How do you thrive in a COVID-19 world?
Xero recently commissioned a report surveying 2000 small business owners around the world titled “The next chapter for small business: How to thrive in a changed world.” By Forrester Consulting. They made 5 key recommendation: • Make company and financial information easily accessible and digitised • Create emotional connections with…
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Can bill payments for your business be simplified?
If you want to get on top of your cash flow start with reviewing your processes! Research by Xero Small Business Insights highlighted that many businesses manage their bills through trial and error; they have just found a system that works for them. On average businesses are spending 4.8 hours…
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Are late payments an unintended side effect of the pandemic?
Traditionally Britain’s retailers should be gearing up for a busy Christmas season, but it seems Christmas 2020 is looking anything but normal. Just as the business community was hoping to recover, the city’s such as Manchester and Liverpool have been forced back into lockdown measures. Research from Previse suggests retailers…
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Brexit is your business ready?
The government is urging businesses to prepare for changes for Britain’s exit from the EU ahead of the 1st January deadline. Regardless of Britain’s trade deal there will be changes businesses have to prepare for, these will include: • the way businesses import and export goods. • the process for…
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Self-assessment ‘time to pay’ threshold raised to £30,000
HMRC has made it easier for self-assessment taxpayers to pay the tax they owe incrementally on a monthly basis, by extending the threshold for ‘time to pay’ applications, as part of efforts to ease financial stresses caused by the pandemic. “The increased £30,000 threshold follows the Chancellor of the Exchequer’s…
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Are you on high alert against fraud?
Uncertain times often means opportunity for fraudsters to exploit businesses and the public. The value of alleged cybercrime cases reached over £1 billion in UK Courts in 2019, according to research by KPMG. Unfortunately for businesses the main threat may be from within, if employees are facing more financial difficulty,…
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Are you up to date with COVID-19 VAT changes?
The chancellor recently announced a new raft of VAT changes to help businesses navigate COVID-19, here are the main changes: “On 24 September 2020, the Chancellor announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments…
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Should VAT-free shopping come to an end?
The government plans to end VAT-free shopping for international visitors to the UK at the end of the year, major retail players like Selfridges, Heathrow and Marks and Spencer have warned the government that the UK could lose billions of pounds in lost income and it could but 70,000 jobs…
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Could your business survive a second wave?
With COVID-19 infection rates rising it’s debatable if businesses could survive a full-scale lockdown like the one imposed in March, but whatever restrictions they do or don’t put in place, it’s clear that it is going to be a bumpy ride over the next few months. What can you do…
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Has your employer explained Working from Home tax allowances?
Many businesses have not seen a return to the office and employees are still working from home. Your employers should be explaining the tax allowances available to home workers. Essentially there are two allowances: 1. The first is working from home tax relief for bills. For the 2020-2021 tax year,…
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