to a relevant person who is any party involved in the payment to a PSC

What Constitutes A Small Business?

 End clients are classified as small businesses if they meet two of the following criteria for two consecutive financial years:

  • Annual turnover of no more than £10.2m
  • Balance sheet total of no more than £5.1m
  • No more than 50 employees

 Your responsibilities from 6 April 2021

You may have Tax and National Insurance responsibilities. This will apply if your worker provides services to a small private organisation and the off-payroll working rules apply. You will then be responsible for deducting tax and National Insurance from your worker’s fees and paying them to HMRC. When it comes to paying your worker, you could find yourself in a situation whereby your income for your worker’s services will have already had tax and National Insurance contributions deducted from them. If your worker provides services to public authority or to a medium or large-sized private sector client and the off-payroll working rules apply, it will mean that when you pay the worker they do not need to pay tax and National Insurance contributions again on those fees.

How can Caroline Streatfield Bookkeeping help you with the new IR35 rules?

Off-payroll (IR35) working is a broad topic and it’s not straightforward determining if the rules apply to you. However, from April 6th 2021 the emphasis will be on you as an employer to determine the contractor status. If you are struggling with off-payroll working, Caroline Streatfield Bookkeeping, based in Eastbourne in East Sussex can help you unravel this complicated status. Call us on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk. We will visit your home or workplace, if possible within East Sussex and can also work remotely to cover other locations, which are further afield.

HMRC Says Phone Scams On The Increase

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HMRC has reported that there has been a huge rise in reports of phone scams since the beginning of the year. The numbers tripled between December 2020 and January 2021. Scammers have been targeting people through texts, emails and phone calls with text messages climbing from 11,192 to 26,643 in January and phishing email rising from 39,564 to 46,210. Reasons for the increase in scams included people continuing to work from home and January being the height of the Self Assessment tax period.

Ways scammers will target you

Caroline Streatfield Bookkeeping would like to warn you that these unscrupulous people offer bogus tax rebates, as well as threatening legal action over unpaid tax bills and offering fake grants or other financial support. Another ruse is to inform people that their National Insurance (NI) number has been used in an illegal scam. Here they demand payment on a debt that doesn’t exist or demand personal and financial details.

Advice from HMRC

A spokesperson for HMRC said: “If someone calls, emails or texts claiming to be from HMRC, saying that you can claim financial help, are due a tax refund or owe tax, or asks for bank or other personal details, it might be a scam.”

You can check the scams checklist from HMRC and also find out how to report tax scams. Naturally, if you can’t verify the identity of the caller, HMRC recommends that you do not speak to them.

Actions to take to keep you safe

  • Do not give any private information away
  • Forward suspicious emails claiming to be from HMRC to phising@hmrc.gov.uk and texts to 60599
  • Contact your bank immediately if you think you may have fallen victim to a scam
  • Report it to Action Fraud

For more information visit the government website.

 

 

 

How Will Domestic Reverse Charge VAT Affect Your Business?

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Domestic Reverse Charge VAT is being introduced on March 1 2021 and will apply to supplies of construction work from this date. It represents a change in the way CIS registered construction businesses handle and pay VAT. Effectively, it means that the contractor at the top of the chain will pay the VAT over to HMRC. In the latest article from Caroline Streatfield Bookkeeping based in Eastbourne in East Sussex, we look in more detail about why it has been introduced, what it means for your business, the impact it might have and how you can minimise the effects on your cash flow.

Why has Domestic Reverse Charge VAT been implemented?

It was initially due to start in October 2019 but has been delayed due to Brexit and the pandemic. This procedure has been set up as an anti-fraud measure to stop companies receiving high net amounts of VAT from customers, which then doesn’t get paid to HMRC, as they have no intention of paying it. The reverse charge is thereby a mechanism for accounting for VAT with the customer charging themselves the VAT, rather than the supplier charging it. This means it is the customer’s responsibility, eradicating the opportunity for the supplier to disappear without paying VAT to HMRC.

Domestic Reverse Charge VAT

Main points of Domestic Reverse Charge VAT

  • The reverse charge only applies between the two VAT registered businesses within CIS and so does not affect invoices to the general public
  • It applies to the whole amount, including services and materials
  • The reverse charge needs to be applied to invoices issued to contractors, unless they have given written notice to you confirming that they are the end user (for example, there is to be no onward supply to the public)
  • Invoices to contractors need to include a note stating, ‘Reverse Charge VAT Act 1994 Section 55A Applies’ with the amount of VAT charged
  • This has to be stated but is not shown as a charge on the invoice or included on any VAT returns
  • Invoices relating to Reverse Charge VAT need to be entered on the invoice date or the date the payment is received, whichever is earlier

Make sure you reduce the impact on your cash flow

You may have a cash flow problem if the majority of your work involves working as a subcontractor for larger contractors. This is because you will have to wait for the VAT quarter to come to a close in order to reclaim VAT on materials, as you have not received the 20% VAT on sales. If this is the case, we suggest it might be more beneficial to move to monthly VAT returns. However, as a contractor, you could have a short-term cash flow benefit.

What it will mean for your business

The approach you take will require a significant change and staff will need to be trained to identify relevant CIS contracts and end users.

  • Accounting and bookkeeping systems will need to be modified for new invoicing and reporting obligations
  • It may not be possible to use the VAT Flat Rate Scheme and Cash accounting
  • Businesses that are recipients of the supply may need to register for VAT
  • Those at the start of the supply chain may become VAT repayment claimants
  • Filing monthly VAT returns should be given serious consideration

How can Caroline Streatfield Bookkeeping help you with Domestic Reverse Charge VAT?

VAT of any description often conjures up feelings of dread and particularly any changes to the way it is collected. The new method of collecting VAT is not straightforward. However, with the right advice, and working with a bookkeeping company that understands it, you should be able to come through the process relatively unscathed and minimise the effects on your cash flow. It is crucial that your business is prepared for the new way of paying VAT. If you need help with your Domestic Reverse Charge VAT, why not talk to the experts at Caroline Streatfield Bookkeeping? We work with a lot of businesses who are required to operate CIS. For more information, call Caroline on 07982 682746 or 01323 885205 oremail info@bookkeepereastbourne.co.uk

Domestic Reverse Charge VAT

 

Time To Pay – Income Tax And VAT Deferred For The Self-Employed

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Time to Pay

Time to Pay will give self employed workers more time to pay their self-assessment tax bills. The Chancellor announced in his Winter Economy Plan that outstanding tax bills due by January 31 could be paid over the following 12 months. The extension is designed to help workers and businesses that are struggling to pay and cannot meet the January 31 2021 deadline because of COVID-19. In the latest article form Caroline Streatfield Bookkeeping, we give you a quick reminder of how self-assessment works, how you access the Time to Pay scheme, the instalment process, and how to get help should you need it.

You will still need to file your tax return by 31 January 2021

Those in the self-employed category usually fall within the Self Assessment system and have to file their tax return and pay their tax bill by 31 January every year. Some also have a second deadline date in July, which is known as payment on account. This had previously been extended until 31 January 2021. These payments can now be deferred further until January 2022. But if you do want to use the HMRC Time to Pay option, you must do it as soon as possible. HMRC does charge interest on late payments and penalties if you are more than 30 days late. However, businesses that can make their tax payments should do so.

Time to Pay

Paying in instalments – how Time to Pay works

Once you have filed your Self Assessment tax return, you may be able to pay instalments so the full amount is delayed until 31 January 2022. It should be noted that interest will be applied to the outstanding balance, starting from February 1 2021. However, additional penalties such as interest and any outstanding penalties will not be charged.

  • You owe £30,000 or less
  • You do not have any other payment plans or debts with HMRC

You will then be able to choose how much to pay straight away and how much you want to pay each month. This will be based on your individual circumstances, as you will need to complete an income and expenditure assessment. This will work out how much you can afford to pay and how much time will be required to pay the debt in full. Time to Pay is flexible and HMRC won’t usually ask you to pay more than 50% of your disposable income.

Setting up a payment plan

You can set up a payment plan online or call the Payment Support Service. When you set up online, you will need your Government Gateway User ID and password. In order to be eligible, you must not have any outstanding tax returns or other tax debts or any other HMRC payment plans set up. HMRC has changed its Time to Pay service for people who would incur financial hardship or personal difficulty, making it easier to set up an online plan. If you do need to talk to somebody, call 0300 200 3822 for the helpline, which is available form Mon-Fri 0800-1600. Ask to talk about Time to Pay.

Changes to the VAT deferral scheme

Businesses who chose to defer their VAT payments between March and June 2020 will now be able to make interest-free payments over the 2021-22 tax year. This option is available, rather than paying the full amount by March 2021. Again if you can make your payments you should do so. More information will be available soon.

How can Caroline Streatfield Bookkeeping Help Your Business

There really isn’t long to go before the deadline of 31 January to file your tax return online. If you want to take advantage of the Time to Pay scheme, you must do it now. The team at Caroline Streatfield Bookkeeping is here to help if you are struggling or require more information. Call us on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk to find out more.

Time to Pay

What Happens When You Get A VAT Inspection?

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A VAT Inspection can immediately cause stress, anxiety and panic, and has long been associated with being every business owners worst nightmare. However, knowing what to expect and getting prepared can really help for the visit from HMRC so that the inspection can be carried out quickly and without too much fuss. In this article we give you a brief synopsis of what VAT is and who has to pay it before giving you tips to help you prepare for a VAT inspection, what you might expect on a visit from HMRC and what happens afterwards.

What is VAT and who has to pay it?

Value Added Tax (VAT) is charged by businesses on services or products at the point of sale and the customer pays it. There’s no getting away from, working out your VAT is painstaking, complex and time-consuming. What’s worse is if you get it wrong, you can incur some heavy penalties. Whether you have to legally register for VAT or not is dependent on your annual turnover and the type of products you are selling. The current VAT threshold is £85,000 and so if your business turns over this amount and more, you must register for VAT and complete a return. Currently, there are 3 rates of VAT, namely Standard, Reduced and Zero.

Why is  HMRC carrying out a VAT inspection on my business?

In a nutshell, the purpose of a VAT inspection is to check you are paying and reclaiming the correct amount of VAT. Today, VAT inspections are triggered by HMRC risk assessments. There are a number of reasons why you may be visited including a change in your level of VAT repayments, a credibility check on your business when compared with similar enterprises, the risk of your business sector and a comparison of your annual account figures to the VAT return figures.

What do HMRC do if they plan to visit?

  • You are usually contacted by HMRC to arrange a visit
  • You can expect about 7 days notice
  • HMRC will confirm what information they want to see and how long the visit is likely to take
  • HMRC will inform you if they want to inspect your premises

Whilst you can ask HMRC to delay their visit, it’s possible that they will visit without an appointment and/or telephone you about your VAT. The regularity of the checks depends on the size and complexity of your business and whether you have submitted late or incorrect VAT Returns before.

What to do for an impending VAT inspection visit?

  • Review your accounting records
  • If you cannot do this, ask your bookkeeper to help you
  • Make any improvements or corrections before HMRC arrive
  • Your bookkeeper will help you to access your accounting processes and suggest improvements

What happens during the visit?

If you have any problems with your VAT, HMRC will work with you to right any problems. You will also be advised about any additional tax or penalties you have to pay. It is certainly in your interests to be helpful, as this will help to reduce the amount of the penalty.

What happens after the visit by HMRC to carry out a VAT inspection?

At the end of the inspection, the HMRC officers will set up a meeting to discuss the findings. You will hear in writing from HMRC about any concerns or issues that they have found during their visit.

  • What you must do to improve your VAT record keeping
  • Any corrections you must make to your VAT account
  • Whether you are overpaying or underpaying your VAT
  • Any penalties you have to pay

If any serious problems are discovered, fines can be levied of up to 30% of the underpaid VAT.

How can Caroline Streatfield Bookkeeping help you with your VAT returns?

Many business owners dread being told they have to have a VAT inspection. However, with the right advice, transparency and being compliant, you should be able to come through the process relatively unscathed. It is crucial to prepare yourself for a VAT inspection and talking to a professional bookkeeper about the ins and outs will put you in good stead. If you need help with your accounting records, why not talk to the experts at Caroline Streatfield Bookkeeping? We work with a lot of start-ups and SMEs who find keeping track of their finances essential for keeping their companies running smoothly. For more information, call Caroline on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk

How Useful Is A Cash Flow Forecast?

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A Cash Flow forecast is not ‘an interesting piece of information’ to have, it’s an essential tool for your business planning. You could say that every business should have one. It will help to identify if there are peaks and troughs in your business. It will identify that perhaps more money comes in (inflow) or goes out (outflow) at a particular time of year. The forecast usually covers a period of 12 months with a month-to-month analysis, although some businesses may require a day-to-day analysis and larger companies may need to produce a cash flow forecast for 3-5 years. In the latest article from Caroline Streatfield Bookkeeping based in Eastbourne in East Sussex, we look into the definition of a cash flow forecast, how it will help your business and why you need one.

What is a cash flow forecast?

This predicts the net cash flows of your business for a future period. It determines what will be coming into your bank account and what will be going out. By discovering these figures, you will have an estimate of your bank balance for each period covered, for example each month. In the perfect scenario, you will be looking for your cash inflows to be more than your cash outflows. The elements involved in a cash flow forecast are the opening balance, monies received, monies going out, the difference between these which can be a negative or positive figure and of course your closing bank balance.

How will a cash flow forecast help your business?

 If you are a new business, it will initially help you to identify how much capital you need for your start-up costs and cover initial trading.

  • Highlight any shortfalls in your cash balances
  • Identify any increases in costs
  • Give the trading performance of your company
  • Analyse your business to check it is performing as you want it to

An early warning system for you to take the necessary action

If there is a potential shortfall in income, a cash shortage or increases in your costs are expected, it will act as an early warning system and give you the opportunity to take action. This could determine if you need a loan or an overdraft and if you do need to borrow money, how much your business can afford. It will also act as a guide so that you can stay on track and remain within your financial limits.

Why do you need a forecast?
  • To pay suppliers and employees
  • Your bank may want to see it
  • Helpful for financial planning
  • Keep track of overdue payments
  • Plan for shortfalls
  • Manage surplus cash

The bottom line is that you need a healthy cash flow

It may be a clichéd saying but in business, “Cash is King”! Without a healthy cash flow, your business won’t survive. And it is particularly important for SMEs and start-ups to know where they stand in financial terms. If you know in advance that you have a potential shortfall looming, you can do something about it.

Contacting Caroline Streatfield Bookkeeping for your cash flow forecast

Used effectively, a cash flow forecast is a very valuable tool to have for your business. It is in essence central to maintaining the financial stability of your company. If you need help with your cash flow forecast, why not talk to the experts at Caroline Streatfield Bookkeeping? We work with a lot of start-ups and SMEs who find keeping track of their finances essential for keeping their companies running smoothly. For more information, call Caroline on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk

Deadline Is Approaching – Less Than 100 Days To File Your Self Assessment

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File your self-assessment now!

The deadline of 31 January 2021 to file Self Assessment forms is fast approaching and will be here before we know it. Even though it has been an extraordinary year, you will still have to file your Self Assessment forms by the deadline. You should have been notified by HMRC as to whether you need to file a Self Assessment tax return and of course if you are not sure, please call the friendly team at Caroline Streatfield Bookkeeping, based in Eastbourne in East Sussex. We will be delighted to offer help and any guidance you may need. We strongly advise you do not leave filing your Self Assessment form until the last moment. The sooner your tax return is submitted, the quicker you will know how much your tax contribution will be.

Changes to the furlough scheme due to the second lockdown

The furlough scheme was due to end at the end of October but is now being extended until December. It will help employers who had previously had to top up furloughed wages by 20% with the government paying 60%. The state will now put in the full 80%, but as an employer you will have to cover your employees’ national insurance and pension contributions. To be eligible, employees must have been on the payroll by 30 October 2020.

Self-Employment Income Support Scheme Grant Extension (SEISS)

 There are also changes to the Self-Employment Income Support Scheme (SEISS) with the government taking more action to support the self-employed. The SEISS Grant Extension will provide critical support to the self-employed in the form of 2 grants. These are available for two 3-month periods covering November 2020 to January 2021 and February 2021 to April 2021. For the first period, the government will provide a taxable grant covering 55% of average trading profits, which will cover 3 months of profits, capped at £5,160. It will be paid out in a single instalment. This is an increase to the previously announced level of 40% of trading profits to 80% for November 2020. The second grant starting on 1 February 2021 will be reviewed and an announcement made in due course. You should note that the grants are taxable income and subject to National Insurance contributions.

How can Caroline Streatfield Bookkeeping Help Your Business

 If you are a local tradesman or professional wanting bookkeeping and Self Assessment services, Caroline Streatfield Bookkeeping is here to help. Much of our business comes through referrals with recommendations coming because of our personal approach and our honest and open pricing structure. We are here to help all types and sizes of businesses and will listen and respond to the needs of each client – we know that one size does not fit all. Call us on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk to find out more.

A word of warning about scam emails and text messages

HMRC has pointed out that there has been an increase in scam emails, calls and texts. Please do not respond if someone claiming to be from HMRC contacts you. They may say that financial help can be claimed or that you are owed a tax refund and will ask for personal information including your name, credit card and/or bank details. Please note that you can forward suspicious emails claiming to be from HMRC to phishing@hmrc.gov.uk and texts to 60599. Again, if you are not sure, please do get in touch with Caroline Streatfield Bookkeeping.

Less than 100 days to file your tax return.