New Government Support For Businesses – Winter Economy Plan

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New support was announced on 24 September for businesses that continue to feel the impact of coronavirus. There is a wide range of help available aimed at supporting jobs and the economy over the forthcoming months. The government reports that as restrictions have changed, government support has evolved with the goal of supporting people’s jobs and their livelihoods through these uncertain times. In the latest article from Caroline Streatfield Bookkeeping based in Eastbourne, East Sussex, we look at the measures, known as the Winter Economy Plan, in more detail which will help business owners to manage their finances and protect jobs due to reduced or uncertain demand.

Additional government support:

  • New Job Support Scheme
  • Extension to the Self-Employed Income Support Scheme (SEISS)
  • Help for the hospitality and tourism sectors through a continuation of the reduction in VAT
  • Extension of the application period for 4 government-backed loan schemes
  • Changes to the terms of repayment for Bounce Back Loans (BBLS) and Coronavirus Business Interruption Loans(CBILS)
  • New payment schemes to ease the burden of paying VAT and Self-Assessment tax liabilities

Job Support Scheme

This comes into force from November 1 and will run for 6 months. It is aimed at protecting jobs where businesses are facing a lower demand for their services or products over the winter months due to COVID-19. Here the government will contribute towards the wages of employees who are working fewer hours due to reduced demand. You will be able to claim in December with Grants paid on a monthly basis. This scheme is in addition to the Job Retention Bonus. Further information can be found about the scheme by clicking here.

Extension to the Self-Employed Income Support Scheme (SEISS)

This is aimed at protecting the self-employed with fresh support grants available. These are not as generous as the previous grants. At the start of November, there will be a first taxable grant to cover 20% of average trading profits. This will be paid out in a single instalment to cover 3 months of profits with a limit of £1,875. The second grant will cover the period from February 1 2021 until the end of April. However, the amount has not been set.

Extension to the reduced rate of VAT for Hospitality and Tourism

The temporary rate of VAT (5%) has been extended. The relief came into effect on 15 July 2020 and will now run until 31 March 2021.

VAT Deferral New Payment Scheme

Any VAT payments that were due between 20 March and 30 June 2020 and which have been deferred will need to be paid to HMRC by 31 March 2021. The New Payment Scheme can be used to spread these payments over equal instalments up to 31 March 2021. However, these payments can be paid as normal or you can make Time To Pay arrangements with HMRC.

New Self Assessment Self-Serve Time To Pay Scheme

If your July 2020 Payment on Account was deferred, you will need to pay this deferred amount in addition to any balancing payment and first 2020/21 Payment on Account by 31 January 2021. If you cannot pay your Self-Assessment bill in full, a Time to Pay payment plan can be set up online which can run for up to 12 months. If your debts are up to £30,000, you’ll get automatic and immediate approval. However if your debts are larger than this and you are unable to pay in full, you may still be able to use the scheme, but you will need to speak to HMRC.

How can Caroline Streatfield Bookkeeping help with the New Winter Economy Plan?

If you’re not sure how the Winter Economy Plan will work for your business please do get in touch with the experts at Caroline Streatfield Bookkeeping in Eastbourne. Call us on 07982 682746 or email info@bookkeepereastbourne.co.uk to find out more about how the government packages could help you. We have over 20 years of experience and can assist you with your bookkeeping and VAT requirements, Self Assessment tax returns as well as payroll and automatic enrolment.

Starting A New Business And Becoming Self-Employed

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Although the last few months have been difficult and the future will continue to be unknown for some time, it has been a time when many people have had an opportunity to consider and reflect on their work prospects with their current employers. Some may have had the worst possible outcome and lost their jobs, but for others it has proved to be a wake-up call where they have been able to evaluate their current employment. Some may even be contemplating starting up their own businesses and joining the ranks of becoming self-employed.

A good time to start a new business?

History indicates that there can be a spike in new business start-ups after a recession and that many successful companies have been formed during unlikely times. In the latest article from Caroline Streatfield Bookkeeping, we look at why it’s not unusual for new businesses to start-up following a recession, what you have to consider becoming self-employed and how CSB can help you.

Why do new businesses start-up during a recession?

 It could be quite simply that you have lost your job and you have to do something. There really isn’t anything wrong in finding yourself in this position; it will just mean that you will have to proceed with some urgency. There are also lots of good reasons why it’s a good time to start.

  • A lot of talent is available
  • Government initiatives are accessible
  • Banks are willing to finance new ventures – better credit options
  • People are more likely or have to take the risk
  • Adversity brings people together
  • Less competition

What to think about if you become self-employed

 Economic downturns can bring advantages to start-ups and it could be an excellent time to open a new business. There are lots of pros to starting up your own business and perhaps one of the most important reasons is that you become your own boss. You will have more control and flexibility and can work around your commitments. However, you will have to manage your own business including cash flow, keeping accurate records and completing tax returns.

  • Formulate a business structure – take advice if necessary
  • Register as self-employed within three months
  • Register for VAT if taxable turnover is expected to exceed £85K
  • Set up a business bank account
  • Establish a process for your accounts, business expenses etc.
  • Look at the accounting software you need
  • Arrange insurance

How can Caroline Streatfield Bookkeeping help?

CSB is a bookkeeping company with offices based at Archer House in Eastbourne and we can help you with any questions you may have about starting your own business and becoming self-employed. We can also advise on your tax implications, National Insurance, registering as self-employed and help you with the best software for your business. Call us on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk to find out more about becoming self-employed and how we can help you.

Second Grant Now Available For The Self-Employed

Paul Cooper News , , ,

A second taxable grant is now available if you are self-employed or a member of a partnership and have been adversely affected by coronavirus. Applications for the first grant closed on 13 July 2020. This was based on 80% of your trading profits and capped at £7,500 in total. The second grant is the final one and is worth 70% of your average monthly trading profits.  You must make your claim for this, if you are eligible, on or before 19 October 2020, showing your budget has been affected on or after 14 July 2020.

Apply through the government gateway

The second grant will be paid out in a single installment covering 3 months’ worth of profits, and capped at £6,570 in total. HMRC will work it out for you using the same criteria as the first grant. Application is through the government gateway as before.

General guidelines for the second self-employment grant

  • You do not need to have made a claim the first time to put in a claim for the second grant
  • After receiving the grant, you can continue to work, or start a new trade or take on other employment
  • Employment could involve voluntary work or military reservist duties
  • The grant does not need to be paid back, but is subject to income tax and self-employed National Insurance
  • You can use the online service to see how the grant has been calculated
  • The amount that you receive will be paid directly into your bank account, in one installment

How can Caroline Streatfield Bookkeeping help?

CSB is a bookkeeping company in East Sussex with offices at Archer House in Eastbourne and can help you with any questions you may have about self-employment grants. We can also advise on your tax implications and National Insurance. Call us on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk to find out more about the self-employment second grant from the government.

For more information, click here.

 

Meet The Team At Caroline Streatfield Bookkeeping

Paul Cooper #bookkeepingeastbourne , , , , ,

It’s all the 20s at Caroline Streatfield Bookkeeping as this year, 2020 the company celebrates 20 years in business. Caroline actually started the business in her bedroom all those years ago, but things have moved on and the company has grown as the number of clients has increased. Today, Caroline Streatfield Bookkeeping has a staff of 5 including the boss with the newest recruit having just been appointed. Also, there’s a slight change of scenery for Caroline and her team. Bigger offices were required and CSB has literally moved up in the world from its previous ground floor location to a larger office on the second floor of Archer House in Eastbourne, which has a separate meeting room. Caroline freely admits that meeting clients is one of the best parts of her job and having a dedicated room for this purpose fits the bill perfectly.

Caroline has carefully recruited her staff and key elements are not only having the required qualifications and knowledge but also an understanding that each client is an individual with an emphasis on personal service. These are the main ingredients to its success.

Let’s meet the team!

Caroline Streatfield

The Boss

Qualified Institute of Chartered Bookkeepers Associate

 

In 2000, Caroline enrolled as a student on the Institute of Certified Bookkeepers training course and took and passed the exam in the same year. She set up her own business the same year and you could say that the rest is history. Caroline and her family live in the centre of Eastbourne and enjoy taking advantage of the social life and the activities that it offers. She can often be found at the bandstand on the seafront especially when country music is on the menu.

Claudia Sander

Account Manager

Qualified Fellow of the Institute of Chartered Secretaries

Claudia has gained international experience having resided in Germany and South Africa. She also ran her own accountancy practice for many years and now looks after the annual accounts for the largest client at Caroline Streatfield Bookkeeping. In her spare time Claudia likes to keep fit.

Juliet Hills

Senior Bookkeeper and Office Manager

Qualified AAT

After qualifying as a bookkeeper, Juliet gained experience in the industry before joining CSB in July 2019. She keeps everything running smoothly in the office ensuring that all the deadlines are met and clients and staff are looked after. Juliet also assists with the preparation of personal tax returns. In her spare time Juliet likes to go swimming and exercise her Cockapoo by taking him on long walks.

Anne Peterson 

Payroll Professional 

Qualified Associate of the Chartered Institute of Payroll Professionals

Having qualified eight years ago, Anne provides a full payroll and automatic enrolment service for CSB clients. She is always on hand to answer any queries and has been very busy administering the Job Retention Scheme for many clients. Anne is a northern lass at heart and she spends any spare time visiting and hosting family.

Ksenia Sibbles

Bookkeeper

Qualified AAT Level 4

Ksenia is the newest member of the team. She previously worked as a bookkeeper and has a good technical knowledge of keeping records for small businesses on QuickBooks. A growing family keeps Ksenia very busy and she enjoys keeping them entertained and eating out with them.

Joe Streatfield

Handyman/Tea Boy

Joe is the youngest member at CSB and likes to help around the office. His tea making skills could be refined, but he shows great enthusiasm!

How Caroline Streatfield Bookkeeping can help you

The client list at Caroline Streatfield Bookkeeping is growing with many coming to the company by way of referrals. If you are a newly created or established business looking for an experienced and yet realistically priced Bookkeeping Company, please get in touch. You can expect personal service and your own account manager from Caroline and her excellent and qualified team. Call 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk

The team are looking forward to meeting you at Archer House, which is very accessible and has lots of free parking. It also meets all the COVID-19 health and safety measures including social distancing requirements. If you are not comfortable with a personal meeting, we are happy to work with you via phone, email or a video conference call.

How To Reconcile Your Bank Account In QuickBooks?

Paul Cooper #businesssupport, Quickbooks, Tax Returns , , , , , ,

As a business owner, you need to keep accurate financial accounts and reconciling a bank statement is an important part of ensuring this, so that the monies you record are consistent with the figures that your bank is reporting. Here, at Caroline Streatfield Bookkeeping, based in Eastbourne in East Sussex we recommend bank reconciliation should be carried out every month in order to ensure accuracy of your accounting records, which could flag up unusual transactions quickly. Software such as QuickBooks makes this process a lot easier as there is an automatic bank feed, which allows information from your business bank account to be fed into the accounting system. In our latest blog, we look at what bank reconciliation is, how you do it, top tips and why you might see errors in your figures.

What is bank reconciliation?

This is the process of matching the balances in your business accounting records to the corresponding information in your bank statement. Bank reconciliation will establish if there are any differences between the two cash balances and if there are, you will need to check your business accounting records. Regular checks will highlight anything that appears fraudulent and any accounting errors.

How to carry out a bank reconciliation?

  • Compare your 2 statements
  • Add bank-only transactions to your book balance
  • Add book transactions to your bank balance
  • Compare both of the adjusted balances

First of all you will need to see if both cash balances match. You will have to go through the transactions individually and make a note of any discrepancies. This process will ensure all entries have been downloaded and checked for any errors. You could find for example that duplication has resulted if a transaction has been manually added in addition to the bank feed. Any slight cash differences may be caused by payments that haven’t been processed or interest charges. QuickBooks accounting software has a reconciliation module that allows you to enter the ending cash balance of your bank account to aid this process.

Tips from Caroline Streatfield Bookkeeping on bank reconciliation

CSB recommends that it is easier to reconcile the bank on QuickBooks if you have a copy of the paper bank statement in front of you. If you have multiple transactions on a daily basis, it is a good idea to tick them off manually on the paper statement as well as using the reconciliation screen on QuickBooks. Also if the monthly bank statement is long in length with entries, for example 12 pages long, you may find it easier to reconcile to the balance of each page rather then trying to do the whole month in one go.

Reasons for errors in bank reconciliations

  • A transaction hasn’t been recorded
  • An error in the amount registered
  • The cash balance at the beginning was incorrect
  • Mistakes have been made in journal entries

How can Caroline Streatfield Bookkeeping help you with your bank reconciliation?

Caroline Streatfield Bookkeeping is a registered HMRC agent and can help you with any questions you have regarding bank reconciliation with QuickBooks. Caroline and her team are fully qualified and undertake regular training to keep up to date with HMRC changes. CSB can help you with all your bookkeeping requirements, Self Assessment Tax Returns and payroll services with accounting software training also offered on QuickBooks. For more information, call Caroline on 07982 682746 or 01323 885205 or email info@bookkeepereastbourne.co.uk

Statutory Sick Pay Rebate Scheme And Bounce Back Loans – All You Need To Know

Paul Cooper #businesssupport, #coronavirussupport, #COVID-19, #governmentsupport ,

In March, the UK government pledged a wide package of support for UK businesses and their employees. In this latest article from Caroline Streatfield Bookkeeping based in Eastbourne, we look at the new online system that will allow small and medium sized businesses to claim back the Statutory Sick Pay (SSP) that they have paid out to employees during the coronavirus pandemic and also give you details of the Bounce Back Loan Scheme (BBLS), which helps small and medium-sized businesses to borrow money. For both, we give you details as to who is eligible, how much can be claimed, what you need to do and when you will receive the rebate or the loan.

What is Statutory Sick Pay Rebate Scheme?

This is another incentive from the government for employers to claim back the Statutory Sick Pay (SSP) paid to their employees, current or former, who have been off work due to the virus.

Who is eligible to use the Statutory Sick Pay Rebate Scheme?

The scheme covers all types of employment contracts and includes full and part time employees, those on agency contracts, flexible, zero hour and fixed term contracts, with the latter applicable up to the date when the contract ends.

  • You are claiming for an employee who is eligible for sick pay due to coronavirus
  • You have a PAYE payroll scheme that was created and started on or before 28 February 2020
  • You had fewer than 250 employees on 28 February 2020 across all your PAYE payroll schemes

How much can you claim in the Statutory Sick Pay Rebate Scheme?

It will start from the first day of sickness and cover up to 2 weeks. From the 6th April the rate increased to £95.85 from £94.25. You can claim for an employee who had coronavirus or the symptoms or is self-isolating from 13th March 2020 or from 16th April if your employee was shielding because of coronavirus.

How to claim the Statutory Sick Pay Rebate Scheme?

 You will be able to claim online. It is possible to claim for multiple pay periods and employees at the same time.

  • The number of employees you are claiming for
  • Start and end dates for the claims
  • The amount of SSP you have paid
  • Your Government Gateway user ID and password
  • Your employer PAYE reference number
  • Contact number
  • Bank details

The online service is now available and if your claim is valid, you will receive the rebate within 6 working days.

What is the Bounce Back Loan Scheme (BBLS)?

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the COVID-19 outbreak. It applies to businesses that are losing revenue, or seeing their cash flow interrupted. It is available through a range of British Bank accredited lenders and partners, which are listed on the British Business Bank website.

Who is eligible to receive a Bounce Back Loan?

  • Your business is based in the UK
  • It was established before 1 March 2020
  • It has been adversely impacted by the coronavirus

How much can you claim?

Small and medium-sized businesses can borrow between £2,000 and up to 25% of their turnover with the maximum loan being £50,000. The loan is 100% guaranteed by the government and for the first 12 months there are no fees or interest to pay. After the first year, the interest rate will be 2.5% per annum. The loan is for 6 years although you can repay it earlier without incurring a fee. No repayments will be due during the first 12 months.

How to claim a Bounce Back Loan?

11 lenders are taking part in the scheme and you will have to get in touch with a lender with details available on their website. You can fill the application in online and declare that you are eligible and it will up to the lender as to whether they offer you a loan or another type of finance. If a lender refuses to offer you a loan, you can apply to another lender.

The scheme has been set up so that businesses can quickly access the funds and these should be with you within days.

What can Caroline Streatfield Bookkeeping do to help your business?

If you’re not sure whether you can apply for the Bounce Back Loan or are unclear on claiming SSP back for your business, please do get in touch with the experts at Caroline Streatfield Bookkeeping in Eastbourne. Call us on 07982 682746 or email to find out more about how the government packages could help you

We are delighted to say that we are now working full time from our offices at Archer House in Eastbourne and we are fully compliant with social distancing rules if you wish to visit us.

Does Your Business Need An Accountant Or A Bookkeeper Or Both?

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The coronavirus pandemic is one that could not have been predicted or planned for and its ramifications are being felt throughout the business world. There is a tremendous amount of uncertainty with many people already feeling the financial implications with some losing their jobs and others on reduced incomes. Some businesses are being hit harder than others although on the other side of the coin, there are some real winners in terms of business. Those who are feeling the pinch financially are already tightening the purse strings and looking at ways in which costs can be cut and money saved. In the latest article from Caroline Streatfield Bookkeeping based in Eastbourne in East Sussex, we look at whether you could reduce your overheads by using a bookkeeper rather than an accountant.

What do the terms bookkeeper and accountant mean?

Bookkeeping has traditionally been viewed as the first part of the accounting process involving the efficient running of finances including recording and organising of data. Monies coming into and out of a business are accurately tracked and the day-to-day cash flow is managed. Bookkeepers can also prepare for year-end tax returns and file them. Accountants are able to carry out audits and sit down with business owners to forecast future business needs.

The line between bookkeeping and accountancy is diminishing

Many people are unsure as to whether they need a bookkeeper, an accountant or both and are actually not clear about the differences between the 2 roles. It’s true that the work involved in bookkeeping and accountancy has always overlapped and today it can be said that the line between the two is slowly diminishing. With the advent of accounting and bookkeeping software, some parts of accounting are being slowly absorbed into the bookkeeping process. Bookkeeping software can now generate financial statements, which used to be an exclusive part of accountancy.

Does your business need a bookkeeper or an accountant or both?

Using a bookkeeper could be more cost effective and like accountants, they can provide tax advice. Whether you require a bookkeeper or an accountant is very dependent on the level of service that your business requires. Both an accountant and a bookkeeper can help you manage your day to day finances as they can monitor cash flow from different accounts, can deal with bills and invoices and organise your books for better management. Accountants are more expensive but are not involved in everyday bookkeeping.

How Caroline Streatfield Bookkeeping could help your business

Caroline Streatfield Bookkeeping works with all businesses including sole and limited companies with CSB doing the bookkeeping for the majority of the latter with an accountant doing the year-end filing. A growing trend is for more limited companies, perhaps with limited transactions, to have their annual accounts prepared by a bookkeeper. CSB is also fully trained in preparing the accounts for micro-entities, smaller companies, which often need a simpler set of year-end accounts.

Contacting Caroline Streatfield Bookkeeping

If you are looking to reduce your overheads, why not talk to the experts at Caroline Streatfield Bookkeeping as you may be using an accountant when you actually only need a bookkeeper? We keep in touch with our clients, have local connections, and you would have one point of contact. CSB can prepare self-assessments, small limited company accounts and can do the payroll for you. Caroline is fully qualified and undertakes regular training to keep up to date with HMRC changes. The company complies with data protection and money laundering policies. For more information, call Caroline on 07982 682746 or email info@bookkeepereastbourne.co.uk

 

Financial Support For Businesses From The UK Government

Paul Cooper #businesssupport, #COVID-19 , ,

These are certainly unprecedented times that we are living through now and naturally many people are worried about the impact that COVID-19 will have on their businesses. The spread of the virus is bringing challenges and changes that we have not experienced before. Only people who are involved in essential businesses are still working with many running their businesses from home or furloughed.

However, the Chancellor, Rishi Sunak announced a £12 billion package of measures to support businesses, public services and individuals in the Budget and since then has implemented measures aimed at supporting public services, people and their businesses during this period of disruption. In this month’s blog from Caroline Streatfield Bookkeeping, we look at what is included in the package. Please note that support for businesses is continually being reviewed and updated, so please check the latest government news.

Support For Businesses – Small, Medium and Large

  • Statutory Sick Pay (SSP) relief package for SMEs
  • A business rates holiday for all retail, hospitality and leisure businesses in England
  • Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value of between £15,000 and £51,000
  • The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
  • A new lending facility from the Bank of England to help support liquidity amongst larger firms, helping them bridge coronavirus disruption to their cash flows through loans
  • The HMRC Time To Pay Scheme

SSP Packages For SMEs

SMEs and employers will be able to reclaim SSP where an employee was paid for absence due to COVID-19. Your business must be based in the UK and must have employed fewer than 250 on 28th February 2020. For the full list of eligibility rules surrounding this, click here.

Business Rates Support

The holiday will be for the tax year 2020 – 2021 and applies to businesses in the retail, hospitality and leisure sectors in England. You do not have to do anything to access the scheme, as this will apply to your April 2020 council tax bill.

£25,000 Cash Grant for Retail, Hospitality and Leisure Businesses

Your local authority will be able to advise you and this will be applicable if you are in these sectors and operating from smaller premises with a rateable value of between £15,000 and £51,000.

Support If You Pay Little Or No Business Rates

Additional funding will be made available to these businesses through Small Business Rate Relief (SBBR). A £10,000 one-off grant will be available to businesses eligible for SBRR or rural rate relief. Again you do not need to apply, as your local authority will contact you.

A Coronavirus Business Interruption Loan Scheme

This is a temporary measure for primarily small and medium-sized businesses to access bank lending and overdrafts with the government providing lenders with a guarantee of 80% on each loan. Loans of up to £5m will be supported with the first 6 months of the finance being interest free, as the government will cover interest payments. Your turnover can be no more than £41m and your business must meet the British Business Bank criteria.

Time to Pay Service

This is tax support for businesses with all businesses and self-employed people eligible if they find themselves in financial difficulties. Arrangements are agreed on a case-by-case basis depending on circumstances and liabilities. If you have missed a tax payment due to COVID-19, you can call HMRC’s dedicated helpline on 0800 0159 559.

What To Do Next

If you’re not sure what financial support is available for you and your business from the government, please do get in touch with the experts at Caroline Streatfield Bookkeeping in Eastbourne. Call us on 07982 682746 or email info@bookkeepereastbourne.co.uk to find out more about how the government packages could help you. At this time, we are working remotely to keep you safe and to cover other locations, which are further afield from our Eastbourne offices. Keep looking at our website for future financial support that the government is offering during 2020 and keep checking the government website for up to date information and packages available to the self-employed.

 

Changes To Off-Payroll Working (IR35) Rules – Effective 6th April 2020

Paul Cooper IR35, News, Off-Payroll Working , , , ,

New rules will come into effect from 6th April 2020 for off-payroll working (IR35). The draft legislation was published in the Finance Bill 2019-20, which amongst other tax measures, introduced important changes for workers providing services through an intermediary in the private sector, known as off-payroll working. The Chancellor of the Exchequer will confirm the final contents of the bill in the 11th March budget and the changes will affect any contractors who are working through a Personal Service Company (PSC), recruitment agencies as well as large and medium sized end clients. In the latest blog from Caroline Streatfield Bookkeeping with offices in Eastbourne, we look into off-payroll working in more detail, the main changes and what you will need to prepare.

 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?

  • Annual turnover is less than £10.2m
  • Balance sheet total is less than £5.1m
  • Fewer than 50 employees

What You Need To Do As A Client

It will be your responsibility to decide upon the employment status of a worker and it must be done with every contract that you agree with an agency or worker. Once you have decided you will need to:

  • Pass on the reasons for your decision to the worker or the organisation you contract with
  • Keep detailed records of the employment status including reasons and the fees paid
  • Have processes in place that can deal with any disagreements that may arise

Conclusion

Off-payroll (IR35) working is a large topic and it can be problematic determining if the rules apply. However, from April 6th the emphasis will be on you as an employer to determine the contractor status.

What To Do Next

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 email us. We will visit your home or workplace within East Sussex and can also work remotely to cover other locations, which are further afield.

Next time, we’ll be talking more about this topic, so be sure to stay tuned to our blog.

Bookkeeping In Eastbourne For 20 Years – Expansion And Changing With The Times

Paul Cooper Quickbooks, Xero , ,

Caroline Streatfield Bookkeeping (CSB) started life in Caroline’s bedroom, but the business has really moved on and flourished from this modest start and this month CSB is celebrating 20 years in business. Today CSB has its own office premises and employs three part time staff with almost 180 clients.

A milestone of this type shouldn’t go unnoticed and unheralded and so Annie from Writing and Blogging was sent in to investigate and find out a little bit more about this entrepreneurial lady.

Born in Surrey, Caroline is married with two children and has lived in Eastbourne for 6 years having lived in different areas of Sussex throughout her life. Her background is in taxation.

  1. Caroline Streatfield Bookkeeping (CSB) is celebrating 20 years in business. Can you tell us how you got into bookkeeping?

 It’s quite simple really, as when I was pregnant with my daughter I was looking for a career, which would fit around a young family. I needed flexibility with my hours and the logical fit was to build on my experience in taxation.

  1. What qualifications and training did you need?

In 2000, I enrolled as a student on the Institute of Certified Bookkeepers training course and took and passed the exam in the same year. Things are always changing in the world of taxation and bookkeeping and since then I have undertaken training regularly to keep updated and current.

  1. So, you started your own business straight away?

Yes. I advertised for clients immediately and my first client was a heating engineer and I’m delighted to say, he is still a client today. In order to broaden my knowledge, I also worked for a local accountant.

  1. What is the scope of your bookkeeping work?

It’s probably easier if I just list them:

  • Bookkeeping on cloud systems
  • VAT Returns
  • Self Assessment Returns
  • Training on software
  • Small limited company accounts and tax returns
  • Registration of companies and self assessment
  1. You must have seen quite a lot of changes in the industry over the last 20 years. Can you tell us what the major ones have been?

Yes, there certainly have been a lot of changes including the introduction of cloud- based software, which has revolutionised the efficiency of bookkeeping. There has also been the use of government gateways and more availability of information published by HMRC on the Internet. When I started, my clients often sent documents through the post, but today much of this is done by email. GDPR has also been huge with loads of regulations. I have to say that I don’t see many ledger books these days!

  1. How do you communicate with your clients and what are your response and delivery times?

CSB has only one mobile number which means clients can ring me directly rather than leave a message with a colleague at the office. It’s my aim to always get back to a client the same day, if I can’t talk to them when they ring.

  1. How do you ensure that all your client’s information is safeguarded?

This is really important to me and so I am registered for GDPR and ensure confidentiality within the guidelines. Eastbourne is a small town and therefore it is doubly important.

  1. Do all of your clients file online?

Filing online is compulsory for some businesses, but I’m also happy to work with smaller businesses who can still file non digitally.

  1. Do you do any teaching about using software accounting packages?

Some of my clients have asked for help with bookkeeping on QuickBooks and Xero and this is an aspect I really enjoy – clients seem to enjoy my calm approach.

  1. What are the best parts of your job?

It’s definitely meeting the clients and if their books are in a bit of a muddle, it’s super to sit down with them and find a way forward. Oh, and making sure that everything balances and deadlines are met.

Caroline’s client list is still growing with many coming to her by way of referrals. If you are looking for an experienced and yet realistically priced bookkeeper, please give Caroline a call on 07982 682746 or email info@bookkeepereastbourne.co.uk

Congratulations Caroline and I personally wish you many more years of success in your business.

Thank you for the interview.