Can my staff buy holiday?

Posted on December 2nd, by Helen in business advice, Payroll, Uncategorized. Comments Off

If a member of your staff asks for extra holiday – what do you say?

Your gut reaction will probably be No!

But if you allow the staff member to BUY holiday from you then it could work to your advantage. In today’s job market it can be expensive and time consuming to find the right people to join your team. Allowing staff to buy more annual leave can help you to retain staff and improve morale.

So what are the benefits to you?

You will save the cost of the salary for the days bought and 13.8% employer’s national insurance on top of that.
You may reduce the number of days absence for family emergencies or sickness.

To make this work you need to make sure that you could apply this to all staff if requested.  A maximum number of days should be agreed to … Read More »

What is the Annual Investment Allowance?

Posted on November 19th, by Helen in Uncategorized. Comments Off

The annual investment allowance is the amount you can claim in your business tax return for money you spend on capital equipment in the year you spend it.

HMRC separates your business costs into revenue and capital costs. Revenue costs are generally those that you might incur every year such as repair costs and stationery or printing costs.  Capital costs will be for items of equipment or sometimes things like websites which you expect to benefit the business over several years.

In the accounts we allow for these capital costs by charging depreciation. We spread the cost over the years we expect the business to use the asset. But HMRC will not allow depreciation as a cost so we have to claim capital allowances.

But this can cause a problem because capital allowances are claimed over many years but the business would like … Read More »

People’s Pension introduce set-up charge for auto-enrolment

Posted on November 6th, by Helen in Uncategorized. Comments Off

People’s Pension have just announced that they are introducing a set-up charge for their auto-enrolment pension schemes.

Employers with an auto-enrolment  staging date of 1st January 2016 onwards will have to pay a set up charge of £500 per employer from November 23rd 2015 for the support they need during the set up process. This will be reduced to £300 however if an employers uses an adviser such as an accountant or financial adviser to set up the scheme. In return for  this additional charge People’s Pension are offering an “enhanced support package” for both new and existing customers to guide them to compliance.

This announcement follows on from the announcement by NOW pensions of a monthly £40 employers’ charge for their scheme.

NEST the government backed scheme has not so far unveiled any plans to charge employers, and large employers who have … Read More »

Tax free childcare worth £2,000 per child every year

Posted on March 6th, by Helen in Uncategorized. Comments Off

New tax free childcare scheme for 2015

A new tax free childcare scheme is being introduced in autumn 2015 that will save families up to £2,000 per year for each child. Working families with children aged under 12 will be able to use the tax free child care scheme

How will the tax free childcare scheme work?

Parents will be able to open an on-line account with National Savings & Investments. For every 80p eligible families pay in, the government will contribute 20p up to £10,000 a year per child. Parents will be able to use the vouchers for any Ofsted regulated childcare in England and the equivalent bodies in Scotland, Wales and Northern Ireland.

Parents can then choose to spend their tax free child care vouchers with any Ofsted registered provider.

Children up to age 16 with disabilities will also … Read More »

Did you get a new car for christmas?

Posted on January 30th, by Helen in Uncategorized. Comments Off

If you decided  to reward yourself or an employee with a new company car for Christmas don’t forget to let HMRC know. Changes in company car ownership need to be notified to HMRC  every quarter on a P46 return.

You will need to tell HMRC by 5th February.

If you’re not sure how to report the benefits you give to your employees then get in contact here and find out how we can help you.


Do you make credit card sales?

Posted on December 3rd, by Helen in Small business tax, Tax, Uncategorized. Comments Off

The Credit Card Sales Campaign is an opportunity to bring your tax affairs up to date if you’re an individual or business that accepts credit or debit card payments.

Who can do this

This opportunity is for you if:

you accept card payments for goods or service
you haven’t declared all your UK tax liabilities

Get the best terms

You need to tell HM Revenue and Customs (HMRC) if you either:

haven’t registered with them
have failed to declare all your income

This is called a ‘voluntary disclosure’.

What happens if you should disclose but don’t

HMRC has details of all credit and debit card payments to UK businesses. This information is used to identify individuals and businesses that might not have paid what they owe.

Credit Card Sales Campaign Helpline
Telephone: 0300 123 9272
From outside the UK: +44 300 123 9272
Monday to Friday, 9am to 5pm

Do you know your numbers?

Posted on November 27th, by Helen in Uncategorized. Comments Off

“What Scares Me Most…
…is that you know more about my customers after three months than I know after 30 years!”
It’s hard to imagine a world where supermarkets don’t know what we spend our money on, and consumers aren’t rewarded for their regular custom where – as Bruce Forsyth once said – points make prizes.
Today, we don’t think twice about whipping out our loyalty cards and collecting points as we shop. And we think even less about the discount coupons that land on our doormat; all of which give us money off the things we buy the most.
But back in 1994, supermarket giant Tesco had no idea what their customers were spending their money on. They had no idea who their customers were, what made them tick, and what they bought week in, week out.
All this changed though, when the owners … Read More »

Eight ways to cure the time management problem

Posted on June 15th, by Helen in Uncategorized. Comments Off

We all know that poor time management is important. But if we really accounted for our time in the same way that we did every other cost we would probably be in for a shock.  According to research by global consulting firm Bain & Co and enterprise analytics company VoloMetrix, company executives receive 30,000 external communications a year compared with 1,000 in the 1970s.

The research revealed big productivity losses related to time management because businesses to not track and monitor employees’ time as closely as they track other resources, such as capital.

Do you record time spent as a cost against individual sales in your P&L or does it just fall into the salaries line in your overheads? Knowing how much time directly supports your sales is a critical performance measure. So if you already do this where does the rest … Read More »