Latest News
Here is where we will let you know what we are up to, give you handy tips & guidance, what our lovely clients are up to in their businesses that they would like us to share with you......& lots more
HMRC Self Assessment Deadline Approaches - 31st January 2022, HMRC Issues Update
Saturday 1st January 2022
Various sources
With the Self Assessment deadline fast approaching, the HMRC postpones penalty date, the Think Smart Accounts team summarise the impact. The annual deadline for submitting online Self Assessment tax returns is 31 January 2022, however you now have until 28 February 2022 to avoid a incurring a late filing penalty. The tax return deadline is for the 2020/2021 tax year, which ended on 5 April 2021, however because of the disruption caused by the Covid-19 pandemic, HM Revenue and Customs has announced a penalty waiver for the second year running. If you're one of the millions of UK taxpayers who still need to send your return, you have been given until 28 February 2022 to avoid a £100 fine for filing late. Small…
Tis the Season to be taking back control
Wednesday 1st December 2021
Let's face it no one likes to chase people for money, and no one likes to be chased but unfortunately credit control is extremely important when it comes to your business's cash flow. As the old saying goes 'Cash is King', we have therefore put together a few tips so that you can take control of your more challenging customers, your own finances & in turn your peace of mind. 1. If you have an accountancy software package, then you should be able to run an aged receivables report. This will give you a breakdown of the money that you are owed, broken down by defined periods of time usually in 30 day or monthly tranches. 2. Once you have established which…
National Insurance increase from April 2022
Wednesday 20th October 2021
As part of Think Smart Accounts ongoing commitment to small business and individuals, we present some key facts regarding the April 2022 National Insurance increase for employees and employers. It will then become a separate tax on earned income from 2023 - appearing on an employee's payslip as a "Health & Social Care levy". Employers currently pay 13.8 per cent as the main national insurance rate with employees paying 12 per cent of their earnings. However, increasing national insurance is contentious as it affects people of working age rather than those who have already retired. Predictably, the move has provoked outrage from small businesses, the move to increase national insurance is tough, given the challenges over the last 16 months. With the…
Electric cars and vans, is it time to switch for your business?
Friday 1st October 2021
Various sources
Here at Think Smart Accounts, we examine some of the pros and cons with electric cars and vans for your business? Electric vehicles for business have been increasing in popularity in recent years due to their environmental benefits, lower running costs, and a range of government incentives. Following the continued fuel shortage/delivery problems of this week is it time to make that change? The main-stream media have been reporting that dealerships have been inundated with enquiries this week, so we have decided to summarise some of the main pros and cons when considering your next company vehicle options. What are the advantages? • The running costs are much lower; charging an electric vehicle could cost you a fraction of what you'd usually be…
COVID-19 Latest support updates - Saturday 28th March 2020
Saturday 28th March 2020
Various sources
The government have now updated their guidance on the Coronavirus Job Retention Scheme (also referred to as Furloughing) which can be viewed here The government also made an announcement with regards to Self-Employment. We thought it would be useful to share our understanding of the Coronavirus Job Retention Scheme and the proposals set out with regards to Self-Employment. Coronavirus Job Retention Scheme Firstly, it is important to remember we are not employment lawyers and you should always seek formal legal advice before taking any action. Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country,…
Govt latest announcements for business support
Friday 20th March 2020
Following the announcement to force pubs, restaurants, clubs, cinemas, etc to close tonight there are now more people affected by the closures. Govt Just announced no VAT due to be filed until June & nothing to be paid on this current period until end of the year. Also HMRC will cover up to 80% of wage bill rather than laying staff off if you can't afford to pay due to announced closures. Equiv of SSP now extended to self employed & July self assessment payments not due until Jan 2021 & up to 30% housing benefit for renters affected by any layoffs.
COVID-19 Business Support
Friday 20th March 2020
Various
Think Smart Support... Firstly, if you are in an industry that has been severely affected already (travel, tourism, hospitality etc) we will be on hand to help in any way we can with more targeted advice or just to act as a sounding board. Please get in contact sooner rather than later if you need any help with anything going on that we can possibly support you with. We are all now working from home. We have always had this as an option, so this is nothing new to us and is now more important than ever that we have the capability to do so. All team members have remote access to our systems and files using cloud-based…
“Think Smart” and outsource your accounts
Monday 16th September 2019
Your business finances are a tricky dilemma. They are so fundamentally crucial to your company's success but ultimately, they are not part of your core skill set and so not necessarily something that you will specialise in. This tricky balancing act often means that many hours are lost as you try and muddle through the confusing world of business finances, costing you precious time and money. Here are a few of the more popular reasons why you should outsource your accounts: • Concentrate on your strengths: Accounts can be time consuming (trust us, we know) and this is time that you could be spending making and selling more of the things you do best or even focusing on…