£700 million available for businesses most affected by Covid19

The Government has awarded a further £700 million worth of support to local authorities.

The money will be given as grants to businesses in the hospitality, leisure and accommodation industries who have continued to struggle with the impact of the pandemic.

Use automatic invoice reminders to get paid faster with Xero

Waiting to get paid is one of the most frustrating things about running a small or medium-sized business.

A study by the Federation of Small Businesses (FSB) found that UK small businesses are owed an average of £6,142 - mostly by larger firms.

Sometimes, raising and chasing invoices can feel like a full-time job in itself, even if you’re using time-saving software like Xero.

If you’re struggling with late payments or you want to spend less time on the monthly financial admin, using automatic invoice reminders could help.

VAT: An introduction for small businesses

Registering for VAT can feel scary for businesses, but it is an essential part of growth. In this brief introduction to the tax, we give you all the most important information to help you grow more comfortable with the tax.

Employers guide to the new Coronavirus Job Support Scheme

Many business leaders welcomed the Chancellor’s recent statement where he spelled out the Government’s latest plans to support the economy through the coronavirus crisis. The headline announcement was a new Job Support Scheme that will follow the closure of the furlough scheme.

Rishi Sunak said that the new scheme would “support only viable jobs”. Some business leaders complained that it would not be enough to prevent widespread job losses, particularly in hard hit industries like hospitality and tourism.
To help employers make the most of the new scheme, we have answered some of your most important questions below.

Five tips for starting a business during the coronavirus pandemic

With health concerns still prevalent and the economy looking shaky, it might not seem like the ideal time to start a new business.
Along with the uncertainty, however, has come lots of new opportunities. And many brave souls have used the outbreak to plan new ventures and have started working for themselves.
Here are five tips to help get your new business off the ground.

Income tax reporting is changing: Everything you need to know about Making Tax Digital for Income Tax Self-Assessment (MTD ITSA)

What is Making Tax Digital (MTD)?

MTD has been introduced by Government to revolutionize the tax system in the UK.

The new system requires tax records to be kept and submitted digitally, using compatible cloud accounting software.

Over £8.5 billion in tax went unpaid between 2018 and 2019. The aim of MTD ITSA is to make filings more accurate by digitising submissions. This should help people better understand what tax they owe and reduce the deficit.

MTD for VAT has been around since 2019 and will become compulsory from April 2022.

MTD for Income Tax Self-Assessment is the next step in the scheme.

Then MTD for Corporation Tax will be implemented by April 2026.

Where will your business be in 5 years?

Now more than ever, future planning is a vital part of a successful business.

Knowing where you want to be in the future will help with decisions today and give you motivation on the hard days.

You wouldn’t start a journey without knowing which direction to follow; the same applies to your business!

We’ve put together a guide to help you produce your 5-year plan and create a roadmap between today and your future goals.

Lockdown 3: What Support is Available for Businesses?

Following the latest announcements from Boris Johnson and Nicola Sturgeon, England and Scotland have now joined Wales in new national lockdowns.

The new restrictions mean that people should only leave home for an essential purpose, such as to buy food or medicine. This means that, along with schools, large swathes of businesses now need to close their doors.

While some shops and hospitality businesses will still be able to offer click and collect and takeaway services, they are likely to see a dip in sales. Many other businesses may also see their revenue fall as demand dries up, similar to the first lockdown in March 2020.

To help support businesses through his latest period of uncertainty, the Chancellor Rishi Sunak has announced some additional funding alongside some older schemes that are still open to businesses.

Four ways to save money with an accountant

Your accountant can do more than you think when it comes to saving your small business money.

At a time when many firms might be thinking about tightening the purse strings, we’re sharing four helpful things that your accountant can do to save you money without compromising on performance.

Choosing Making Tax Digital Accounting Software for your Business

Making Tax Digital is a government scheme to digitise business taxation in the UK. It is being rolled out in phases, starting with businesses that pay VAT.

Businesses with a revenue above the VAT threshold must now file VAT returns digitally. And the only way to do this is by using compatible accounting software.

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