According to legend, Thomas Edison made thousands of prototypes of the light bulb before he finally got it right. Yet despite dealing with ‘failure’ throughout his life he never let it get the better of him. “I have not failed. I have just found 10,000 ways that won’t work”. His resilience gave us some of the world’s most amazing inventions such as the phonograph, the telegraph and the motion picture.
Continue readingAuthor Archives: Vicki H Foster
CJRS extended until March 2021 (80% until at least January 2021) – did you know you can rehire redundant employees and place them on furlough?
Just announced, the government is extending the CJRS to support individuals and businesses who are impacted by disruption caused by coronavirus (COVID-19) this winter. This is an extension of the CJRS and the scheme rules will remain the same except where HMRC state otherwise.
Continue readingJob Support Schemes explained – JSS Open & JSS Closed…
There are now two job support schemes (JSS). The original one designed for businesses that are legally required to close is now called JSS Closed, and the other one introduced by the Chancellor on 22 October for businesses that remain open but with employees working reduced hours: JSS Open.
Continue readingClaim your £1,500 Kickstart Scheme grant
Have you heard about the Governments latest initiative to help unemployed 16-24 years olds? The Kickstart Scheme is here but is it right for you and your business? Here we explain how the scheme works, who is eligible and how to apply.
Continue readingShout out to Payroll!
It was estimated earlier this year that £4.46 billion* would be collected through income tax and National Insurance (pre-Covid, of course!). Payroll is integral to the workings of your business and the country. Last week was nominated National Payroll Week, and we’re giving a big shout out to all payroll managers, especially to our own, very special Payroll Jane.
*https://obr.uk/efo/economic-and-fiscal-outlook-march-2020
How can payroll help keep your employees happy & save your business money
Were you aware that payroll can play a strategic role in saving your business money? And it always helps you create happy and motivated employees. Yes, payroll. Many people are unaware that the payroll function is far greater than pushing a button to pay salaries or send information to HMRC: it also processes a whole host of very useful data and it supports your team.
Paying your employees on time and correctly is so important as it shows them that you value all that they do for you. There are a whole range of benefits that you can offer your team – from cycle-to-work schemes, salary sacrifice and eye test cover – most of which are monitored by HR and payroll, that will add to your employee proposition. When your payroll is managed by qualified professionals – either in-house or outsourced to experts – you can be assured that your most important assets are being paid correctly on time and you are complying with all relevant regulations.
How can payroll help with compliance in your business
Payroll also helps by ensuring compliance and managing reporting – so by including these as objectives and measuring their success within this department, you can carefully manage another important aspect of your business.
Strategically, your payroll can also help with strategic planning. Salaries and expenses are likely to be the largest combined costs faced by your business. They show leaders very quickly where their budget is being spent and understand how much money they have to invest in other areas. This is particularly important for companies with multiple departments or where employees are scattered across the country or even the world, operating in different time zones and subject to different tax regimes.
From happier employees who can enjoy a range of benefits that boost morale – to unique insights into your business expenditure that can be used as part of your strategic decision making, payroll clearly has a very important role to play in your business and it may be worth taking another look at what is currently in place.
Payroll: tax & legislative requirements
If payroll fills you with dread due to the ever-changing tax and legislative requirements, consider outsourcing your payroll for considerable cost savings, efficiency and enjoy happy loyal employees. It allows you to concentrate on your business without this additional administrative burden.
HB Accountants’ very own Payroll Manager Jane could be the answer to your problems – do get in touch to see how we can work with you – directors@hbaccountants.co.uk
Our Covid19 hub is still available to any business that needs accounting support and our team is on hand for bespoke consultations.
Visit our COVID19 Business Hub for more information
For financial and accounting guidance and support, please contact Keith or Karen. We’re still working hard to help you make the right decisions.
Or call 01992 444466 or email directors@hbaccountants.co.uk for help. We look forward to hearing from you.
Latest Blogs from HB Accountants
- The benefits of cloud-based accounting systems for SMEs
- Furlough (CJRS) is changing – Dates for Your Diary
- JUST ONE REASON – The Power of Professional Relationships
- Quarantine Team Members – Know the Facts
- Grants available for SMEs impacted by Covid pandemic
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
JUST ONE REASON – The Power of Professional Relationships
Successful businesses depend upon strong relationships. Whether internally, with clients, investors, other stakeholders or even competitors, a network developed on deep relationships will open doors for you, refer you and will support you in whatever ways you need.
Continue readingQuarantine Team Members – Know the Facts
There have been a number of flare-ups of Covid19 across the world in recent weeks which has seen the Government imposing further restrictions at short notice on travellers. As of 8 June anyone who is required to quarantine must comply unless they are exempt from the rules.
Continue readingGrants available for SMEs impacted by Covid pandemic
Great news for SMEs that need some financial help after the recent (and ongoing) business disruption caused by the pandemic. Grants, launching today, are available for between £1,000 – £5,000 to be used to access new technology and other equipment, as well as professional, legal, or financial advice to help get back on track.
Continue readingWhat have businesses learned from Covid19?
This is the question we were discussing in the office recently. What have we learned from Covid19? Apart from the realisation that a tiny virus – about 0.12 microns in size – can cause extreme distress to the population and the economy, we’ve also learned a lot about how we as a business can deal with uncertainty. From flexible working to virtual networking – this is what we’ve learned from living and working with Covid19.
Continue readingCovid19: What is happening today – are you aware of the changes?
Here is just a reminder of what is happening from today with regards to Furloughed employees, flexible furlough, SSP for employees who need to quarantine after returning from Spain for example, plus the latest drive to get Britain out spending.
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