movie themed

How can I use webinars to win business?

Webinar marketing is all about hosting online workshops to build a relationship with attendees and to promote and increase credibility for your business.

What’s great about webinars is that they are a win-win for both parties: attendees learn valuable content and, if you do it right, it markets or achieves a sales outcome for your business. Sounds good, right?

While webinars are a great tool to use to win business, if you don’t do it right, it can end up costing you a lot of time and effort for little reward. So this is the point of this short article. We want to show you the 3 essential steps for how to use webinars to win business.

Step 1: start with the end in mind

If you think about what you want to achieve from your webinar before you start, you can make sure that it is relevant and that it is a topic that is in demand. Before creating your webinar, explore these 4 questions:

  1. What is the purpose of my webinar? Is it just to inform clients, to stay front of mind or to sell an additional service?
  2. Who do I want there? Is it for existing clients or potential clients or both?
  3. What pain points are my audience motivated to solve? What are their biggest challenges at the moment?
  4. When will they attend a webinar? When is the most ideal time for them?

Step 2: get people to sign up, turn up, stay till the end, and to buy from you

For your webinar to be successful and for it to win you business, you will need these 4 essential processes in place:

  1. How I will get people to register – your webinar needs a catchy title and objectives that promise value and raise curiosity. You also need to pick a time and day that is best for your audience and use an email marketing tool to assist with registrations.
  2. How I will get people to turn up – streamline a process for sending email reminders to attendees (we send a total of 5 reminders to ours) and call warm prospects or people you want there.
  3. How I will get people to stay to the end – keep your attendees engaged and make them want to stay. You can do this by making the webinar highly interactive (especially at the beginning); tell them the agenda, promise something for those who stay to the end, and make it about your audience and their issues.
  4. How I will get people to buy – you need to show your audience their ‘ideal’ scenario and position your product/service as the solution to getting them there. You can do this by including case studies of clients who have had the same or similar issues and how you’ve helped them to take action and resolve them. You can also include statistics, show them the different options available to them, and have clients actually on the webinar to advocate for you in real-time.

Step 3: use the right technology

Technology can make or break a webinar, so make sure you are using the right tools. Tools that will assist you and make your life easier rather than tools that limit you. If you want to win business from your webinars, you need to be using the following technology:

  1. Webinar or online meeting software (e.g. Zoom, Microsoft Teams etc)
  2. Decent broadband and ideally a webcam
  3. Automated diary booking system (e.g. Calendly, AcuityScheduling etc)
  4. Registrant data collection tool (e.g. Eventbrite or the other event software)
  5. Bulk email marketing tool (e.g. Active Campaign, MailChimp etc)

Webinar marketing is a great way to win new business and to stay in front of your existing clients. You just need to know how to create a relevant and engaging webinar that your audience is interested in and you need to make it as easy as possible for people to remember to turn up and buy.

Checklist

Reopening your business safely: the ultimate checklist

We may not know when things will be going back to normal, even now that a Covid vaccine is on the horizon, but we can plan ahead for when the time comes to reopen our businesses.

This is called scenario planning – also known as ‘hoping for the best but planning for the worst’ – and it’s very valuable. Not only does it make you feel better in the short term, but it also allows you to act more effectively if that time does come in the future.

While reopening as normal may still be a few weeks or months away, there is a lot of logistics to think about due to the safety measures you will need to implement. To help you plan for this, here is a useful checklist so that you can reopen your business safely when the time comes.

6 areas you need to cover to reopen your business safely

Safety

Do we have a plan to reopen with ‘social distancing’ in place when our business is legally allowed to?

  • Do we have a supply of hand sanitiser available for all entrances and exits used by staff and customers?
  • Can these sanitisers be fixed in place to minimise theft?
  • Have we done a deep clean of our premises
  • Do we have a supply of face masks for staff? If possible, will they be branded?
  • Have we worked out how to minimise the risk to staff by introducing social distancing wherever possible? E.g. spacing out seating, staggering shift times or rotas, placing visual markers where queues form to help people socially distance?

Staff

Do we have a plan to re-engage with staff who have been furloughed?

  • Are they physically able to return to work? And on what basis?
  • What hours do we need them to work? And does this require formal HR assistance if there is a major impact on their working hours or contract?
  • What training will they need to be safe and competent in doing their job?
  • Will they need to be reskilled or reassigned? And how will this happen?

Impact

Have we forecasted the impact of social distancing on our business?

  • Reduced demand and capacity?
  • Cash flow? Turnover? Profit?
  • Resource requirements?
  • Parents of school-age children may still need to be at home with their children?

Customers

Have we identified ways to reduce the need for customers to physically be on our premises?

  • Telephone and/or internet orders?
  • Photos or videos of our products/services on our website?
  • Deliveries to customer homes?
  • Click and collect?

Operations

Have we done a risk assessment and implemented recommendations to minimise the risk to our staff?

  • How to reduce contact in our offices and premises?
  • Increased cleaning of all surfaces?
  • Education and training to staff on how they will play their part to keep everyone safe?

Marketing

Have we identified ways to increase demand for our business’s services or products whilst still remaining ‘COVID-19’ secure?

  • New products or services which will be in demand?
  • Different ways of delivering the service or fulfilling the order or demand?
  • New channels to market? E.g. direct to consumers?

Plan your coronavirus-comeback

If you want to be ready for when the time comes (and it will) where you can reopen your business, you will need to have a plan to keep your employees and customers safe. If you have your plan and your safety measures in place for when that time comes, you can hit the ground running.

Imagine bouncing back stronger than ever when restrictions ease? Don’t waste any more time now giving into the Covid turmoil. Plan your comeback and reopen with confidence.

Is my accountant regulated?

Is my accountant regulated?

Would you trust your life to someone who was not a doctor?

Would you be defended in court without a qualified lawyer?

Of course not. Yet many businesses trust their livelihoods to unregulated accountants.

Why does being regulated make a difference?

To be regulated accountants have to be a member of a professional body. The main professional bodies are:

  • ICAEW
  • ACCA
  • CIMA
  • AAT

In order to practice as an accountant with a professional body, you have to have a practicing licence and hold professional indemnity insurance. You also have to do continued professional development. An unregulated accountant does not have to have any of this in place.

As a member of a professional body they will be regulated by law under the Proceeds of Crime Act Money Laundering Regulations (AML) with very strict rules to comply with.

How to check if your accountant is regulated.  

When you sign up to an accountant, you will receive their terms of business (engagement letter). This will set out the basis of the contract between them and you. In that proposal there should be reference to their professional body and details of their AML procedures. If there aren’t, this should be your first red flag.

Questions to ask your accountant:

  • What professional body do you belong to?
  • Can I have a copy of your professional indemnity insurance?
  • What CPD do you do?

If the accountant isn’t regulated they HAVE to register with HMRC under the AML rules. This is the law. The link below will give you the details and allow you to check if your unregulated accountant is actually registered with HMRC.

https://www.gov.uk/guidance/money-laundering-regulations-supervised-business-register

Our experience

When taking on new business, we always request hand over information from the previous accountant. Normally this is relatively easy, however for one of our new clients it has been far from it. We have been shocked by the quality and correspondence from the previous accountant. After looking through all the information, we have found out that this particular accountant is unregulated. This ultimately meant, our client cannot report the accountants actions to their governing body. Leaving them with one option, legal action.

The client put their trust in this accountant and have been left with extremely messy books, which could result in more tax and potential fines.

Make sure your accountant is regulated, this way if something goes wrong your accountant has certain standards to adhere to, ensuring your finances are kept in order.

Calendar and alarm clock

When do I need to send my Tax Return Information to my accountant?

Your self-assessment tax return is the document that is needed to calculate how much tax you owe personally. This return includes your dividends, employment income, rental income etc. One way to ‘stress out’ your accountant is to send them your tax return information in January. However, many people don’t understand why January is so stressful for accounting firms. Therefore we wanted to explain why sending in your information before January is so important.

Important dates explained

The tax year runs from April (of the prior year) to April (of the current year). For example, if we send you a request after April in 2020 for your self-assessment tax return information, it will be relating to information from April 2019 to April 2020. So the start and the end of the tax year.

The deadline to complete the return and pay any tax will be the following January, so in this case the 31st of January 2021. This gives you 9 months to get the return submitted and tax paid from the end of the tax year.

For anyone who has to pay a payment on account, this will be due the following July, so in this case the 31st of July 2021.

self-assessment timeline

The way we work

At 1 Accounts we use a system called Karbon to request self-assessment tax return information. At the end of the tax year on the 6th of April, we send out an automatic email requesting all the information we require to complete the return. We then send an automatic reminder email once a month for five months to those who haven’t uploaded the information. If you still haven’t sent in any information after this, you will get chaser emails from one of the team.

If you haven’t used our Karbon system before, it is nice and straight forward. All you have to do is click ‘manage checklist’ on the email.

Karbon checklist

This will then direct you to create a pin number (make sure it is memorable). If you forget your pin, just click on the ‘forgotten your PIN?’ hyperlink and follow the steps.

Pin number

Once you are in, you will be able to see a checklist where you can comment and upload the information we have requested, or ask any questions. These comments come through to the team like an email.

Once you have completed a task we ask you to tick it off. The open tasks are what triggers the automatic reminders and so ticking them off will stop them.

If none of the information requests apply to you, we still need you to write N/A in the comments so we know it doesn’t apply.

Once you have completed your checklist and ticked off the tasks, please just log out or close the window. Your progress will be saved and we will be notified

For anyone sending us information after the 15th of December, there is no guarantee we will be able to complete the return on time.

So why Is January so stressful for accountants?

With January being the deadline for self-assessment tax returns, naturally many people leave it until the last minute. If you are completing your own return, then that’s fine, however waiting until January to give the information to your accountant will not make you very popular. No matter how much accounting firms prepare, January is always horrible. Not only are the Christmas festivities over, last minute tax returns are a given. If you have left your tax return until the last minute, bear in mind, that you are not the only one.

We advise you to send in your information any time between April to August. This will give us ample time to complete your return. The sooner you send us the information the sooner we can complete the return. We prioritise our returns on whoever sends us the information first.

On a side note, if you are looking to buy a house, your returns will need to be completed for your mortgage. If this is the case you will need to send us your information ASAP and let us know well in advance.

Remember your tax is due in January?

Your tax is due in January. This means that if you leave sending your information until the last minute you could end up with a large unexpected tax bill to pay straight away. If you return gets completed early, you will be able to prepare for paying any tax in January. Or for those lucky people, get a refund early.

Overall, accountants all over Britain ask nicely that you send your tax return information between the months of April-August so we can give you the best possible service and eliminate stressful Januarys once and for all.

If you have any questions on your self-assessment tax return please email jade@1accounts.co.uk

documents

What information is needed to complete my personal tax return?

…… AND WHY!

It’s that time again ….. tax returns!

From the 6th of April, accountants start to request information from clients. In this blog, we will go through what information accountants need and why.

At 1 Accounts we request the below information from all of our clients via our Karbon software. A secure virtual checklist gets sent to every client automatically on the 6th of April. For more details on when and how to send your tax return information to us please *click here*. Not all of the checklist points apply to everyone, however, we ask all of our clients to write N/A by the tasks that don’t apply, this confirms to us that they aren’t applicable.

karbon checklist

Bank Interest

You have to declare your bank interest received on your tax return. You do not have to pay tax on any interest under £1,000 if you are a basic rate taxpayer or £500 if you are a higher rate tax payer. If you are an additional rate taxpayer, you will have to pay tax on all of your bank interest. However, regardless of the amount you still have to declare any interest you have had. Depending on your bank you will get an April summary that will tell you your annual interest. Your bank should also be able to provide an interest statement on request. Failing both of these, you can just look through your bank statements and add up any interest received, however, this could be long, time-consuming and most of all boring.

Details of Dividends

Your dividends are taxable income (after £2,000), so they have to be declared on your tax return. To send us the details we will need the dividend vouchers. If you do not have these you will be able to ask your accountant managing your business to send them to you. If you are a 1 Accounts client and we look after your company, we will have the dividend information for that business.

If you have invested in any shares, you will also get a dividend certificate. Keep hold of these even if just for a small amount as this will also need to be declared.

Details of rental income and expenses

We will need to know the gross rent. This is the amount of rent that you are paid before any management charges. We will also need a list of your expenses obtained throughout the year. If you have an agent you should be able to ask for a ‘rental statement’. If you don’t have an agent please send us a spreadsheet of your expenses and details of the rent paid to you every month.

Some of our rental clients use Xero to keep track of their income and expenditure. If you would like a version of Xero to be able to do this, just let us know.

Donations Under Gift Aid

This one is a little trickier to find the information. If you have donated through ‘just giving’ or have a monthly subscription to a charity you will be able to find the donation given. All we need is for you to add all the donations together to give us the total figure donated, confirm who you donated too and that it was made under gift aid. Remember that donations made under gift aid will REDUCE YOUR TAX if you are a higher rate taxpayer and so it is worth noting down whenever you give to charity.

Pension contributions

This is another one that you could get tax relief on, depending on the type pension scheme and how the contributions are made into the scheme. We will need the details of all the amounts that have been paid into a pension scheme, whether by you or on your behalf by say your employer. Dependent on your pension provider you should be able to get a statement for the year. If this is applicable we will need to discuss this with you further.

Employment income

If you are employed we will need details of this income from either the P60 or P45. This is because it is part of your total taxable income for the year and is needed to decide your tax band. We will need your P60 or P45 from any employer for whom we don’t run the payroll and don’t worry, any tax deducted at source under PAYE will be deducted from your tax bill.

If you are in receipt of you pension, we will also need this P60 as well.

Details of any other income

If you have had any income that we have not listed above, please tell us. Even if you are not sure it applies. This could include the following:

  • P11D employment benefits received.
  • The sale of capital assets.
  • Inheritance income (if not handled within the estate).
  • Sole trade income (if turnover is above £1,000 we need to know).
  • Sale of shares.
  • Cryptocurrency sales.

Puzzle

How can I support my team through the current global crisis?

As most working professionals spend a third of their time at work, it’s been a massive adjustment for the millions of people who have had to start working from home. With many other stressors and worries piled on top of this, it’s no surprise then that this has had a major impact on the health, happiness, and the wellbeing of those employees.

For a thriving business, you need thriving employees, but not many people are thriving during this time. Therefore, to keep businesses afloat during the current global crisis, it is the responsibility of the employers to support their employees and this includes their mental wellbeing. Here’s how to do just that.

The 3 Ps

1. Prioritise – the health of your team

You need to create the right conditions to help your employees feel empowered and supported during this stressful time. You can do this by:

  • Taking advice from the World Health Organization and region-specific public health authorities such as the CDC.
  • Measuring and tracking the stress of your team via surveys and then offering help to those who need it most.
  • Providing consistent and clear objectives to give your employees a sense of control and purpose.

2. Promote – positive habits

Anxiety and stress can lead to the formation of bad (and unhealthy) habits. To help your employees deal with this stress, encourage the formation of positive habits such as:

  • Making a weekly and daily plan of action.
  • Sticking to their daily routine as much as possible.
  • Self-care activities such as meditation, mindfulness, and breathing exercises.
  • Taking regular breaks to properly ‘switch off.’
  • Limiting their use/exposure to social media and the news.

3. Practice – compassion and empathy

Some of your employees may have lost loved ones or they may be suffering from anxiety or depression during this time. To support them as best you can, here is how to be a more compassionate and empathetic leader:

  • Check-in with your employees regularly and keep an eye on their energy levels.
  • Listen to how they are feeling and encourage sharing when your team communicates.
  • Pause and give yourself time to respond to certain situations rather than reacting to them.

How can I reduce my stress?

As 2020 nears its end, it probably would be described as a very stressful year for many people. Perhaps, for some, the most stressful year of their lives. Covid 19 has literally turned the whole world upside down. First and foremost, many have lost their loved ones, in the most awful of circumstances; not being able to visit in hospital, or perhaps being able to attend a funeral or have their family around them to grieve. Many have been left very ill in the still unexplained ‘long COVID’. Then there are the wider effects of social isolation and loneliness as we are forced to stop meeting with our family, friends and community. O.K so we have zoom or the telephone, but it zoom isn’t available to everyone and even that is just not the same as face to face interaction. Then we have work; many find themselves unemployed and in financial hardship, and those that own their own businesses facing challenges that a year ago were unheard of.

With a vaccine on the horizon there is light at the end of the tunnel, but in the meantime how can we control the stress that we feel. As we know long term or chronic stress is bad for us. Unhealthy levels of stress release high amounts of hormones like cortisol, norepinephrine, and adrenaline which trigger various reactions in the body such as hormone imbalance, adrenal fatigue, chronic inflammation and reduced immunity. The hormone Oxytocin on the other hand is known as the ‘anti-stress’ hormone or ‘love-hormone’. Oxytocin is the reason you fall in love with your newborn baby and why cuddling and nurturing feels good. Both hormones have essential functions in your body but they should work in balance.

kitten hanging off sofa

Make one simple change rather than trying to tackle it all at once.

So how can we help ourselves during these incredibly stressful times, reduce stress and stay healthier? There is much we can do, but it’s important to take baby steps and change one thing at a time. If you try to do too much at once, the changes won’t stick, and you’ll find that you just end up more stressed.

Recognise what is causing your stress by asking yourself these questions.

  1. Are you trying to do too much? What can you say no too?
  2. Are you getting enough good quality sleep?
  3. Are you taking time out to relax and take care of yourself?
  4. Are you eating well to give you energy to tackle the day to day?

We have all heard the metaphor ‘you cannot pour from an empty cup’ and this is true, if you take care of yourself, you will be more able to take care of others. How often have you found that the more ‘stressed’ you become the more things start to unravel at work? You can’t concentrate properly, people seem to annoy you, you become more forgetful? Then when you get home, you find yourself tucking into the chocolate, bickering with your partner or shouting at the kids?

Take control of one thing at a time, and the changes soon add up.

Take sleep for example. Lack of sleep has the same effects on the body as stress itself, so not getting enough or good quality sleep is going to make you feel stressed before the day even starts! Lack of sleep is also likely to make us crave more junk food and affects our memory, attention and decision-making abilities, as well as making us more emotional.

Tips for good sleep

Sunshine

Get a good dose of sunlight every morning for at least ten minutes. Going outside is best, but you can even just have your cuppa by the window. The exposure to the light helps set your body clock.

Stop using devices an hour before bed. Just as the exposure to the morning light affects our body clock, we are more sensitive to the ‘blue’ light in the evening and exposure to it through devices tells our body that we should be awake. If you can’t resist, get blue light blocking glasses.

Write down your thoughts before you go to sleep. Often when we go to bed, we have a million things going around in our head, getting them down on paper can ‘offload’ our brain enabling us to sleep.

Do not eat 3 hours before bed. Eating late is a stressor to our bodies, so eating earlier helps us to move out of a stress state into a ‘thrive’ state.

Avoid liquid stress. A glass of wine is tempting after a stressful day and as alcohol is a sedative, we often think that it helps us to sleep. But alcohol disrupts our sleep and wakes us more during the night, it also blocks our deeply restorative REM sleep.

Avoid caffeine from midday. One quarter of a cup of the coffee you enjoyed at lunchtime will still be in your body at midnight!

Saying No!

It’s so easy to overstretch yourself and to feel pressured to say yes to everything. Take some time to work out your boundaries so that you have got time to say yes to the things you love such as taking a bath, reading a book or going for a walk. Remember, doing the things you love balances out the effects of stress.

Getting to grips with time management can make time for self-care

Saying no is easier if we have a plan. Evaluate your daily and weekly tasks and don’t be afraid to ask for help and support. For example, can you delegate other members of the family to cook on some days? Or perhaps put on a load of washing. Giving people specific tasks on specific days can be more successful than a ‘it would be nice if….’ Which might get overlooked!

Schedule in time with friends and family (even if it is on zoom), this is just as important as the other things in your day!

Alarm clock

Wake up 30 minutes earlier. Sometimes having some time to ourselves first thing in the morning can give us that space we need to feel refreshed and revived. You could journal, meditate, stretch or go for a walk, or even just have that few minutes of calm before the day starts.

Schedule your times for checking your emails and scrolling social media. You’ll be amazed how much time you can save when you do this!

Taking regular breaks at work can help you feel alert and well and focused.

Make time for being active and getting outside because fresh air can impact your overall health. Can you park a little further away from work, or pop out for half an hour at lunchtime or kick a ball around with the kids when you get home?

Sound of music

Eat, Drink and Be Merry

Often, ‘what to eat’ can be a source of stress in itself. There are a thousand ‘diets’ on the internet telling us what to eat drink and when to eat and drink. It shouldn’t be this complicated. And it’s not. What is important is for us is to eat a wide variety of foods that are as close to natural as possible. If we eat whole foods when we are hungry, we won’t need to snack on ‘junk’ foods. The best way to do this is to plan our meals ahead of time for the week. Some people prefer to ‘batch cook’ on the weekend. Shop for these meals and organise who is cooking them on which days. If we do this, the odd ‘treat’ or ‘take away’ won’t matter so much. It’s being in a good routine the majority of the time that makes the difference and the more organised you are, the less stressful it will be.

Remember the important thing is to tackle one thing at a time and to turn it into a habit. Maybe make a list of what you would like to change and introduce one new thing each week or even each month. Small changes add up and looking after ourselves really matters.

Bienestar logo

Our thoughts on Rishi’s statement yesterday

The Chancellor’s update to the House of Commons yesterday made pretty grim listening. It’s not going to surprise anyone to hear that due to two national lockdowns and a myriad of local lockdowns, the economy has shrunk in 2020 by 11.3%. The economy is forecast to recover back to pre-pandemic levels in 2022.

You can look at this two ways. Either let it get you down. Or remember that after the Spanish Flu pandemic finished in 1920, Britain enjoyed the roaring 20s. In other words, better times are coming ahead. And we are here to help you get to those better times and enjoy the fruits of your labours.

Charlston

Apart from gloomy economic figures, the chancellor did announce some changes you need to be aware of:

  • The minimum wage (now rebranded as the National Living Wage) will increase in April to £8.91 an hour for people 23 and over. 16 and 17 year olds will see their pay go up to £4.62 per hour.
  • People with a defined benefit retirement scheme will see their pensions reduced from 2030. This is due to the pension payments, from 2030, which increase with the cost of living using a new cost of living calculation. Currently the cost of living is calculated using various measures, including the Retail Prices Index. Whereas from 2030, the cost of living will be calculated using the CPIH: The catchily titled “consumer prices index plus housing costs”. These changes will not impact the state pension.

Given that the country has its highest borrowing levels outside of war time, it is fairly certain that we will see in the next year or so rising taxation to help the treasury balance the books. We don’t know yet what taxes will be raised and what reliefs will be lowered. But expect – if the media is to be believed all these to be raised; Capital Gains Tax, Inheritance Tax, Income tax, and NI contributions for self-employed people.

We are already seeing some of this happening at HMRC. They are toughening up their stance on ‘time to pay’ agreements, as well as investing very heavily in fraud and tax investigations. As with all these things, if you are concerned about your cash flow or any potential irregularities please get in touch with us sooner rather than later. The earlier we find out about any problems the easiest it is for us to help mitigate the impact for you as a business owner.

What happens after lockdown?

English Government announce new winter plan to beat COVID-19

This week seems to be a week of announcements from Boris. So, you may see a few updates from us too this week.

On Monday the English government published its winter plan to beat COVID-19. You can find the full text of the plan here. Having read through the plan it seems to be good news for most businesses.

The English government announced yesterday that:

  • Full lockdown will end on the 2nd Dec 2020
  • England will go back into the 3-tiered regional approach.

However, there are changes to those tiers. And on Thursday this week regions will find out what tier they are in.

So what will change?

  1. The stay at home requirement will end, with domestic and international travel being permitted again subject to guidance in each tier.
  2. Shops, personal care, gyms and the wider leisure sector will reopen.
  3. Collective worship, weddings and outdoor sports can resume, subject to social distancing.
  4. People will no longer be limited to seeing only one other person in outdoor public spaces – the rule of 6 will now apply as it did in the previous set of tiers.

How has the tier system changed? 

The changes to the tiers are as follows:

  1. Regardless of your tier the government would like working from home wherever possible.
  2. In tier 2, pubs and bars must close unless they are serving substantial meals along with accompanying drinks.
  3. In tier 3 all hospitality will close except for delivery, takeaway and drive-through. Hotels and other accommodation providers must close (except for specific exemptions, including people staying for work purposes or where they cannot return home. All indoor entertainment venues must also close.
  4. The 10pm closing time for hospitality has been modified to last orders at 10pm and closing time at 11pm. This allows customers to depart gradually and provides greater flexibility.
  5. In tiers 1 and 2, spectator sport and business events can now resume inside and outside with tight capacity limits and social distancing, providing more consistency with indoor performances in theatres and concert halls.

We will have more updates this week when we have more news on the tax updates from Rishi and any further updates planned by the government.

What is working from home relief?

Working from home relief = FREE CASH

Due to the current pandemic, many businesses have been working from home this year (ours included). It looks like those who can work from home will be until March 2021 at the earliest.

We have also seen a change in attitude towards flexible working. It has become the ‘new normal’ and many employees may continue working from home in the future.

What many businesses haven’t realised is that they can get free cash from HMRC for working from home. WOW!

So what is working from home relief?

From 6 April 2020 employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Employees who have not received the working from home expenses payment direct from their employer can apply to receive tax relief from HMRC.

Find out full details here –  www.gov.uk/government/news/54800-customers-claim-tax-relief-for-working-from-home.

In a very interesting twist Martin Lewis has reported that even if you work from home for just one week, you can still claim a whole years relief. This is a very public statement from Martin Lewis and we are certain that he has proof from HMRC. However there may be a caveat when HMRC realise what they have said.

Read his article here – https://blog.moneysavingexpert.com/2020/04/martin-lewis–working-from-home-due-to-coronavirus–claim-p6-wk-/

Our advice for employees 

If your employer is not paying the allowance, which they are not obliged to, log into the HMRC portal and make your claim. For basic rate tax payers this is worth £62.40 and higher rate tax payers it is worth £124.80. For 10 minutes of your time, it is worth doing!

Our advice for employers

You do not have to pay the allowance. However as we are coming into the festive season, why not incorporate the £6 per week into a Christmas Bonus? There are no PAYE or NIC deductions for the employer or employee making it a great treat for the end of this turbulent year.