fbpx
post 21 september working-on-website

Government And Internal Support – CBILs loan, Kickstart Scheme

CBILs update

Further clarification has now filtered down from the Government and whilst the deadline for final approvals for anybody after a CBILs loan has now been pushed back to 30 November 2020, we are now being told that applications must still be in by 30 September to allow for time for them being approved.

If you are still interested in a CBILs loan and haven’t yet accessed one we subsequently need to act fast and get this sorted within the next few weeks.  We are already doing this with a few clients so please get in touch ASAP if you want to take one final closer look.

Again, don’t forget, for those with a CBILs already who want to flip this to a BBL to benefit from the lower rate of interest and who can comfortably survive on the reduced amount of borrowing, should really start taking action this month also.

Employment Support – Government Kickstart Scheme

The Kickstart Scheme provides funding to employers to create new 6-month job placements for young people who are currently on Universal Credit and at risk of long-term unemployment.

This is part of the government’s Plan for Jobs and aims to create hundreds and thousands of new, fully funded jobs across England, Scotland and Wales. The first placements are likely to be available from November.

Funding will cover for each job placement:

  • 100% of the relevant National Minimum Wage for 25 hours a week
  • the associated employer National Insurance contributions
  • employer minimum automatic enrolment contributions

There will also be extra funding to support young people to build their experience and help them move into sustained employment after they have completed their Kickstart Scheme funded job.

Now for the small print; you must be creating more than 30 jobs in order to apply – not quite the headline of the initial scheme!

We are also led to believe you would have limited control over the people chosen if you were to partner with other organisations.

The link with more detailed guidance can be found here.

Banking partnership

We officially announced our partnership with Starling Bank in our last newsletter and wanted to start by emphasizing just some of the benefits again:

* No monthly account fees
* Speedy set up
* They are taking on new customers today
* 24/7 customer support
* Real-time alerts and categorised transactions

If you are looking to move why not get in touch with us or if you want to apply direct why not click here.

If you are still unsure, why not get in touch and register for our webinar that we are running with Starling on Thursday 24 September at Midday that will last 45 minutes and include an opportunity to ask any questions?

Register your interest by e-mailing enquiries@gtaccountants.com

Service Update

Payroll
Following on from our newsletter of 20 August we have gradually commenced the process of moving across batches of clients to our improved payroll service offering which just to stress is of no additional cost and is still paid through ourself.

We are managing this month by month but the feedback has been great so far and you will be notified in advance but any initial concerns or queries please get in touch.

Price freeze
Again as advised previously, for those who haven’t yet contacted us otherwise, we will be freezing prices until at least 31 March 2021 for the same packages clients are on today.

As mentioned we are having to make two very small changes to our support for those taking advantage that came into play as of 1 September 2020:

  1. We will be withdrawing our confirmation statement service as it is a simple task that takes no longer than 15 minutes.  Instead, you can now do this directly through the Companies House website through this link or alternatively you can use an excellent platform called Inform Direct where there already wizards and guides to walk you through the submission that can be found here.
  2. We will provide you with the blank templates for the year end paperwork with face to face meetings not likely to be happening any time soon or on a large scale.  Please also note for those using Xero there are already some templates built into the software for you such as with respect to dividends and dividend counterfoils.

As emphasized previously, these changes will support us in holding our prices but also allow us to continue to invest in better supporting you as clients in areas of greater value such as the free creditors services offering that this month resulted in a client getting nearly £3k which had previously been considered as written off.

If anybody wants to discuss any of the above though please do get in touch.

Protection Screens

post 8 sept protector

One of our amazing clients has been going up and down the country putting in place protection screens for such a variety of businesses we wanted to today share this for anybody who might be interested.

This has ranged from businesses in the hospitality trade, to large and smaller offices within the public sector.

If this of interest then please call Northern Installer’s on 0191 447 1780 or e-mail them at sales@northerninstallers.com.

 

post july 1

Further Detail Behind Latest Government Announcement

Most of you will have already seen the headlines last week but we wanted to digest this and get a little more detail behind the proposals before we expanded on them and we still await some further details as of today.

In summary though:

  • Incentives to retain staff following the end of furlough
  • Temporary reduction, until 31st March 2021, in stamp duty so that houses under £500k are exempt
  • The Eat Out To Help Out Scheme across August for participating restaurants
  • Temporary VAT reduction
  • Incentives to help young people into the workforce through apprenticeships and traineeships (more information still to follow regarding this so contact us if you wish to discuss further)
  • The COVID-19 Job Retention Scheme or as most of us know it… Furloughing
    The Government is now incentivising companies to bring back their furloughed staff and keep them until at least Jan 2021. For every furloughed member of staff, you bring back to work, continuously employ and pay over an average of £520 a month for Nov/Dec/Jan, the government will give your business £1,000.The money will be granted once you have submitted your payroll RTI submission for January 2021. This could be a very welcome cash bonus for many businesses though in our opinion could have been better spent as we personally aren’t sure jobs would be kept open this long given the size of the grant.  A thankless task; we know and the Government have done a great job but we think this one will not hit the mark.More information is expected regarding this by 31 July and full guidance is going to be published in the Autumn we’re told.

    Stamp duty change
    An increase in the Stamp Duty Land Tax (SDLT) threshold in England and Northern Ireland – increasing the threshold under which no SDLT is paid on the purchase of a main home from £125,000 to £500,000, with immediate effect until 31‌‌‌ ‌March 2021.

    The Eat Out To Help Out Scheme across August for participating restaurants
    during August, diners can get 50% off Monday to Wednesday on meals and non-alcoholic drinks, up to £10 per person, when eating at participating restaurants, bars, cafes and other establishments that have registered

    VAT changes for eat in/takeaway food, hospitality and leisure (just not alcohol)
    Of course, we wholeheartedly applaud the reduction in VAT to 5% for these categories from July 15th to 12th Jan 2021. The accountant in us would have preferred the reduction to take place at the beginning or end of a month, but that’s just life!

    The UK government will cut VAT from 20% to 5% on any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol. This VAT reduction also applies to all holiday accommodation in hotels, B&Bs, campsites and caravan sites, as well as attractions like cinemas, theme parks and zoos.

Flexible Furlough Calculations

As you are all aware, we have submitted all furlough claims to date for no charge.

Following the introduction of ‘flexible furlough’ and the complexity of the calculations behind this, there will now be a charge for the calculation element of this if you wish to take advantage because of the additional time involved at our end.

If you wish to make these calculations personally, you too would then need to then make the claim as we professionally cannot make a claim for which we were not responsible for.

All other standard furlough claims will continue to be made for no additional charge.

Free Xero training

Xero are kindly hosting a series of free training sessions to a limited number of people so if this of interest then please get in touch as the topics are changing on a week to week basis.

Webinar

What to expect next (financially and operationally)
This week we are speaking at the North East Expo event which this year is naturally being hosted online so to register for this free event just follow this link here where I will discuss my thoughts and make this as interactive as possible for those attending to help people plot a route forward both financially and operationally.

Last; but by no means least, welcome three new additions

I’ve resisted any pictures but we now welcome Kate, Triveni and Fraser to the team who actually started at various times through lockdown but that is the end of our latest recruitment drive; for now, so we thought it a good time to introduce them and if you see an e-mail in your mailbox from them it is genuine.

Reconciling the bank | Xero

Learn about Bank reconciliation with Xero. This video shows how to; find a transaction to reconcile with...

Raising an invoice | Xero

Learn about easy-to-use Xero online invoicing to send beautiful invoices and receive online payments, he...