Let’s face it, business is a struggle at the minute for any plumbing and heating firm. You might have full order books but staff could be jumping ship for pay rises in other businesses. You might have to pay recruitment fees to recruit new engineers and then there’s the cost of training them and getting them installed in your business. Fuel prices are increasing, Bounce Back Loan repayments are in full swing all coupled with customers taking longer to pay because everyone else is feeling the pinch. All of these can have a negative impact on your cash flow. So, what can you do to ensure your business is as lean as possible? Have you heard of the traffic light system?  Let me explain now… Review your bank statements regularly. Quarterly is ideal. Carefully check every bank payment transaction on your bank statement and categorise or even better highlight them as follows: Green = This expenditure is vital for my business. There is no cheaper, suitable alternative. A green example ma...

What does the Scheme aim to do? This Government backed scheme enables eligible businesses, across the whole of the UK, to obtain a discount of up to 50% on approved software solutions up to a maximum of £5,000 (excluding VAT). This discount covers 12 months’ worth of the approved software's core product costs. What cost does the discount not cover? Planning and delivery services. Any separate one-off payments. Transaction costs. Professional, technical or supplier support services not included as standard. Any costs listed as ‘additional’. Supplier support packages that are provided at additional cost and provide more than standard supplier support offers Value Added Tax (VAT). The discount is applied against the total software product price offered by technology suppliers, exclusive of VAT. What is the eligibility criteria? You have to be a UK company registered with Companies House or on the Financial Conduct Authority’s Mutuals Register. You have between 1 and 249 employees. The...

As a business owner, you know that having the right tools and resources is key to success. That's why we created Business in a Box, a subscription service that provides plumbing and heating businesses with all the resources they need to succeed. Each month, we add at least 5 new resources to our library, including templates, systems, documents and more. Everything is customisable so you can make it work for your business. Keep what you want, delete what you don't and edit everything however you like. This month we shared: Referral System Public holiday out of office template Late payment template Late payment letter before action Small Works Job Checklist Example Policies Employee Handbook Example Apprenticeship Agreement Example Zero Hour Contract Boiler Service Plans Here is a video to show you more about this month's updates: I think you would find it helpful in managing your business more effectively. Let me know what you think! Get in touch today at info@togetherwecoun...

Imagine being able to run your business with little-to-no effort on your part. That's the dream right? If you're a plumbing and heating business owner, there's a good chance you're spending more time working than you want to. In fact, UK small business owners work over 2000 hours of overtime per year (source XLN.co.uk) . Not what you had in mind when you started out I’m sure. When you're constantly feeling overwhelmed and overworked, it can start to take a toll on your health and wellbeing. And it's not just your own health that suffers - being overworked can also have a negative impact on those around you, including your family, friends, and co-workers. But what can you do about it? Starting and running a successful plumbing and heating business takes more than just having the right skills. When it comes to running a plumbing and heating business, the more organised you are, the smoother things will run. Imagine how much more productive you would be ...

It is often tax-efficient to trade as a limited company as opposed to a sole trader or partnership. This is because the tax rates on dividends and profit tends to be lower compared to national insurance and PAYE. A lot of people choose to trade as a limited company where they own a share of the limited company, i.e. be a shareholder* and they would be the director** of the limited company. This article is going to explore effective ways of paying a shareholder and director from a limited company. 1. Salary - The most common and obvious route is to pay yourself a salary. This is when you are employed by the limited company. Being employed by the limited company means you will have to set up a PAYE scheme so you can then produce periodic payslips, usually processed monthly. For the 22/23 tax year the tax efficient salary for a one director company is £758 per month (see other article link). By running this salary through the payroll, you will not pay any national insurance and you will r...

Together We Count want to help your business thrive, so please let us know what is coming up in the next month, quarter or year. We feel that communication is key, therefore, so we can give you a proactive service please let us know about your up and coming personal and business financial plans. Often, if you tell us about something after the event has taken place it’s too late for us to give you advice. Over the coming months there may be developments in your business or personal affairs where, if you tell us about them in advance, we may be able to help you to: Save time or money Get a better solution Avoid the risks and pitfalls Receive the most favourable tax and accounting treatment Or in some other way get a better result On the other hand, if you tell us about them after the event it may be too late. We would therefore ask you to read this Appendix carefully and advise us immediately if any of the situations listed here become relevant to you. Property and investments Buying or...

What is the aim? To support employers facing heightened levels of sickness absence due to Covid-19. What does the SSPRS do? It will refund small and medium-sized employers Covid 19 related statutory sick pay (SSP) costs up to 2 weeks per employee. What is the eligibility criteria? Aimed at UK based employers. They employed fewer than 250 employees as of 30th November 2021. They had a PAYE payroll system as of 30th November 2021. At the time of the claim, they have already paid their employees Covid -19 related SSP. Employers can claim for Covid 19 sickness absences occurring from 21st December 2021 onwards. The 2 week limit is to be reset, so an employer will be able to claim up to 2 weeks per employee, even if they claimed for that employee under the previous SSPRS. How do you claim? Employers will be able to make the claim, through HMRC, from mid-January onwards using the website below: Claim back Statutory Sick Pay paid to your employees due to coronavirus (COVID-19) - GOV.UK (www.g...

Systems, processes, and standard operating procedures are vital for all businesses. It is something I tell my clients time and time again. Bulletproof systems are the key to growing your business. After all, as your business grows, there is no way you can be around to supervise everything that goes on. There are simply not enough hours in the day! There are many examples of well-systemised businesses that you encounter on a daily basis but perhaps you’ve never given it a thought. Fast-food chains are a great example. After all, no matter which Mcdonald’s you go to, you know what to expect. The fries always look and taste the same, the burgers are built in the same way and the process of using the drive-through is a well-rehearsed and foolproof system. The same goes for coffee shop chains like Starbucks and Costa. Michael Gerber, author of The E-Myth Revisited dives into the importance of systems for any business and it is a book I highly recommend for any business owner or someone loo...

Do you have a charity close to your heart? Most people do. Perhaps they have supported you personally or maybe they support a cause you feel strongly about. Whether you run marathons, bake cakes, dress up in silly outfits or shave your head for your worthy causes, did you know that if you make a donation through your company, you can reduce the amount of Corporation Tax you pay as a charitable donation can be claimed as an expense. This is good news on multiple levels. Not only can you reduce your tax bill (which no one has ever complained about!), but you can also get your whole team involved which could ultimately lead to more money for your chosen charity. There are so many ways your company can incorporate donations into their normal working day. Donate for every customer satisfaction survey completed Donate for every new client you bring on board There are even companies that donate 1p for every email sent Charity Christmas balls for the staff Donate a product or service to the lo...

Rishi Sunak announced at the time of the 2021 Budget that the Government was going to roll out Help to Grow Management course aimed at turbo charging the UK economy as we strive to come out of the Covid stranglehold. In this blog we look at the key information. Who is behind this course? The UK government. It was announced in the 2021 Budget. What is the aim of this programme?  To provide chief executives or members of a senior management team the skill set to develop their reach in growth markets. To improve employee engagement. To strengthen each business’s resilience against any future shocks. The Government want to ‘turbo charge’ the UK’s post Covid economic recovery. Where can you access the course? This is on offer around the whole of the UK? What is the nature of the course? It is a 12 week programme. It is designed to be manageable alongside full-time working . 8 online two hour sessions 4 practical, face to face, case study workshops. 1:1 support from a business mentor...

HMRC are set to transform the tax system in a bid to make administration simpler and more efficient for taxpayers. Making Tax Digital is compulsory and so it is important that you are aware of your requirements as a taxpayer. The following information sets out the changes to income tax self-assessments, coming into force in 2023. The sooner you are aware of your requirements, the smoother your transition will be. What is MTD ITSA? Making Tax Digital for Income Tax Self-Assessment. Who could be affected by it? Self-employed individuals and landlords with a tax year turnover exceeding £10,000. Partnership which consists only of individual partners. The turnover threshold takes account of the combined turnover of a person’s total number of businesses and rental properties. Please note - MTD ITSA has been deferred, until a date yet to be decided, regarding partnerships with a corporate member, LLPs and Limited partnerships. Are there any exemptions? Trades and/or rental income where the t...

Who does this affect? Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th April.  What is the present position? For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year. Example of the Present Position Tom has been self-employed for several years and draws up accounts to 30th April each year. His accounts to 30th April 2021 show net profit of £30,000. That is taxable in the 2021/22 tax year. What may change? The Government intend that all self-employed will pay tax and national insurance based upon net profit aligned to the tax year itself and not the accounting year end. Do I have to move my accounting date? No, you can retain your present accounting year end if you want. However, if the change comes into effect, for tax purposes, you will need to report your self-employed income and expenditure incurred based upon the tax year a...

HMRC will be contacting those who are potentially eligible for the 5th round of SEISS grants. If you are contacted, it's important that you act on it because we cannot do this on your behalf. If you are contacted and you need assistance with figures then please get in touch and we will gladly help you out. Below is all you need to know about the 5th round of grants. What period does the 5th grant cover? May 2021 to September 2021 inclusive. When can the 5th grant claim be made? If you may be eligible, HMRC should contact you around mid-July 2021 to provide you with a date from which you can make the claim through the Gov.UK online portal. The final deadline for making the claim will be 30th September 2021. What are the eligibility criteria for the 5th grant? You must have been self-employed (S/e) during the 2019/20 and 2020/21 tax years. You must have submitted the 2019/20 Tax Return by 2nd March 2021. You must either be trading but impacted by reduced demand due to the pandemic or...