Posts by Dora

The Job Support Scheme — What Does It Mean for You?

The government's Furlough scheme will be ending in just a couple of weeks, although conditions are still a long way from perfect for businesses. Its replacement is going to be the Job Support Scheme — but what does this offer, and what does it mean for you? The Situation as Furlough Ends The Furlough scheme began in April, backdated to 1st March, to support businesses forced to close down wholly or partly due to the pandemic. Initially, the government paid 80% of furloughed workers' salaries, although that's gradually decreased. This was obviously only ever meant to be a temporary measure,...
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Extension to Government Support for the Self-Employed

Extension to Government Support for the Self-Employed Since the start of the Coronavirus pandemic, the Government has brought in various types of emergency business support. The Furlough scheme has received most media exposure, but another crucial measure is the Self-employment Income Support Scheme (SEISS) to help the self-employed. The second SEISS grant finished on 19th October, but by then the Government had already announced that a third and fourth grant would be made available. The Self-employment Income Support Scheme The first SEISS grant came into force early in the pandemic and was available to self-employed individuals, as opposed to limited...
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Trivial Benefits – Not So Trivial for You!

Trivial Benefits — Not So Trivial for You! As a Director of a limited company, you have various ways to take your income from the business, ranging from a straightforward Salary to Dividends — and the tax obligations for these vary considerably. While contributing fairly to the national finances is everyone's duty, no-one wants to pay tax they don't need to. However, many company Directors are not aware of one tax-free entitlement — Trivial Benefits! Expenses, Benefits and Tax Your company is entitled to pay its employees or Directors a wide range of expenses and benefits. Common examples include travel...
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The Kickstart Scheme — Government Subsidies for New Employees

The Kickstart Scheme — Government Subsidies for New Employees   You may have been concerned by dire predictions about the long-term effect the COVID crisis could have on jobs. The Furlough scheme is drawing to an end, and record numbers of redundancies are being predicted. Perhaps you are considering redundancies yourself.   However, there is still going to be help available — including the government's Kickstart Scheme.    Protecting Jobs in the Lockdown  During the lockdown, most companies had to close their doors. This might have been to conform with regulations, but it could also have been due to customers disappearing.   The government's emergency solution for...
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If the Numbers Don’t Add Up — Say Grace

If the Numbers Don't Add Up — Say Grace   If there is one single thing that is essential for a business, it is that Your Numbers Add Up. If they don't, the consequences could be serious — perhaps even the end of your business.  Fortunately, there is an answer — say Grace.   Adding Up the Numbers  Even in terms of personal finance, making sure the numbers add up is crucial. This has always been true.   Nearly two centuries ago, Charles Dickens put it: “Annual income twenty pounds, annual expenditure nineteen nineteen and six, result Happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” *  This is...
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Are Your Finances Keeping You Awake at Night?

Are Your Finances Keeping You Awake at Night?  Out of all the aspects of a business, financial worries are what is most likely to give you sleepless nights. After all, this is the lynchpin of the business — if the money is not flowing properly, nothing else is likely to work.  The trouble is that you are probably not a financial expert — and, even if you do know what you are doing, it takes you away from actually running your business.   The Do-It-Yourself Method and Its Pitfalls  When you are starting a business, it is likely that you are trying to keep the costs down as much as possible. This leads to many business owners, especially if they are one-man-bands,...
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The Job Retention Bonus — Could It Help You Save Jobs?

The Job Retention Bonus — Could It Help You Save Jobs?   If you have had employees on furlough during the COVID-19 lockdown, you will be aware that the scheme's gradually winding down and will end soon. This is the point where you will need to decide which positions, you are going to be rebuilding and which you are going to make redundant. However, there is one more opportunity to get support from the Government which could make it easier to keep more jobs — the Job Retention Bonus. The Furlough Scheme and Its End Since the beginning of the lockdown, the government has...
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How to keep your business alive during COVID-19

How to keep your business alive during COVID-19 Unfortunately, COVID-19 is still hitting many businesses very hard! What is worse, is that some experts are saying that the effects of this dreadful virus may continue into next year.  If your company is still experiencing a slowdown and you’ve completely run out of lockdown DIY projects, then it’s worth taking this valuable time to reassess your business. You could look at introducing more efficient processes or do some of those mundane jobs you have been putting off, so when business takes off you are ready and raring to go! Here are...
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How to improve your cashflow during COVID-19

How to improve your cashflow during COVID-19 COVID-19 took the world by complete surprise! In this pandemic there are no real winners because everyone is affected to some degree and businesses need to adjust quickly to the ‘new normal’. In times like these, cashflow becomes increasingly important to the survival of businesses. Here are 10 tips to deal with the immediate challenges: Ensure customers pay on time Check your collection process is working efficiently, ensuring customers are getting accurate and timely invoices so they are fully aware when payment is due. Any errors in your billing process can lead to...
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Updates to the Coronavirus Job Retention Scheme and Self-Employed Income Support Scheme

Updates to the Coronavirus Job Retention Scheme and Self-Employed Income Support Scheme Updated by the Chancellor on 29/05/2020 We have picked out the key points here that are relevant for employers. Increasing costs for employers The Coronavirus Job Retention Scheme (CJRS) grant will be tapered down with an increasing cost for employers in terms of salary, national insurance and pensions. Below is a summary of the government changes to the scheme that will occur over the coming months.  June Government contribution to furloughed staff  80% Salary (max £2,500 pm) + NICs + Pension Employer contribution to furloughed staff No contribution...
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