Government Support Covid-19: Business

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Government Support Covid-19: Business

Deadline Tracker • December 24, 2020

Government Support Covid-19: Business

It has been a tumultuous year to say the least, for most business owners both in the United Kingdom and worldwide. COVID-19 has not only made all business plans and activities obsolete for the past year and foreseeable future, but more importantly – in some cases- forced businesses to furlough their staff, minimise working hours or even shut down all together.

As such, it is not surprising to see that governments worldwide have had to step in and assist businesses and households in ways never imagined before. It has not only been necessary for these interventions to be done, to allow economies to survive but also essential to ensure that businesses can survive, and everyday life does not become even harder than it already was for some.

Nonetheless, with changes and uncertainty being the only constant since the pandemic struck world economies, it becomes quite difficult to keep on top of what your rights are, what you are entitled to and how it is you can go about “getting” it. We have consequently chosen to focus on the latest changes announced by the government, following the latest lockdown applied on November the 2nd, 2020.

Let’s have a look at the most important changes and new measures put into place below:

Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme (furlough) has been one of the most significant measures the government has put in place allowing companies to survive whilst their employees are not “left out in the cold”. As originally announced, it was due to end on 2nd December 2020 has now been extended. In a change of plans, the prime minister announced the extension of the furlough scheme after some resistance. Here, we will provide a summary of further details and guidance for you to be aware of.

The extended furlough scheme will now continue until the end of March 2021. With extra support being put into place to help businesses recover from the effects of the pandemic and to get them back on their feet. The government will pay up to 80% of an employee’s normal pay, capped at £2,500 and employers will be responsible for National Insurance contributions (NICs) and pension contributions. The government will review the policy in January to decide whether economic circumstances are improving enough to ask employers to contribute more.

What you need to know/how to claim

Employers across the UK can claim, whether their businesses are open or closed.

Employers will have flexibility to use the scheme for employees for any amount of time or shift pattern, furloughing employees on either a full-time or part-time basis, and will be able to vary the hours worked in agreement with the employee.

Employers can claim for employees who were employed and on their PAYE payroll on 30 October 2020. The employer must have made a PAYE Real Time Information (RTI) submission to HMRC between the 20 March 2020 and 30 October 2020, notifying a payment of earnings for that employee.

Employees do not need to have been furloughed under the CJRS previously. For an employee who meets the criteria of the extended scheme but was not previously eligible for CJRS, the alternative calculations of reference pay and usual hours must be used. For all other employees, employers must use the CJRS calculations for calculating reference pay and usual hours.

But for the extended scheme deadlines have been put in place limiting the time available to make a claim which is the 14th (or 15th if the 14th is a weekend) of the following month so November 2020 claims must be made by 14th December 2020.

The extended CJRS will operate as the previous scheme did, in several respects:

• employers must report and claim for a minimum period of 7 consecutive calendar days

• employers will need to report actual hours worked and the usual hours an employee would be expected to work in a claim period

• for hours worked, employees will be paid by their employer subject to their employment contract and employers will be responsible for paying the tax and NICs due on those amounts

Self-Employment Income Support Scheme (SEISS) Grant Extension

The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods covering November 2020 to January 2021 and February 2021 to April 2021.

The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.

Eligibility criteria

To be eligible for the grant extension self-employed individuals, including members of partnerships, must:

• have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)

• declare that they intend to continue to trade and either:

o are currently actively trading but are impacted by reduced demand due to coronavirus

o were previously trading but are temporarily unable to do so due to coronavirus

How to claim

The online service for the next grant will be available from 30 November 2020. HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.

We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements Keep up to date with the latest content by following our Social profiles on Facebook, LinkedIn, and Instagram.

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Hit those deadlines and deliver better value for clients

By hello • May 18, 2022

Automation and cloud-based technology is allowing accountancy firms to move to the next level in providing maximum value for their clients. Giving value to your customers is a winner for both. For instance, if you can advise clients on maximising their turnover from £150k to £200k, everyone benefits with increased fees and profits. Having a conversation is important There’s an old bit of business advice that says don’t send an email when you can make a phone call and don’t make a call when you can meet. Reach out to your clients and talk to them. Before that, make sure you check on what is going on with their business, as they will expect that. It doesn’t have to be bad news or reminders about taxes and deadlines, it can be a discussion on how well they are doing. Outsourcing can help you keep track of your business and deliver more for clients. Accountants possess a wealth of data which is not always being used in the client’s best interest if they are bogged down with paperwork. It’s a lost opportunity to be proactive with them. Business can be generated by offering good value This is where Deadline Tracker comes into the picture. We all hear about how the labour shortage has hit accountancy hard and firms cannot get the right staff. Deadline Tracker is a dedicated tailor-made solution that can relieve the pressure on deadlines. Get it wrong or miss the filing deadline and you could incur penalties, which will increase if you delay in correcting the situation. That is where outsourcing can break a logjam. Deadline Tracker allows you to do away with complex spreadsheets and stop your calendar from being overwhelmed with customisable alerts, easy filtering of tasks, and an intuitive, single dashboard setup. Added value that frees up time and eases deadline pressure. All of this allows accountants to concentrate on delivering value for money, which needs to be demonstrated as unhappy clients can vote with their feet and look elsewhere for better value. We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements Keep up to date with the latest content by following our Social profiles on Facebook and LinkedIn .

How tracking deadlines can help to avoid the ‘great resignation’

By hello • April 14, 2022

Research from employment specialists Reed has found that half of UK workers are prepared to leave their roles to access hybrid working benefits. This means firms must now more than ever, double down on their employee retention efforts, especially accountants who have been hit badly by staff shortages. So they must showcase what they have to offer. Whether it be career progression, alternative career pathways providing a new challenge, learning and development or establishing greater flexibility around how and where people will work in a post-pandemic world. What is employee onboarding? Onboarding new staff is the process companies go through to welcome and integrate them into the workplace, a process that extends far beyond the first day, but continues until they’ve fully adjusted to their role and team. It allows for getting acquainted with the company culture and feeling welcomed and valued in their team. Why is onboarding important? If initial training and communication is poor, it can lead to demotivation. This may be one of the reasons that up to 25 per cent of new employees leave their jobs after their first three months. And this is a huge loss for a company that must repeat a costly hiring process to find a replacement. Good onboarding means staff reach full productivity faster, so getting new employees up to speed effectively can improve your company’s employee retention. As can outsourcing parts of the accountancy process to allow these employees to flourish. Onboarding process steps When welcoming new staff on board there are measures, like sending them a company welcome package, arranging a team lunch or dinner with colleagues, or preparing a presentation, that will make them feel welcome. Put together a plan for their first few days on the job and check all the important boxes, like informing co-workers, setting up their workstation or informing the front desk staff about the new arrival. So outsourcing tasks like tracking deadlines can help and allow accountants to concentrate on their staff. The chances are that new talented members of staff will stay and flourish if certain tasks can be outsourced. Organise deadlines and save time Deadline Tracker allows you to do away with complex spreadsheets and stop your calendar from being overwhelmed with customisable alerts, easy filtering of tasks, and intuitive, single dashboard setup. It can automatically manage deadlines and workflow by showing tasks in the order of priority that they should be worked on (overdue, warned, in progress and upcoming) in a kind of traffic light system. It allows you to organise, prioritise and track all of your deadlines in a single, easy-to-use system. All of this allows accountants to concentrate on attracting and utilising top talent. We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements. Keep up to date with the latest content by following our social profiles on Facebook , LinkedIn , and Instagram .

Use the three-minute rule, but make sure you don’t run out of time

By hello • March 31, 2022

Use the three-minute rule, but make sure you don’t run out of time

If you miss those critical deadlines then the joke is on you

By hello • February 16, 2022

There are many jokes about missing deadlines. Here’s one: “I'm reading a book about meeting deadlines – I should have finished it a week ago.” How about this: “Why did the chef miss his deadline? – He ran out of thyme.” Amusing, yes, but for businesses and their accountants, missing deadlines is not a joking matter. The explosion of technology and digital data puts many challenges in the path of SMEs. Deadlines are a part of every accountant's job, but with accountancy evolving more into advisory roles, many traditional tasks are now being outsourced. Outsourcing can also help with hitting those all-important deadlines with tasks like tax filing deadlines, quarterly and annual financial report deadlines, and deadlines imposed by clients who need financial information by a set time. Bespoke deadline tracking technology can help prevent accountants from tearing their hair out by helping to manage their workload. It can also help as businesses strive to attract the talent needed for an evolving profession. A move to address this has been launched by the global body for professional accountants ACCA (the Association of Chartered Certified Accountants) and the International Baccalaureate organisation (IB). They have signed a Memorandum of Understanding (MOU) that creates a pathway programme for IB students towards a professional accountancy career. ACCA’s diploma covers a wide variety of business and finance subjects, including technology and digitalisation, alongside core financial and management accounting subjects. Accelerated pathway into accountancy The IB is a non-profit foundation that offers four educational programmes for students. In the UK, it is studied mainly by young people in years 12 and 13 as an alternative to A levels. Accountants will benefit from this new talent ready gradually coming on stream and stepping up to the plate as the profession moves forward to a more advisory and consultative role. That does not mean that traditional tasks like compliance are overlooked and that’s where deadlines become ever more critical, and automation of tasks plays a clear role in improving efficiency. Keeping pace with fast-moving environments and supplying solutions to hitting deadlines and improved efficiency are outsourcing experts who can unburden businesses of some of the more mundane tasks with the use of clever interactive technology. Deadline Tracker is pretty much a unique development in the market, automatically managing your deadlines and workflow by showing tasks in the order of priority that they should be worked on (overdue, warned, in progress and upcoming) in a kind of traffic light system. It allows you to quickly and easily see when you can actually work on a deadline and not just focus on the due date. Deadlines will never creep up on you again. No joke! We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements. Keep up to date with the latest content by following our social profiles on Facebook , LinkedIn , and Instagram .

Never miss a deadline and improve your client’s profitability

By hello • January 20, 2022

Never miss a deadline and improve your client’s profitability

How outsourcing your deadline tracking tasks can increase your profitability

By hello • December 10, 2021

Ticking away the moments that make up a dull day, Fritter and waste the hours in an offhand way, Kicking around on a piece of ground in your hometown, Waiting for someone or something to show you the way When Pink Floyd recorded those lines in the song ‘Time’ on their classic Dark Side of the Moon album, they were making a point about procrastination rather than taking action and the final line makes it clear you are sometimes waiting for expert help. A missed deadline is costly in terms of incurring penalties and losing business with the added impact on your reputation. Missing filing annual reports on time on behalf of corporate clients, or tax returns for individual firms can be costly for both sides. Accountants are busy people juggling various accounts and losing track of deadlines can easily happen as the pressure builds. The days of keeping track of such areas with pen and paper have pretty much been consigned to the scrapheap, no doubt with a few exceptions, like firms still using: · An annual calendar on the wall with highlights on deadline dates · A drawn timeline on a roll of paper · Information drawn an annual wheel · An actual physical diary As the festive season is upon us, we wish everyone a Merry Christmas and Happy New Year and hope you will be able to celebrate with your family this year. In that spirit, maybe time to treat yourself by allowing your firm to outsource these key tasks to an expert like Deadline Tracker. A variety of businesses use these electronic tools to highlight key dates, facilitate day-to-day operations and keep track of plans for meetings or projects. Deadline Tracker is a dedicated tracking app that allows you to organise, prioritise and track all of your deadlines in a single system, offering customisable alerts, easy filtering of tasks, and an intuitive, single dashboard setup. Our smart, intuitive dashboard allows you to create customisable alerts, and filter tasks as well as assign them to the relevant team member. In other words, it saves you precious time and then money. Pink Floyd no doubt would have approved. We’d love to hear your view so do not hesitate to contact us, subscribe to our powerful software for free, or simply choose one of the paid packages, according to your requirements. Keep up to date with the latest content by following our social profiles on Facebook , LinkedIn , and Instagram .

Wasting time is the enemy of efficiency and can affect profitability

By hello • November 4, 2021

Time is money. That is a phrase attributed to Benjamin Franklin, one of the founding fathers of the United States of America. It is thought he meant that each choice you make has its cost, and delays through inaction, usually lead to a decrease in output.

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