Our UKBA teams regularly meet by Zoom video call. Today, our London and South East team reviewed the support given to companies in the last couple of weeks, and we would like to share this with you. You are also encouraged to visit our general support page at https://ukba.co.uk/coronavirus Here are examples of how we have helped companies and added value to them: Apply for Coronavirus Business Interruption Loan applications (40% approved and 60% pending to date) Plan for Furloughing, restructuring and assisting Coronavirus Job Retention Scheme applications from 20.1.20 Prepare business strategy, business planning and financial planning Assisting construction companies preparing to resume operations and resolve supply chain issues Applying for an Innovate UK funding competition Helping companies to claim R&D Tax Credits and get cash injections Completing the recruitment of a marketing manager and working with clients to plan their needs … [Read more...]
HMRC taxing Contractors deemed as Employees (IR35)
IR35 in the Public Sector How could this affect your business? Introduction IR35 is a piece of legislation that allows HMRC to collect additional payment where a contractor is an employee in all but name. If a contractor is operating through an intermediary, such as a limited company, and but for that intermediary they would be an employee of their client, IR35 applies. New rules for IR35 will apply from the 1st of April 2020 in the Private Sector as they have been applied in the Public Sector for the last two years. Each business needs to assess the Risk and implications of these new rules and make the necessary changes to procedures before early April 2020. Who will be affected in the Private Sector? Medium and Large Companies will be the initial target of the IR35 rules and they will follow the rules that now apply in the Public Sector. Small businesses do not have a definition for IR35 but the definition will probably follow the criteria in Companies Act 2006. How … [Read more...]
Financial information you need to run your business effectively
In order to manage your business effectively you need to be sure that it has enough cash to keep trading and that it is running profitably. To ensure this happens, I recommend you review your financial status at the start of each and every business week. You will have financial records, probably in one of the most popular accounting software packages such as Sage, QuickBooks or Xero. Either your own staff or your accountants will use these to prepare VAT returns and the other legal requirements such as the annual accounts required by Companies House. These accounting systems can also produce many of the essential figures you need to review on a weekly basis. Additionally, you need to forecast which clients are likely to pay their invoices this week. This is often not the same as those who should pay this week. Accurately forecasting your weekly cashflow is a skill every business needs to master. Not all of the figures in the list below will apply to all businesses. You … [Read more...]
