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How Do Family Businesses Ensure Successful Succession Planning?

How Do Family Businesses Ensure Successful Succession Planning? Succession planning is a critical aspect for family businesses, especially in the UK, where they play a significant role in the economy. A well-thought-out succession plan ensures the longevity of the business, maintaining the family legacy, and securing the financial future of the next generation. Here’s a […]

What is the benefit of a financial forecast?

What is the Benefit of a Financial Forecast? Financial forecasting is an essential tool for businesses of all sizes. By predicting future financial performance based on historical data and market trends, a financial forecast provides valuable insights that can guide strategic decision-making. Here, we explore the key benefits of financial forecasting, particularly for businesses operating […]

What are the different ways I can exit my business

What Are the Different Ways I Can Exit My Business? As a business owner in the UK, planning an exit strategy is crucial for ensuring a smooth transition and maximising the value of your enterprise. Whether you’re looking to retire, pursue new ventures, or simply step away, it’s essential to understand the various exit options […]

Preparing Your Business for Sale: Legal and Financial Checklist

Preparing Your Business for Sale: Legal and Financial Checklist Are you considering selling your business? Whether you’re aiming for a fresh start, retirement, or pursuing new opportunities, selling a business is a significant decision that requires meticulous preparation. At 1 Accounts, we understand the complexities involved in this process. Here’s a comprehensive legal and financial […]

What is Succession Planning?

What is Succession Planning? Succession planning is a vital strategy for businesses of all sizes, ensuring long-term stability and growth by preparing for future leadership transitions. At 1 Accounts, we understand the importance of a well-thought-out succession plan. In this blog, we’ll delve into the key aspects of succession planning, its benefits, and how you […]

How a Business Coach Can Prepare You for Economic Uncertainty

How a Business Coach Can Prepare You for Economic Uncertainty In the ever-evolving landscape of today’s global economy, businesses of all sizes face unprecedented challenges. Economic uncertainty, marked by market volatility, shifting consumer behaviours, and geopolitical tensions, can pose significant risks to even the most well-established enterprises. At 1Accounts, we understand the critical need for […]

How the Upcoming UK Election Could Impact Your Business

Election 2024: How Party Manifestoes Could Impact Small Businesses in the UK As the 2024 UK election draws nearer, small business owners are keenly aware of how the potential shift in power could impact their operations. Understanding the manifestoes of the main political parties – Labour, Conservative, Green Party, and Liberal Democrats – is crucial […]

Election 2024: What Business Owners Need to Know

Election 2024: What Business Owners Need to Know As the 2024 election approaches, business owners across the UK are keen to understand how potential changes in government policies might impact their operations. The outcome of this election could bring about significant shifts in economic, tax, and regulatory environments. To help you stay informed and prepared, […]

What are R&D tax credits?

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Discover the power of R&D tax credits! These government incentives can significantly reduce your tax liability, making it easier to invest in innovation. Whether you’re developing new products, advancing technology, or improving processes, R&D tax credits can provide substantial financial benefits. Learn how your business can qualify and claim these credits to stay competitive and fuel growth. Don’t miss out on this opportunity to enhance your R&D efforts and secure a brighter future for your company.

How to improve your business credit score

Elevate Your Business: A Guide to Improving Your Business Credit Score Your business credit score is a valuable asset that can significantly impact your company’s financial health and growth potential. Just like a personal credit score, a strong business credit score opens doors to favourable financing options, partnerships, and opportunities. In this comprehensive guide, we […]

Navigating the energy crisis as a business

The UK Energy Crisis: Navigating Turbulent Waters in Business The United Kingdom is currently facing an energy crisis that is sending shockwaves through the business landscape. This, triggered by a confluence of factors, has left businesses grappling with soaring energy prices, supply chain disruptions, and the urgent need to find innovative solutions to mitigate its […]

Business Grants Explained

Unlocking Opportunities: A Comprehensive Guide to UK Business Grants In the dynamic landscape of UK business, growth and innovation are often fueled by access to financial resources. For many entrepreneurs and small business owners, securing funding can be a game-changer. Business grants, in particular, offer a unique avenue for businesses to access financial support without […]

Your guide to start-up funding

Navigating the Seas of Start-up Funding: A Guide for UK Entrepreneurs In the dynamic business landscape of the UK, start-up funding emerges as a beacon of hope and opportunity for aspiring entrepreneurs. The journey of building a business from scratch is exhilarating, yet it’s strewn with challenges, the foremost being financial. Understanding why startups need […]

HMRC Time To Pay Arrangements

Navigating HMRC Time to Pay Arrangements: A Lifeline for UK Businesses In the complex world of business finance, one of the challenges UK businesses often face is managing their tax obligations effectively. The HM Revenue and Customs (HMRC) understands that businesses sometimes encounter cash flow difficulties, making it hard to pay their tax bills on […]

What is Invoice Financing?

In the realm of business finance, one solution that has been gaining traction, especially among small and medium-sized enterprises (SMEs), is invoice financing. This financial tool can be a lifeline for businesses waiting on payments for services rendered or products delivered. Here’s a deep dive into what it is, how it works, and why it […]

What is Asset Finance?

What is Asset Finance? In today’s fast-paced business world, staying ahead often means having the right tools and equipment at your disposal. However, acquiring these assets can be a significant financial burden, especially for small and medium-sized enterprises (SMEs) in the UK. This is where asset finance comes into play, offering a viable solution for […]

Should I Get a Business Loan?

Should I Get a Business Loan? Running a successful business often requires a steady flow of capital to cover various expenses and seize growth opportunities. However, not every business has the financial resources readily available to meet these needs. This is where business loans come into play. In the UK, there are several reasons why […]

Elevating Business: 1 Accounts Partners with Swoop

In the ever-evolving landscape of business and finance, staying ahead means leveraging every available resource to fuel growth and efficiency. That’s why 1 Accounts Online is thrilled to announce our partnership with Swoop, a move set to revolutionise the way our clients manage their finances, access funding, and combat the energy crisis. Why Partner with […]

What is an Accountant?

What is an Accountant? Unveiling the Essential Role in Your Business If you’ve ever wondered, “what is an accountant?” then you’re in the right place. As a premier UK-based accountancy practice, 1 Accounts Online Ltd is here to demystify the role of an accountant and explain why they are indispensable for your business. What is […]

What is business compliance?

Unraveling the Complexity: UK Business Compliance in Accountancy In today’s swiftly shifting regulatory environment, understanding UK business compliance in the realm of accountancy has never been more vital. With businesses continually subject to various rules and regulations, understanding compliance is key to maintaining a healthy, thriving, and legally compliant business. Let’s take a deeper look […]

Should I Become a Limited Company?

A common dilemma faced by many budding entrepreneurs and freelancers in the UK is: should I become a limited company? This question arises as a natural step in the growth journey of any small business or self-employed professional. But, deciding to incorporate a limited company is a crucial decision that can have far-reaching implications on […]

Your Pathway Business Success in the UK

In today’s fast-paced, competitive world, achieving business success is a path fraught with many challenges. The journey to becoming a top-tier enterprise in Haverhill or any other part of the UK is more than just having a great idea—it requires a blend of strategic thinking, operational effectiveness, financial guidance, and above all, professional business coaching. […]

Top 10 “I didn’t know that” questions answered

I didn’t know that? This is a phrase we hear a lot, especially when someone sets up a limited company and especially in January when personal tax returns are due. Here are our top 10 I didn’t know that questions 1 . I didn’t know that I needed a separate bank account?   Yes, a limited […]

13 Ways an Accountant Can Help a Small Business Owner

There are two huge mistakes that many start-ups or small business owners make. The first one is trying to manage their own accounting system. This is often done incorrectly which can hurt the business in the long-term. The second mistake is assuming that an accountant is only good for managing accounts and filing Tax or […]

7 ways to have the right mindset for growth during a recession

A fixed mindset is thinking that the recession means business stops and clients don’t want to spend money. A growth mindset is using this recession as an opportunity to adapt and do things differently. You bees the second mindset if you want to grow your firm doing the recession. The only thing holding you and […]

Starting your own business after redundancy

Facing redundancy can be incredibly challenging, but it could also be the perfect time to start a brand new career based on your interests, your lifestyle and your aspirations. Does this sound too good to be true? With these five steps, we can help you transform your redundancy package into your very own startup: 1) […]

Hiring an accountant could save your business!

A lot of new businesses fail. A lot of old businesses fail. A lot of previously successful businesses fail. Why? Usually, it comes down to issues around finances. If you’re starting a new business, or if you’ve been in business for years and are trying to grow your team and scale your company, hiring an […]

The 9 step guide to business development

Here at 1 Accounts we are invested in helping your business develop and succeed. We find allocating some time each week to business development is the best way to really make sure that your business grows according to your plan. Business development is: any activity that is nurturing the future of your business, not the […]

Payments on account

If you complete a tax return you may have to pay your tax twice a year. This sounds like it should be bad, but it can be a helpful way of spreading your payments throughout the year. What are payments on account? Payments on account are made twice a year and are payments that you […]

Why sole traders need a separate bank account

If you are just about to become a sole trader, or have been one for a while, you might be wondering whether it is worth getting a separate bank account for your business. There is no legal requirement for sole traders to have a separate bank account for their business unlike Limited Companies which are […]

Talent Management Planning: Why Do It?

Talent management planning is a term we often hear floating around the business world, but what exactly does it mean and why should we do it? To help you gain a clear understanding, we’ll explore what talent management planning is, what it consists of and, most importantly, why it’s beneficial to both you and your […]

How to combat rising wages and staff shortages

It’s no secret that hundreds of small businesses are suffering from increased wage costs and staff shortages. These issues span multiple industries, from hospitality to construction, and have only intensified since the beginning of the pandemic. So, how do you handle rising demands with limited labour? To help you navigate these challenging times, we’ve curated […]

Sole Trader VS Limited Company: Which is better for you?

Have you been thinking about switching to a limited company because of the upcoming changes due to Making Tax Digital? Has anyone told you that you could be paying less tax as the owner of a limited company instead? We will take you through what the differences are and ultimately help you make the right […]

Why do we ask for your bank statements?

Depending on which service you are on, you will find that you receive requests from members of our team asking for copies of your bank statements.  You may receive different emails from different team members depending on the work they are undertaking for you.  Whilst we try to eliminate asking for the same information on […]

Minimum Wage Update 2022

With costs going up across the board it is unsurprising that the national living wage is also being increased. However, for businesses, particularly small ones, this could have a dramatic effect on wage bills going forward. From April 1st 2022, the minimum wage will be increasing from £8.91PH to £9.50PH. This is a 6.6% increase […]

Setting KPIs for your business: 6 tips

KPIs (Key Performance Indicators) are metrics that tell you if what you’re doing is working or not. As you can imagine, this makes them incredibly important for productivity and business growth. How do you know that you’re on the right track to achieving your goals if you don’t measure progress? How do you know that […]

The Self-Employment Quiz: Can You Make It Work?

Self-employment can be a great option for people who want to spend more time with their family or want the freedom and independence that come with running their own business. But is it right for you? To find out, take this quiz: **Answer each question with a Yes or No 1) Are you confident in […]

7 Ways an Accountant Can Save You Money

In today’s competitive business world, it is not uncommon for people to do their own bookkeeping and accounting. There are many reasons why this is done – the most common being that you can save money doing so. Of course, saving a couple of hundred pounds is an enticing prospect, but there are actually many […]

10 tactics to make sure your invoices get paid.

Wouldn’t life be simple if you could guarantee that your invoice would get paid on time every time? Sadly, this isn’t always the reality. With the economy coming out of recession, there is a very clear and present danger that your business invoices may not get paid in a timely fashion. Here are our best […]

What is a Registered Office?

What exactly is a registered office? A registered office is the address which your Limited Company is registered to. This is a legal requirement for all companies that are incorporated in the UK and you cannot form a company without one. This address will be placed on the public record and will also serve as […]

What is a Confirmation Statement?

Have you heard your accountant talking about your confirmation statement and been puzzled by what it is? Are you wondering about who needs to file one, when, or how? Wonder no more! We have all the answers for you. Read on below… What is a confirmation statement? A confirmation statement is a yearly statement that […]

Our Covid-19 Policy for returning to the office

Even though there are no longer any legal covid-19 restrictions in England, here at 1 Accounts we will be keeping some measures to ensure the safety of our clients and staff. This is especially important to us as not all of our team members have been double vaccinated yet so we want to make sure […]

How to build your business (not your workload)

If you want to build your business (not your workload) and you want to spend time on doing the things that will actually grow your business, you need to stop being a ‘busy fool.’ This means no more firefighting through the days and spending most of your time doing things that don’t contribute to your […]

Can anyone get a tax enquiry?

Each year HM Revenue & Customs (HMRC) undertake an enormous number of tax enquiries into individuals and businesses to check they have paid the right amount of tax. Since 2010 HMRC have strengthened their approach to enquiry work by using wider powers and sophisticated software and consequently a record £36.9 billion of additional tax revenue […]

What is a dividend?

“You can take a dividend” – That’s great, but what is a dividend? The business world can be a big scary place, where people use lingo that you may not understand. However, some words and phrases sound far scarier than they actually are. We have noticed that the mention of dividends seems to scare a […]

Do new small businesses need an accountant?

According to business start-up statistics in the UK, 20% of businesses fail in their first year and around 60% will go bust within their first three years. Approximately 660,000 new start-ups register in the UK every year according to The Telegraph, so what are the reasons for such a high failure rate? While there are […]

How to break free from the ‘Groundhog Day Effect’

We are coming up to a year now of being frozen in time. In fact, it’s starting to feel very much like the start of the pandemic where the government are talking about maybe lifting restrictions if the cases continue to fall. Even though it’s lockdown number three and 15 million people have been vaccinated […]

15 things you didn’t know an accountant could do

When asked “What does an accountant do?” many people answer with accounts, tax or compliance work. While that’s true, what many don’t know, is that the good ones do so much more. The best accountants will become a part of your team; they will give you strategic advice to save money and boost revenue, they […]

Self-employed Income Support Grants Extended

In line with the further extension of the CJRS furlough scheme for employees the chancellor has also set out further support for the self-employed. We had been waiting for the details of the calculation of the fourth SEISS grant covering the period to 30 April and we now know that the support will continue to […]

Furlough scheme extended to 30 September 2021

The current version of the furlough scheme that started on 1 November 2020 was scheduled to end on 30 April 2021. In order to avoid a “cliff-edge” with resulting widespread redundancies the chancellor has announced a further extension of the scheme and also a phased reduction in support to employers. The CJRS furlough grant for […]

4 steps to coping with overwhelming anxiety due to the coronavirus

The Coronavirus pandemic has caused a lot of us to suffer from worry and anxiety over these past few months. Whether it’s been worry for our jobs, our families, our health or the uncertainty of the future, there has been a lot of negativity and panic and worry to be had. As the effects of […]

What are the pros and cons of becoming self-employed?

Self-employment is quickly becoming an area of interest for many people. It’s not surprising really when you hear that UK redundancies hit a record of 370,000 in the last quarter of 2020. As the unemployment rate rises to 4.9%, many people are looking at their options and wondering if now is the time to strike […]

Have ‘New school’ accountants replaced ‘old school’ bank managers?

We have an increasingly complex financial ecosystem, yet UK businesses feel that they have no one to turn to.  It’s not surprising, since we’ve seen a reduction in bank branches and bank managers over the past 20 years, but what business owners don’t know is that they do have someone. To help SMEs in a […]

12 ways to increase profit margins (and thrive in business)

Your profit margin is how much money you actually get to walk away with after a transaction is complete (revenue – costs = profit). It makes sense then, that businesses who want to grow, focus on increasing this margin. The bigger the margin you have, the more you will thrive and be able to power […]

The road out of lockdown

Yesterday the English government formally announced it’s 4 steps out of lockdown and all social distancing restrictions. The welsh and scottish governments will follow a largely similar timescale. The good news is that there is FINALLY an end in sight to the restrictions on trade and movement. However, COVID-19 is now with us permanently, and […]

Lockdown 3.0 – A covid business update

Lockdown 3.0 has felt like an eternity. However, there is a light at the end of the tunnel with the vaccinations being rolled out. Hopefully everyone will have some more clarity when the Prime Minister announces his road map to normality on Monday the 22nd of Feb. Many businesses have taken on the Government support […]

How to pivot your business so that you stay in business

As we keep plunging deeper into a global recession, it can be tempting to panic and dither with decisions, but that’s not going to help. In fact, it’s the businesses which move quickly that will survive and thrive during this time. So how can you be one of those businesses? One that actually grows during […]

How to prepare your virtual teams for the long haul

The pandemic may have forced hundreds of businesses to convert from co-located teams to 100% virtual teams in a matter of days, but that was just temporary, right? That’s what many of us thought. For a while there, it was just about getting through the next couple of weeks and then months, but now, another […]

Another Lockdown

Yesterday the Scottish and English governments announced national lockdowns with schools being closed. The net result being all of England and Scotland must stay at home except for a handful of permitted reasons. Wales has already been on a lockdown since mid December. If you had been looking at the daily cases of COVID-19 it […]

IT IS OKAY TO SAY NO!

Are you saying yes to every piece of business coming your way? Do you hear yourself saying ‘I wish I’d never agreed to this? Are you losing money on small jobs that aren’t worth your time? If you answered yes to any of the above, this blog is for you. The art of saying NO. […]

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’ – […]

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 […]

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, […]

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 […]

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 […]

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 […]

What are the new business support schemes for covid-19?

What are the new business support schemes for covid-19? Yesterday the government announced more support for businesses and the self-employed. This blog takes you through the announcements and what it means for your business. On the one hand, it is great to see the government making available this help. But this probably means we will […]

What support is there for my business in lockdown 2?

Last night the prime minister addressed the nation and announced a month long lockdown for England. Something we never considered happening in our lifetimes is now happening twice. Businesses all over the country are being forced to shut once again, and people told to stay home and save lives. If you own a business, the […]

More ‘forced’ business closures are on their way

The chancellor, Rishi, on Friday popped up with an announcement of more support for businesses in the next 6 months. Sadly this announcement is a sure indicator, for businesses in areas where they are failing to get COVID-19 under control, that tougher lockdowns are about to hit their ability to trade. The news is also […]

How to change your Mindset to trade through a recession

The global pandemic has hit everyone hard, the knock-on effects of which will be ongoing for the years to come. So how do we make it through? How can we keep trading successfully through the recession? While there are many changes and improvements you can make, the most underrated one by far is your mindset. […]

How to get your distractions under control

How many times are you distracted during an average workday? Once, five times, ten times? Now, multiple this by 25. You’ve probably heard this productivity statistic before – that it takes an average of about 25 minutes to return to the task at hand after you’ve been distracted – so imagine just how much time […]

What does the update from Rishi mean for my business?

Yesterday the chancellor delivered his Winter Economy Plan to the nation. And whatever the colour of your politics this was good news for small business owners. And many an accountant will be having a cheeky drink or 2 to celebrate the end of ‘Furlough’. In this blog you will find the key headlines and how […]

Re-engaging with and reintroducing furloughed employees

During this global pandemic approximately 7.5 million employees have been furloughed (more than 1 in 5 of the UK’s workforce) and, for many, this has been for a significant period of time. You may have even furloughed some of your own employees. For employees that have been furloughed, the challenges of returning to work go […]

How to prevent upwards delegation working remotely

Do your staff members often come to you with questions or problems that they could potentially work out themselves just by using their initiative? More often than not, do you end up saying “just give it to me and I’ll get it done, it’ll be quicker?” While it might be quicker to do this one […]

How to say “no” nicely (and not damage business relationships)

How to say “no” nicely (and not damage business relationships in the process) One of the most important things you can learn as a business owner is how to say “no” nicely and not damage any business relationships in the process. Yes, it is possible. Not only is it possible but it is also essential; […]

New Grants To Boost Recovery Of Small Businesses

Thousands of smaller businesses in England are set to benefit from £20 million of new government funding to help them recover from the effects of the coronavirus pandemic, the Minister for Regional Growth and Local Government has announced. Small and medium sized businesses will have access to grants of between £1,000 – £5,000 to help […]

Did your pregnancy affect your claim?

Ask HMRC to verify you had a new child which affected your eligibility for the self-employed income support scheme.  If you are self-employed or a member of a partnership, and having a new child affected the trading profits or total income you reported for the tax year 2018 to 2019, use the HMRC form to […]

What is the job retention scheme bonus?

Employers will be able to claim a one-off payment of £1,000 for every employee they have previously received a grant for under the Coronavirus Job Retention Scheme (CJRS), and who remains continuously employed through to the end of January 2021. To be eligible, the employee must have received earnings in November, December and January, and […]

Claim Money Back Through Eat Out To Help Out Scheme

The Government has announced details on how to claim the reimbursement for discounts given to diners with the Eat Out to Help Out Scheme. Please talk to us if you need help with your claim and record keeping.  Who can claim? If you have registered your establishment for the Eat Out to Help Out Scheme […]

How to network when you can’t network in person

Small to medium-sized businesses have to go the extra mile to stand out from competitors, particularly when those competitors can afford the best advertising campaigns. In the past we could compensate with networking, by attending conferences, trade fairs, or local groups. Now those options have gone, how can you compete with bigger businesses? In many […]

Business Bounce Back Loans

Business Bounce Back Loans – what are they and should you apply for one? Since the scheme launched in May 2020 (just 3 months ago), more than 860,000 bounce back loans have been issued. This means that thousands of small businesses who are struggling due to the coronavirus have applied for and received financial help; […]

Is the new electric bike grant right for your business?

Boris Johnson announces grants for Electric Bikes, but are they a good idea for small business owners? Bikes (including E-bikes) costing over £1000 will now be included in the Governments ‘Cycle to Work’ scheme. If any of your team members are keen to cycle to work, this is a great opportunity for your business to […]

Returning to work post-covid19: how do you assess your office needs?

In the short-term, it seems likely that many of us will remain working from home even after government orders to do so are lifted. Why? Because businesses have either found that remote working seems to be working favourably for them or they don’t know how to return to work safely. To answer the three most […]

Defer Your Self-assessment Payment On Account

Choose how and when you can delay making your second payment on account for the 2019 to 2020 tax year. You have the option to defer your second payment on account if you are: registered in the UK for Self-Assessment and finding it difficult to make your second payment on account by 31 July 2020 […]

COMPANIES HOUSE TO RESTART THE VOLUNTARY STRIKE OFF PROCESS

In March 2020, CH introduced temporary easement measures to suspend voluntary strike off action in response to coronavirus (COVID-19) and they have reviewed these measures each month. Following the July review, this temporary measure will be lifted from 10 September 2020. From this date, CH restart the process to dissolve companies that have applied for […]

Eat Out to Help Out

Restaurants and other establishments serving food for on-premises consumption can now sign up to a new government initiative aimed at protecting jobs in the hospitality industry and encouraging people to safely return to dining out. The Eat Out to Help Out registration service went live on the 13th of July on GOV.UK, allowing businesses to […]

Another Furlough Update

CORONAVIRUS JOB RETENTION SCHEME (CJRS) UPDATE. From 1st July “Flexible Furlough” was introduced and the calculations and time recording of full-time, part-time and fully furloughed employees has become more complicated. Changes are occurring regularly as the Government and HMRC make clarifications to the scheme. If you have any queries regarding your claim talk to us […]

VAT – REDUCED RATE OF 5%

VAT – REDUCED RATE OF 5% The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions The temporary reduced rate will apply to supplies that are made between 15 […]

C19 Business News Update

What’s Going On Now? As time goes on it is getting harder and harder to keep track of all the Government changes. We have put together this blog to summarise the latest changes. STAYING ALERT AND SAFE (SOCIAL DISTANCING) Everyone’s actions have helped to reduce the transmission of coronavirus in our communities. Fatalities and infection […]

FLEXIBLE FURLOUGHING

Flexible Furloughing From 1 July 2020, Businesses will have the flexibility to bring previously furloughed employees back to work part-time – with the government continuing to pay 80% of wages for any of their normal hours they do not work up until the end of August. Businesses can decide the hours and shift patterns that […]

SELF-EMPLOYED GET SECOND GRANT FROM GOVERNMENT

Sole Traders to get second grant from the Government. The government’s Self-Employment Income Support Scheme will be extended, giving more security to individuals whose livelihoods are adversely affected by coronavirus in the coming months, the Chancellor announced on Friday 29 May 2020. Rishi Sunak announced the Self-Employment Income Support Scheme will be extended – with […]

Time to claim your grant if you are self-employed.

The portal opens this week to claim your grant is you are self-employed. This is capped as a taxable lump sum of £7500. Once your claim is approved the money will be in your bank account within 6 working days. To check whether you are eligible for this grant click here. Directors of limited companies are NOT […]

UPDATE ON CORONA JOB RETENTION SCHEME

The government’s Coronavirus Job Retention Scheme will remain open until the end of October,  The key points announced by Chancellor Rishi Sunak are:  Coronavirus Job Retention Scheme will continue until end of October  furloughed workers across UK will continue to receive 80% of their current salary, up to £2,500  new flexibility will be introduced from […]

Reopening your business checklist ​

After Boris’ speech on Sunday, selected businesses are now allowed to open under the new HSE guidelines. If you are considering opening your Business work your way through our checklist to make sure it is the right time to open and that you have all the steps in place to make a safe environment for you and […]

What has changed? ​

On Sunday Boris Johnson addressed the UK and gave a speech that confused the nation. Stay alert, control the virus, save lives. Full of contradictions the speech lacked clarity and direction leaving the UK feeling lost. Yesterday, in parliament we gained a little more clarity on the road map, however each step is conditional to […]

Have you got a government gateway?

The help and advice that is available from the Government is forever changing. This is the latest update we have on how to apply for the self-employed grant.  For those who are eligible, you will receive an EMAIL, not a letter as we had thought. Be aware that there are lots of phishing emails out […]

New loans for small businesses announced

New loans for small businesses announced. Sadly, lockdown doesn’t seem to be ending soon. This means that we are going to be seeing more pressure on the economy and the chances of this being a 12-week blip to the economy with a large bounce back are getting less and less as lockdown trundles on. Cheesy […]

Do you run a children’s nursery?

DO YOU RUN A CHILDREN’S NURSERY? Beware of the new furlough rules!  If you operate a Childs Nursery or playground and receive funding from the County, please be aware of the new rules that were introduced by the Government on Friday. Click here for government guidelines Due to this change in guidance you will now need to calculate the […]

What we know so far update!

What we know so far update! We now have some more guidance on the government’s help for individuals, businesses and the self-employed. For full details of all the help available see the government web page here. The Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund Most local authorities who are administering […]

How to preserve your cashflow during COVID-19 crisis

How to preserve your cashflow during COVID-19 As the saying goes, turnover is vanity, profit is sanity and cash flow is king. And never has that saying been ever truer. Use this tips sheet to help you preserve your cash flow so you are ready and able to trade again as normal when the restrictions […]

How to keep employees motivated when working virtually

How to keep employees motivated when working virtually. Working virtually for a day or two is often a welcome relief from the noise and distractions of the office. But after a while, as sure as the sun rises in the morning, the novelty will wear off. This tip sheet is there to help you keep […]

Running effective virtual meetings

Running effective virtual meetings Videoconferencing has been available for decades for larger companies, but until recently the majority of meeting attendees would be collected in a meeting room, with only a handful of people joining by video or audio. It takes effort for those in the room to remember that anyone is taking part remotely […]

Claim Your Small Business Grant – TODAY

Claim Your Small Business Grant – TODAY If your business is eligible for small business rate relief OR rural rate relief: Your local authority will provide you with a one-off grant of £10,000. (So, doesn’t need to be paid back). If you are a retail, hospitality or leisure business: The government is giving you a […]

Business Interruption Loan Update

Business Interruption Loan Update We don’t have full details yet, but we wanted to let you know that the Coronavirus Business Interruption Loan (CBIL) Scheme is going to be revamped after it has come under considerable criticism. And this is very positive news for small businesses. As a firm we were personally very disappointed with […]

Our new service for Sole Traders

Our new service for Sole Traders. We have all asked the question “will periodic lockdowns become the new norm?” – No one knows, but just in case we have launched a brand-new service for Sole Traders. All you have to do is take a photo of your receipts and issue your sales invoices – that’s it! This blog update has been written […]

Help for Sole Traders

What help is there for Sole Traders! Lockdown has most likely left you anxious about your future and desperate to find away to financially survive until June. Regardless of your political persuasion the government are doing there very best to help you get through. Click here to look at our blog issued after Rishi’s announcement. […]

More Information On The Job Retention Scheme…

More information on the job retention scheme … Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked […]

How to survive Lockdown.

How to survive Lockdown. Being on ‘lockdown’ and staying away from others can be a lot harder and more challenging than we probably could have imagined. The majority of us come into contact with people many times a day, even if we aren’t ‘socialising’ we come into contact with strangers all the time. From a […]

What did Rishi mean I get 80%?

What did Rishi mean I get 80%? The government has at last announced a package of support for self-employed individuals and clarified more about how to access the coronavirus job retention scheme. Let’s start with the Coronavirus Job Retention Scheme: In terms of the clarified advice on the Coronavirus Job Retention Scheme, we have learnt: […]

Here to Help You and Your Business Together.

Here to Help You and Your Business TOGETHER On Friday the 21st of March the Chancellor set out a package of measures to support public services, people and businesses through the period of disruption caused by COVID-19. The package of measures to support businesses includes: The Coronavirus Job Retention Scheme Deferring VAT and Income Tax […]

What help is there for the Self-Employed?

What help is there for the self employed? It seems that every day the realities of the situation the economy is in just gets worse. I am sure you are like us you are pleased that the government is pumping money into small businesses. But what happens if you are self-employed or trade as a […]

Working From Home where POSSIBLE

Working From Home where possible Due to the current Covid-19 crisis, the government has issued measures stating that everyone should work from home if they can. It is important to recognise that for many businesses, working from home is impossible as they are customer facing or perform manual work that requires employees to be present. […]

Tough Times Ahead – We Are All In This Together

Tough Times Ahead – We Are All In This Together Without doubt we are facing an unprecedented difficult time. Small business owners are trying to make money for themselves, their family and staff. It is looking likely that we will have to make some cutbacks and decisions that go against the grain. As a small […]

Don’t let the Christmas period get in the way of the Self-Assessment deadline!

Don’t let the Christmas period get in the way of the self-assessment deadline! Christmas is always a busy time of year, but for us it doesn’t stop after the festivities are over. With the Self-Assessment tax return deadline on January 31st, January is our busiest time of year. A self-assessment tax return is required if […]

No one wants a Tax Investigation.

No one wants a Tax Investigation. It is true that as business owners we don’t want HMRC asking awkward questions and taking up our precious time by visiting us on a routine (or not!) compliance visit. This week two of our clients have been subject to compliance visits from HMRC, one for PAYE and CIS, […]

Thinking of Applying for a Mortgage?

Are you thinking of getting a mortgage? This year we have had an abundance of clients applying for mortgages. Applying for a mortgage can be stressful and this is even more true for business owners. Once you have applied everything is suddenly urgent and happens all at once. This can then result in stress, tears […]

Is the Jaguar i-Pace a good company car?

Is the Jaguar i-pace a good company car? Here at 1 Accounts in Haverhill and Cambridge we are often asked can I buy a car within the company?  The answer is of course yes. However when benefit in kind tax and class 1A National Insurance is explained our clients most likely either buy the car […]

Making Tax Digital – Are You Ready?

Making Tax Digital – Are You Ready? July 2019 marks the period that you have to submit your VAT returns using HMRC’s new Making Tax Digital (MTD) regime. Already Accountants, VAT registered businesses and HMRC are struggling to cope. Take a look at Accounting Web’s report on how HMRC’s systems were already struggling in May […]

Should business employ a business coach?

Should Business’ Employ a business coach? – Absolutely! A note from Paul Over the years I have seen many people that say they are business coaches and I really would not trust them to deliver, especially those that are part of a franchise and just follow set procedures. A business coach should understand your business, […]

What Is Making Tax Digital?

Fact:  All of our clients are Making Tax Digital (MTD) compliant because they use the latest online accounting software provided by the market leaders – Sage and Xero. What is Making Tax Digital (MTD)? Making Tax Digital (MTD) is a government initiative which aims to transform the administration of tax to create a simpler, more […]

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How Do Family Businesses Ensure Successful Succession Planning?

How Do Family Businesses Ensure Successful Succession Planning? Succession planning is a critical aspect for family businesses, especially in the UK, where they play a significant role in the economy. A well-thought-out succession plan ensures the longevity of the business, maintaining the family legacy, and securing the financial future of the next generation. Here’s a […]