Latest Blog Posts from Sandra Silk Bookkeeping and Business Services Ltd https://www.sandrasilk.co.uk/feed/ Whilst we are based in Salisbury, Wiltshire we provide payroll services to businesses across the UK. We work with employers based in London, Hampshire, Dorset, Middlesex, Gloucestershire, County Durham, Berkshire, Buckinghamshire, Lancashire and of course in Wiltshire. Fri, 20 Mar 2026 00:00:00 +0000 https://www.sandrasilk.co.uk/article/552/payroll-services-hampshire/ https://www.sandrasilk.co.uk/article/552/payroll-services-hampshire/ We have dealt with a few VAT enquiries over the 22 years we have been providing bookkeeping services and submitting monthly and quarterly VAT returns and we are very proud of the fact that none of our clients have received a penalty. Fri, 06 Mar 2026 00:00:00 +0000 https://www.sandrasilk.co.uk/article/551/vat-enquiry/ https://www.sandrasilk.co.uk/article/551/vat-enquiry/ We have been using Xero accounts software for our clients since 2011, not long after it was first launched in the UK. As a long term Sage user prior to that I was sceptical at first as it was so different, but I was slowly converted to its benefits and ease of use. Fri, 20 Feb 2026 00:00:00 +0000 https://www.sandrasilk.co.uk/article/550/xero-for-mtd-itsa/ https://www.sandrasilk.co.uk/article/550/xero-for-mtd-itsa/ From 1 April 2026 the National Minimum and National Living Wage rates increase. These are the minimum legally allowed amount you can pay your employees and are dependent on their age and whether they are in their first year of apprenticeship. Fri, 06 Feb 2026 00:00:00 +0000 https://www.sandrasilk.co.uk/article/549/pay-increases-april-2026/ https://www.sandrasilk.co.uk/article/549/pay-increases-april-2026/ Sole traders, the self employed and landlords with income of 50,000 or more will be required to submit quarterly returns to HMRC from April 2026. Fri, 06 Feb 2026 00:00:00 +0000 https://www.sandrasilk.co.uk/article/548/mtd-itsa-april-2026/ https://www.sandrasilk.co.uk/article/548/mtd-itsa-april-2026/ If you are an employer you should be aware that from 6 April 2026 new rules apply for paying Statutory Sick Pay to employees. Fri, 30 Jan 2026 00:00:00 +0000 https://www.sandrasilk.co.uk/article/547/statutory-sick-pay-2026/ https://www.sandrasilk.co.uk/article/547/statutory-sick-pay-2026/ Businesses have a lot to do and keeping on top of accounts and finance matters is just one of those tasks. It is often the task that gets put to one side because Fri, 23 Jan 2026 00:00:00 +0000 https://www.sandrasilk.co.uk/article/546/bookkeeping-support/ https://www.sandrasilk.co.uk/article/546/bookkeeping-support/ We were recently asked by a new employer about auto enrolment and, whilst we have been setting up and managing these schemes for our clients for 10 years now we realised how confusing this is for a new employer. Mon, 04 Aug 2025 00:00:00 +0000 https://www.sandrasilk.co.uk/article/545/auto-enrolment-pension/ https://www.sandrasilk.co.uk/article/545/auto-enrolment-pension/ For all of the 22 years we have been providing bookkeeping services to clients we have been submitting monthly and quarterly VAT returns. So we know a bit about VAT. Fri, 25 Jul 2025 00:00:00 +0000 https://www.sandrasilk.co.uk/article/544/vat-receipts-to-claim-vat/ https://www.sandrasilk.co.uk/article/544/vat-receipts-to-claim-vat/ Bookkeeping and payroll are our skills. So what do we do and how can we help Fri, 18 Jul 2025 00:00:00 +0000 https://www.sandrasilk.co.uk/article/543/bookkeeping-payroll-support-for-your-business/ https://www.sandrasilk.co.uk/article/543/bookkeeping-payroll-support-for-your-business/ If you have to work from home because your employer does not have an office or the job requires you to live away from the office you may be able to claim tax relief on the costs associated with your work. Fri, 04 Jul 2025 00:00:00 +0000 https://www.sandrasilk.co.uk/article/542/Claim-tax-relief-on-expenses/ https://www.sandrasilk.co.uk/article/542/Claim-tax-relief-on-expenses/ HMRC are replacing reporting of employee expenses and benefits on a P11d after the end of each tax year. From April 2026 it will be mandatory to report Fri, 25 Apr 2025 00:00:00 +0000 https://www.sandrasilk.co.uk/article/540/payrolling-benefits/ https://www.sandrasilk.co.uk/article/540/payrolling-benefits/ One aspect of your business to consider outsourcing is payroll. Payroll becomes more complex each year with new rules and regulations to know and remember. Fri, 18 Apr 2025 00:00:00 +0000 https://www.sandrasilk.co.uk/article/541/outsource-payroll/ https://www.sandrasilk.co.uk/article/541/outsource-payroll/ Making Tax Digital for Income Tax Self Assessment is planned to happen from April 2026 for sole traders and landlords which will quarterly submissions of accounts information to HMRC. This has been on the cards for several years now and has been continually postponed but HMRC Fri, 08 Nov 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/539/mtd-itsa-sole-trader-landlord/ https://www.sandrasilk.co.uk/article/539/mtd-itsa-sole-trader-landlord/ A sale is not a sale until you have been paid. So why do so many businesses leave debt outstanding for weeks and months? Mon, 15 Jul 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/538/customer-debt-management/ https://www.sandrasilk.co.uk/article/538/customer-debt-management/ If you provide health insurance the premium you pay is a tax deductible expense, however all the employees and directors who receive this benefit will have to pay tax on the value of the benefit. Mon, 24 Jun 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/537/medical-insurance-taxable-benefit/ https://www.sandrasilk.co.uk/article/537/medical-insurance-taxable-benefit/ I heard an advert recently which said you can save 8 hours a week by using their software. If you are a small business I am sure you will not spend 24+ hours a month doing your accounts. Mon, 27 May 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/536/save-time-bookkeeping/ https://www.sandrasilk.co.uk/article/536/save-time-bookkeeping/ Anyone in business, whether sole trader, partner or limited company, must register for VAT when their taxable turnover reaches Mon, 06 May 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/535/becoming-VAT-registered/ https://www.sandrasilk.co.uk/article/535/becoming-VAT-registered/ As an employer you are responsible for ensuring your employees are paid at least the National Minimum Wage. The rates of pay have increased from 6 April 2024 and are shown below. Mon, 15 Apr 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/534/minimum-wage-2024-25/ https://www.sandrasilk.co.uk/article/534/minimum-wage-2024-25/ Some people who are in business have no idea what it costs to run their business on a monthly basis. As a business owner you need to make sure you Mon, 08 Apr 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/533/profit-in-your-business/ https://www.sandrasilk.co.uk/article/533/profit-in-your-business/ It is several years since the Government brought in legislation which required employers to provide an auto enrolment pension scheme for their employees. And it is quite a while since Mon, 11 Mar 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/532/auto-enrolment-pension/ https://www.sandrasilk.co.uk/article/532/auto-enrolment-pension/ We are a Xero Gold Partner because Xero is the only cloud based software we use for our clients and we have lots of clients using Xero. There are others, of course, but we like Xero and we know it pretty well because all our bookkeepers use it all day, every day. Mon, 04 Mar 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/531/xero-training/ https://www.sandrasilk.co.uk/article/531/xero-training/ Nobody wants to pay bank charges if they do not have to but using your personal bank account for your business just muddies the waters. Receiving money into a separate bank account and paying expenses out of the monies you have received means that you can much more easily keep track of incomings and outgoings. Mon, 26 Feb 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/530/separate-bank-account-for-business/ https://www.sandrasilk.co.uk/article/530/separate-bank-account-for-business/ Business owners may think that they can claim back VAT on everything they purchase which has VAT on it, but it may surprise them to know that VAT cannot be claimed on certain purchases. Mon, 19 Feb 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/529/can-i-claim-vat/ https://www.sandrasilk.co.uk/article/529/can-i-claim-vat/ Managing cash flow is a crucial part of running a business. It involves monitoring the flow of money into and out of your business and ensuring that you have enough funds to cover your expenses and invest in growth. Mon, 12 Feb 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/500/cash-flow-in-business/ https://www.sandrasilk.co.uk/article/500/cash-flow-in-business/ If you have employees who earn less than 123 pounds per week, do not receive any benefits and do not have another job you do not need to register as an employer and run a PAYE scheme, but Mon, 05 Feb 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/528/register-as-employer/ https://www.sandrasilk.co.uk/article/528/register-as-employer/ As a VAT registered business you must provide a valid VAT invoice to your customer (or a till receipt with your VAT number). Mon, 29 Jan 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/526/valid-vat-invoice/ https://www.sandrasilk.co.uk/article/526/valid-vat-invoice/ December is the second most popular month for businesses to end their financial year, March being the most popular as it is in line with the tax year. That means that in January alongside completing December monthly accounts and October to December VAT returns, we are also finalising year end accounts for those businesses with a December year end. Mon, 22 Jan 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/525/completing-year-end-bookkeeping/ https://www.sandrasilk.co.uk/article/525/completing-year-end-bookkeeping/ As soon as you become VAT registered you need to find out when your first VAT return is due and the period which it covers. Mon, 15 Jan 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/524/HMRC-VAT-penalties/ https://www.sandrasilk.co.uk/article/524/HMRC-VAT-penalties/ A New Year feels like a good time to reflect on your business and make a fresh start with aspects that are not working as well as they could be. Outsourcing work that you know can be done better by someone else is a good start. Mon, 08 Jan 2024 00:00:00 +0000 https://www.sandrasilk.co.uk/article/523/bookkeeping-payroll-support-outsource/ https://www.sandrasilk.co.uk/article/523/bookkeeping-payroll-support-outsource/ Bookkeeping and payroll are our skills. So what do we do and how do we help Mon, 04 Dec 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/522/bookkeeping-payroll-peace-of-mind/ https://www.sandrasilk.co.uk/article/522/bookkeeping-payroll-peace-of-mind/ The Autumn Statement last week confirmed that the National Living Wage will rise to Mon, 27 Nov 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/521/increase-national-living-wage-2024-25/ https://www.sandrasilk.co.uk/article/521/increase-national-living-wage-2024-25/ 2023 is proving to be a tough year for many businesses so it is important to keep track of your finances on a regular basis. But what should you keep track of Mon, 20 Nov 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/520/track-your-finances/ https://www.sandrasilk.co.uk/article/520/track-your-finances/ If you are thinking of giving your employees a Christmas gift, a bonus or taking them out to lunch be aware of what you can do without it becoming a taxable benefit for your employee or a more costly gesture for yourself Mon, 13 Nov 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/519/employee-reward-xmas/ https://www.sandrasilk.co.uk/article/519/employee-reward-xmas/ We have been using Xero since 2011 and in 2023 became a Gold Partner with 99% of our bookkeeping work being done on Xero. Some of our clients do some work on Xero but for the majority leave it to us to keep their accounts up to date and provide them with monthly reports so they can track how their business is doing. Mon, 30 Oct 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/518/xero-hubdoc-paperless-solution/ https://www.sandrasilk.co.uk/article/518/xero-hubdoc-paperless-solution/ One of the things we support our clients with is contacting HMRC when there is an error which needs correcting. HMRC helplines, whether for VAT or PAYE, are not at all helpful when you are a busy person. Mon, 23 Oct 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/517/hmrc-errors-vat-paye/ https://www.sandrasilk.co.uk/article/517/hmrc-errors-vat-paye/ Its twenty years since I began providing bookkeeping and payroll services to a few local businesses. Mon, 09 Oct 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/516/twenty-years-bookkeeping-payroll/ https://www.sandrasilk.co.uk/article/516/twenty-years-bookkeeping-payroll/ All costs associated with running your business can be claimed but whilst you might think some costs are business expenses HMRC may think otherwise! Here are a few of the expenses which you can and cannot claim. Mon, 11 Sep 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/515/allowable-expenses-sole-trader/ https://www.sandrasilk.co.uk/article/515/allowable-expenses-sole-trader/ Everyone who starts working for themselves has a reason for doing that. It may be to provide customers with a better service, it may be to work less or make more money for yourself than being employed. Mon, 04 Sep 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/514/make-profit-in-your-business/ https://www.sandrasilk.co.uk/article/514/make-profit-in-your-business/ Outsourcing your payroll can free you up from knowing all the rules and regulations around paying your employees but the service you receive can vary. Mon, 28 Aug 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/513/Payroll-service/ https://www.sandrasilk.co.uk/article/513/Payroll-service/ You are a sole trader or self employed if you are in business for yourself and are not in partnership with anyone else and have not set up a limited company. If you have set up a limited company you would be employed by that limited company and be a director of it. Mon, 21 Aug 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/512/sole-trader-business/ https://www.sandrasilk.co.uk/article/512/sole-trader-business/ There are a myriad of different accounts software to choose from. So how do you choose which is best for you? Here are seven things to consider. Mon, 14 Aug 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/511/accounts-software/ https://www.sandrasilk.co.uk/article/511/accounts-software/ HMRC have set out several benefits for completing and submitting your annual tax return well before the deadline of 31 January. Here are some of the benefits Mon, 07 Aug 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/510/early-tax-return/ https://www.sandrasilk.co.uk/article/510/early-tax-return/ HMRC have now made it easier to set up a time to pay arrangement which you can do through your online VAT account. There are, of course, provisos to setting up this arrangement online. Mon, 31 Jul 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/509/time-to-pay-vat/ https://www.sandrasilk.co.uk/article/509/time-to-pay-vat/ If you are in business finance is an important aspect of that business. Business is not just about selling goods or services. Having your finger on the pulse of your finances will help your business to go in the right direction. Mon, 17 Jul 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/508/bookkeeper-support/ https://www.sandrasilk.co.uk/article/508/bookkeeper-support/ When you start in business you should have a separate bank account for your business expenses and income rather than using your personal bank account.This keeps your business spending separate from your personal spending and a glance at your bank account will help you see if your business spending is exceeding your business income. Mon, 10 Jul 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/507/business-bank-account/ https://www.sandrasilk.co.uk/article/507/business-bank-account/ Your potential new employee says they want to take home a minimum amount of pay each month. They want to know how much they have to spend but you need to know how much it is going to cost you. Mon, 03 Jul 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/506/employee-take-home-pay/ https://www.sandrasilk.co.uk/article/506/employee-take-home-pay/ We are often approached by businesses who are using Xero but know they are not using it as well as they might. Sometimes all they need is some training, on other occasions they would just like us to do it for them. So here are six tips to help you use Xero effectively in your business. Mon, 26 Jun 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/505/xero-tips/ https://www.sandrasilk.co.uk/article/505/xero-tips/ Some businesses may request a payment in advance for goods or services.If you are VAT registered it is important to know when you can claim back VAT on an advance payment. This is generally determined by the tax point which is either the date of the invoice or the date money is received. Here are six examples of different types of advance payments and how they are treated. Mon, 19 Jun 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/504/advance-payments-vat/ https://www.sandrasilk.co.uk/article/504/advance-payments-vat/ Business owners must keep track of their business income on a monthly basis because growing businesses will most likely need to become VAT registered. The VAT registration threshold has been Mon, 22 May 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/503/track-income-vat/ https://www.sandrasilk.co.uk/article/503/track-income-vat/ We had a discussion in the office today about the new rates for corporation tax which take effect from April 2023. For many of our clients who have limited companies we produce monthly management reports which show a monthly provision for Corporation Tax based on their year to date net profit. This gives them an idea of how much they will need to have available to pay their Corporation Tax bill 9 months after their year end. Mon, 15 May 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/502/corporation-tax-2023-24/ https://www.sandrasilk.co.uk/article/502/corporation-tax-2023-24/ Why is it important to have the correct employment status for your worker? Mon, 24 Apr 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/501/employee-or-self-employed/ https://www.sandrasilk.co.uk/article/501/employee-or-self-employed/ When you become VAT registered there are several things you should be aware of. Mon, 17 Apr 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/499/VAT-tips/ https://www.sandrasilk.co.uk/article/499/VAT-tips/ Every employee will have a tax code and this determines how much tax is deducted from your pay. Your tax code is unique to you ..... Mon, 10 Apr 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/498/your-tax-code/ https://www.sandrasilk.co.uk/article/498/your-tax-code/ The adverts would have you believe that all you have to do is press a button and your software will do it all for you Mon, 03 Apr 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/497/accounts-software-help/ https://www.sandrasilk.co.uk/article/497/accounts-software-help/ When you registered to become VAT registered you will have the option to choose the Flat Rate Scheme. It is worth considering whether this is a suitable scheme for your business because their are benefits to using it in your first year of VAT registration. Mon, 27 Mar 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/496/flat-rate-vat-scheme/ https://www.sandrasilk.co.uk/article/496/flat-rate-vat-scheme/ Sole traders and partnerships who do not currently have a 31st March year end will see a change in their reporting period to meet HMRC new rules for reporting profits based on the tax year and not their accounting year. Mon, 20 Mar 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/495/tax-year-basis-change/ https://www.sandrasilk.co.uk/article/495/tax-year-basis-change/ There are many benefits to outsourcing your payroll and once you do you may be surprised at how cost effective it is.Here are just a few of the benefits Mon, 13 Mar 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/494/payroll-outsourcing-benefits/ https://www.sandrasilk.co.uk/article/494/payroll-outsourcing-benefits/ If you reimburse your employees mobile phone expenses you could be providing them with a taxable benefit which could be subject to tax and NI. Mon, 27 Feb 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/493/mobile-phone-for-employee/ https://www.sandrasilk.co.uk/article/493/mobile-phone-for-employee/ If you find it difficult to pay your tax bill due in January and July each year you can choose to make regular payments throughout the year instead. Mon, 20 Feb 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/492/regular-advance-tax-payments/ https://www.sandrasilk.co.uk/article/492/regular-advance-tax-payments/ From April 2023 the minimum wage rates will rise so employers need to check that their employees are being paid at least the minimum wage rate for their age based on the number of hours they work. The new rates from April 2023 are Mon, 13 Feb 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/491/minimum-wage-2023/ https://www.sandrasilk.co.uk/article/491/minimum-wage-2023/ If you need special clothes to do your job you may think the cost of these is an allowable business expense. There are only a few items of clothing which are allowed as a tax deductible expense. Mon, 06 Feb 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/490/clothes-for-work-tax-deductible/ https://www.sandrasilk.co.uk/article/490/clothes-for-work-tax-deductible/ One of our payroll clients recently received a letter from a Debt Recovery company advising of PAYE owing to HMRC. They forwarded the letter to us because, as we do their accounts too, they were surprised we had not notified them that they had missed a payment. Mon, 30 Jan 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/489/paye-owing-to-hmrc/ https://www.sandrasilk.co.uk/article/489/paye-owing-to-hmrc/ If you are VAT registered you may not know that there are different ways to report your VAT to HMRC. It is worth understanding each of the schemes Mon, 23 Jan 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/488/hmrc-vat-schemes/ https://www.sandrasilk.co.uk/article/488/hmrc-vat-schemes/ Business owners often want to know how much it would cost them to employ someone and of course that depends on how much you want to pay them. But there are three things to consider. Mon, 16 Jan 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/487/three-costs-of-employment/ https://www.sandrasilk.co.uk/article/487/three-costs-of-employment/ Knowing how to monitor and manage your cash flow so your business has enough money to pay your taxes and you is vital to grow your business. Mon, 09 Jan 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/486/manage-cash-flow/ https://www.sandrasilk.co.uk/article/486/manage-cash-flow/ If you are in business for yourself you are a sole trader or self employed. Both terms have the same meaning (both are used in this blog but mean the same thing). You are a sole trader or self employed if you are not in partnership with anyone else and you have not set up a limited company. Mon, 02 Jan 2023 00:00:00 +0000 https://www.sandrasilk.co.uk/article/485/sole-trader-business/ https://www.sandrasilk.co.uk/article/485/sole-trader-business/ The time off business owners have between Christmas and New Year is a good time to reflect on all that is good and not so good with the business. Its a chance to step back and take time to look at what works, what does not and what could be better as well as planning for the coming year. Mon, 19 Dec 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/484/outsource-finance-2023/ https://www.sandrasilk.co.uk/article/484/outsource-finance-2023/ HMRC have advised that The Pension Regulator has been carrying out compliance checks with large employers during which they found a number of errors. We have identified errors in pension set up or contributions when we have taken over established payrolls so we know errors are made and it is easily done if Mon, 12 Dec 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/483/pension-scheme-compliance/ https://www.sandrasilk.co.uk/article/483/pension-scheme-compliance/ We and our clients have become virtually paperless since the start of the pandemic. Whilst we always had a plan to work towards this, suddenly we had to encourage as many businesses as we could to provide us with their paperwork electronically. Mon, 05 Dec 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/482/hubdoc-xero/ https://www.sandrasilk.co.uk/article/482/hubdoc-xero/ Christmas is the time when we, as employers, want to give our employees a gift or treat them to Christmas party. It is a good way to show our appreciation Mon, 28 Nov 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/481/christmas-gifts-for-employees/ https://www.sandrasilk.co.uk/article/481/christmas-gifts-for-employees/ Accounts software such as Xero, Quickbooks and Sage are keen to tell you in their adverts how easy doing your own bookkeeping is if you use their software. Just the press of a button will submit Mon, 21 Nov 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/480/bookkeeping-pitfalls/ https://www.sandrasilk.co.uk/article/480/bookkeeping-pitfalls/ Once you have decided that your company is to be a limited company you will become a Director of that company. But what are your responsibilities? As a Director you are legally responsible for the following Mon, 14 Nov 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/479/director-responsibilities/ https://www.sandrasilk.co.uk/article/479/director-responsibilities/ HMRC have announced a change to the penalties for submitting or paying a VAT return late. This will take effect from the first VAT period after 1 January 2023. Importantly these changes will also be applied to Mon, 07 Nov 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/478/VAT-penalties-2023/ https://www.sandrasilk.co.uk/article/478/VAT-penalties-2023/ HMRC have advised that employers will soon be able to pay their PAYE by direct debit. This functionality should have been available from 19th September 2022 but has been delayed until October. Mon, 03 Oct 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/477/Direct-debit-paye/ https://www.sandrasilk.co.uk/article/477/Direct-debit-paye/ Our clients have different reasons for choosing us to be their bookkeeper but ultimately they want to know that their accounts are accurate, their VAT returns are done properly and submitted before the deadline and their accountant Mon, 26 Sep 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/476/Bookkeeping-support/ https://www.sandrasilk.co.uk/article/476/Bookkeeping-support/ Paying your employees has become more and more complex. Legislation is always being updated. Employees, or their relatives, are much more informed Mon, 29 Aug 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/475/payroll-provider/ https://www.sandrasilk.co.uk/article/475/payroll-provider/ Whilst we work with Sage Accounts software for a handful of our clients, Xero is the go to accounts software for the majority of the businesses we work with. Mon, 15 Aug 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/474/Sage-or-Xero/ https://www.sandrasilk.co.uk/article/474/Sage-or-Xero/ With MTD ITSA (Making Tax Digital for Income Tax Self Assessment) just 18 months away more accountants are offering a bookkeeping service. Mon, 01 Aug 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/473/bookkeeping-for-MTD/ https://www.sandrasilk.co.uk/article/473/bookkeeping-for-MTD/ Your potential new employee says they want to take home a minimum amount of pay each month. Sounds straightforward .................... Mon, 11 Jul 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/472/take-home-pay-for-employees/ https://www.sandrasilk.co.uk/article/472/take-home-pay-for-employees/ HMRCs CEST (Check Employment Status Tool) is designed to help you identify how a worker should be classed, employed or self employed, and ultimately how their tax and NI should be paid. Mon, 04 Jul 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/471/employee-or-self-employed/ https://www.sandrasilk.co.uk/article/471/employee-or-self-employed/ Whatever type of business you have the aim is to have more income than your expenses leaving you with enough profit to pay your taxes and have enough money for you to live on. Mon, 20 Jun 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/470/Business-profit/ https://www.sandrasilk.co.uk/article/470/Business-profit/ All employers have an obligation to have an auto enrolment pension scheme if they have staff who meet the criteria to be auto enrolled or if they choose to join. Once you have a scheme you have ongoing duties which include Mon, 06 Jun 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/468/pension-responsibility/ https://www.sandrasilk.co.uk/article/468/pension-responsibility/ If an employee is off work due to sickness for 4 days or more consecutively they may be entitled to receive Statutory Sick Pay (SSP). Not all employees will be entitled to received SSP Mon, 23 May 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/467/sick-pay-holiday-pay/ https://www.sandrasilk.co.uk/article/467/sick-pay-holiday-pay/ Having a separate bank account for your business expenses and income keeps your business spending separate from your personal spending and enables you to easily see if your business spending is exceeding your business income. Mon, 09 May 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/466/separate-bank-account/ https://www.sandrasilk.co.uk/article/466/separate-bank-account/ If you have just submitted, or are about to submit, your VAT return for the period January to March 2022 manually through the Government Gateway this will be the last one you will be able to submit in this way. Mon, 02 May 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/465/mtd-for-VAT-ready/ https://www.sandrasilk.co.uk/article/465/mtd-for-VAT-ready/ Now that the tax year 2021 to 2022 has come to an end its time to start gathering information to complete your tax return. Mon, 25 Apr 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/464/tax-return-2022/ https://www.sandrasilk.co.uk/article/464/tax-return-2022/ An increasing number of businesses are using proforma invoices to obtain payment from their customers in advance of supplying goods. Why do they do this and what is the difference between a proforma and an invoice? Mon, 18 Apr 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/88/proforma-invoice/ https://www.sandrasilk.co.uk/article/88/proforma-invoice/ All employees are entitled to paid holiday which begins to build up as soon as they start their employment. This includes casual workers who may work one day a week or are on a zero hours contract and work only when needed or when they want to. Mon, 11 Apr 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/416/employee-holiday-entitlement/ https://www.sandrasilk.co.uk/article/416/employee-holiday-entitlement/ We have been providing bookkeeping services to business owners for more than 18 years and the bookkeepers in our team work to support businesses who want to have more control over their finances to enable them to grow Mon, 04 Apr 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/463/help-with-accounts/ https://www.sandrasilk.co.uk/article/463/help-with-accounts/ Employment allowance can be claimed by business which have a payroll with at least one employee or two directors earning over the secondary threshold. Mon, 28 Mar 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/462/employment-allowance-employers/ https://www.sandrasilk.co.uk/article/462/employment-allowance-employers/ Health insurance is often offered by employers but is it an allowable business expense. Mon, 21 Mar 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/461/health-insurance-for-employees/ https://www.sandrasilk.co.uk/article/461/health-insurance-for-employees/ With a reduced rate of VAT of 5% then 12.5% from 1st October 2021, the hospitality, tourism and food industries were given a bit of a lifeline to help them recover from the closure of many businesses through the pandemic. Mon, 14 Mar 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/460/change-to-VAT-hospitality-tourism/ https://www.sandrasilk.co.uk/article/460/change-to-VAT-hospitality-tourism/ Bookkeeping, keeping financial records organised and up to date, is a vital part of any growing and successful business. Mon, 07 Mar 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/459/business-bookkeeping/ https://www.sandrasilk.co.uk/article/459/business-bookkeeping/ HMRC have now released the payroll thresholds for the new tax year. The tax free allowance remains the same as Mon, 28 Feb 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/458/pay-rates-thresholds-2022-23/ https://www.sandrasilk.co.uk/article/458/pay-rates-thresholds-2022-23/ As a business owner you are responsible for keeping track of your turnover every month if you are getting close to the VAT registration threshold as you must register within 30 days of reaching the current threshold .... Mon, 21 Feb 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/457/VAT-registration/ https://www.sandrasilk.co.uk/article/457/VAT-registration/ HMRC have now provided more information about the increase in National Insurance Contributions (NICs) to be applied from April 2022 until March 2023 to fund the NHS, health and social care. Here is some information to help you Mon, 07 Feb 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/456/national-insurance-increase-2022-23/ https://www.sandrasilk.co.uk/article/456/national-insurance-increase-2022-23/ MTD ITSA is as Making Tax Digital for Income Tax Self Assessment and is HMRCs plan for unincorporated businesses and landlords from April 2024. It was originally planned to take effect from April 2023 but has now been postponed for a further 12 months. Tue, 01 Feb 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/455/prepare-for-mtd-itsa/ https://www.sandrasilk.co.uk/article/455/prepare-for-mtd-itsa/ If you have been in business for a while and do not have the income you were anticipating there are a few things you need to consider. Mon, 24 Jan 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/454/improve-profit-improve-earnings/ https://www.sandrasilk.co.uk/article/454/improve-profit-improve-earnings/ There are several things to think about and plan for when you take on a new employee and especially when it is your first employee. What will it cost? Do I have to pay for holidays? What breaks are they entitled to? What about sickness? As a provider of payroll services we are asked lots of questions by employers. Here are a few of the more frequent topics we are asked about. Mon, 17 Jan 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/453/employing-staff/ https://www.sandrasilk.co.uk/article/453/employing-staff/ I have always recommended that business owners have an accountant for compliance services and tax advice and a bookkeeper to keep the day to day accounts up to date along with VAT returns filed promptly. Having two professionals with different responsibilities ensures you are receiving the best support possible for your business. Mon, 10 Jan 2022 00:00:00 +0000 https://www.sandrasilk.co.uk/article/452/bookkeeper-help/ https://www.sandrasilk.co.uk/article/452/bookkeeper-help/ Getting your finances organised is an easy step to take, you just need time or someone to help you. Knowing how your business is actually doing is vital to its success and growth and keeping your accounts up to date regularly enables you to identify what you can do to improve your cash flow and your bottom line. Mon, 20 Dec 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/451/bookkeeping-payroll-help/ https://www.sandrasilk.co.uk/article/451/bookkeeping-payroll-help/ We all have expectations of ourselves and others and it can be disappointing when others do not do what we expect of them. In business we have expectations about the product we are buying or the service we want to receive. Our experience of Mon, 13 Dec 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/450/bookkeeping-payroll-service/ https://www.sandrasilk.co.uk/article/450/bookkeeping-payroll-service/ With MTD for VAT becoming mandatory for all VAT registered businesses from April 2022 are you set up with the means to file your VAT returns directly from the software you use to record your accounts? Mon, 06 Dec 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/449/mtd-for-VAT-April-2022/ https://www.sandrasilk.co.uk/article/449/mtd-for-VAT-April-2022/ Businesses need to register for VAT when they reach the VAT threshold but understanding when that is and what to take into account when calculating your trading income is a little more complex. Mon, 29 Nov 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/448/VAT-registration/ https://www.sandrasilk.co.uk/article/448/VAT-registration/ How often do you review the costs in your business ............... Mon, 22 Nov 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/447/review-expenses-to-aid-cashflow/ https://www.sandrasilk.co.uk/article/447/review-expenses-to-aid-cashflow/ It is the time of year when employers are considering paying bonuses to their employees but many do not realise the implications of either not putting it through the payroll or committing to paying a net pay amount. Mon, 15 Nov 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/446/employee-bonus/ https://www.sandrasilk.co.uk/article/446/employee-bonus/ Whilst bookkeepers are not required to have a qualification it is obviously extremely useful for your business if your bookkeeper knows what they are doing! Mon, 08 Nov 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/445/qualified-bookkeeper-payroll-expert/ https://www.sandrasilk.co.uk/article/445/qualified-bookkeeper-payroll-expert/ You are not required to pay your employee whilst they are absent on jury service but many employers do. If you choose not to .... Mon, 01 Nov 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/444/employee-jury-service/ https://www.sandrasilk.co.uk/article/444/employee-jury-service/ MTD for ITSA means Making Tax Digital for Income Tax Self Assessment and is HMRCs terminology for the new way of preparing and submitting your income and expenses to them. Mon, 25 Oct 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/443/mtd-for-itsa/ https://www.sandrasilk.co.uk/article/443/mtd-for-itsa/ If you are an employee or a business owner working from home HMRC allows you to claim tax relief for the costs incurred. Mon, 18 Oct 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/442/tax-relief-working-from-home/ https://www.sandrasilk.co.uk/article/442/tax-relief-working-from-home/ Businesses fail for many reasons but nearly all of them cite outside forces working against them Mon, 04 Oct 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/441/business-growth/ https://www.sandrasilk.co.uk/article/441/business-growth/ You may think that outsourcing your payroll is too costly but have you considered the benefits and the savings you would make. Here are just 4 of them. Mon, 27 Sep 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/440/benefits-of-outsourcing-payroll/ https://www.sandrasilk.co.uk/article/440/benefits-of-outsourcing-payroll/ Several years ago a business was put in touch with me about their VAT situation because they had been told by their accountant that they did not need to be VAT registered. Mon, 20 Sep 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/437/sales-VAT/ https://www.sandrasilk.co.uk/article/437/sales-VAT/ There are lots of things to think about when you start up a business and one of the things you need to consider is whether to have a business bank account. If your business is starting small as a sole trader Mon, 13 Sep 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/439/business-bank-account/ https://www.sandrasilk.co.uk/article/439/business-bank-account/ It can be confusing to know what you can claim back VAT on when someone who does work for you recharges you for some of their costs. This article explains how to work out when you can recover VAT and when you are not able to. Mon, 06 Sep 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/436/claim-vat-on-recharged-expenses/ https://www.sandrasilk.co.uk/article/436/claim-vat-on-recharged-expenses/ Bookkeeping, keeping financial records, is a vital part of any growing and successful business. Mon, 30 Aug 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/435/business-bookkeeping/ https://www.sandrasilk.co.uk/article/435/business-bookkeeping/ Did you know that providing your employee with a mobile phone could be taxable and therefore could cost your business more than you expect? Mon, 23 Aug 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/434/mobile-phone-for-employees/ https://www.sandrasilk.co.uk/article/434/mobile-phone-for-employees/ Today I watched one of HMRCs webinars which covered use of the Employment Status tool. I was surprised how much the tool has changed since Mon, 16 Aug 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/433/employment-status/ https://www.sandrasilk.co.uk/article/433/employment-status/ Management reports inform the business owner of the key numbers for their business. Every business is different and whilst some key numbers are important in every business each business might like to keep track of a different aspect. Mon, 02 Aug 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/432/management-reports/ https://www.sandrasilk.co.uk/article/432/management-reports/ All businesses need to keep an annual record of their income and their business expenses in order to report them to HMRC through a tax return Mon, 26 Jul 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/431/bookkeeper-wiltshire/ https://www.sandrasilk.co.uk/article/431/bookkeeper-wiltshire/ When I was interviewed for my first job I was told by the interviewer that I would not get it because I did not have any experience. I had just left college and it was my first interview. I asked how I would get experience Mon, 19 Jul 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/430/finance-small-business/ https://www.sandrasilk.co.uk/article/430/finance-small-business/ The Coronavirus Job Retention Scheme changes from 1 July 2021 with employers needing to top up wages by 10% for July. Mon, 12 Jul 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/429/cjrs-changes/ https://www.sandrasilk.co.uk/article/429/cjrs-changes/ Businesses which import goods for business use have been able to use Postponed VAT Accounting since January 2021. Postponed VAT Accounting enables you to both declare and recover VAT on the same VAT return instead of Mon, 05 Jul 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/428/import-VAT/ https://www.sandrasilk.co.uk/article/428/import-VAT/ IPT is an abbreviation for Insurance Premium Tax and is charged by insurers in addition to your insurance policy. The rate charged can be 12% or 20% depending on the type of insurance you are buying. Mon, 28 Jun 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/427/insurance-premium-tax/ https://www.sandrasilk.co.uk/article/427/insurance-premium-tax/ If you are in business you need to keep a record of your income and expenditure and whilst you know what you are selling, receipts or invoices from the businesses you buy from are evidence of what you have bought. Mon, 21 Jun 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/426/receipt-invoice-accounts/ https://www.sandrasilk.co.uk/article/426/receipt-invoice-accounts/ As Xero Certified Advisors, a Silver Partner and daily user of Xero accounts software, I and my team know how to work most efficiently with Xero. So here are my top 7 tips. Mon, 14 Jun 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/424/xero-efficiency-tips/ https://www.sandrasilk.co.uk/article/424/xero-efficiency-tips/ Are you burying your head in the sand? If your business deferred paying VAT between March and June 2020 and have not yet Mon, 07 Jun 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/425/vat-deferral-en/ https://www.sandrasilk.co.uk/article/425/vat-deferral-en/ Many business owners will not realise they have a choice of VAT scheme to use for recording and reporting VAT to HMRC. Before you register initially Mon, 31 May 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/423/change-vat-scheme/ https://www.sandrasilk.co.uk/article/423/change-vat-scheme/ I recently had a conversation with another business owner, who also happens to be a client, about motivation and setting goals in our businesses. As business owners we are all encouraged to set goals in order to achieve what we set out to do. Whether those are 5 year or 10 year goals to achieve a specific personal dream or short term goals to take baby steps towards your long term dream. Mon, 24 May 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/422/business-goals/ https://www.sandrasilk.co.uk/article/422/business-goals/ After many months of working at home, with just a short interlude last summer, I am delighted to have had our whole team working back in the office for the last four weeks. And they are happy to be back together again too. We have at last been able to Mon, 17 May 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/421/sandra-silk-office/ https://www.sandrasilk.co.uk/article/421/sandra-silk-office/ Some employers like to give a bonus as recognition of a good job done and forget to take into consideration that it is taxable income. A bonus, whether paid in cash or electronically is earnings as you are giving your employee payment in appreciation of their work. Mon, 10 May 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/420/employee-bonus-reward/ https://www.sandrasilk.co.uk/article/420/employee-bonus-reward/ If you are making an income on your own by selling a product or a service and you have not registered as a limited company you are a sole trader. A sole trader runs their own business and therefore is self employed and, as a self employed person, Mon, 03 May 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/419/self-employed-accounts-records/ https://www.sandrasilk.co.uk/article/419/self-employed-accounts-records/ Some accountants now offer bookkeeping services alongside accountancy and other compliance services. A one stop shop for all your accounts needs. But is this the best solution for your business? Mon, 26 Apr 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/418/bookkeeping-solution/ https://www.sandrasilk.co.uk/article/418/bookkeeping-solution/ April is the start of the new tax year for many businesses and if you are considering changing how you keep your accounts the start of your new financial year is the best time to do it. Mon, 19 Apr 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/417/change-to-xero/ https://www.sandrasilk.co.uk/article/417/change-to-xero/ Today I spent some time with a lady who has started in business and had some questions about how she needs to record her income and expenses, what she can claim against income and, of course, how to take money out of her business. Tue, 06 Apr 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/415/online-selling-income/ https://www.sandrasilk.co.uk/article/415/online-selling-income/ From April 2021 employers who take on a veteran of the Armed Forces will not have to pay Employers National Insurance Contributions (NICs) for the first 12 months of their employment. Mon, 29 Mar 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/409/nic-relief-veteran-armed-forces/ https://www.sandrasilk.co.uk/article/409/nic-relief-veteran-armed-forces/ The Supreme Court has ruled that Uber drivers are workers and therefore must receive the minimum wage and holiday pay just like employees. So what is the difference between a worker and an employee? Mon, 22 Mar 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/414/worker-or-employee/ https://www.sandrasilk.co.uk/article/414/worker-or-employee/ If your employee or all your employees earn below the Lower Earnings Limit of 120 pounds per week you do not need to register as an employer, except if Mon, 15 Mar 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/413/PAYE-payroll-scheme/ https://www.sandrasilk.co.uk/article/413/PAYE-payroll-scheme/ Tax codes can be confusing and employees will often ask their employers to explain them or explain why they are paying so much or so little tax. They may ask why they have the tax code that they have. Mon, 08 Mar 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/412/tax-codes-explained/ https://www.sandrasilk.co.uk/article/412/tax-codes-explained/ Giving employers peace of mind is vital when processing payroll. Peace of mind comes from knowing your chosen provider has the knowledge and expertise to deal with every aspect of your payroll from complex calculations to legislative changes. Mon, 01 Mar 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/411/payroll-services-employer/ https://www.sandrasilk.co.uk/article/411/payroll-services-employer/ HMRC announced on Friday that it will not charge the 5 per cent late payment penalty on self assessment tax which is not paid by 3rd March. Mon, 22 Feb 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/410/self-assessment-tax-help/ https://www.sandrasilk.co.uk/article/410/self-assessment-tax-help/ If you are an employee working from home on a regular basis you may be eligible to receive or claim for a tax free payment to cover your home working costs. If you have had to work at home due to Mon, 15 Feb 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/408/tax-relief-working-from-home/ https://www.sandrasilk.co.uk/article/408/tax-relief-working-from-home/ Bookkeeping is interesting, challenging and rewarding. A bookkeeper has responsibility for all accounting functions from sales invoicing through to management accounts and VAT returns and is therefore fully involved with the finance function of a business. This frequently includes providing support and advice, managing cash flow and processing payroll. Having a bookkeeper in your business is a valuable asset. Mon, 08 Feb 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/407/bookkeeping-qualification/ https://www.sandrasilk.co.uk/article/407/bookkeeping-qualification/ Self Assessment tax returns were due to be filed by 31 January 2021 but with less than a week to go to the deadline HMRC decided to extend the deadline for submission to 28 February 2021 without penalty. Mon, 01 Feb 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/406/self-assessment-late-filing-2021/ https://www.sandrasilk.co.uk/article/406/self-assessment-late-filing-2021/ When you first become VAT registered you can choose which VAT scheme to use when reporting VAT. Whilst you can change this at a later date HMRC would not want you to keep changing from one scheme to another. Mon, 25 Jan 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/405/vat-accrual-vat-cash-schemes/ https://www.sandrasilk.co.uk/article/405/vat-accrual-vat-cash-schemes/ From April 2023 individuals who submit a tax return to declare income outside of employed earnings will have to submit their accounts digitally to HMRC on a quarterly basis. Mon, 18 Jan 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/404/digital-accounts-records/ https://www.sandrasilk.co.uk/article/404/digital-accounts-records/ In November 2020 the Chancellor announced the new rates for the National Minimum Wage which will take effect from April 2021. Mon, 11 Jan 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/403/national-minimum-wage-2021-furlough/ https://www.sandrasilk.co.uk/article/403/national-minimum-wage-2021-furlough/ Many businesses have been formed over the last 9 months whilst we have been in this never before experienced situation. Employees have been furloughed and some businesses have not been able to continue trading, or not in the way they have done previously. Mon, 04 Jan 2021 00:00:00 +0000 https://www.sandrasilk.co.uk/article/402/finance-new-business/ https://www.sandrasilk.co.uk/article/402/finance-new-business/ The Christmas and New Year break is a good time to reflect on all that is good and not so good with your business. Business owners have chance to step back and take time to look at what works, what does not and what could be better as well as planning for the coming year. Mon, 28 Dec 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/401/accounts-help/ https://www.sandrasilk.co.uk/article/401/accounts-help/ HMRC have produced clear guidance on what individuals and businesses will need to do when we have left the EU on 1 January 2021. There is an HMRC tool to use which will give specific information for your own personal or business circumstances which can be found here. Mon, 21 Dec 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/399/vat-import-export-eu/ https://www.sandrasilk.co.uk/article/399/vat-import-export-eu/ Whilst this has been a tough year for many businesses there are some people who decided that this year was as good a time as any to set up a business Mon, 14 Dec 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/400/new-business-record-keeping/ https://www.sandrasilk.co.uk/article/400/new-business-record-keeping/ Businesses who deferred their VAT payment which was due to be paid between 20 March and 30 June now have 3 options for payment. Mon, 07 Dec 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/398/deferred-vat-payment/ https://www.sandrasilk.co.uk/article/398/deferred-vat-payment/ Calculating holiday entitlement can be confusing. Employees are legally entitled to have Mon, 30 Nov 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/397/holiday-entitlement/ https://www.sandrasilk.co.uk/article/397/holiday-entitlement/ As qualified bookkeepers and not qualified accountants we don't offer accountancy compliance services such as tax returns, partnership or limited company accounts.  This is because, whilst we may have covered the foundation of these in our bookkeeping  qualifications, we don't have the knowledge or experience to give our clients the advice they need on tax matters. Of course we know what can be claimed for both VAT and tax purposes but when it comes down to knowing how best to use the tax rules for your personal and business circumstances we leave that to accountants who work with tax matters frequently and for more clients and therefore have the knowledge and experience that we don't.   Because we choose not to do this work Mon, 23 Nov 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/396/bookkeeper-client-accountant/ https://www.sandrasilk.co.uk/article/396/bookkeeper-client-accountant/ How does your response to new enquiries reflect on you and your business? Do you pay for advertising but don't bother to follow up when someone makes an enquiry? The way my enquiry is dealt with, whatever the type of business, will, in most cases, will make my decision for me.  If I contact two or three companies with the same enquiry the one that is responsive, interested and helpful will be my choice.  First impressions really count. This was really brought home to me over the last few weeks Mon, 16 Nov 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/395/good-bad-customer-service/ https://www.sandrasilk.co.uk/article/395/good-bad-customer-service/ Do you keep track of your payments to suppliers and receipts from your customers? Not all suppliers are efficient in keeping track of the incoming payments from their customers and equally not all customers keep track of how much they have paid their supplier. Mon, 09 Nov 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/394/track-receipts-and-payments/ https://www.sandrasilk.co.uk/article/394/track-receipts-and-payments/ There are just 3 months left until the deadline for submission of your tax return for 2019-20.  Late and non submission will incur penalties starting at £100 and will increase if the return is over 3 months late.  During this year the importance of submitting tax returns on time became clear because those who hadn't weren't able to receive the SEISS grant which was based on tax returns submitted in previous years. So how do you know if you need to complete a tax return Mon, 02 Nov 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/393/self-assessment-tax-return/ https://www.sandrasilk.co.uk/article/393/self-assessment-tax-return/ Following on from my article last week about finding the right bookkeeper for you this article will give you more insight on the bookkeeping services we offer to our clients.  Mon, 26 Oct 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/392/bookkeeping-business-development/ https://www.sandrasilk.co.uk/article/392/bookkeeping-business-development/ As an employee you will be taxed on your earnings by your employer but you may also receive income from other sources.  There are lots of opportunities these days to sell items online or at car boot sales whether that is from turning out unwanted items to selling items that you have made yourself to earn a bit of "pin money". You therefore need to know whether this extra income needs to be declared to HMRC.  HMRC have an interactive checker that will help you decide whether you need to declare your additional income.   Mon, 19 Oct 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/391/receive-additional-income/ https://www.sandrasilk.co.uk/article/391/receive-additional-income/ When maintaining your accounts records becomes too much as your business grows and you realise you need some help how do you find someone to help? Mon, 12 Oct 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/390/bookkeeping-services/ https://www.sandrasilk.co.uk/article/390/bookkeeping-services/ Did you know that HMRC have webinars available on lots of different topics which provide you with support or guidance? You can sign up to Mon, 05 Oct 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/389/hmrc-webinars-for-support-and-guidance/ https://www.sandrasilk.co.uk/article/389/hmrc-webinars-for-support-and-guidance/ The Chancellor has announced new support for employers from 1st November after the current Job Retention Scheme ends on 31st October.  Yet another challenge for payroll providers just when we thought we might get a couple of months breather before the Job Retention Bonus after the end of January and the end of the tax year in March! The Job Support Scheme will run for six months and is designed to Mon, 28 Sep 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/388/job-support-scheme/ https://www.sandrasilk.co.uk/article/388/job-support-scheme/ Seventeen years ago this week I began providing bookkeeping and payroll support to a few local businesses.  Three and a half years later I needed to move out of home to an office because work had increased, the files were taking over what little space we had and I needed someone to help.  I started looking for a small office for 3 but ended up with Mon, 21 Sep 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/387/bookkeeping-payroll-training-services/ https://www.sandrasilk.co.uk/article/387/bookkeeping-payroll-training-services/ HMRC is not always right when it comes to what you owe them.  Over the years we have had lots of situations where HMRC have told our clients they have underpaid PAYE when they haven't.  Although, to be fair, they do notify clients when they have overpaid too.  Recently a number of employers we work with Mon, 14 Sep 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/386/check-your-paye-account/ https://www.sandrasilk.co.uk/article/386/check-your-paye-account/ In their simplest form management accounts inform the business owner and/or management team of the key numbers for their business.  Every business is different and the key numbers will vary according to the type of business and even within different departments. Mon, 07 Sep 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/385/management-accounts/ https://www.sandrasilk.co.uk/article/385/management-accounts/ During August I have being doing bespoke Xero training both face to face (side by side in practice!) and remotely via Zoom.  The last few months have given businesses the time to implement new ways of maintaining their accounts but, as with any new software, there comes a time when you just need help to understand what to do and that is where bespoke training comes in. Xero is user friendly and has very good Mon, 31 Aug 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/384/xero-training/ https://www.sandrasilk.co.uk/article/384/xero-training/ I have been using Xero for 9 years now and frequently train not only our own new employees on how to use it but also other businesses who need help. One of the advantages of Xero has always been the bank feed which downloads transactions from your bank on a daily basis directly into the software.  These transactions can then be quickly and easily allocated to an invoice or directly to an account code with a description and relevant VAT code. But sometimes the bank feed Mon, 24 Aug 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/383/Xero-reconcile-bank-balance/ https://www.sandrasilk.co.uk/article/383/Xero-reconcile-bank-balance/ Several of our clients have received HMRC notifcations of late payment of their PAYE over the last few weeks.  In April, May and June this was often because employers were out of their usual routine and forgot to set up payments, although a couple did think they didn't have to pay when they were using the furlough scheme! More recently though we have had two employers Mon, 17 Aug 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/382/hmrc-paye-account/ https://www.sandrasilk.co.uk/article/382/hmrc-paye-account/ Today I took on a new client.  They telephoned last week wondering what to do as they had just gone over the VAT threshold.  They were nervous about what that entailed and concerned they wouldn't know what to do.  I spent some time talking them through being VAT registered, keeping accurate records and Mon, 10 Aug 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/381/working-with-a-new-bookkeeping-client/ https://www.sandrasilk.co.uk/article/381/working-with-a-new-bookkeeping-client/ Becoming VAT registered can be a little daunting for those new to business.  It means keeping your accounts records organised and and up to date and ensuring that you have VAT receipts for all the business expenses you want to claim back VAT on.  It also means that you need to know whether the products or services you sell should have VAT added. Mon, 03 Aug 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/380/register-for-VAT/ https://www.sandrasilk.co.uk/article/380/register-for-VAT/ We thought furlough was challenging but flexible furlough is proving even more so! As a payroll bureau working with businesses employing between 2 and 50 staff, furlough has been important for many of our clients during lockdown.  It has been interesting to see how Mon, 27 Jul 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/379/furlough-for-business/ https://www.sandrasilk.co.uk/article/379/furlough-for-business/ As bookkeepers one of the many skills we need is good attention to detail.  So its probably not a surprise that it is one of the skills I list when advertising a bookkeeper position.  Attention to detail has several meanings but includes  being thorough and accurate. So when I post a job advert for a bookkeeper, Mon, 20 Jul 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/378/bookkeeper-recruitment/ https://www.sandrasilk.co.uk/article/378/bookkeeper-recruitment/ When you start a business one of the things you need to arrange is a bank account to enable you to keep your personal and business spending separate. If you are starting as a sole trader/self-employed with just a little income initially it is tempting to Mon, 13 Jul 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/377/business-bank-account/ https://www.sandrasilk.co.uk/article/377/business-bank-account/ During my 15 minute drive to work each day I encounter 17 roundabouts.  Its a pleasant journey with no nose to tail traffic and stopping only to give way at the roundabouts and a possible halt at a single set of traffic lights.  This morning was no different except Mon, 06 Jul 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/376/bookkeeping-finance-support/ https://www.sandrasilk.co.uk/article/376/bookkeeping-finance-support/ During the current crisis HMRC has allowed VAT registered businesses to defer paying their VAT liability for the period between 20 March and 30 June 2020.  This deferment applied to VAT periods ending 29 February, 31 March and 30 April where payments would be due by 7 April, 7 May and 7 June. That deferment period is now finished Mon, 29 Jun 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/375/VAT-deferment/ https://www.sandrasilk.co.uk/article/375/VAT-deferment/ Although lockdown has restricted business for many, as a payroll provider to a large number of businesses I know that some businesses have been taking on new employees over this period. There will also be individuals who have used this time to start their own business and will be planning for the costs involved in taking on their first employee as the business grows.  So if you are a potential new employer here are some points you need to think about along with the costs you need to plan for. Mon, 22 Jun 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/374/becoming-an-employer/ https://www.sandrasilk.co.uk/article/374/becoming-an-employer/ We are about to start our fourth month of calculating furlough pay for employers who have been furloughing staff on and off since early March.  From 1st July we will have an even more challenging set of calculations if employers have employees working some of their normal hours and furloughing them the rest. We will be able to do the calculations but how well will flexible furlough work for small businesses? Mon, 15 Jun 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/373/flexible-furlough/ https://www.sandrasilk.co.uk/article/373/flexible-furlough/ One night last week a fire broke out in a building next to the office where my son works.  Everything in the office was destroyed and the building will have to be repaired.  Due to the current situation staff were already working remotely so work could continue without too much delay. A situation such as this would come as a massive shock to all business owners who have their own premises and highlights Mon, 08 Jun 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/372/disaster-recovery/ https://www.sandrasilk.co.uk/article/372/disaster-recovery/ Last week I wrote about checking your unpaid bills, your creditors, to see if the bills outstanding are accurate or whether there are old unpaid bills which could be duplicates or could require credit notes. This week I am going to cover debtors - the customers who owe you.  Whilst all business owners think they are on top of their unpaid invoices and know exactly who owes them and how much they are owed, often the accounts tell a different story.   Mon, 01 Jun 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/371/debtors-unpaid-sales/ https://www.sandrasilk.co.uk/article/371/debtors-unpaid-sales/ Creditors are the suppliers you owe money to but have you ever thought to check whether the report generated from your accounts software is accurate? When we take over bookkeeping work one of the things we check is the age of the supplier invoices awaiting payment.  Mon, 25 May 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/370/creditors/ https://www.sandrasilk.co.uk/article/370/creditors/ March is the chosen financial year end for more than 60% of our bookkeeping clients, whether they are a sole trader or a limited company.  So in April and May we are completing March and April bookkeeping for our bookkeeping clients, completing their VAT returns and finalising their accounts to hand over to their accountant.  This year, despite the additional workload created by COVID-19, Mon, 18 May 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/369/accounts-financial-year-end/ https://www.sandrasilk.co.uk/article/369/accounts-financial-year-end/ Whilst you have time to spare and are looking to reduce your overheads now would be the time to look at the charges for taking payments by card.  You will be paying fees to offer your customers this service and every merchant services provider will charge differently. Mon, 11 May 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/368/merchant-services-charges/ https://www.sandrasilk.co.uk/article/368/merchant-services-charges/ The last six weeks has been the most overwhelming time I have had in the 16 years since I have been in business.  The sheer volume of work created by the current situation which has not only significantly increased the time needed to do payroll four-fold but dealing with the almost continuous telephone calls and emails in that first two weeks from clients who just needed to talk things through and get some advice.  I really enjoy talking to clients Mon, 04 May 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/367/payroll-furlough-bookkeeping-vat/ https://www.sandrasilk.co.uk/article/367/payroll-furlough-bookkeeping-vat/ Four weeks into lockdown and many business owners will be feeling the strain.  Whether that is from having too much work or none at all.  We work with many different businesses and have some who can't trade at all and others who have kept an income coming in by finding new ways of working.  Its inspiring that many can keep going but I know many business owners are frustrated by the forced inaction.  We know that business as we knew it will change and this is a great opportunity for those who have time on their hands to consider their business and how they can do things differently in the future. Mon, 27 Apr 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/366/time-to-review-your-business/ https://www.sandrasilk.co.uk/article/366/time-to-review-your-business/ Today the HMRC online portal opened for claiming the grant against 80% of a furloughed employees wages, the employers' NI and the employers' pension contribution. From the reaction of employers you would think that today was the only day a claim could be made!  Perhaps they think Mon, 20 Apr 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/365/cjrs-portal/ https://www.sandrasilk.co.uk/article/365/cjrs-portal/ Those of you who have more than a couple of employees and run your own payroll will probably be finding the current situation a bit of a minefield.  Not only are we starting a new tax year this month with its changes in National Insurance contributions, changes to student loan thresholds, a change to they way holiday is calculated Mon, 13 Apr 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/364/payroll-help/ https://www.sandrasilk.co.uk/article/364/payroll-help/ We work with many businesses providing bookkeeping, VAT and payroll services and over the last 2-3 weeks I have provided guidance to clients who have telephoned and emailed.  I have also written 6 lengthy briefings Mon, 06 Apr 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/363/business-books-for-inspiration/ https://www.sandrasilk.co.uk/article/363/business-books-for-inspiration/ That’s been a common question in the last week since a large proportion of businesses have had to close. But why? Directors don't need to be assured that their job is safe.  It is safe.  It will be the last one to go if the business ceases to trade completely.  Mon, 30 Mar 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/362/furlough-directors/ https://www.sandrasilk.co.uk/article/362/furlough-directors/ Now is certainly a challenging time to be in business.  Business owners are concerned about the future of their business and how they will manage their finances.  Business owners need someone to talk through their concerns with to help them clarify what they need to do next and how they can manage. And that is why I have set aside Mon, 23 Mar 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/361/support-bookeeping-payroll/ https://www.sandrasilk.co.uk/article/361/support-bookeeping-payroll/ Last week our bookkeeping and payroll team enjoyed a challenging but fun evening at the Escape Rooms in Salisbury.  It was the fourth year the team have chosen to go there to experience the well planned challenge of using clues to solve the mystery. The team was evenly split this year Mon, 16 Mar 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/360/escape-rooms-salisbury/ https://www.sandrasilk.co.uk/article/360/escape-rooms-salisbury/ There are lots of things to remember about VAT when you are VAT registered.  Here are ten things about VAT which you may not know. Mon, 09 Mar 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/358/know-about-VAT/ https://www.sandrasilk.co.uk/article/358/know-about-VAT/ HMRC have confirmed the tax and NI thresholds for 2020-21 and some details of statutory parental bereavement pay. Mon, 02 Mar 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/357/pay-thresholds/ https://www.sandrasilk.co.uk/article/357/pay-thresholds/ Employment allowance can be claimed by business which have a payroll with at least one employee or two directors earning over the secondary threshold.  The £3,000 allowance is set against your Class 1 National Insurance contributions Mon, 24 Feb 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/356/employment-allowance-april-2020/ https://www.sandrasilk.co.uk/article/356/employment-allowance-april-2020/ Did you know that there are grants available to help you prepare for completing customs declarations for importing and exporting goods once we leave the EU?  Businesses will need to be aware of and prepared for the new processes Mon, 17 Feb 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/355/grants-for-new-customs-declaration-processes/ https://www.sandrasilk.co.uk/article/355/grants-for-new-customs-declaration-processes/ Today I received an email enquiry directly from my website from someone who wanted a quote for payroll and auto enrolment.  They asked me not to telephone so I assumed, as is often the case, that it was a sensitive situation.  So I emailed and asked them to call me when it was convenient to them as I needed to gather more information before quoting. Their response was Mon, 10 Feb 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/354/client-relationships/ https://www.sandrasilk.co.uk/article/354/client-relationships/ The new payroll year begins on 6 April 2020 and employers should be aware of the changes they will need to make to pay rates. Mon, 03 Feb 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/302/payroll-changes-2020-2021/ https://www.sandrasilk.co.uk/article/302/payroll-changes-2020-2021/ HMRC have told us for several years now that we must file our payroll returns on or before the date the employee is paid.  Most employers have a regular payment date and as a payroll bureau we ensure that we file the return on or before that payment date. But what happens if you forget to or are unable to file a return on the payment date?  Mon, 27 Jan 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/353/late-payroll-information/ https://www.sandrasilk.co.uk/article/353/late-payroll-information/ We are often asked this question by business owners taking on their first employee particularly if they are not going to be working many hours.  Employers believe that because they aren't paying their employee very much they don't need to put them on the payroll but that is not necessarily the case.  Or perhaps because they are just taking them on for a trial period of a week or month they think it is a waste of time adding them to the payroll.  Neither of these reasons will be considered by HMRC as an acceptable excuse for not putting your employee on the payroll if it is found later that they should have been. Mon, 20 Jan 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/352/payroll-service/ https://www.sandrasilk.co.uk/article/352/payroll-service/ Have you seen the Xero adverts on TV or heard them on the radio?  Xero accounting software has become extremely popular and now has more than 2 million subscribers around the world.  Perhaps you are already a Xero user but feel that you are not using it as well as you might? Mon, 13 Jan 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/351/xero-tips/ https://www.sandrasilk.co.uk/article/351/xero-tips/ A New Year is about looking forward and planning what you are going to achieve in the next six months, the next year or perhaps the next five years.  But a New Year is also about looking back to what you have achieved in the previous year or years.  If you don't look back sometimes you can't see how far you have come. Twelve years ago, Mon, 06 Jan 2020 00:00:00 +0000 https://www.sandrasilk.co.uk/article/350/business-planning-for-the-new-year/ https://www.sandrasilk.co.uk/article/350/business-planning-for-the-new-year/ As a business we are not very good at sharing the feedback we get from our clients.  In fact we don't share it at all unless you happen to be looking at our website because you need a bookkeeper or someone to take on your payroll. We have received some fantastic feedback from our clients this year, which we really appreciate so to finish our year off I thought I would share a couple of the testimonials we have received. Mon, 30 Dec 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/348/client-testimonials/ https://www.sandrasilk.co.uk/article/348/client-testimonials/ The Christmas and New Year break is a good time to reflect on all that is good and not so good with your business. Business owners have chance to step back and take time to look at what works, what doesn't and what could be better as well as planning for the coming year. Mon, 23 Dec 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/349/bookeeping-payroll-auto-enrolment/ https://www.sandrasilk.co.uk/article/349/bookeeping-payroll-auto-enrolment/ If your holiday year runs from January to December you will soon be calculating holiday entitlement for your staff for 2020.  Here are some facts to be aware of and to ensure you calculate it correctly, particularly for those who work part-time. Mon, 16 Dec 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/347/calculating-holiday-entitlement/ https://www.sandrasilk.co.uk/article/347/calculating-holiday-entitlement/ Christmas has arrived in our office!  The Christmas tree is up, the first tin of chocolates is being devoured and we have made our annual collection for a local charity. Mon, 09 Dec 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/346/christmas-sandra-silk/ https://www.sandrasilk.co.uk/article/346/christmas-sandra-silk/ Can a business owner do everything?  We would like to think we can but as our business grows inevitably we need help. But what help do we need and where do we get it? Mon, 02 Dec 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/345/outsource-for-added-value/ https://www.sandrasilk.co.uk/article/345/outsource-for-added-value/ The VAT Flat Rate scheme is available to businesses with turnover up to £150,000 per annum. It is advantageous to small businesses as the VAT payable to HMRC is calculated as a percentage of gross sales rather than 20% of net sales less 20% of VATable purchases. It makes calculating VAT due much more straightforward, record keeping is easier AND you are likely to pay less. Always an advantage! Mon, 25 Nov 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/344/flat-rate-vat-scheme/ https://www.sandrasilk.co.uk/article/344/flat-rate-vat-scheme/ Payroll is easy isn't it?  There is plenty of software out there that you can use to run your payroll which will tell you how much to pay your employees.  So why do employers still get their employees' pay wrong and don't notice that it is wrong?  Because, as with everything, the information you get out Mon, 18 Nov 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/343/payroll-support/ https://www.sandrasilk.co.uk/article/343/payroll-support/ Many employers give their employees a gift at Christmas.  If you are one of those generous employers have you considered whether there are any tax implications for the employee on the gift you give? Mon, 11 Nov 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/342/christmas-gift-for-employees/ https://www.sandrasilk.co.uk/article/342/christmas-gift-for-employees/ Businesses are generally started by enthusiastic entrepreneurs who either want to create something which can grow and has value or create a work/life balance for themselves.  Whichever it is there are lots of things the business owner needs to be involved with which may not have occurred to them during the excitement of starting a business. As a bookkeeper I know that finance is one of the most important things that a new business owner needs to understand. Mon, 04 Nov 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/341/finance-tips/ https://www.sandrasilk.co.uk/article/341/finance-tips/ It is more than 3 years ago that small businesses began to have an obligation to set up an auto enrolment pension scheme for their employees.  There was a lot of information available to employers at the time through the media as well as by post so there couldn't have been anyone who wasn't aware that they had a legal duty to set up a pension scheme for their employees who were eligible to join a scheme. In February 2016 I was invited to give evidence to Mon, 28 Oct 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/340/pension-re-enrolment/ https://www.sandrasilk.co.uk/article/340/pension-re-enrolment/ If you decided to outsource your bookkeeping would you choose a bookkeeper or an accountant?  It can be confusing because many accountants offer bookkeeping services and therefore are a one-stop shop for your bookkeeping and your tax return or statutory accounts.  Bookkeepers provide bookkeeping services (and tax returns in some cases) and do not offer the services which accountants offer because they are not qualified tax advisers. So you might think that an accountancy firm is the best solution because Mon, 21 Oct 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/339/bookkeeper-or-accountant/ https://www.sandrasilk.co.uk/article/339/bookkeeper-or-accountant/ When keeping your accounts records you can choose whether to record your transactions on a cash or accrual basis so it is important to understand these terms when it comes to understanding your finances as they can each give a different picture of your business for the same period. Recording transactions on a cash basis means Mon, 14 Oct 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/338/cash-accrual-accounting/ https://www.sandrasilk.co.uk/article/338/cash-accrual-accounting/ As business owners we are all encouraged to set goals in order to achieve what we set out to do.  Whether those are 5 year or 10 year goals to achieve a specific personal dream or short term goals to take baby steps towards your long term dream. There are numerous books written by successful business owners sharing Mon, 07 Oct 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/337/business-goals/ https://www.sandrasilk.co.uk/article/337/business-goals/ Most apprenticeships tend to start in September so now is a good time to consider what having an apprentice involves for you, as an employer and what the costs might be. Mon, 30 Sep 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/336/employing-an-apprentice/ https://www.sandrasilk.co.uk/article/336/employing-an-apprentice/ One of the many things I love about working with the variety of clients we have is being able to recommend them to each other.  We work with very few businesses which offer the same service so the opportunities to recommend are extensive. As a business we use our clients to provide services Mon, 16 Sep 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/334/business-recommendations/ https://www.sandrasilk.co.uk/article/334/business-recommendations/ The last couple of years have got busier and busier for us.  Lots of new enquiries, lots of new clients and lots of one-off Xero training but with MTD looming I decided at the beginning of this year we would not take on any new clients for a few months.  As lovely as it is Mon, 09 Sep 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/333/bookkeeping-and-payroll-help/ https://www.sandrasilk.co.uk/article/333/bookkeeping-and-payroll-help/ VAT records must be kept  for six years although HMRC are only allowed to adjust returns going back four years plus the current period.  However if you have purchased land or buildings you may need to keep relevant documents for 20 years.   But what VAT records do you need to keep? Mon, 02 Sep 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/332/vat-record-keeping/ https://www.sandrasilk.co.uk/article/332/vat-record-keeping/ All businesses need to keep an annual record of their income and their business expenses in order to report them to HMRC through a tax return if they are a sole trader, through partnership accounts if their business is a partnership or through statutory accounts if they are a limited company.   So it is important that businesses keep regular and accurate records Mon, 26 Aug 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/331/outsource-bookkeeping/ https://www.sandrasilk.co.uk/article/331/outsource-bookkeeping/ On 4 October 2018 the government issued a press release which stated that new measures were in place to end the problem of late payments to small businesses.  It stated that nearly a quarter of small businesses suffer from late payments which threaten their survival.  Mon, 19 Aug 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/330/HMRC-delay-PAYE-refunds/ https://www.sandrasilk.co.uk/article/330/HMRC-delay-PAYE-refunds/ The summer holidays are in full swing and you may be wondering whether you should pay your staff while they are on holiday. All employees and workers are entitled to paid holiday which begins to accrue Mon, 12 Aug 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/329/paid-holiday-entitlement/ https://www.sandrasilk.co.uk/article/329/paid-holiday-entitlement/ In their simplest form management accounts inform the business owner and managers (where appropriate) of the key numbers for their business.  Every business is different and whilst some key numbers are important in every business each business might like to keep track of a different aspect of their business. Mon, 05 Aug 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/328/management-accounts/ https://www.sandrasilk.co.uk/article/328/management-accounts/ Finally the month for submission of VAT returns via MTD arrived and we survived. Months and months of talking about it, reading about it and watching webinars. Then we just had to get on with it. Mon, 29 Jul 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/327/mtd-for-vat/ https://www.sandrasilk.co.uk/article/327/mtd-for-vat/ Whilst we are still part of the EU VAT registered businesses which supply goods to a customer in a EU country must charge VAT at the standard UK rate.  However if that customer is VAT registered, as long as they provide you with their VAT number you can Mon, 22 Jul 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/326/vat-eu-countries/ https://www.sandrasilk.co.uk/article/326/vat-eu-countries/ If you are a sole trader or consider yourself to be self-employed you will need to declare your income and expenses to HMRC at the end of each tax year through a self-assessment tax return.  Even if you earn income in addition to being employed and receiving pay through a payroll from your employer you need to declare your additional income to HMRC.  The only exception to this Mon, 15 Jul 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/325/self-assessment-tax-return/ https://www.sandrasilk.co.uk/article/325/self-assessment-tax-return/ With the school summer holidays just around the corner you may be wondering if you can employ a young person to help you out in your business.  The benefits for both you, as an employer, and the potential employee can be valuable. Mon, 08 Jul 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/324/employ-a-young-person/ https://www.sandrasilk.co.uk/article/324/employ-a-young-person/ The newest recruit to our bookkeeping team joined us at the beginning of May. Ryan is a trainee currently about to complete his Level 3 exams.  I know Ryan is really enjoying the variety of work we do and being able to learn from our experienced bookkeepers but I thought it would be interesting if he wrote about why he chose to do accounts and how he has found the first few weeks.  This might help others considering a similar change because it is always daunting, as well as exciting, to take a massive step in a different direction. Here is the beginning of Ryan's bookkeeping journey. Mon, 01 Jul 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/323/bookkeeping-journey/ https://www.sandrasilk.co.uk/article/323/bookkeeping-journey/ As a business owner how often do you review the costs going out of your business or do you rely on someone else to do that for you? Costs reduce your profit so you really need to understand exactly what running your business and creating your turnover is costing you. These are our tips for checking your costs Mon, 24 Jun 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/322/business-costs-review/ https://www.sandrasilk.co.uk/article/322/business-costs-review/ One of the services we offer is Xero training.  There are many businesses using Xero who may be unsure of whether they are using it effectively for their business.  Or they may feel they are not using the software to its full potential.  If you are using Xero in your business and you would really like some help to use it better we have some bespoke training sessions available for you to book in August. Mon, 10 Jun 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/320/xero-training/ https://www.sandrasilk.co.uk/article/320/xero-training/ In our business I believe having a qualification to do bookkeeping or payroll is essential. For me,studying to gain a qualification shows commitment to providing a professional service and is the foundation for building on that skill and knowledge. Mon, 03 Jun 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/319/qualified-bookkeeper-qualified-payroll/ https://www.sandrasilk.co.uk/article/319/qualified-bookkeeper-qualified-payroll/ If you are taking on people to help you in your business you need to know whether they will be a worker or an employee.  Worker and employee are two different statuses of employment and each have different rights which a business owner or employer should be aware of. So how do you distinguish between each employment status? Mon, 27 May 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/318/worker-or-employee/ https://www.sandrasilk.co.uk/article/318/worker-or-employee/ HMRC have this month updated their Notice 700/22 relating to Making Tax Digital.  The update shows that bookkeeping entries can be made much more simply than was previously described.  Mon, 13 May 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/316/making-tax-digital-update/ https://www.sandrasilk.co.uk/article/316/making-tax-digital-update/ If you want to grow your business at some stage you will need to take on your first employee.  It can be daunting because there are many things you need to consider.  But once you have taken that first step you are on your way to developing your business. Sun, 05 May 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/315/your-first-employee/ https://www.sandrasilk.co.uk/article/315/your-first-employee/ Some businesses do not want to become VAT registered because they think it is too complicated to do VAT returns.  It is quite straightforward especially now that VAT returns can be submitted directly from your accounts software. Here are some tips for keeping VAT simple and getting it right. Mon, 29 Apr 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/314/Keep-VAT-simple/ https://www.sandrasilk.co.uk/article/314/Keep-VAT-simple/ Small employers will soon be receiving, if they haven't already, notification from The Pension Regulator that they need to carry out re-enrolment. Auto-enrolment into a pension scheme began for many smaller employers within the last 3 years.  Re-enrolment requires employers Mon, 22 Apr 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/313/pension-re-enrolement/ https://www.sandrasilk.co.uk/article/313/pension-re-enrolement/ If you are a provider of services to your customer how often do you review the service you provide to them?  Are you providing the service they want or the service you think they want?  Do they know what they want or do they trust you to provide the service you think they should have? Mon, 15 Apr 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/312/service-provider/ https://www.sandrasilk.co.uk/article/312/service-provider/ April 2019 sees several changes to legislation for those who run a business.  Here is a brief round up of the changes which may affect your business. Mon, 08 Apr 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/311/new-legislation-April-2019/ https://www.sandrasilk.co.uk/article/311/new-legislation-April-2019/ If you are an employer providing expenses and/or benefits to your employees it is likely that you will have to submit a P11D advising HMRC of these expenses or benefits now that the tax year is finished. Mon, 01 Apr 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/310/P11D/ https://www.sandrasilk.co.uk/article/310/P11D/ HMRC have issued the new rates for fuel from 1st March until 31st May 2019.  These rates are used to reimburse employees for business travel in their company car or Mon, 25 Mar 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/309/hmrc-fuel-rates/ https://www.sandrasilk.co.uk/article/309/hmrc-fuel-rates/ HMRC is not always right when it comes to what you owe them.  Over the years we have had lots of situations where HMRC have told our clients they have underpaid PAYE when they haven't.  Although, to be fair, they do notify clients when they have overpaid too.  Mon, 18 Mar 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/308/checking-your-hmrc-online-paye-account/ https://www.sandrasilk.co.uk/article/308/checking-your-hmrc-online-paye-account/ I have worked with Xero since 2011 and whilst it is not the only software we use it has become more popular both with our customers and our bookkeepers.  It is user friendly and is generally quicker to work with than traditional desk top softwares.Whilst there are lots of positives to using the software there are some negatives too which it is worth being aware of. Mon, 11 Mar 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/307/xero-accounts-software/ https://www.sandrasilk.co.uk/article/307/xero-accounts-software/ HMRC have numerous tools and calculators available on their website.  Whether you want to get an estimate of the tax you may have to pay in the current year, your Statutory Maternity Pay entitlement or whether you want to find out if you qualify for tax credits there will be a useful calculator for you.  The tools cover a wide variety of topics but the most recent one is about Preparing your Business for the UK leaving the EU. Mon, 04 Mar 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/306/hmrc-prepare-for-leaving-the-eu/ https://www.sandrasilk.co.uk/article/306/hmrc-prepare-for-leaving-the-eu/ The world of bookkeeping and accountancy is changing and has been changing rapidly over the last few years.  At one time small businesses would have Mon, 25 Feb 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/305/bookkeeping-is-changing/ https://www.sandrasilk.co.uk/article/305/bookkeeping-is-changing/ Did you know that if your earnings for the year are below the tax threshold you can pass 10% (currently £1,190) of your tax free allowance to your partner if they pay tax at the basic rate of 20%?  Mon, 18 Feb 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/304/marriage-allowance/ https://www.sandrasilk.co.uk/article/304/marriage-allowance/ One of my clients asked me last week if they still needed to be VAT registered. Their business has changed now they no longer have an employee to help them.  So I took some time this morning to calculate whether they would be better off de-registering for VAT.  There are a number of factors to take into account when doing this Mon, 04 Feb 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/301/de-register-for-VAT/ https://www.sandrasilk.co.uk/article/301/de-register-for-VAT/ The majority of businesses will need to provide their customers with an invoice for the goods they have bought or the services they have received.  The format of that invoice and how it is presented to the customer will vary from business to business.  Mon, 28 Jan 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/300/accurate-invoicing-for-customers/ https://www.sandrasilk.co.uk/article/300/accurate-invoicing-for-customers/ Last week we finally had our Christmas get together.  With December being short on working days and a hectic schedule for everyone both at work and at home during December we decided to do something in January instead. Mon, 21 Jan 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/299/escape-rooms-salisbury/ https://www.sandrasilk.co.uk/article/299/escape-rooms-salisbury/ Are you an employer who agrees a net pay arrangement with their employees?  This net pay arrangement means that you as an employer guarantees that an employee will receive the same amount of pay every pay day.This creates a financial risk to your business because Mon, 14 Jan 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/298/net-pay-arrangement/ https://www.sandrasilk.co.uk/article/298/net-pay-arrangement/ Being a bookkeeper and a business owner means my day rarely runs to plan.  A full day of bookkeeping only happens when I visit clients because there are no telephone calls, emails, visitors, staff or other priorities requiring my attention. When I am in the office for the day I often leave feeling I haven't achieved anything that I wanted to.  Today was one of those days so I thought for my blog this week I would look back at today and see what I really did achieve.So, this was today in the life of a bookkeeper and business owner ................. Mon, 07 Jan 2019 00:00:00 +0000 https://www.sandrasilk.co.uk/article/297/bookkeeper-business-owner/ https://www.sandrasilk.co.uk/article/297/bookkeeper-business-owner/ With the changes to the National Living Wage and National Minimum Wage just around the corner HMRC have published the top ten ways an employer may not be paying the minimum wage even though they think they are. Here are the top ten common mistakes employers make: Mon, 17 Dec 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/296/errors-in-the-minimum-wage/ https://www.sandrasilk.co.uk/article/296/errors-in-the-minimum-wage/ Businesses fail for many reasons but nearly all of them cite outside forces working against them - rent or rate rises, parking charges, delays caused by suppliers, no support from the bank, etc, etc. What they don't think about is that maybe they are selling the wrong product Mon, 10 Dec 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/295/avoid-business-failure/ https://www.sandrasilk.co.uk/article/295/avoid-business-failure/ I am often asked by a new business owner what accounts software they should use. A simple question but of course it all depends ..... Mon, 03 Dec 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/294/accounting-software/ https://www.sandrasilk.co.uk/article/294/accounting-software/ I was chatting with a business owner today who said there are only two advantages to being self-employed - you can go on holiday when you like and you can work with who you want to. That started me thinking - are there really only two advantages and no disadvantages?  If that was the case why isn't everyone self-employed? Mon, 26 Nov 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/293/being-a-business-owner/ https://www.sandrasilk.co.uk/article/293/being-a-business-owner/ Its that time of year when we may be thinking about how to reward our employees for their support during the year.  A Christmas meal, a bonus, a bottle of wine or some chocolates?  Mon, 19 Nov 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/292/employee-Christmas-gifts/ https://www.sandrasilk.co.uk/article/292/employee-Christmas-gifts/ As an employer you may be unsure whether your employee can take holiday when they are off sick.  Employees can request that they use their holiday during periods of sickness instead of receiving sick pay. Mon, 12 Nov 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/291/sick-pay-holiday-pay/ https://www.sandrasilk.co.uk/article/291/sick-pay-holiday-pay/ If you are a sole trader preparing to file your tax return did you know that some of your business expenses can be calculated using HMRC's rules for simplified expenses?  This includes motor vehicle costs and working from home which can often be time consuming to keep records of. Mon, 05 Nov 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/290/simplified-expenses/ https://www.sandrasilk.co.uk/article/290/simplified-expenses/ As an employer you can pay your employees for mileage incurred when they are using their own car to travel on business.  HMRC sets out the rates you can pay without the payment being subject to tax and NI. The approved rate is Mon, 29 Oct 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/289/approved-mileage-rates/ https://www.sandrasilk.co.uk/article/289/approved-mileage-rates/ Making Tax Digital for VAT is less than 6 months away.  We are ready for it and have made sure all our customers know what changes they need to make too.  Are you ready for MTD? Mon, 22 Oct 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/288/making-tax-digital/ https://www.sandrasilk.co.uk/article/288/making-tax-digital/ When you start out in business it is difficult to know whether to be a sole trader (self-employed) or a limited company.  And many will wonder what the difference is and whether there are advantages of one over the other. A few years ago it was said that it was more tax efficient to be a limited company but these days there really isn't much difference in tax savings between the two. So how do you decide? Mon, 15 Oct 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/287/sole-trader-or-limited-company/ https://www.sandrasilk.co.uk/article/287/sole-trader-or-limited-company/ Whether you are a new business or an established business it is always worth putting some thought into when is the right time to become VAT registered. New business owners often think that they have to become VAT registered Mon, 08 Oct 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/286/register-for-VAT/ https://www.sandrasilk.co.uk/article/286/register-for-VAT/ Being in business is about selling a service or a product in order to make a profit. On paper it can look as though you are making a profit however your bank account could tell a very different story. Mon, 01 Oct 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/281/credit-control-process/ https://www.sandrasilk.co.uk/article/281/credit-control-process/ I have just reached a milestone of 15 years in business.  It has been challenging, rewarding and enlightening.  I have had to learn to do things it never occurred to me I would have to do when I started out.  I have had opportunities and experiences that I would never would have had.  Mon, 24 Sep 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/285/business-inspiration/ https://www.sandrasilk.co.uk/article/285/business-inspiration/ It doesn't seem that long ago that we were talking to employers about setting up an auto enrolment pension scheme and the eligibility of their staff to join the scheme.  We held a seminar for our payroll clients to talk them through what was involved in setting up and managing the scheme and to let them know how we could help them. Mon, 17 Sep 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/284/pension-re-enrolment/ https://www.sandrasilk.co.uk/article/284/pension-re-enrolment/ As a bookkeeper I have contact with lots of business owners who are in one or more of the following situations and need help.  It is always difficult to ask for help when you don't know exactly what you need help with but just know you can't continue as you are.  Mon, 10 Sep 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/283/accounts-help/ https://www.sandrasilk.co.uk/article/283/accounts-help/ All growing businesses will become VAT registered. It is not daunting. You just need to become organised with your record keeping and remember your VAT return deadlines. So what should you know about becoming VAT registered? Mon, 03 Sep 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/282/becoming-VAT-registered/ https://www.sandrasilk.co.uk/article/282/becoming-VAT-registered/ We have been trialling and evaluating software which will integrate with Xero to provide our clients with the key figures they need to know to support them with the development and growth of their business.  The software we have looked at has varied in what it can produce and how it looks. Mon, 27 Aug 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/278/key-performance-indicators/ https://www.sandrasilk.co.uk/article/278/key-performance-indicators/ Your employee has handed in their notice.  Apart from planning if and how you are going to replace them you will need to calculate how much pay they are due. Mon, 20 Aug 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/277/leaver-pay-calculation/ https://www.sandrasilk.co.uk/article/277/leaver-pay-calculation/ Bookkeeping is an unknown quantity for many people.  Does anyone really understand what it entails and what a bookkeeper does?  Bookkeeper is a title which can cover everything finance related or can be as simple as data entry.  The word "bookkeeper" doesn't really do justice to our role in a business Mon, 13 Aug 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/276/business-bookkeeping-help/ https://www.sandrasilk.co.uk/article/276/business-bookkeeping-help/ From April 2019 VAT registered businesses who have a turnover over the VAT registration threshold (currently £85,000) must use accounting software to file their VAT returns.  If your turnover is over £85,000 you will no longer be able to use the Government Gateway to file a return.  The only businesses which will be exempt from complying with this regulation Mon, 06 Aug 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/275/mtd-and-vat/ https://www.sandrasilk.co.uk/article/275/mtd-and-vat/ At least once a year every business owner should review the cost of running their business - the overheads.  Whilst you might spend time finding the best and most cost effective supplier for the goods that you sell or for the materials that are used to provide your service, do you consider the other costs that your business incurs?  Costs such as insurance, telephone & broadband, stationery, subscriptions and marketing.  Are you aware of these overhead costs or do you just accept they are what they are? Mon, 30 Jul 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/274/increase-your-profitability/ https://www.sandrasilk.co.uk/article/274/increase-your-profitability/ I have written a few blogs over the years about the differences between an accountant and a bookkeeper and why I recommend that you use both a bookkeeper and an accountant for your business.  That may be yourself as the bookkeeper, an employed bookkeeper or a bookkeeper external to your business - whatever works best for your business.  During the last 12 months Mon, 23 Jul 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/273/does-your-accountant-add-value/ https://www.sandrasilk.co.uk/article/273/does-your-accountant-add-value/ Did you know that as an employer you can claim £3,000 every year against your Employer's National Insurance contributions? Known as the Employment Allowance, it was introduced in April 2014 to encourage employers to take on more staff.  The Allowance was originally set at £2,000 but soon increased to £3,000 enabling employers to benefit for longer. The Allowance is claimed Mon, 16 Jul 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/272/employment-allowance/ https://www.sandrasilk.co.uk/article/272/employment-allowance/ The recent ruling against Pimlico Plumbers in favour of one of its workers highlights the need for every business owner to understand the rules around employment and self-employment. The worker in question was self-employed but wanted to be paid sick pay when he fell ill and also to be paid holiday pay. Mon, 09 Jul 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/271/self-employed-rights/ https://www.sandrasilk.co.uk/article/271/self-employed-rights/ A large number of our clients are using Xero to maintain their accounts records and as a Xero Silver Champion partner we are well placed to help them get started and use it to its best advantage for their business. So if you are already using Xero or are thinking about using it what are our top five tips for getting started. Mon, 02 Jul 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/270/getting-started-with-Xero/ https://www.sandrasilk.co.uk/article/270/getting-started-with-Xero/ It has been about 5 years since one of my clients had a visit from a VAT inspector. It always comes as a bit of a shock when they do want to arrange a visit especially as I was just about to go on holiday and they wanted the visit the week I got back!  There is, of course, always concern that they have a specific reason for visiting which they are not going to tell you about until they arrive!  This VAT inspection was with a business which hasn't had a visit for almost 20 years even though it has quite a complex VAT situation.   Mon, 25 Jun 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/269/VAT-inspection-experience/ https://www.sandrasilk.co.uk/article/269/VAT-inspection-experience/ Having spent several weeks being bombarded by emails relating to GDPR I am beginning to wonder whether anything has actually changed. I received emails telling me I had to opt in, emails telling me I had to opt out and privacy policies from businesses I don't have anything to do with.  I know I am not the only one who has had enough of GDPR.  Of course we all want to do the right thing for our business and I am sure most small businesses were already protecting sensitive data anyway. Mon, 18 Jun 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/268/gdpr-changes/ https://www.sandrasilk.co.uk/article/268/gdpr-changes/ Last week was a time of celebration.  A wedding has been the discussion of our office for the last few months and Saturday was the day. Mon, 04 Jun 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/267/sharing-good-times/ https://www.sandrasilk.co.uk/article/267/sharing-good-times/ Last week I spent the day in London at the annual accountancy exhibition, Accountex, held at the ExCel. I first went to the exhibition two years ago and was amazed by the number of stands and variety of speakers.  Having skipped a year to attend the Sage conference, Sarah and I decided we would go to Accountex again to find out more about developments in the accounting industry.  We planned in advance what we wanted to get out of the day and went to different talks and visited different software stands so we could get the most out of it. Mon, 28 May 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/266/accountex-2018/ https://www.sandrasilk.co.uk/article/266/accountex-2018/ Did you know you can choose which VAT Scheme you use to report VAT? There are several to choose from and it is worth considering which one is best for your business and for your cash flow.  Mon, 21 May 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/265/vat-scheme-for-your-business/ https://www.sandrasilk.co.uk/article/265/vat-scheme-for-your-business/ Not all bookkeepers and accountants are good at their job.  Each has a different sets of skills.  Bookkeepers do the day to day record keeping for your business, whilst accountants are better qualified to look at the overall picture of the business and advise on tax savings and planning. Mon, 14 May 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/264/bookkeeper-accountant/ https://www.sandrasilk.co.uk/article/264/bookkeeper-accountant/ There is more to being in business than having a 9 to 5 job.  Being your own boss seems idyllic when you are employed, have regular hours and a regular income.  Being able to work as and when you want, where you want and how you want is the flexibility you crave when you are employed.  Being able to be choosy about the people you work with and the work you do is an exciting prospect. Mon, 07 May 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/263/being-in-business/ https://www.sandrasilk.co.uk/article/263/being-in-business/ Now's the time to get your tax return for 2017-18 out the way.  The tax year finished on 5th April and tax returns will now be available to complete online.  The deadline for submission is 31 January 2019 but why wait for the deadline?  Here are some of the advantages of getting it done in good time: Mon, 30 Apr 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/262/submit-tax-return/ https://www.sandrasilk.co.uk/article/262/submit-tax-return/ The VAT registration threshold will remain at £85,000 for the next two years until April 2020.  Businesses with sales of £85,000 in a 12 month period must become VAT registered unless their sales are exempt from VAT.   But if you are VAT registered and your income falls below the VAT deregistration threshold of £83,000 you can voluntarily deregister for VAT.  Mon, 23 Apr 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/261/vat-deregistration/ https://www.sandrasilk.co.uk/article/261/vat-deregistration/ What is important to you when you are considering outsourcing your bookkeeping? Maybe you just need someone, anyone, to just organise all that paperwork which keeps appearing.  Do they need to know what they are doing?  Do they need experience? If you want to keep your finances on track you will need someone who can do more than just organise paperwork.  You need someone who understands accounts, can do what you need them to do and is reliable and honest too. Mon, 16 Apr 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/260/plan-ahead-for-bookkeeping-support/ https://www.sandrasilk.co.uk/article/260/plan-ahead-for-bookkeeping-support/ With pension contributions rising from 6th April 2018 it seems like a good time to remind employers of the key points about auto enrolment. Mon, 09 Apr 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/259/pension-auto-enrolment/ https://www.sandrasilk.co.uk/article/259/pension-auto-enrolment/ Xero Drop In is our new one-to-one Xero training service.  Xero is very popular for maintaining business accounts but how well is it working for you? The information you get out of Xero is only as good as the information you put in and if you are struggling to understand how to make a particular accounting aspect of your business work then the information you get out won't be of any real value. Mon, 02 Apr 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/252/xero-training/ https://www.sandrasilk.co.uk/article/252/xero-training/ Businesses receive payment from their customers in different ways.  Shops and online retailers have the advantage of receiving payment when they make the sale and therefore mostly have no issues with customers not paying. Mon, 26 Mar 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/258/credit-control/ https://www.sandrasilk.co.uk/article/258/credit-control/ More businesses are moving to cloud accounting software.  With Making Tax Digital for Businesses just 12 months away it makes sense to get ready now and move your accounts to software that will be compliant with the new regulations. Cloud accounting software is user friendly and makes keeping your accounting records a whole lot easier.  VAT returns can be submitted directly to HMRC at the press of a button and as we get closer to April 2019 developers will be updating software to cope with the new requirements. Mon, 19 Mar 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/255/cloud-accounting-business/ https://www.sandrasilk.co.uk/article/255/cloud-accounting-business/ On 9 March 2018 HMRC released the names of employers who have paid their staff less than the minimum wage.  They release this report quarterly and it is surprising how many businesses are on this list each quarter.  This time there are 179 businesses who have underpaid their employees between £100 and £133,000.  They don't report on underpayments less than £100 although that doesn't mean they don't take action. Mon, 12 Mar 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/257/underpaid-employees/ https://www.sandrasilk.co.uk/article/257/underpaid-employees/ The new tax year starts on 6th April and with it comes changes to the tax rates and thresholds.  Here is a quick round up of what this might mean for you. Mon, 05 Mar 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/256/tax-rates-2018-2019/ https://www.sandrasilk.co.uk/article/256/tax-rates-2018-2019/ Making Tax Digital for Business, now known as MTDfB, will begin in April 2019 but that doesn't mean you can forget it until then.  Now is the time to start thinking about what you need to do in your business to meet the new reporting requirements. MTDfB starts with businesses which are Mon, 26 Feb 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/254/making-tax-digital-for-business/ https://www.sandrasilk.co.uk/article/254/making-tax-digital-for-business/ The recent demise of Carillion and the possibility of Toys R Us going in to administration because they can't pay their £15m VAT bill highlights how large as well as small companies struggle with cash flow.  All businesses rely on their customers to pay them for the work they have done so that they can pay their suppliers and their taxes.  A sale is not a sale until it is paid for but unfortunately businesses are liable for their taxes whether they have been paid by their customer or not. Mon, 19 Feb 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/253/control-spending-in-your-business/ https://www.sandrasilk.co.uk/article/253/control-spending-in-your-business/ I have been asked several times recently how much to pay someone both in terms of a new employee and as a pay rise.  There are really 3 things to consider when you are deciding what to pay: Mon, 12 Feb 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/251/employee-pay-rise/ https://www.sandrasilk.co.uk/article/251/employee-pay-rise/ Our recent seminar, New Year, New Business - A Guide for Startups, was very successful despite the unplanned power cut across our area that morning!  The presentation without electricity became a very relaxed informal discussion around the table.  Candles would have been good but the emergency light and a small window gave everyone just about enough light to make notes!   Mon, 05 Feb 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/250/guide-for-startups/ https://www.sandrasilk.co.uk/article/250/guide-for-startups/ Employers should be planning ahead for the national minimum wage and pension contribution increases which will take effect from April 2018. The new rates will be: Mon, 29 Jan 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/249/pension-minimum-wage-increases/ https://www.sandrasilk.co.uk/article/249/pension-minimum-wage-increases/ February 2018 sees the last group of employers reaching their Staging Date and auto enrolling eligible employees into a Pension Scheme. But what happens to those employers who haven't put a pension scheme in place by their Staging Date?   Mon, 22 Jan 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/248/auto-enrolment-non-compliance/ https://www.sandrasilk.co.uk/article/248/auto-enrolment-non-compliance/ Some businesses have always added a surcharge to cover the cost of the fees charged to them by the companies who process debit and credit card transactions but from 13th January 2018 they are no longer allowed to add a charge to payments they take by card. Mon, 15 Jan 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/247/change-debit-credit-card-charges/ https://www.sandrasilk.co.uk/article/247/change-debit-credit-card-charges/ We are already one week into 2018 but what did 2017 bring us that we can celebrate and learn from? Mon, 08 Jan 2018 00:00:00 +0000 https://www.sandrasilk.co.uk/article/246/celebrate-2017-welcome-2018/ https://www.sandrasilk.co.uk/article/246/celebrate-2017-welcome-2018/ Having some time off over Christmas and New Year allows time to think and plan.  New ideas are born and business plans developed.  Its an exciting time for new businesses.  The early stages of development and the prospect of doing something for yourself is motivating. But it can be daunting too Mon, 18 Dec 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/245/startup-business-support/ https://www.sandrasilk.co.uk/article/245/startup-business-support/ Back in the summer we began discussing what we might do for our team building event this year.  For the past two years we have been to the Escape Rooms in Salisbury after our annual training and development day which has been really good fun.  But this year we wondered what we could do that was different. Mon, 11 Dec 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/244/christmas-2017/ https://www.sandrasilk.co.uk/article/244/christmas-2017/ An EU court recently awarded a man 13 years of backdated holiday pay.  The EU court supported the man's claim for 13 years worth of unpaid and untaken annual leave despite him having a "self-employed commission-only" contract.  His employers had refused to pay him holiday pay on the basis that he was "self-employed" and therefore any holiday he took was unpaid. This decision is significant Mon, 04 Dec 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/243/holiday-pay/ https://www.sandrasilk.co.uk/article/243/holiday-pay/ The Pension Regulator has increased its activity significantly in the last quarter to enforce Automatic Enrolment and is using pension providers to help them identify non-compliance.  Pension providers will advise The Pension Regulator of schemes which have been set up which have no employees enrolled and Mon, 27 Nov 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/242/comply-auto-enrolment/ https://www.sandrasilk.co.uk/article/242/comply-auto-enrolment/ From 13th January 2018 HMRC will no longer accept payment of taxes by personal credit card and prior to that, from 15th December 2017, payments will not be able to be made through the Post Office. Payments can be made to HMRC by: Tue, 21 Nov 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/241/changestohmrcpayments/ https://www.sandrasilk.co.uk/article/241/changestohmrcpayments/ Its that time of year when we may be thinking about how to reward our employees for their support during the year.  Perhaps you are thinking about giving them a Christmas bonus or perhaps a bottle of wine and some chocolates.  Or maybe you are planning to take them out for a Christmas meal or having a party. Sun, 12 Nov 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/240/Christmas-gifts-for-employees/ https://www.sandrasilk.co.uk/article/240/Christmas-gifts-for-employees/ If you want to expand your business you need people to support you as there is no way you can do everything yourself.  But it seems that business owners are reluctant to employ anyone and would rather use an associate or a consultant than commit to someone joining their business.  Even if they need someone to do the day to day administration it has become more common to use someone who is self-employed.  Why is this? Mon, 06 Nov 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/239/employed-self-employed/ https://www.sandrasilk.co.uk/article/239/employed-self-employed/ Before you start your business you need to decide whether you will be a Sole Trader or a Limited Company.  Or you may choose to be a Partnership rather than a Limited Company if there are two or more business owners.  It can be confusing and many business owners opt for Limited Company status without really understanding what is involved.   Mon, 30 Oct 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/238/responsibilities-limited-company/ https://www.sandrasilk.co.uk/article/238/responsibilities-limited-company/ I have been providing bookkeeping services to individuals and businesses for more than 14 years now and one of the biggest surprises to me in the first few years was to be told that I was a good bookkeeper.  I was surprised because shouldn't all bookkeepers be good?  Keeping accurate records and understanding the financial aspects of a business is what bookkeepers do and whilst we learn different areas of bookkeeping for different businesses the foundations of our learning are still the same. Mon, 23 Oct 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/237/good-bookkeeper/ https://www.sandrasilk.co.uk/article/237/good-bookkeeper/ A recent article in the Telegraph indicated that the Government is considering reducing the age for auto-enrolling employees into their pension scheme to 16 from the current age 22.  The DWP are currently reviewing this and will release the details towards the end of this year. Do you think it is a good thing? Mon, 16 Oct 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/236/auto-enrol-16-year-olds/ https://www.sandrasilk.co.uk/article/236/auto-enrol-16-year-olds/ If you are just starting out in business you will probably have lots of questions especially when it comes to managing your finances.  Many banks will want you to prepare a forecast of your income and expenditure before they will consider you for a loan or an overdraft and many need this even to open a business bank account. That can be daunting if you really don't know where to start and what you should include. Mon, 09 Oct 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/234/new-business-advice/ https://www.sandrasilk.co.uk/article/234/new-business-advice/ There are lots of things to remember about VAT when you are VAT registered.  Here are ten things about VAT which you may not know. Mon, 02 Oct 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/235/ten-things-to-know-about-VAT/ https://www.sandrasilk.co.uk/article/235/ten-things-to-know-about-VAT/ You may think that you have done all your need to once you have reached your Staging Date for Auto Enrolment. You have set up your pension scheme and sent out communications to your employees.  You have auto enrolled your workers and deducted contributions from their pay.  You have even remembered to do your Declaration of Compliance.  So what else is there to do? Mon, 25 Sep 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/233/auto-enrolment-administration/ https://www.sandrasilk.co.uk/article/233/auto-enrolment-administration/ Making Tax Digital (MTD) is HMRC's term for submission of tax information online.  The revised implementation date was announced in July 2017 and now we have a little more information about what will be expected. From April 2019 VAT registered businesses over the VAT registration threshold (£85,000 for 2017-18) will have to submit their monthly or quarterly VAT returns online through their accounts software.  VAT registered businesses below the VAT registration threshold will not be required to but can submit in this way voluntarily.  If you submit annual VAT returns you will be able to continue to do this.   Tue, 19 Sep 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/231/mtd-accounts-software/ https://www.sandrasilk.co.uk/article/231/mtd-accounts-software/ Businesses should have a separate bank account for their business transactions as it will make preparing their accounts so much easier. Trying to extract business income and costs from a personal account takes a lot more time and if you needed to prove any business transactions when applying for a loan, for example, they would have access to your personal spending habits too. Mon, 11 Sep 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/229/check-bank-charges/ https://www.sandrasilk.co.uk/article/229/check-bank-charges/ Being a business owner comes with a variety of challenges.  The list of jobs to do is never ending even if you do outsource some of them. There are still many things which you just know you have to do yourself. Sometimes being a business owner can feel like being on a treadmill endlessly moving from task to task without actually moving on.   Mon, 04 Sep 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/228/business-inspiration/ https://www.sandrasilk.co.uk/article/228/business-inspiration/ Are you aware of the implications of providing a mobile phone to your employee or reimbursing them for their mobile phone costs?  It could cost you, and them, more than you think. For instance: Mon, 28 Aug 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/227/mobile-phone-reimbursement/ https://www.sandrasilk.co.uk/article/227/mobile-phone-reimbursement/ Bookkeeping is defined as "the recording of all financial transactions".  Sounds simple but if that was the case why is bookkeeping a career with qualifications ranging from Level 2 to Level 4?   The financial transactions of a sole trader's business to those of a huge organisation vary enormously but whatever level of transactions there are bookkeeping principles to follow.  A sole trader business can be just as complex as a limited company business, maybe more so in some cases - we certainly deal with sole traders who have high value businesses and large numbers of transactions as well as limited companies who have very Mon, 21 Aug 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/226/more-to-bookkeeping/ https://www.sandrasilk.co.uk/article/226/more-to-bookkeeping/ As a sole trader or self-employed person you won't have to pay tax on your earnings until 31 January the year after your first accounting period ends.  Finding out how much tax you will have to pay when you first tax return is submitted can come as a bit of a shock especially if you haven't saved for your tax bill during the year.  Do you understand how Self-Assessment tax works? Mon, 14 Aug 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/225/self-assessment-tax/ https://www.sandrasilk.co.uk/article/225/self-assessment-tax/ If you employ someone in your business or in your home as a carer and they are not self-employed or paid through an agency you have certain responsibilities.  Here are seven of the steps you need to take to meet your responsibilities: Mon, 07 Aug 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/224/your-first-employee/ https://www.sandrasilk.co.uk/article/224/your-first-employee/ Pension auto enrolment is in place for a good proportion of employers now but if you have only just or not yet reached your Staging Date here are four common errors to be aware of. Mon, 31 Jul 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/223/auto-enrolment-administration-errors/ https://www.sandrasilk.co.uk/article/223/auto-enrolment-administration-errors/ For the last week our team have enjoyed the company of a sixth form student on work experience. Rosie is considering accountancy as a career and wanted to experience the type of work involved.  Whilst we are not accountants we are responsible for keeping the accounts records before they are passed to an accountant so our work was a good insight to the foundations of accountancy.  This was a completely new experience for us so our bookkeepers planned carefully the things that they thought would be useful for her to see and do. Mon, 24 Jul 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/222/work-experience/ https://www.sandrasilk.co.uk/article/222/work-experience/ Last week HMRC finally announced their revised plans for Making Tax Digital (MTD) after it was put on hold whilst the election process took place.  Originally MTD was to be implemented for businesses over the VAT registration threshold from April 2018 but this now won't be mandatory until April 2019. Mon, 17 Jul 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/221/making-tax-digital-MTD/ https://www.sandrasilk.co.uk/article/221/making-tax-digital-MTD/ It is surprising how many emails I receive asking how much we charge for bookkeeping.  Of course that is the uppermost thought when deciding to get some outside help with something.  How much is it going to cost me? But how can I give you a price when I have no idea what you need, what your business does, whether your accounts are up to date or in a mess or whether you have a VAT return due next week. We do not have a "one price fits all" package. Sun, 09 Jul 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/220/cost-of-bookkeeping/ https://www.sandrasilk.co.uk/article/220/cost-of-bookkeeping/ The VAT threshold for 2017-18 is £85,000 which means that if your business has taxable sales equal to or above this amount over a 12 month period you must register for VAT.  For example if these sales from April to March total £80,000 you do not need to register for VAT but if the taxable sales from May to April, just one month later, total £85,000 or more you must register for VAT. Taxable sales are goods or services you sell which have a tax rate of 0% or 20%.  If you sell goods or services which are exempt or outside the scope of VAT then you do not need to register for VAT. Mon, 03 Jul 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/219/vat-threshold-2017-18/ https://www.sandrasilk.co.uk/article/219/vat-threshold-2017-18/ In my blog last week I wrote about the varied reasons why clients leave. This week I thought I would consider why they choose to stay with us and on reflection I think it is probably for similar reasons to those that I have for staying with the individuals and companies who support our business: Mon, 26 Jun 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/218/why-do-clients-stay/ https://www.sandrasilk.co.uk/article/218/why-do-clients-stay/ I have been a bookkeeper for quite a few years now and it is always sad when you have to say goodbye to a client.  As a bookkeeper I am trusted with confidential financial information and often become the first port of call for running through new ideas or sharing business issues.  Every business owner goes through ups and downs with their business Mon, 19 Jun 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/217/why-do-clients-leave/ https://www.sandrasilk.co.uk/article/217/why-do-clients-leave/ If you are earning income from a business activity you must register with HMRC as self-employed (also known as being a sole trader) and submit a self-assessment tax return annually by 31st January each year. A business activity includes: Mon, 12 Jun 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/216/register-with-HMRC/ https://www.sandrasilk.co.uk/article/216/register-with-HMRC/ Business owners can’t do it all as much as they would like to.  There just isn’t enough time once your business is growing. Eventually you will feel swamped with paper and to do lists.  Everyone has different skills and at the top of your task list will be the things you like to do and the things which are income generating and at the bottom are the things which you will get round to when you need to.  Eventually there comes a time when those things at the bottom of the list have to be done and you either work more hours, you outsource or you employ someone. Mon, 05 Jun 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/215/outsourcing/ https://www.sandrasilk.co.uk/article/215/outsourcing/ Until now employers have had advance warning of when they will have to set up a pension scheme but from October 2017 new employers will not.   Mon, 29 May 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/214/staging-date-new-employers/ https://www.sandrasilk.co.uk/article/214/staging-date-new-employers/ Having recently carried out "formal" reviews with each of my team I know, for me, it is very valuable. Employee reviews are new to me.  I never had a review in all the years I was an employee so when it was suggested I carry out regular reviews with each of my employees I had no idea where to start.  So I have based my employee reviews on what I think I would have liked had I had one! Mon, 22 May 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/213/employee-review/ https://www.sandrasilk.co.uk/article/213/employee-review/ If any of your employees have expenses or benefits it is time to prepare your P11D and/or P11D(b) for the 2016-17 tax year. These must be submitted by 6 July 2017 and any Class 1A NICs due on these expenses and benefits must be paid by 22nd July 2017. Mon, 15 May 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/212/P11d/ https://www.sandrasilk.co.uk/article/212/P11d/ Did you know that if your employee is not reimbursed for travel or things they buy for work they can claim tax relief? The tax relief is claimed online Mon, 08 May 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/211/tax-relief-expenses/ https://www.sandrasilk.co.uk/article/211/tax-relief-expenses/ If you are considering employing an apprentice there are some things you should know: Mon, 01 May 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/210/employ-an-apprentice/ https://www.sandrasilk.co.uk/article/210/employ-an-apprentice/ All growing businesses will become VAT registered. It is not daunting. You just need to become organised with your record keeping and remember your VAT return deadlines. So what should you know about becoming VAT registered? Mon, 24 Apr 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/209/becoming-VAT-registered/ https://www.sandrasilk.co.uk/article/209/becoming-VAT-registered/ Every individual and every business now has access to an HMRC account which, by 2020, will show their overall tax situation. VAT, PAYE, Self Assessment Tax and Corporation Tax accounts will all be in one place giving an individual or business owner an overview of their personal and/or business tax liability. Individuals will be able to access this account from a digital device at any time to see their tax situation, update their information or register for new services. Mon, 17 Apr 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/208/making-tax-digital/ https://www.sandrasilk.co.uk/article/208/making-tax-digital/ Taking time out from the normal day to day routine (although our days are far from routine!) is an opportunity to open your mind to fresh thinking and new ideas. Last week Sarah and I attended Sage Summit in London - a two day conference showcasing Sage products and a chance for Sage to share its recent developments and enhancements and their plans for the next 12 months. Deborah Meaden and Martha Lane Fox were Mon, 10 Apr 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/207/Sage-Summit-2017/ https://www.sandrasilk.co.uk/article/207/Sage-Summit-2017/ With the new payroll year just beginning businesses have been thinking about outsourcing their payroll or changing their provider. Now is a good time to make that change. When you are a small business with just a few employees you rarely have to deal with any complex situations but when one comes along it can be confusing and there is no-one to go to advice. As a payroll provider we deal with complexities with on a monthly basis. Tue, 04 Apr 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/206/payroll-is-our-specialty/ https://www.sandrasilk.co.uk/article/206/payroll-is-our-specialty/ Despite all the advertising on the television, on the radio and in the press as well as numerous articles by those involved with Auto Enrolment there are still employers who think they don't have to do anything about setting up a pension scheme. We know because they are coming to us for help after their Staging Date has passed. Tue, 28 Mar 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/205/missed-staging-date/ https://www.sandrasilk.co.uk/article/205/missed-staging-date/ Learning how to do something new is a challenge. Some people learn because they like a challenge, others because of necessity. As a business owner you have to learn all sorts of skills which didn't even occur to you when you were working through your ideas for setting up your business. Sometimes those skills are learnt from trial and error but sometimes you just need someone to guide you. Mon, 20 Mar 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/204/xero-quickbooksonline-sage-training/ https://www.sandrasilk.co.uk/article/204/xero-quickbooksonline-sage-training/ As a bookkeeper with a successful bookkeeping practice I frequently receive emails from people who want to become bookkeepers asking me for advice. I am happy to answer their questions and point them in the right direction for qualifications. Or at least I was.... Mon, 13 Mar 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/203/do-you-want-to-be-a-bookkeeper/ https://www.sandrasilk.co.uk/article/203/do-you-want-to-be-a-bookkeeper/ All businesses need to provide an invoice whether that is a till receipt, a handwritten one from a duplicate book, your own template using Word or Excel, or a bespoke invoice from your accounts software. If you deal with lots of suppliers you will receive a variety of invoice formats. How many of these give you the basic information you need clearly? So when comparing confusing and straightforward invoices from your suppliers with your own company's invoices which category do your invoices fall into? Mon, 06 Mar 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/202/basic-information-for-invoices/ https://www.sandrasilk.co.uk/article/202/basic-information-for-invoices/ One more monthly payroll and we will be starting a new tax year for 2017-18. Are you aware of the changes you need to implement? Mon, 27 Feb 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/201/payroll-changes-2017-18/ https://www.sandrasilk.co.uk/article/201/payroll-changes-2017-18/ For some time now there has been the option to set up two step authentication to access your tax accounts through HMRC or the Government Gateway. I have found that that choice no longer exists for access to personal tax accounts. Today I had to set up two step authentication and not only did I have to provide my mobile phone or landline number, Mon, 20 Feb 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/200/hmrc-two-step-authentication/ https://www.sandrasilk.co.uk/article/200/hmrc-two-step-authentication/ Bookkeeping is our specialty. Bookkeeping is not just entering invoices or payments. If it was I think we would be bored by now! What we love is working with such a wide variety of businesses. It is fascinating what people do, the skills and knowledge they have and how their business develops. It makes bookkeeping interesting and provides us with all sorts of challenges. Mon, 13 Feb 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/199/bookkeeping-specialty/ https://www.sandrasilk.co.uk/article/199/bookkeeping-specialty/ As your business grows there will come a time when you will need to register for VAT. In 2016-17 if your turnover reaches the threshold of £83,000 within a 12 month rolling period you have 30 days in which to register for VAT to avoid a penalty. Many businesses keep their turnover below the threshold Mon, 06 Feb 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/198/vat-registration/ https://www.sandrasilk.co.uk/article/198/vat-registration/ 700,000 small employers will be reaching their Staging Date for pension auto enrolment in 2017. That is 200,000 more than the number who had to set up their pension scheme in 2016. Setting up an auto enrolment pension scheme is proving challenging for businesses. There are so many options to consider and if you are doing it for the first,and probably only, time it is more than a little daunting. Mon, 30 Jan 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/197/pension-scheme-set-up-2017/ https://www.sandrasilk.co.uk/article/197/pension-scheme-set-up-2017/ Cloud accounting software such as Xero, Quickbooks Online, Sage One and Kashflow are becoming more popular with businesses. Gone are the days when only the bookkeeper or the accountant could do the accounts because no-one else knew how to use Sage. Web-based software has given business owners the freedom to look at their accounts whenever and wherever they like. Mon, 23 Jan 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/196/is-your-cloud-accounting-software-working-for-you/ https://www.sandrasilk.co.uk/article/196/is-your-cloud-accounting-software-working-for-you/ It may not be a new financial year for your business but there is no time like the present to take a little time to review the costs of your business. Do you know what your costs really are? Here are three areas of your accounts which will probably be worthwhile to review: Mon, 16 Jan 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/195/review-your-costs/ https://www.sandrasilk.co.uk/article/195/review-your-costs/ Over the Christmas and New Year break we all have time to take a breather and think about our lives and our jobs and nearly everyone will make some sort of New Year's resolution. Many of those resolutions will be about working for yourself, starting a business and getting a better work/life balance. Mon, 09 Jan 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/194/top-tips-for-new-businesses/ https://www.sandrasilk.co.uk/article/194/top-tips-for-new-businesses/ The Christmas and New Year break is a time to reflect on our achievements in 2016 and plan what we can do differently or better in 2017. 2016 for Sandra Silk Bookkeeping was a year of good memories of our achievements, our growth and our team. One outstanding memory for me was being invited by John Glen MP to Westminster Sun, 01 Jan 2017 00:00:00 +0000 https://www.sandrasilk.co.uk/article/193/reflect-business-development/ https://www.sandrasilk.co.uk/article/193/reflect-business-development/ How do you classify a good customer for your business? Every business will have analyse a good customer differently. In retail a good customer will probably be one who returns time and time again because of what you sell, your prices, your customer service or just because they love your shop. Mon, 19 Dec 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/192/good-customer/ https://www.sandrasilk.co.uk/article/192/good-customer/ Sick Pay is a statutory payment due to employees who meet certain criteria: Mon, 12 Dec 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/191/statutory-sick-pay/ https://www.sandrasilk.co.uk/article/191/statutory-sick-pay/ If you are treating your employees to a Christmas party, Christmas lunch or dinner, or giving them a gift to show your appreciation you should be aware of how HMRC views the costs of your generosity. Mon, 05 Dec 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/189/christmas-gifts-parties/ https://www.sandrasilk.co.uk/article/189/christmas-gifts-parties/ The Chancellor's Autumn Statement announced a change to the Flat Rate VAT Scheme which many small businesses use to simplify their VAT record keeping. Mon, 28 Nov 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/188/change-flat-rate-VAT/ https://www.sandrasilk.co.uk/article/188/change-flat-rate-VAT/ How would your business manage if you were suddenly out of action for a period of time? Have you thought what might happen to your business, your customers, your suppliers and your staff? A friend of mine has been taken seriously ill and is unable to think about, let alone do, any of the financial tasks that are part of running her business and it made me think what would happen to my business if this had happened to me. And then I wondered how many other business owners would be prepared for this type of situation. What things would suffer in your business if you were not available to do them? Mon, 21 Nov 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/187/out-of-action-in-your-business/ https://www.sandrasilk.co.uk/article/187/out-of-action-in-your-business/ Being in business is about selling a service or a product in order to make a profit. On paper it can look as though you are making a profit however your bank account could tell a very different story. When sales are invoiced they are recorded in your accounts as income but Mon, 14 Nov 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/186/collect-unpaid-debts/ https://www.sandrasilk.co.uk/article/186/collect-unpaid-debts/ The Pensions Regulator has released the latest quarterly bulletin covering compliance and non-compliance with auto enrolment. An increasing number of small and micro employers are reaching their Staging Date and many are leaving it very late to set up a workplace pension. During the period July to September 2016 The Pensions Regulator issued £3,728 Fixed Penalty Notices to employers failing to meet their automatic auto enrolment duties. A number of employers contested their fines Mon, 07 Nov 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/185/penalties-for-auto-enrolment-non-compliance/ https://www.sandrasilk.co.uk/article/185/penalties-for-auto-enrolment-non-compliance/ Working with a wide variety of businesses and business owners I frequently see how different attitudes to business finance affects business development. There are business owners who are Mon, 31 Oct 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/184/improve-your-cash-flow/ https://www.sandrasilk.co.uk/article/184/improve-your-cash-flow/ So many business owners think keeping their accounts or "doing the bookkeeping" is just entering data and therefore anyone can do it. But is it just data entry or is there more to it than meets the eye? Having been a bookkeeper for many years I know there are numerous business owners who think keeping their accounts is data entry - money in and money out. And for many businesses it is as simple as that. But there are also numerous business owners who know there is far more to keeping the accounts than that. Mon, 24 Oct 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/183/bookkeeping-isnt-just-data-entry/ https://www.sandrasilk.co.uk/article/183/bookkeeping-isnt-just-data-entry/ Why is training so valuable? We learn all the time while we go about our daily work and for us in particular we are constantly working with clients who have different types of business and different needs. Our responsibility to our clients is to know, as far as we can, the HMRC rules which could affect each of our clients. From knowing what expenses can be claimed to whether employees are receiving a benefit from the expenses they claim. We need to understand VAT rules not only in relation to the UK but also overseas sales and purchases and the VAT implications of those. Mon, 17 Oct 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/182/training-is-valuable/ https://www.sandrasilk.co.uk/article/182/training-is-valuable/ The media has been reporting recently on HMRC inquiries into the employment status of BBC personnel. The inquiries will establish whether workers should be taxed as employees or whether they are self employed. HMRC have always been very clear that employment status is never a matter of choice but is dictated by the employment relationship. So how can you, as an employer or an employee, ensure you are not subject to an HMRC inquiry? Mon, 10 Oct 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/181/hmrc-inquiry-employment-status/ https://www.sandrasilk.co.uk/article/181/hmrc-inquiry-employment-status/ We are always looking for efficient and cost effective ways of helping small local businesses. Whether it’s by completing timely and accurate VAT returns, taking the headache out of your payroll, getting your Auto-Enrolment sorted by your staging date or even just a chat about how the business is going over a cup of tea and a biscuit! We are here to help your business grow, which is why we have partnered with QuickBooks to bring you faster, easier accounts that you can access at your fingertips and won’t cost you the earth. Mon, 26 Sep 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/180/quickbooks-online-book-keeping/ https://www.sandrasilk.co.uk/article/180/quickbooks-online-book-keeping/ There can't be many business owners who haven't heard about or seen the adverts on television about the workplace pension (Auto Enrolment) but how many think it doesn't apply to them? Auto Enrolment duties do not apply when a company or individual meet the following criteria: Tue, 20 Sep 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/179/auot-enrolment-duties/ https://www.sandrasilk.co.uk/article/179/auot-enrolment-duties/ From 1st October 2016 new minimum wage rates will apply to workers up to the age of 24. The National Living Wage rate of £7.20 per hour which was applicable from 1st April 2016 doesn't change. The National Living Wage must be paid to workers aged 25 and over. Mon, 12 Sep 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/178/national-minimum-wage/ https://www.sandrasilk.co.uk/article/178/national-minimum-wage/ Business owners need to keep accounts in order to determine their profitability (or not) and to satisfy HM Revenue & Customs requirements so there can't be many business owners who aren't using one of the myriad of accounting software to do this. But using accounting software is not a necessity. Tue, 06 Sep 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/177/like-best-about-Xero/ https://www.sandrasilk.co.uk/article/177/like-best-about-Xero/ Last week I was invited to attend, with some other local bookkeepers and accountants, a consultation meeting with HMRC and the Office of Tax Simplification to provide feedback on several suggestions being proposed by both organisations around tax. Mon, 29 Aug 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/176/hmrc-digital-tax/ https://www.sandrasilk.co.uk/article/176/hmrc-digital-tax/ As a self-employed person do you ever wonder what expenses you are allowed to deduct from the income you earn? Do you worry that you are not claiming everything you could? Or perhaps worry that you are claiming things that you shouldn't? Mon, 22 Aug 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/175/expense-self-employed/ https://www.sandrasilk.co.uk/article/175/expense-self-employed/ Earlier this month the Government's Department for Business named another 197 employers who have not paid their workers the National Minimum Wage making a total of 687 since the scheme to publicly name and shame employers was introduced in October 2013. These employers between them owed their employees £3.5 million. Mon, 15 Aug 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/174/more-penalties-for-employers/ https://www.sandrasilk.co.uk/article/174/more-penalties-for-employers/ If you are a VAT registered business you should always be prepared for a VAT inspection. Do you keep your accounts records up to date so you can instantly lay your hands on the paperwork the VAT Inspector is asking for? Mon, 08 Aug 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/173/vat-inspection/ https://www.sandrasilk.co.uk/article/173/vat-inspection/ It takes hard work and a lot of dedication to go to work and study at the same time especially when you have young children too. Two of our bookkeepers, Sarah and Ruth, have just achieved the best possible results in their Level 4 Bookkeeping and Accounting exams. Mon, 01 Aug 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/172/Congratulations-to-our-bookkeeper-stars/ https://www.sandrasilk.co.uk/article/172/Congratulations-to-our-bookkeeper-stars/ When an employee hands in their notice the first thing you will think about is how you are going to manage without them and how you are going to find a replacement soon enough for your leaving employee to train them. Most small businesses will not have sufficient resources to have trained a "spare" and unless it is a role you don't need to replace you will probably have a very short handover period or even a gap between employees. Mon, 25 Jul 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/171/calculating-pay-for-your-leaver/ https://www.sandrasilk.co.uk/article/171/calculating-pay-for-your-leaver/ If you are a business owner do you have the skills you need to process the payroll for your employees? It is not always as straightforward as you think and you will only find that out when you have an angry employee or two demanding explanations or HMRC contacting you. Is it worth the risk? Mon, 18 Jul 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/170/payroll-provider-value/ https://www.sandrasilk.co.uk/article/170/payroll-provider-value/ Anybody who attended the Swindon Expo at the Steam Museum in June may have come across our stand with our new banner asking "Are you burying your head in the sand about Auto Enrolment?". Visitors were keen to play our "bury your head in the sand" game with the winner being offered a choice of prizes which included having their auto enrollment scheme set up for them. Most employers will know by now that setting up a pension scheme for your employees is a necessity. Sun, 10 Jul 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/169/pension-auto-enrolment/ https://www.sandrasilk.co.uk/article/169/pension-auto-enrolment/ A good bookkeeper will give you peace of mind. As your business grows keeping a record of your financial transactions becomes more and more important but as it grows you will have less time to devote to this. For many business owners it is a difficult step to move from “doing it all” to paying someone else to do it. Mon, 04 Jul 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/168/added-value-bookkeeping/ https://www.sandrasilk.co.uk/article/168/added-value-bookkeeping/ We are very proud of our Investors in People plaque. It has pride of place in our office reception so that it can be seen by our visitors and by us every time we walk through the hallway. It reminds us what a great team we are and how hard we all worked towards achieving it. Mon, 27 Jun 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/160/investors-in-people/ https://www.sandrasilk.co.uk/article/160/investors-in-people/ If you are a VAT registered business and you or your staff reclaim mileage for business travel in your own vehicle did you know that you can claim VAT on the fuel element of that mileage? Every quarter HMRC update the advisory fuel rates – see here for the current rates. Tue, 21 Jun 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/167/vat-on-business-mileage/ https://www.sandrasilk.co.uk/article/167/vat-on-business-mileage/ This week I thought I would tell you about my experience of good customer service - not once, but twice in one week. A couple of weeks ago unfortunately I had reason to make 3 complaints about services in just two days. Its not something I would normally do but all of these things I felt should be reported. Sun, 12 Jun 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/166/good-customer-service/ https://www.sandrasilk.co.uk/article/166/good-customer-service/ Its that time of year again when bookkeepers, payroll administrators and accountants are preparing P11ds for businesses who reimburse employee expenses or provide their employees with benefits. P11ds for the period 6th April 2015 to 5th April 2016 have to be submitted to HMRC by 6th July with any payment due being made by 22nd July. Mon, 06 Jun 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/165/Expenses-and-benefits/ https://www.sandrasilk.co.uk/article/165/Expenses-and-benefits/ Pension auto enrolment remains a hot topic with more than one million businesses still to reach their staging date by the end of March 2018. A large proportion of these businesses will reach their Staging Date in the first quarter of 2017 which could prove to be a bottleneck with the pension providers if you leave it until the last minute. Mon, 30 May 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/164/fines-for-pension-auto-enrolment/ https://www.sandrasilk.co.uk/article/164/fines-for-pension-auto-enrolment/ What would you do if your computer was hit by Ransomware? This is becoming an increasing threat to everyone in business or personally. Even if you know to be aware of dodgy emails it can still get in to your computer. I am sure everyone receives emails with invoices, or statements, or payment information attached. You know they are suspect if you don't generally receive this sort of information, but as a bookkeeping practice we do genuinely receive this information for ourselves, on behalf of our clients and in emails we deal with in our clients' offices. Until you have previewed or opened an email you don't know whether it is from a genuine supplier or whether you have just released a virus into the computer. Tue, 24 May 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/163/keep-your-data-safe/ https://www.sandrasilk.co.uk/article/163/keep-your-data-safe/ Sometimes you need to do something different with your day to open your mind to opportunities. So last week three of our team visited Accountex 2016 - the national accountancy exhibition and conference - at the ExCel centre in London. It was a chance to get some ideas and inspiration for developing our business and to look for additional opportunities to support our clients. Mon, 16 May 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/162/business-development-growth/ https://www.sandrasilk.co.uk/article/162/business-development-growth/ A couple of years ago the Government announced a Tax-Free Childcare scheme and have recently announced this will launch sometime in 2017. Under this scheme eligible families will be given 20% of their annual childcare costs by the Government. Parents will have to create a Childcare Account and for every 80p they pay into it they will receive 20p from the Government. Tue, 10 May 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/161/tax-free-childcare/ https://www.sandrasilk.co.uk/article/161/tax-free-childcare/ If you are self-employed or have income which is not taxed at source you will need to complete a self-assessment tax return. A tax return will need to be submitted to HMRC for the period 6th April 2015 to 5th April 2016 and can be prepared and submitted any time between 6th April 2016 and 31st January 2017. However Mon, 02 May 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/159/notification-to-file-a-tax-return/ https://www.sandrasilk.co.uk/article/159/notification-to-file-a-tax-return/ From 6 April 2016 employers who have an apprentice may not need to pay employers National Insurance Contributions (NICs) on their earnings. If your apprentice is under 25, earning below Mon, 25 Apr 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/158/employing-an-apprentice/ https://www.sandrasilk.co.uk/article/158/employing-an-apprentice/ HMRC have increased the threshold for VAT registration to £83,000 for the year 2016-17. The threshold was £82,000 for 2015-16. If your turnover will reach this threshold over a 12 month period then you must register your business for VAT. This equates to a monthly turnover of around £6,900. You should Mon, 18 Apr 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/156/vat-threshold-2016-2017/ https://www.sandrasilk.co.uk/article/156/vat-threshold-2016-2017/ Several of the employers we work with reached their Staging Date between January and March enabling us to finally complete the set up process which we started for them many months ago. But while implementation is complete there is still ongoing assessment, compliance and record keeping to be done every month. Tue, 12 Apr 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/155/pension-auto-enrolment-implementation-compliance/ https://www.sandrasilk.co.uk/article/155/pension-auto-enrolment-implementation-compliance/ The living wage of £7.20 per hour came into effect on Friday 1st April for employees aged 25 and over but how does this affect employers and how does this benefit employees? On my drive to work this morning the media are still talking about how employees will have an extra 50p per hour in their pay packet but this is not strictly true. Tue, 05 Apr 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/154/the-living-wage/ https://www.sandrasilk.co.uk/article/154/the-living-wage/ At our February Monday Business Contacts meeting which was close to Valentine's Day our discussion topic, was "What do you love about being in business?". Our brief discussions each month are an opportunity to share business thoughts, ideas and motivate others. Being a business owner can be lonely and connecting with others socially once a month can be a really helpful way of sharing good and bad times and being reminded why being in business for yourself was such a good idea. Mon, 28 Mar 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/147/love-being-in-business/ https://www.sandrasilk.co.uk/article/147/love-being-in-business/ If you have employees you will want to know how much you can pay your employees in 2016-17 before you have to pay employer National Insurance Contributions and if there are any further benefits which will help you as an employer. Mon, 21 Mar 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/149/new-paye-rates-for-2016-17/ https://www.sandrasilk.co.uk/article/149/new-paye-rates-for-2016-17/ Every business owner should prepare for the unexpected. According to the FSB (Federation of Small Businesses) every year one in five businesses suffers a major disruption and one in ten of these cease trading due to this disruption. What preparations have you made to overcome disruptions to your business? Mon, 14 Mar 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/151/is-your-business-prepared-for-disaster/ https://www.sandrasilk.co.uk/article/151/is-your-business-prepared-for-disaster/ There is a vast array of accounts software available for keeping your accounts which can be overwhelming if you don't know what you need to do or the best way of doing it. Mon, 07 Mar 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/153/accounts-software/ https://www.sandrasilk.co.uk/article/153/accounts-software/ There can't be many employers who aren't aware of the living wage rate which comes into effect from 6th April 2016. Increasing the minimum wage for employees aged 25 and over from £6.70 per hour to £7.20 per hour this will be a significant cost for some employers especially in businesses such as hospitality, child care and care in the home for the elderly and disabled. Mon, 29 Feb 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/150/living-wage/ https://www.sandrasilk.co.uk/article/150/living-wage/ What a fantastic month February has been for our business. A trip to Westminster to talk to MPs about auto enrolment, a new employee, a promotion for one of our team and now confirmation that we have achieved the Standard for Investors in People having met all 37 of the criteria. And there is still a week to go! Mon, 22 Feb 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/152/investors-in-people/ https://www.sandrasilk.co.uk/article/152/investors-in-people/ I was very privileged last week to be invited by John Glen MP to attend the Department for Work and Pensions Select Committee to provide an insight into how auto enrolment is affecting small businesses. The DWP Select Committee launched an inquiry into pensions auto enrolment in December 2015 and since then a variety of individuals and organisations have provided written or given oral evidence. Mon, 15 Feb 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/148/work-and-pensions-committee-auto-enrolment/ https://www.sandrasilk.co.uk/article/148/work-and-pensions-committee-auto-enrolment/ As a growing business building our team to support other businesses is one of the pleasures of being a business owner. You get to choose who becomes part of your team and that is a fantastic opportunity. I have not had experience of recruiting before but I have managed to build a great team of people who are a pleasure to work with and who enjoy working with each other. Mon, 08 Feb 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/146/staff-recruitment-finance/ https://www.sandrasilk.co.uk/article/146/staff-recruitment-finance/ All businesses who employ staff will be aware from the adverts on television, the articles in the press, editorials online and the information letters they will have received from The Pension Regulator that they cannot ignore Pension Auto Enrolment. So what are the 5 most important things you need to do before it is too late? Mon, 01 Feb 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/145/auto-enrolment-tips/ https://www.sandrasilk.co.uk/article/145/auto-enrolment-tips/ If you are intent on growing your business at some stage you will have to become VAT registered. It is surprising how many people don't want to grow their business because they are concerned that becoming VAT registered will be complicated. Mon, 18 Jan 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/144/VAT-registration-for-growing-business/ https://www.sandrasilk.co.uk/article/144/VAT-registration-for-growing-business/ In September 2015 the Government made the Marriage Allowance available to couples where one of them earns less than the personal threshold for tax, currently £10,600. Sun, 10 Jan 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/143/HMRC-marriage-allowance/ https://www.sandrasilk.co.uk/article/143/HMRC-marriage-allowance/ There comes a time when the business owner just can't keep juggling all the balls without dropping one which has a significant impact on their business. Successful businesses rely on someone to keep control of the paperwork, maintain accurate records and above all ensure HMRC receive submissions and payments on time. Mon, 04 Jan 2016 00:00:00 +0000 https://www.sandrasilk.co.uk/article/142/improve-cashflow-increase-profit/ https://www.sandrasilk.co.uk/article/142/improve-cashflow-increase-profit/ The Christmas and New Year break is a good time to reflect on all that is good and not so good with your business. Business owners have chance to step back and take time to look at what works, what doesn't and what could be better as well as planning for the coming year. Mon, 21 Dec 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/141/bookeeping-payroll-auto-enrolment/ https://www.sandrasilk.co.uk/article/141/bookeeping-payroll-auto-enrolment/ Last week I was lucky enough to be invited to attend the IAB awards at the House of Commons. It was a great experience to join a ceremony which each year acknowledges good bookkeepers, payroll administrators and education centres and it was a reminder how important good qualified bookkeeping and payroll people are for businesses. Mon, 14 Dec 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/140/iab-awards-house-of-commons/ https://www.sandrasilk.co.uk/article/140/iab-awards-house-of-commons/ If you are treating your staff to a Christmas party you should be aware of what is allowable and what is not according to HMRC. Mon, 07 Dec 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/139/vat-christmas-party/ https://www.sandrasilk.co.uk/article/139/vat-christmas-party/ As a business owner how often do you review the costs going out of your business or do you rely on someone else to do that for you? Costs reduce your profit so you really need to understand exactly what running your business and creating your turnover is costing you. These are our tips for checking your costs Mon, 30 Nov 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/138/business-costs-review/ https://www.sandrasilk.co.uk/article/138/business-costs-review/ For the last two weeks Karen, our Auto Enrolment Administrator, has been busy setting up workplace pension schemes with The People's Pension. This has been the most popular pension scheme with our client employers and several of them decided to have it set up before the new charges came into place today. Since the announcement was made Karen has set up 12 schemes for Mon, 23 Nov 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/137/Auto-Enrolment-Administration/ https://www.sandrasilk.co.uk/article/137/Auto-Enrolment-Administration/ From 5 October 2015 large retailers must charge at least 5p for one-use carrier bags. A large retailer is a business with over 250 employees based in one or more branches. Smaller businesses can voluntarily charge for carrier bags. Mon, 16 Nov 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/135/Carrier-bag-charges-retailers/ https://www.sandrasilk.co.uk/article/135/Carrier-bag-charges-retailers/ We have been talking to our employer clients about pension auto-enrolment for some time now and presenting them with fact sheets about the three schemes which would not cost them anything to set up. NEST, NOW Pensions and The People's Pension were all schemes that would take small employers with less than 50 employees. Mon, 09 Nov 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/136/Pension-auto-enrolment-costing-employers/ https://www.sandrasilk.co.uk/article/136/Pension-auto-enrolment-costing-employers/ Both an accountant and a bookkeeper have valuable roles to play in your business and generally you need both and not one or the other. A very simple explanation of their roles is Mon, 02 Nov 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/130/What-is-the-difference-between-a-bookkeeper-and-an-accountant/ https://www.sandrasilk.co.uk/article/130/What-is-the-difference-between-a-bookkeeper-and-an-accountant/ Following on from my blog post about bank charges there is another area of charges you should review. If you use a card terminal such as Mon, 26 Oct 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/129/pci-compliance-fee/ https://www.sandrasilk.co.uk/article/129/pci-compliance-fee/ We have been working with Xero accounts software for a number of years and have found it to be very valuable to some businesses. So what are the benefits for our customers? Tue, 20 Oct 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/128/What-are-the-benefits-of-using-Xero-for-your-accounts/ https://www.sandrasilk.co.uk/article/128/What-are-the-benefits-of-using-Xero-for-your-accounts/ Business bank accounts have free banking for between one and two years after you set them up but once that honeymoon period is over do you check what you are paying charges for? Tue, 13 Oct 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/127/bank-fees/ https://www.sandrasilk.co.uk/article/127/bank-fees/ If your staff are paid the minimum wage you will need to recalculate their pay with effect from 1st October 2015 to take account of the increases which came into force on that date. Mon, 05 Oct 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/126/New-Minimum-Wage-rates-from-1st-October-2015/ https://www.sandrasilk.co.uk/article/126/New-Minimum-Wage-rates-from-1st-October-2015/ Auto enrolment affects all employers. Every employer has been allocated a Staging Date by which time they must have a pension scheme in place. Even if you think your employees will not want to be part of a pension scheme you still have to put one in place. All eligible employees must be enrolled into the pension scheme at your Staging Date and after that they can choose to opt out but you must not encourage them to opt out. Tue, 29 Sep 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/125/employer-auto-enrolment/ https://www.sandrasilk.co.uk/article/125/employer-auto-enrolment/ Outsourcing is the contracting out of a business service to a third party. Business owners need so many skills to keep their business going and growing that it makes sense to know what you are best at and what someone else will be able to do better than you. Tue, 22 Sep 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/124/Outsourcing-will-save-you-time/ https://www.sandrasilk.co.uk/article/124/Outsourcing-will-save-you-time/ For the second time this year our office has closed for a team training day. We do get together regularly for team meetings but a whole day of training has proved extremely valuable to us. Whilst we work as a team supporting each other Tue, 15 Sep 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/123/How-valuable-is-training/ https://www.sandrasilk.co.uk/article/123/How-valuable-is-training/ Children aged 13 and upwards can be employed part-time but there are restrictions and they may require an employment permit issued by the Education Department of the Council. Most local councils require that an employment permit is issued as this ensures that the employer is insured against accidents. Children do not need a permit for work experience arranged by their school. Mon, 07 Sep 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/122/Are-you-considering-employing-someone-aged-under-16/ https://www.sandrasilk.co.uk/article/122/Are-you-considering-employing-someone-aged-under-16/ Reading Talk Business magazine recently I came across an article titled Payroll errors slowing UK small businesses in the race for talent which made interesting reading. Recent research of 1000 consumers by Sage showed that Mon, 31 Aug 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/121/Are-your-employees-being-paid-correctly/ https://www.sandrasilk.co.uk/article/121/Are-your-employees-being-paid-correctly/ Book-keeping is the recording of financial transactions to produce an income and expenditure statement which will show a business owner how their business is performing and a balance sheet which will show the assets and liabilities of the business. Bookkeeping can vary from straightforward recording of receipts and expenses to more complex maintenance of Mon, 24 Aug 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/120/bookkeeping/ https://www.sandrasilk.co.uk/article/120/bookkeeping/ There isn't a standard format for preparing an invoice and if you buy goods from a number of suppliers you will find they will all be different. However there is certain information you must include on an invoice for your customers' benefit, for your own benefit and which is required if you are VAT registered. So our top tips for invoicing are: Mon, 17 Aug 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/119/invoicing-top-tips/ https://www.sandrasilk.co.uk/article/119/invoicing-top-tips/ HMRC recently published their annual report and accounts for 2014-15 which included two interesting facts which explain why we frequently don't get the support we need. Mon, 10 Aug 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/118/HMRC-publish-their-results-for-handling-calls-and-post/ https://www.sandrasilk.co.uk/article/118/HMRC-publish-their-results-for-handling-calls-and-post/ If you have a Staging Date less than six months away and you haven't started making arrangements for your pension scheme you may find that you can't meet the deadline. Many pension schemes are not accepting employers with only a few employees and therefore there are a limited number of schemes to choose from. Mon, 03 Aug 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/117/staging-date/ https://www.sandrasilk.co.uk/article/117/staging-date/ If an employee is eligible to receive Satutory Sick Pay (SSP) you must pay this even though you can no longer reclaim this statutory payment from HMRC. Mon, 27 Jul 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/116/Do-I-have-to-pay-my-employee-sick-pay/ https://www.sandrasilk.co.uk/article/116/Do-I-have-to-pay-my-employee-sick-pay/ Meet our team supporting businesses with bookkeeping, VAT, payroll and auto enrolment. Mon, 20 Jul 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/115/Meet-the-Sandra-Silk-Team/ https://www.sandrasilk.co.uk/article/115/Meet-the-Sandra-Silk-Team/ There is no avoiding pension auto enrolment if you are an employer. The fines are significant if you do not comply. Even if you are the only employee and director of the business there is action you need to take. We launched our Auto Enrolment Administration Service to our payroll clients last week Tue, 07 Jul 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/114/pension-auto-enrolment/ https://www.sandrasilk.co.uk/article/114/pension-auto-enrolment/ Yes. Anyone can, but it doesn't mean they get it right or understand it! The team who process payroll for our clients have a recognised payroll qualification and don't just rely on using payroll software to do the calculations. Being able to calculate payroll manually has been invaluable on occasions. Mon, 06 Jul 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/113/Can-anyone-process-payroll/ https://www.sandrasilk.co.uk/article/113/Can-anyone-process-payroll/ Our newest service to help our clients is launched. Thu, 02 Jul 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/131/pension-auto-enrolment/ https://www.sandrasilk.co.uk/article/131/pension-auto-enrolment/ Congratulations Sarah Wed, 01 Jul 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/132/Congratulations-Sarah/ https://www.sandrasilk.co.uk/article/132/Congratulations-Sarah/ If your employee is called to do jury service you must allow them time off. However if the time off would seriously harm your business you can ask them to request to delay the jury service. Jury service can only be delayed once in a 12 month period. Mon, 29 Jun 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/112/jury-service-employee/ https://www.sandrasilk.co.uk/article/112/jury-service-employee/ The provision of clothing to yourself or your employees is not a tax deductible expense. If you provide clothing it must be declared as a benefit on a P11D and Class 1A National Insurance Contributions will be paid. Your employee's tax code will also be adjusted to account for this taxable benefit. However if you or your employee is required to wear a uniform as part of their duties - a nurse for example Mon, 22 Jun 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/111/Can-I-claim-clothing-as-a-business-expense/ https://www.sandrasilk.co.uk/article/111/Can-I-claim-clothing-as-a-business-expense/ HMRC guidelines have changed for registering your business with them. Previously you had three months to register before being subject to a penalty for not registering within this time but now HMRC ask you to register as soon as possible or by 5 October in your business's second tax year. You will not receive a penalty as long as you submit your tax return and pay any tax due by the due date. Fri, 12 Jun 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/110/register-business-hmrc/ https://www.sandrasilk.co.uk/article/110/register-business-hmrc/ From April 2015 your liability to pay Class 2 National Insurance Contributions (NICs) as a sole trader or self-employer person will be assessed annually when you submit your self assessment tax return. Payment will be made at the same time as your payment for tax and Class 4 NICs. Tue, 09 Jun 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/109/sole-trader/ https://www.sandrasilk.co.uk/article/109/sole-trader/ There is a vast array of accounts software available for keeping your accounts which can be overwhelming if you don't know what you need to do or the best way of doing it. When you set up a business you need to record your trading income and your trading expenses. This is basic accounting and can be done by keeping a hand written record of your bank and cash transactions in a cash book. As your business grows you may find it a bit tedious to Sun, 31 May 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/108/Do-I-need-to-use-accounts-software/ https://www.sandrasilk.co.uk/article/108/Do-I-need-to-use-accounts-software/ This month saw the launch of our HR advice line for our clients. Sometimes we are asked questions that need to be answered by an HR specialist Wed, 20 May 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/133/HR-advice-line-for-employers/ https://www.sandrasilk.co.uk/article/133/HR-advice-line-for-employers/ If you are thinking about taking on your first employee there are some things you need to do. Mon, 18 May 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/107/Our-top-tips-for-taking-on-your-first-employee/ https://www.sandrasilk.co.uk/article/107/Our-top-tips-for-taking-on-your-first-employee/ Business owners who are sole traders will probably have an accounting year which ended on 31st March. This date is in line with HMRCs tax year which ended on 5th April. Mon, 11 May 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/106/self-assessment-tax-14-15/ https://www.sandrasilk.co.uk/article/106/self-assessment-tax-14-15/ As a business owner do you really want to spend your time doing your accounts or would you rather be doing or selling what your business is about? Bookkeepers take care of the detail and will become a valued member of your team. Sun, 03 May 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/105/bookkeeper-business-value/ https://www.sandrasilk.co.uk/article/105/bookkeeper-business-value/ Owning and running a business is a big learning curve. There are so many tasks that you just don't realise you need to do until they are upon you. Payroll is one of those tasks. As soon as you employ someone over the lower earnings limit you have a payroll to process. Where to start? First of all you need to find out what the lower earnings limit is. You also need to know the minimum wage to ensure you don't pay below it. And of course Mon, 27 Apr 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/104/employee-pay/ https://www.sandrasilk.co.uk/article/104/employee-pay/ VAT MOSS, otherwise known as VAT Mini One Stop Shop, is HMRCs online service for declaring VAT on sales to consumers in EUR countries (B2C but not to VAT registered businesses). From 1st January 2015 all businesses supplying digital services Mon, 20 Apr 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/103/vat-moss-digital-services/ https://www.sandrasilk.co.uk/article/103/vat-moss-digital-services/ From 6 March 2015 penalties apply to employers with 50 staff or less if the FPS is late, you didn't send the expect number of FPS or you didn't send an EPS if you didn't pay anyone during the tax month. Wed, 15 Apr 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/102/Beware-the-payroll-penalties-for-small-employers/ https://www.sandrasilk.co.uk/article/102/Beware-the-payroll-penalties-for-small-employers/ Have you completed your payroll process for 2014-15? If not here are our five tips: Sun, 12 Apr 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/101/Five-tips-for-completing-your-2014-15-payroll/ https://www.sandrasilk.co.uk/article/101/Five-tips-for-completing-your-2014-15-payroll/ HMRC have increased the threshold for VAT registration for 2015-16. You must register your business for VAT if you will reach this new threshold over a 12 month period. Mon, 06 Apr 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/100/vat-threshold-increase/ https://www.sandrasilk.co.uk/article/100/vat-threshold-increase/ The new minimum wage rates to be implemented from 1st October 2015 were announced this week. Thu, 19 Mar 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/99/The-minimum-wage-is-increasing/ https://www.sandrasilk.co.uk/article/99/The-minimum-wage-is-increasing/ At the launch of the South Wilts Business of the Year Awards last week a new category was announced for this year - Excellence in Customer Service - which is awarded from customer nomination only. This is good because only customers receiving your service will know if it is good or not. It made me think about how many different aspects there are to customer service. Thu, 19 Mar 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/98/How-is-your-customer-service/ https://www.sandrasilk.co.uk/article/98/How-is-your-customer-service/ HMRC have abolished employers National Insurance contributions for employees aged between 16 and 21. From 6th April 2015 Mon, 16 Mar 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/96/Do-you-have-employees-under-21/ https://www.sandrasilk.co.uk/article/96/Do-you-have-employees-under-21/ The Pension Regulator says its time to nominate a contact for Pension Auto-Enrolment even though your Staging Date may not be until 2017. The Pension Regulator has been sending out letters to businesses with less than 50 employees advising Mon, 09 Mar 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/97/Pension-auto-enrolment-contact/ https://www.sandrasilk.co.uk/article/97/Pension-auto-enrolment-contact/ Xero is becoming more popular with our customers. The 24/7 availability of accounts information and access to current and previous management reports helps business owners work on their business and plan cash flow and growth. Xero have offered two months free to new customers who sign up before Mon, 23 Feb 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/95/Two-months-free-for-new-Xero-customers/ https://www.sandrasilk.co.uk/article/95/Two-months-free-for-new-Xero-customers/ There are several options for business structure when setting up in business. You could choose: Mon, 16 Feb 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/94/What-business-structure-have-you-chosen/ https://www.sandrasilk.co.uk/article/94/What-business-structure-have-you-chosen/ The Employment Allowance was introduced in April 2014 for employers who pay Employers NIC. It is an allowance which negates the need to pay Employers NIC until the full amount has been claimed. Wed, 11 Feb 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/93/Have-you-claimed-employment-allowance-for-2014-15/ https://www.sandrasilk.co.uk/article/93/Have-you-claimed-employment-allowance-for-2014-15/ If the VAT on your purchases exceed the VAT you have charged on your sales during the VAT period your VAT return will show a refund of VAT due from HMRC. If this is an unusual occurrence for your business you may find that HMRC will Mon, 02 Feb 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/92/vat-refund/ https://www.sandrasilk.co.uk/article/92/vat-refund/ A worker's employment status is not a matter of choice and will be very relevant went it comes to Pension Auto-Enrolment. Mon, 26 Jan 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/48/Is-your-worker-employed-or-self-employed/ https://www.sandrasilk.co.uk/article/48/Is-your-worker-employed-or-self-employed/ If you have employees you will want to know how much more you can pay your employees before you have to pay employer National Insurance Contributions. HMRC have announced the thresholds for 2015-16 which will apply from 6 April 2015. Mon, 19 Jan 2015 00:00:00 +0000 https://www.sandrasilk.co.uk/article/89/HMRC-have-announced-the-new-tax-rates-for-2015-16-which-will-apply-from-6-April-2015/ https://www.sandrasilk.co.uk/article/89/HMRC-have-announced-the-new-tax-rates-for-2015-16-which-will-apply-from-6-April-2015/