If you’re a UK-based business providing a service to a consumer living in the EU, you may no longer need to charge VAT on your invoices after the end of the Brexit transition period – saving your clients money and also helping you to win new business.Continue reading
Many businesses and individuals change accountants. Maybe your needs have changed as you’ve grown and you want to work with an accountant offering multiple services. Or maybe working with an accountant based nearer to your offices will give you the benefit of a more personal service? Whatever the reason, once you know what you need, you can begin the search for a new partner. But what happens when you find the accountancy practice that’s right for you? And what do you do next? Here’s the answer.Continue reading
It was estimated earlier this year that £4.46 billion* would be collected through income tax and National Insurance (pre-Covid, of course!). Payroll is integral to the workings of your business and the country. Last week was nominated National Payroll Week, and we’re giving a big shout out to all payroll managers, especially to our own, very special Payroll Jane.
How can payroll help keep your employees happy & save your business money
Were you aware that payroll can play a strategic role in saving your business money? And it always helps you create happy and motivated employees. Yes, payroll. Many people are unaware that the payroll function is far greater than pushing a button to pay salaries or send information to HMRC: it also processes a whole host of very useful data and it supports your team.
Paying your employees on time and correctly is so important as it shows them that you value all that they do for you. There are a whole range of benefits that you can offer your team – from cycle-to-work schemes, salary sacrifice and eye test cover – most of which are monitored by HR and payroll, that will add to your employee proposition. When your payroll is managed by qualified professionals – either in-house or outsourced to experts – you can be assured that your most important assets are being paid correctly on time and you are complying with all relevant regulations.
How can payroll help with compliance in your business
Payroll also helps by ensuring compliance and managing reporting – so by including these as objectives and measuring their success within this department, you can carefully manage another important aspect of your business.
Strategically, your payroll can also help with strategic planning. Salaries and expenses are likely to be the largest combined costs faced by your business. They show leaders very quickly where their budget is being spent and understand how much money they have to invest in other areas. This is particularly important for companies with multiple departments or where employees are scattered across the country or even the world, operating in different time zones and subject to different tax regimes.
From happier employees who can enjoy a range of benefits that boost morale – to unique insights into your business expenditure that can be used as part of your strategic decision making, payroll clearly has a very important role to play in your business and it may be worth taking another look at what is currently in place.
Payroll: tax & legislative requirements
If payroll fills you with dread due to the ever-changing tax and legislative requirements, consider outsourcing your payroll for considerable cost savings, efficiency and enjoy happy loyal employees. It allows you to concentrate on your business without this additional administrative burden.
HB Accountants’ very own Payroll Manager Jane could be the answer to your problems – do get in touch to see how we can work with you – firstname.lastname@example.org
Our Covid19 hub is still available to any business that needs accounting support and our team is on hand for bespoke consultations.
Or call 01992 444466 or email email@example.com for help. We look forward to hearing from you.
Latest Blogs from HB Accountants
- The benefits of cloud-based accounting systems for SMEs
- Furlough (CJRS) is changing – Dates for Your Diary
- JUST ONE REASON – The Power of Professional Relationships
- Quarantine Team Members – Know the Facts
- Grants available for SMEs impacted by Covid pandemic
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
Here is just a reminder of what is happening from today with regards to Furloughed employees, flexible furlough, SSP for employees who need to quarantine after returning from Spain for example, plus the latest drive to get Britain out spending.Continue reading
If you have team members on furlough, read on! The Government have announced further guidance on the Job Retention Bonus – designed to encourage employers to retain as many employees who have been on furloughContinue reading
If you fear you have claimed too much (or not enough) from the Coronavirus Job Retention Scheme, find out what you need to do nextContinue reading
HMRC’s guidance for the CJRS is vast and somewhat confusing in parts. Usual Hours remains a headache as you can find conflicting HMRC guidance as to how the calculation works. Clarification is still needed from HMRC on “working hours” but here is a clearer picture of how to calculate variable hours employees and our practical tips to get you ready for CJRS version 2, flexible furloughingContinue reading
The Bounce Back Loan is designed to inject much needed cashflow to businesses to get the cogs of the economy moving again. If your limited company cannot bounce back, and has to close down, what happens? Well, usually bank borrowing is underpinned by a director’s personal guarantee which results in you having to repay the debt, when you’ve just lost your income. Ouch!Continue reading
Quite often we hear “I am a business owner but my company finances are not the first thing I think about when I get out of bed in the morning!” We get this! That’s why we’re here!Continue reading
CJRS has changed. CJRS now falls into two distinct parts with different rules applying. This new version of the scheme is to support the return to work while also being sufficiently flexible to adapt to business needs, as well as those of employees needing time for childcare or to look after other relatives. Here is what you need to know.Continue reading