Is your paperwork piled up to the ceiling and you don’t know where to start?  

Well you can give Flex Bookkeeping a call to help!

Employers simple guide to HMRC furlough scheme

The government furlough scheme rules will start to change from 1st July 2020.  Here is a simple guide to what you can claim for.

July 2020 - Government will pay 80% of employees pay (up to £2500) and employers NI and employers pension contributions.  
Employers can start to claim for part time hours not worked.

August 2020 - Government will pay 80% of employees pay (up to £2500).  
Employers will have to pay employers NI and pension contributions.

September 2020 - Government will pay 70% of employees pay (up to £2187.50).
Employer will have to top up employees pay to 80% (up to £2500)
Employers will have to pay employers NI and pension contributions.

October 2020 - Government will pay 60% of employees pay (up to £1875).
Employer will have to top up employees pay to 80% (up to £2500)
Employers will have to pay employers NI and pension contributions.

Self-Employment Income Support Scheme

If you’re self employed or a member of a partnership and have been adversely affected by coronavirus you may be able to claim a grant from the Government.

On Wednesday 13^th May, HMRC will launch their online service where you will be able to make your claim.  Before this date, you will need to check if you’re eligible for this grant (see link below).

This support scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits.  It will be paid out in a single instalment covering 3 months, and capped at £7500 altogether.

HMRC have advised that this is a temporary scheme, but may be extended.

If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work.

The grant will be subject to Income Tax and self-employed National Insurance.

For further information and to check whether you are eligible to claim
https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Congratulations to Liam, who has won Young Chef of the Year at the Great British Pub Awards 2019.  Liam is based at The Legstraps in Wootton.

Liam even appeared on TV! On the 17th September, BBC’s Look East showed him creating his culinary delights in the Legstraps kitchen.

The Legstraps are one of my most valued clients. I have had the pleasure of preparing their accounts for over 8 years.

They serve modern British cuisine and local ale served in an elegant country pub/restaurant.  I would highly recommend a visit, especially as they now have an award winning chef on their team!

www.thelegstraps.co.uk

Are you burning money by asking your accountant to prepare your monthly accounts?

Many people think they need an accountant to keep their books up to date.  Asking your accountant to prepare your monthly accounts can be very costly.  Having a bookkeeper to help with your accounting paperwork can reduce business costs, and help keep you sane.  It also gives you more time to concentrate on your core business.

Did you know that a bookkeeper will cost you less than half of what your accountant would charge?   We will prepare your monthly or yearly accounts ready to be passed to your accountant for preparation of a tax return or company accounts submission.

Flex Bookkeeping Solutions is a friendly and professional bookkeeping practice who offers bookkeeping services to sole traders and small businesses in Kempston, Bedford and the surrounding areas.  We can offer a bespoke service to suit your business needs.  Contact Flex Bookkeeping either by phone or email to discuss your accounting needs.

MAKING TAX DIGITAL

Time is ticking away before the 1^st April 2019 deadline – it’s just 31 days away!

For all VAT registered businesses with a taxable turnover above £85,000, you will need compatible software in order to submit your VAT returns to HMRC commencing from 1^st April 2019.

To comply with Making tax digital (MTD) for VAT your business must:

·         Keep digital records, using MTD compatible software.

·         Submit your VAT return to HMRC through HMRC’s new portal using MTD compatible software (HMRC’s existing online portal will no longer be available).

If you are already keeping your business records on Sage Accounting, you must ensure your software is MDT compatible.

Please get in tough should you wish to discuss how your business will need to be ready for MTD.

Do you arrive at your accountants with a carrier bag full of receipts and invoices?

Did you know that a bookkeeper will cost you less than half of what your accountant would charge?   We can prepare your monthly, quarterly or yearly accounts ready to be passed to your accountant for preparation of a tax return or company accounts submission.

Flex Bookkeeping Solutions could be just what you need.   We can offer a bespoke service to suit your needs.

MAKING TAX DIGITAL – ARE YOU READY?

From 1^st April 2019 all businesses registered for VAT are required to use the Making Tax Digital service to keep records digitally and use software to submit their VAT returns.

What will this mean for your business?  If you currently calculate your VAT manually you will have to start using an accounting software program such as Sage Accounts.  Businesses will be unable to submit their VAT returns via the HMRC VAT website, but will have to use accounting software to submit automatically to HMRC.

If your business currently uses an accounting package, you will also need to ensure that your current software is able to process this new system.  An upgrade may be needed.

If you need help with this big change then contact Flex Bookkeeping Solutions.

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