Laura Macarthy, Author at Now Bookkeeping

Custom field June 15, 2020December 23, 2020

Bookkeeping Bites – ‘Adversely Affected’ Explained

“Hey! Hey You! Are you SURE you can claim that?”

We are working in a brave new world, a new world of the revised Self-Employed Income Support Scheme (or SEISS – part of Big G’s Corona Virus financial support)….

And the key words, this time around, are:

🤓🤓🤓🤓 ‘ADVERSELY AFFECTED’ 🤓🤓🤓🤓

Ok, so, why?

The SECOND ROUND for claims under the SEISS will take place in August (date TBC folks 😊) and is for businesses that have been, in Big G’s words:

🧐 ‘ADVERSELY AFFECTED on or after the 14th JULY’ 🧐

So, Big G has failed to actually furnish us with the exact definition for this old catchy tune of ‘ADVERSELY AFFECTED’ but we can give you some idea….

Are you:

🤓 Shielding?
🤓 Self-isolating?
🤓 On sick leave due to Corona Virus?
🤓 Caring for someone due to Corona Virus?

Has your business:

🤓 Been scaled down or temporarily stop trading?
🤓 Had an interrupted supply chain?
🤓 Had fewer or no customers or clients?
🤓 Had staff unable to come into work?

YES? Then, you may well possible be in the ‘ADVERSELY AFFECTED’ gang (membership strictly monitored peeps!)

💥 Want some examples? 💥 No problem, check out this link from Big G:

https://www.gov.uk/guidance/how-different-circumstances-affect-the-self-employment-income-support-scheme#adversely-affected-examples

💥 Want the full guidance? 💥 No problem, here you go:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#check

Want more help? Then why not drop us a line ☎️ we are always happy to help.

Stay safe everyone 😍😍😍

Custom field June 12, 2020December 23, 2020

Bookkeeping Bites – “Why are we waiting?!! Always so frustrating!”

We sit here, we wait… What for? Big G’s next BIG UPDATE on PART TWO of the SELF EMPLOYED INCOME SUPPORT SCHEME….

It is DUE OUT TODAY……. So, whilst we sit and wait, we wonder….

🧐 Will they keep it THE SAME?

🧐 Will it be the SAME PROCESS?

🧐 How will the NEW 70% pay out work?

🧐 Will they ask MORE QUESTIONS when you claim?

🧐 Will they ask the self employed – are you STILL being adversely affected by Corona Virus???

Who knows?!! Well, one thing is for sure, as soon as we do, YOU WILL!

Keep safe people, until we meet again over a BIG G UPDATE! 😍😍😍

Custom field June 11, 2020December 23, 2020

Bookkeeping Bites – Are You ON Your Cash Flow?

Are you planning a REOPENING BONANZA soon? Flags, banners, champagne and popsicles all around?

Don’t lose track of your CASH whilst in the planning…..

Think about a CASH FLOW FORECASTING TOOL – and we would recommend our partners at FLUIDLY…

🤓 A THREE or TWELVE month cash flow forecasting tool

🤓 Links in with your Xero or Quickbooks accounting software, so no re-inputting, just link ’em up!

🤓 Works on the PREDICTED payment of your customers NOT due dates…..

🤓 As approved FLUIDLY CASH FLOW ADVISORS, we offer the same and MORE than buying direct from Fluidly (and at better value rates too 😍😍)

Now back to that REOPENING – check out this useful little ditty from Fluidly on how to keep on top of your CASH as you SPLASH to get open again.

https://fluidly.com/blog/save-business-money-2020/

Stay safe everyone xx

Custom field June 10, 2020December 23, 2020

Bookkeeping Bites – Is NOW MONTHLY For You?

Flo is RIGHT up our street……. She is sassy, bright, looking ahead, full of ideas, doesn’t want to stop…. We like Flo, A LOT.

But, wait. She is in a little head spin. Business is a whirring, sales are good, the bank balance is H-A-P-P-Y……. Her head, heart and soul are wondering……

🤓 Flo spends more and more time each month, getting her spreadsheet up to date for her monthly review

😍 Would cloud accounting software save her some time?

🤓 She missed a BIG sale last week because she was hunkering down on her accounts….

😍 Is it time she had a bookkeeper?

🤓 She is sole trader, solo-ing all the way, but that might need to change.

😍 Does she need to be a limited company?

🤓 Her sales are increasing month on month..

😍 Does she need to be VAT registered?

Imagine a time…. No spreadsheet, no missed sales, no extra pressure of getting the accounts update after a busy day?

Imagine life with 👍👍 NOW MONTHLY 👍👍

Our monthly bookkeeping support to help take the daily stresses and worries away, and the yearly tax return taken care of too.

Sounds good eh?

Do you sound like Flo? Do you want more support? Let us help you with ANY of our four bookkeeping support packages for sole traders…..

Drop us a line to find out more…..

Custom field June 9, 2020December 23, 2020

Bookkeeping Bites – Please Remember 10th June Furlough Deadline!

PLEASE remember! TOMORROW is the 10th of June….

And the 10th of June is the LAST DAY to FURLOUGH any NEW employees (e.g. any employee that has NOT had a period of furlough leave yet)….

Also REMEMBER, to furlough someone, you have to:

🤓 Discuss and AGREE any period of furlough with the employees affected

🤓 START their furlough ON or BEFORE the 10th of June

Watch out for the updated Big G guidance released on the 12th of June for the NEW FURLOUGH scheme, starting on the 1st July…

Don’t you DARE sit back and relax people, it is crazy times out there 😍😍😍

Custom field June 8, 2020December 23, 2020

Bookkeeping Bites – Claim That VAT Payment Back!

Did you mean to cancel your VAT Direct Debit between 20th March and 30th June, but just, well, didn’t?

Would like to get that money back?

Well, putting it simply, you can!

😍😍 You can claim a refund and the quickest way to do it is via your bank using a Direct Debit Indemnity Claim 😍😍

A lovely little titbit of HELP that you can find out more about here:

https://www.icaew.com/insights/tax-news/2020/jun-2020/covid19-firms-that-missed-vat-deferral-may-be-able-to-claim-refund

Yes, we know, you’re welcome!!

Custom field June 4, 2020December 23, 2020

Bookkeeping Bites – Key Dates for Corona Virus Support

It is ALL GO! And feels like an information overload at the moment…

To make sure you haven’t missed any of the KEY DATES coming up in the next few months for Big G’s Corona STUFF, here is the list…

Get them in the diary folks, then you can’t miss them!

🤓 10 June 🤓 Last chance to furlough employees for the FIRST TIME

🤓 30 June 🤓 The end date for VAT payment deferment…that means anyone with a May quarter end VAT period, which is payable by 7 July, CANNOT defer this payment

🤓 13 July 🤓 CLOSING DATE for the current Self-Employed Income Support Scheme to applicants. Not claimed by this date, then no claim at all – Big G is certain on this!

🤓 31 July 🤓 Last chance for furlough claims up to 30 June under the original furlough scheme……. Then make way for the all new funky, flexible furlough….

For more details, have a read of On The Spot weekly blog here…

https://www.onthespottax.co.uk/blog/entry/2020/06/01/coronavirus-grants-2-0-finding-your-exit-small-businesses

If anything throws a spanner in your works, and you need our help, then just shout, always happy to help.

Stay safe everyone 😍😍😍

Custom field June 3, 2020December 23, 2020

Bookkeeping Bites – The Self-Employed Income Support Scheme, ROUND TWO!

“It is BACK! Guess who’s back?”

Well, to be honest it never really went away, but BACK for round TWO is the Self-Employed Income Support Scheme (SEISS)!

So how does THIS one work? Pretty much in the same way as the first time around….. And what Big G says is this…

🤓 The self-employed will be able to claim a SECOND and FINAL grant under this scheme in AUGUST

🤓 It will be capped at 70% of your average monthly trading profits for THREE months

🤓 The MAXIMUM any one individual can claim is £6,570 in total

What do we say….. It is important to remember that these are NOT NEW grants, oh no, and are handed out on the SAME BASIS as before….

🙏🙏 Being brutal, if you weren’t eligible before, you ain’t eligible now (sorry, don’t shoot the messenger) 🙏🙏

Not made your claim for round ONE YET?

All claims for the first round of the SEISS must be done, dusted and submitted by the:

😍😍😍 13th July 😍😍😍

No excuses, no dilly-dallying.

And pleeeeeease, remember, it MUST be YOU as the self-employed individual that makes the claim… Otherwise you may get the FRAUD police 👮‍♀️👮‍♀️👮‍♀️knocking on your virtual Zoom door thinking someone is trying to nab your money!!!

If you want to find out more, check out the lovely, gorgeous, bright and shiny On The Spot weekly blog on all of this in more detail, here:

https://www.onthespottax.co.uk/blog/entry/2020/06/01/coronavirus-grants-2-0-finding-your-exit-small-businesses

Stay safe everyone, and just shout if we can help 😍😍😍

Custom field June 2, 2020December 23, 2020

Bookkeeping Bites – Furlough, Your New Flexible Friend!

Are you ready? What for? FURLOUGH PART TWO, that’s what!

We love watching Dishy-Rishi and his updates on behalf of Big G, and this time he did not disappoint, but did leave our heads spinning, just a little bit…..

“And bend, and stretch” Welcome to the all new ‘Flexible Furloughing’ straight from the yoga studio and raring to go!

🤓 From 1st July all businesses using the furlough scheme, will be able to bring back furloughed employees on a part time basis….

🤓 So, if your business doesn’t feel ready to bring back your employees on a full-time basis, they can come back on a part time basis…

🤓 Big G will pay 80% of the furloughed days, your business will pay for the days they work….

🤓 You just need to make sure the new working arrangements are in place for at least 1 week

🤓 But rest assured, if your business is not ready, you can still carry on with furloughing your staff on a full-time basis

“Money, money, money, Must be funny, in a Rishi-world” lots to learn on the new amounts Big G is happy to contribute to your employee’s pay….. Here goes…

🤓 June and July: no change people, no change!

🤓 August: Big G still contributes 80% but YOU pay the Employer’s NI and Pension

🤓 September: Big G contributes 70% of employee wages, you make up the 10% (to total 80%) and pay the Employer’s NI and Pension

🤓 October: Big G contributed 60% of wages, you 20% and pay Employer’s NI and Pension

“Entries Closed, I say, ENTRIES CLOSED!” – Big G has put a CLOSING date in for furloughing your staff, with

👍👍 NO NEW ENTRANTS from the 30th JUNE 👍👍

That means your staff have to be furloughed by the 10th of June to hit the three week minimum furlough period, to be eligible by the 30th June…

Phhhhhhhheeeeeeeeweeeeeeee! You see what we mean by a bit of head spinning!!

For more reading, go to our esteemed colleague at On The Spot accounting with this, their take on things:

https://www.onthespottax.co.uk/blog/entry/2020/06/01/coronavirus-grants-2-0-finding-your-exit-small-businesses

We hope this helps, and just shout if you have any queries, it is a THORNY-FURLOUGH world out there.

Stay safe everyone 😍😍😍

Custom field May 18, 2020December 23, 2020

Bookkeeping Bites – Let’s Shine a Light!

It is TIME TO SHINE THE LIGHT!

We are sooooo proud and honoured to be HEADLINE sponsors for this year’s Hampshire Women’s Business Group Awards.

Voting ENDS on May 31st, so between now and then we will be show casing as many of the businesses that have been nominated for the BIGGIE AWARD, the:

💥 ‘Hampshire Women’s Business of the Year’ 💥