Strelitzia Accounting

18/10/2020

We are excited to announce that we have now partnered with Starling Bank one of the UK's top tier banks in bringing our clients free business banking.

- No monthly account fees
- Speedy setup
- Apply in minutes
- Integrate with Xero, QuickBooks and FreeAgent
- 24/7 UK customer support
- Real time payment alerts and categorised transactions
- Easy deposits

Visit us https://www.strelitzia-accounting.co.uk/services/business-banking to open an account in minutes.

17/08/2020

05/08/2020

£20 million to improve small business leadership and problem-solving skills

On 3rd August 2020 the government launched two new leadership programmes to help small business leaders grow their companies in the wake of the coronavirus pandemic.
The Small Business Leadership Programme will focus on strengthening decision-makers’ leadership skills.
The 10-week programme will be delivered virtually by experts from university business schools. The course will teach participants how to maximise their business’s potential by improving productivity, organisation and efficiency.

The Peer Networks Programme will focus on helping business owners improve their problem-solving skills, through a series of guided exercises.

There are 2,000 places available on the Small Business Leadership Programme and 6,000 on the Peer Networks programme.

Interested small business leaders are encouraged to sign up.

Contact us for more information about bookings and to find out if you are eligible.

03/08/2020

Why do I need an accountant?
Entrepreneur
• An accountant can help you save sums of money with intelligent tax solutions and an awareness of available benefits.
• Help you decide what type of entity and ownership structure to have when you first get started
• Design and set up your accounting system so that year-end financial reporting will be easier.
• Ensure that you pay the correct types of taxes in the correct amounts.
• Advise you on taxable deductions and how to separate your personal expenses from business expenses
• Create financial reports for the past period to help you understand how your company is doing and plan for future business activities.

Self-Assessment tax return for individuals
If you have a busy work life and juggling a personal life the chances are you aren’t going to have time to even think about doing your tax return. Accountants are experts when it comes to identifying ways to save money. Although you might not initially like the thought of paying an accountant to do your self-assessment for you, by doing so you might save yourself the risk of making costly mistakes. Tax laws are a ‘moving target’ and change all the time. This means that you will have to make sure that you are up to date on all the latest laws before you even start completing your tax return yourself.

Contractor
There is no legal requirement to hire an accountant when you have a limited company, but you want someone who knows how to look after contractors to handle your accounting and tax.
Different legislation such as IR35 apply to contractors.
For a limited company you require knowledge of corporation tax, VAT, income tax, National Insurance Contributions and payroll.

31/07/2020

Are you a business owner or limited company employing staff?

The job retention bonus announced by the Chancellor Rishi Sunak – will see businesses receive a one-off payment of £1,000 for every previously furloughed employee if they are still employed at the end of January next year.

It comes as employers set to start contributing to the furlough scheme. From tomorrow 1st August 2020 the government will continue to pay 80% of furloughed employees wages, but employers will have to pay employers National Insurance Contributions and pension contributions for the hours the employee is on furlough.

If you employ 250 or fewer employees that were registered for PAYE at 28 February 2020, you can also claim the cost of coronavirus (COVID-19) related employee absences.

Employees will qualify for Statutory Sick Pay (SSP) if they meet the criteria and cannot work for any of the following reasons:
• They have been self-isolating on or after 13 March 2020 because they or someone they live with had symptoms of coronavirus
• They have been shielding since 16 April 2020
• They started self-isolating on or after 28 May 2020 because they were notified by the NHS or public health authorities that they’ve come into contact with someone with coronavirus
• They were self-isolating on or after 6 July 2020 because someone in their support bubble, but not their own household (or extended household in Scotland or Wales) had symptoms

You can claim £95.85 per week from 6 April 2020 up to a maximum of 2 weeks per employee.

For advice or free guidance visit our website

30/07/2020

Statutory Sick Pay (SSP) Compensation for Small and Medium Sized businesses

The Statutory Sick Pay Rebate Scheme is a temporary scheme setup by HMRC to compensation small and medium sized employers for the cost of coronavirus (COVID-19) related absences that began on or after 13 March 2020.

Who can claim SSP?
Employers in the UK with 250 or fewer employees registered for PAYE at 28 February 2020, including charities.
For help with PAYE registration visit our website at www.strelitzia-accounting.co.uk

For employees to be eligible they must:
- Be an employee
- Have done work for the employer
- Earned an average of £118 per week in the 2019-2020 tax year or £120 per week in the 2020-2021 tax year

Employees will qualify for SSP if they meet the criteria and cannot work for any of the following reasons:
• They have been self-isolating on or after 13 March 2020 because they or someone they live with had symptoms of coronavirus
• They have been shielding since 16 April 2020
• They started self-isolating on or after 28 May 2020 because they were notified by the NHS or public health authorities that they’ve come into contact with someone with coronavirus
• They were self-isolating on or after 6 July 2020 because someone in their support bubble, but not their own household (or extended household in Scotland or Wales) had symptoms

Employees you can claim for:
Employees can be on any type of contract including:
- Full-time employees
- Part-time employees
- Employees on agency contracts
- Employees on flexible or zero-hour contracts
- Directors
- Term-time employees

What can you claim?
- Maximum of 2 weeks SSP for each employee
- £95.85 per week from 6 April 2020
(£94.25 per week before the above date)

Employers can claim retrospectively for any qualifying days on or after 13 March 2020 or on or after 16 April 2020 if the employee was shielding.

For help with making a claim visit our website at www.strelitzia-accounting.co.uk

Not only do we provide you with business advice, but we also focus on your unique requirements so that you can concentrate on the day-to-day running of your business. You can choose from our range of affordable solutions to suite your business needs. We promise to offer friendly support through face...

29/07/2020

Have you renewed your Tax Credits?
Only 2 days until the deadline – Friday 31st July

If you are eligible for tax credits you would’ve received a letter from HMRC. Make sure your details are correct and report any changes in your circumstances and income.
Not telling the tax credits office that your circumstances have changed can be costly.
You may be overpaid or underpaid. If you are overpaid you will have to give the money back. This can be very inconvenient, specially if you’ve already spent it. Overpayments can be taken from your future tax credits, leaving you with much less to live on.
If you’ve been furloughed or work reduced hours because of coronavirus, you don’t need to notify HMRC about this change.

For more information or to check if you are eligible visit us at www.strelitzia-accounting.co.uk

28/07/2020

Working from home through no choice of your own? HMRC allows employees to claim up to £6 a week of expenses.

That works out as £1.20 a week (or around £62 a year) for a basic rate taxpayer, or £2.40 a week (£104 a year) for a higher rate taxpayer.

Every little helps.

27/07/2020

Good news for Self-Assessment taxpayers. Your second payment on account, normally due by 31st July can now be deferred to 31st January 2021 if you have difficulty paying your tax bill.

You don't have to contact HMRC to defer the payment. You can opt into deferral simply by not paying your tax bill due by 31st July 2020. HMRC will then automatically update their system to reflect the deferral and no interest and penalties will be incurred, providing you pay in full by 31st January 2021.