Does my business qualify for coronavirus support?

Does my business qualify for coronavirus support?

Disruption caused by the Covid-19 outbreak is causing havoc for businesses up and down the country.

To help them through this difficult time, the government has announced a broad package of support for companies. But the quick-fire announcements have caused some confusion in the business community.

Trade and Talent Top Small Business Brexit Wishlist
Editor | 6 February 2020
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As the UK officially leaves the European Union, small businesses are urging to government to focus on negotiating a trade deal with the EU and securing top talent from abroad.
Research from the Federation of Small Businesses (FSB) shows that the EU is the biggest trading bloc for small businesses that export (62%) and import (55%).

Editor | 21 January 2019
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If you are a NatWest or Royal Bank of Scotland (RBS) small business customer, you can access the FreeAgent cloud accountancy software platform for free.

If you use either of these services, Cloud Accountant can help you get set up on the software for free, with additional support from a team of qualified accountants.

You can also sign up for the software for free on the NatWest or RBS website.

Four simple tips for managing your own books

So you’ve set up your own business. Now the hard work begins.
Your head is probably swimming with ideas, possibilities and strategies that could help your business grow.
One thing you probably aren’t thinking about is bookkeeping. Recording financial information is not really the fun part of starting a new business – but it is crucial to start-up success.
You don’t have to waste money employing someone to manage the books for you, handling it yourself doesn’t need to be daunting.

Tax changes for small businesses and freelancers

The new tax year has brought a fresh wave of tax bracket and regulatory changes that many small businesses and freelancers will need to adapt to.
Some of the changes will have a positive impact and some will be more negative.
We have summarised the most important changes and detailed who they are likely to affect.

How the Budget will Affect Your Small Business

The latest budget statement contained some important takeaways for small business owners and freelancers.

Understandably given the circumstances, many of the announcements were made in response to the economic threat posed by the COVID 19 outbreak.

We’ve provided a handy summary of the most important announcements below.

Chancellor pushes on with Making Tax Digital

The Chancellor Philip Hammond has confirmed that he will push ahead with Making Tax Digital for VAT reforms in April, despite warnings that many firms are not ready for the change.

In the Chancellor’s written ministerial statement, he said that Making Tax Digital “is an important first step in this modernisation of the tax system to which the government remains committed.”

we reveal five apps that will help you stay on top of your business finances and grow your business.
Editor | 26 February 2018
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On average, people are supposed to check our phones 85 times a day. But we bet that entrepreneurs use their phones an awful lot more than that.
Many entrepreneurs run their lives via their mobile phones, keeping appointments, organising staff and managing tasks - so doesn’t it make sense to manage your business finances there too?
In this blog post, we reveal five apps that will help you stay on top of your business finances and grow your business.

If you have a Business PayPal account, you can set up an automatic bank feed in Xero.

If you have a Business PayPal account, you can set up an automatic bank feed in Xero. New transactions are imported every 24 hours. If you use multiple currencies in PayPal, then you can import each currency separately using Xero’s multi-currency capability, powered by XE.com.

PayPal bank feeds are far superior than importing your PayPal statements manually. As you may have experienced, PayPal statements have the tendancy of having line items in there that do not actually affect your balance. When you import this into Xero it can become difficult to reconcile the bank. To keep your accounts clean, Xero will only import transactions that change your PayPal balance – so you don’t need to deal with credit card purchases on your PayPal account or with currency conversions.

At the Autumn Statement, the Chancellor Philip Hammond announced changes to the VAT Flat Rate Scheme that could cost some small businesses thousands of pounds a year.

The Flat Rate Scheme was initially designed to simplify record keeping and get more small businesses paying VAT.

The government is now worried about abuse of the system so the scheme’s advantages are being watered down. But in tackling abuse of the scheme the Chancellor will increase bills and bureaucracy for thousands of innocent companies as well.

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