I hope you have all enjoyed the Easter weekend and eaten lots of chocolate? Tomorrow sees the start of a new financial year and as always, that means change for a number of things. Today’s newsletter look at the changes but firstly let's have a look at the Brexit Support Fund. Please don’t hesitate to get in touch if you have any questions. Contact details can be found at the bottom of the newsletter.                                BREXIT SUPPORT FUND Who is it aimed at? It is aimed at SME businesses who incur costs for training or professional advice to deal with their customs excise, import/export VAT or safety and security declarations. What is the size of the grant? It provides grants of up to £2,000. It could be a training grant or one for profession advice or both. The total grant cannot exceed £2,000 What is the eligibility criteria for a business? It must be established in the UK. It must ha...

Employer Update End of Year 2020/21 and P60 End of Year Certificate The final submission for the tax year is due this month. Please ensure all payments made to employees have been recorded through the payroll. If this is not the case please let us know straight away as we may need to submit an amended submission for the year. If you have not yet received the P60 End of Year Certificates for your staff, we will be sending these to you shortly. These need to be given to your employees by the deadline of 31st May 2021. Working Patterns and Weekly Hours It is important that we know the working patterns and weekly hours for your employees. We need these details when calculating statutory payments, such as Statutory Sick Pay, in order to calculate the correct weekly amount due. This also aids us when calculating the hourly rate for your employees and ensuring that you meet the National Minimum Wage requirements. Increase in the National Minimum Wage and National Living Wage The National Min...

Well I’m sure for many of you today is a big day as children return to school and we begin the slow transition back to normal life. If you require further explanation on any of the topics in todays newsletter then don’t hesitate to get in touch. Our contact details are at the bottom. Todays topics include: Super Deduction 130% Corporate First Year Allowance Electric Switchover – The benefits In my previous newsletter dated 01/03/2021 I shared with you some benefits of electric cars for your business. I want to revisit that as there is still more to say on the matter. The Corporate Super Deduction Allowance (SDA) - 130% What is it? It is a 130% first year allowance deduction for expenditure incurred in purchasing plant & machinery (P & M)  that would normally qualify for main rate writing down allowance of 18%. When can you claim it? You can claim it for expenditure incurred on or after 1st April 2021 up to and including 31st March 2023. When is the expenditure deemed to be ...

***OUT NOW*** Are you stressed and overworked? Do you wish your customers paid you more? Do your customers value your work? Do you have a cash flow problem? If you have answered yes to any or all of the above, ‘The Quote Handbook’ is for you! Since 2013, I have worked as an accountant within the plumbing and heating industry, so I know the ins and outs of this trade from a financial perspective. I often find when gas engineers start up in business, they have massive drive and ambition. They dream of turning over £1million plus per annum, owning the best sign written vans, having office staff and a team of loyal, trustworthy engineers working for them - The Boss! They want the financial freedom, wish to retire young and leave a legacy behind which will make their family proud. Most plumbing and heating engineers are excellent on the tools, but with the running of the business, they fall short. Many plumbing and heating businesses churn out jobs and work to please their customers, with ...

Cars If you have been considering buying a new car for your business, then you may have wondered whether electric is the right way to go. In this newsletter we look at the benefits. Electric Switchover – The benefits There is a Government ‘plug in’ grant of up to £3,000 or 35% of the purchase price if lower, off the cost of acquiring a new car with CO2 emissions of less than 50g/km. It must have an electric mileage range of 70 miles or more and the recommended retail price (Including delivery fees and VAT) is less than £50,000. The car benefit charge for a pure electric car for the present tax year is nil. For the 2021/22 tax year it will be 1% of the list price (2% for 2022/23 – 2023/24 inclusive 2%). If an employee has a company car provided by their employer under a salary sacrifice arrangement, the taxable benefit is usually the higher of the salary given up or the taxable car benefit. This is not the case if the company car has CO2 emissions of less than 75g/km. Businesses that ...