In todays changing world, we are faced with challenges in business and personal life. Therefore apply and working on the wheel of life is to make sure your wheel is balanced in all aspects or needs fulfilled. When one aspect of your life becomes the focus and the others are neglected, the wheel is out of balance which lead to challenges.
Take an online test to see your Wheel of life, click here
The end goal is to have a balanced wheel in all areas of life with constant self reflection.
Source IPI, Tony Robbins , Self development, PairCoach Enterprises Inc
Insight into Bookkeeping
In many self managed businesses whether a SME to large bookkeeping data is not correctly recorded and nor produced in real time to assist the businesses to forecast future strategies. Accountants (ACCA, CPA, ACA, CIMA, IFA, ATT, AAT), Assistants and Bookkeepers (IAB) qualified or not make mistakes and produce amended set of statutory accounts due to time constraints to prevent penalties and to hide poor backend bookkeeping protocols, Furthermore this is true across all sectors, for example have a search on any recruitment website or companies and you will find bookkeeping, finance roles.
Online bookkeeping software that suits your business requirements and liaise with your accountant. The end result must be a set of real time management accounts as well a budget forecast to see the health of your business.
Basic double entry principle must be understood using any online package to reduce the skills and expectation gap.
Source: Reed, Jobsite, Accountancyage
Source HMRC, British Business Bank
Smaller businesses impacted by coronavirus are able to apply for funding support between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000 if certain eligibility criteria are met.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
Official Lenders for the Bounce Back Loan Scheme (BBLS)
Law – The Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020, was laid before parliament on the 1 May 2020 and came into force on 4 May 2020.
Source HMRC, ICAEW, Legislation.gov
Tax Rates from Bishop Flemming – Top 30 Chartered Accountancy firm
Aviva an insurance company over 320 years, we’ve been supporting people through life’s challenges and opportunities.
Sources Bishop Flemming, Aviva, HMRC
Self-employment Income Support Scheme (SEIS) – Second Grant
HMRC have updated on their website that the SEIS is being extended. If you’re eligible for the second and final grant, and your business has been adversely affected on or after 14 July 2020. You can make a claim in August 2020.
This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570.
You can claim if you’re a self-employed individual or a member of a partnership and have traded in tax years 2018-19, 2019-20 to present day.
Your business has been adversely affected by coronavirus due to:
How to apply
Get other financial support
The government is also providing the following help for the self-employed:
For further information please got to https://www.gov.uk/coronavirus
From April 2019: Impacts VAT reporting by all VAT registered businesses and organisations (including sole traders, partnerships, limited companies, non-UK businesses registered for UK VAT, trusts and charities) with turnover above the VAT threshold. HMRC has announced a 6 month deferral to the start date for some more complex businesses.
From April 2020, at the earliest: Impacts MTD for income tax and corporation tax. MTD for VAT may also be extended to all VAT registered businesses. Further details have yet to be announced.
Source: PWC, HMRC
Employees and Directors
Documents you have signed or which have been provided to you by someone else:
Personal financial records which support any claims based on amounts paid eg certificates of interest paid.
Source HMRC, Montpelier Chartered Accountants