What the Chancellor’s ‘Winter Economy Plan’ actually means for your business

Rishi Sunak has unveiled his latest lockdown measures to help ease the financial burden on UK businesses during the Covid19 pandemic. Learn how the Job Support Scheme (which will sit alongside the Job Retention Bonus) may benefit your business after the Coronavirus Job Retention Scheme ends. Also find out about the latest Self-Employment Income Support Scheme, tax cuts, VAT and self-assessment payment deferrals plus the flexibility to pay back loans (Pay as You Grow).

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Shout out to Payroll!

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.

*https://obr.uk/efo/economic-and-fiscal-outlook-march-2020

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 – directors@hbaccountants.co.uk

Payroll Manager Jane

Our Covid19 hub is still available to any business that needs accounting support and our team is on hand for bespoke consultations.

Visit our COVID19 Business Hub for more information

For financial and accounting guidance and support, please contact Keith or Karen. We’re still working hard to help you make the right decisions.

Or call 01992 444466 or email directors@hbaccountants.co.uk for help. We look forward to hearing from you. 


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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

The benefits of cloud-based accounting systems for SMEs

cloud-based accounting system is a package of software that you purchase the right to use but it is stored off-site on a remote server – the cloud – rather than on your desktop.  It’s cost-effective, can be simple to use, is secure, and provides all the relevant financial information you need at a click of a button. It has been said that small and medium-sized businesses are the biggest beneficiaries of cloud accounting for all of these reasons but cloud computing is not for every business. If you have minimal transactions, for example, or you are the type of person that just isn’t tech savvy, then we would strongly recommend retaining your manual spreadsheet as it is possible to get in an accounting pickle. However, if you’re a SME with manually intensive bookkeeping requirements, you can gain real benefits from implementing a cloud accounting system. Here are a few.  

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Furlough (CJRS) is changing – Dates for Your Diary

The Coronavirus Job Retention Scheme (CJRS) and Furlough, a word you are used to hearing just recently, is changing and winding down over the next few months. The scheme is set to end on 31st October 2020. As an employer, you will have to start contributing towards the scheme from 1st September 2020. Here is your guide to the key dates to watch out for.

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JUST ONE REASON – The Power of Professional Relationships

Successful businesses depend upon strong relationships. Whether internally, with clients, investors, other stakeholders or even competitors, a network developed on deep relationships will open doors for you, refer you and will support you in whatever ways you need. 

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Quarantine Team Members – Know the Facts

There have been a number of flare-ups of Covid19 across the world in recent weeks which has seen the Government imposing further restrictions at short notice on travellers. As of 8 June anyone who is required to quarantine must comply unless they are exempt from the rules.

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Grants available for SMEs impacted by Covid pandemic

Great news for SMEs that need some financial help after the recent (and ongoing) business disruption caused by the pandemic. Grants, launching today, are available for between £1,000 – £5,000 to be used to access new technology and other equipment, as well as professional, legal, or financial advice to help get back on track.

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Covid19 Update: Claims are open for second self employed support grant SEISS – are you eligible?

As of Monday 17th August, if you are self-employed and your business has been negatively affected by Covid19 and you are eligible, you can claim the second grant which cover 70% of your average monthly trading profits. As with the first SEISS grant this will be paid in a single payment covering 3 months capped at £2,190 a month or £6,570 in total.

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