A business bank account is a valuable resource for your business.
How?
Tax: When you separate your business and personal finances, it's easier to figure out how much you made and how much you owe in taxes. This can save you time and money when tax season rolls around, as it makes the preparation of your tax return easier (and cheaper).
Financial clarity: Keeping finances separate gives you a clear picture of your business's financial health. You can easily see how much money is coming in and going out, and identify any trends or issues easier.
Professionalism: Having a separate business bank account makes you look more professional to customers, suppliers and investors.
So, if you're running a business, it's a good idea to have a separate business bank account - and please do not mix personal and business transactions. It's a small step that can make a big difference in the long run.
And PLEASE make sure you use an ethical bank! You can check here: https://bank.green/blog/uk-banks-league-table
https://heywoodmacdonald.co.uk/
#EthicalBank #EthicalBusiness #BusinessBanking
Why do we ask for bank statements every month, even though you have a bank feed into your software?
Itās because they donāt always pull through correctly.
By checking back to your bank statement, we can make any necessary corrections manually.
Itās so important to get this right, as your reporting will not be correct, if it has inaccurate data. You make business decisions based on your reporting. It all has a knock on effect.
www.heywoodmacdonald.co.uk
#accuratebookkeeping
Did you know what happened today? The Chancellor of the Exchequer - Jeremy Hunt - announced the government's Spring Budget, containing many economic changes coming into effect over the next 12 months.
Here are some of the key points from the Spring Budget:
1. Employee National Insurance - The government announced that from April 6th 2024 the main rate of National Insurance will be cut by a further 2% from 10% to 8%.
2. Self Employed National Insurances - The rate of Class 4 National Insurance, paid on profits between Ā£12,570 and Ā£50,270, will be cut by a further 2% from 8% to 6%
3. Benefits - The High Income Child Benefit Charge threshold is to increase from Ā£50k to Ā£60k, and the top taper to increase from Ā£60k to Ā£80k.
4. VAT - The threshold at which business must register for VAT is to be increased from Ā£85k to Ā£90k
5. Property Capital Gains Tax - The higher rate of property capital gain is to be reduced from 28% to 24%
6. Stamp Duty Relief - The relief from stamp duty that people get for buying more than one dwelling is to be abolished.
7. British ISA - A new āBritishā ISA is being brought in to allow people to invest up to Ā£5k more tax free per year into UK assets. This is in addition to the current Ā£20k per year allowance
8. Alcohol Duty - The duty added to Alcohol has been frozen for a further year until February 2025
9. Fuel Duty - Fuel duty is to remain frozen and the 5p cut in the fuel duty on petrol and diesel is to be kept for a further year.
#springbudget #springbudget2024 #accounting
Did you know what happened today? The Chancellor of the Exchequer - Jeremy Hunt - announced the government's Autumn Statement, containing many economic changes coming into effect over the next 12 months.
Here are some of the key points from the Autumn Statement:
1. Capital Investment - The government have made the "full expensing" tax break permanent. Meaning that businesses can deduct spending on new machinery and equipment from their profits.
2. Business Rates - The 75% business rate discount for retail, hospitality and leisure firms has been extended by a further year.
3. Benefits and Pension - Universal Credit and other working-age benefits are to be increased by 6.7% and the State pension payments to be increased by 8.5%, in line with average earnings.
4. National Minimum Wage - The National Living Wage has increased by 9.8% to Ā£11.44 per hour. This rate is now for all employees over the age of 21, rather than over 23 as it was previously. The 18-20 year old rate has increased to Ā£8.60 per hour. And the 16-17 year old and Apprentice Rate (rate for apprentices for the first year of their apprenticeship) has increased to Ā£6.40 per hour.
5. Employee National Insurance - The government announced that from January 6th 2024 the main rate of National Insurance will be cut by 2% from 12% to 10%.
6. Self Employed National Insurances - The Class 2 National Insurance, paid by the self-employed earning more than Ā£12,570, is to be abolished from April. The rate of Class 4 National Insurance, paid on profits between Ā£12,570 and Ā£50,270, will be cut from 9% to 8%
7. Alcohol Duty - The duty added to Alcohol has been frozen until 1st August next year.
#autumnstatement2023 #autumnstatement #accounting
We are always working really hard to be more inclusive and disability friendly. One of the projects has been the website.
And we have finally done it.
We are delighted to announce that our website now incorporates customisable modes designed specifically for people with various conditions, including:
- Epilepsy: We have implemented features to minimise triggers and provide a safer browsing experience.
- Visual Impairments: Our website offers enhanced accessibility for individuals with visual impairments, with customizable font sizes, spacing, and magnification options.
- Cognitive Disabilities: We have taken steps to optimise the website for individuals with cognitive disabilities, ensuring easier navigation and comprehension.
- ADHD: Our website now provides features that aid concentration and reduce distractions, facilitating a smoother browsing experience.
- Dyslexia: We understand the challenges faced by individuals with dyslexia, which is why our website includes customizable formats such as font styles, spacing, and contrast options.
We have also released a range of customisation options for everyone. You can now personalise your browsing experience by;
- adjusting fonts,
- spacing,
- sizing,
- magnification,
- alignment,
- contrast,
- colours,
- sounds,
- images
- and more.
We are proud to have added these improvements, ensuring that our website is more inclusive, accommodating and accessible to individuals of all diverse abilities.
Take a look www.heywoodmacdonald.co.uk and leave us some feedback in the comments.
Well done Robbie - we are so proud of you!
HMAS Team
It's Red Nose Day!
It's a day to have fun, raise money, and change lives. š“
People all over the world can participate by wearing red noses, dressing up, putting on silly faces, and having fun.
The money raised goes to support children and young people living in poverty.
Make your mark for #rednoseday š“ and tag us so we can see what you get up to!!
#hmas #rednosedayselfie
HMRC has introduced a new penalty system for all VAT return periods starting on or after 1 January 2023 and payments due from 7 March 2023.
It replaces the existing VAT default surcharge.
A quick summary of the new system is outlined below from the HMRC Press Release:
Late submission penalties -
These work on a points-based system. For each VAT return submitted late, customers will receive a penalty point until they reach the penalty point threshold ā at which stage they will receive a Ā£200 penalty. A further Ā£200 penalty will also apply for each subsequent late submission while at the threshold, which varies to take account of monthly, quarterly and annual accounting periods.
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Late payment penalties -
If a VAT payment is more than 15 days overdue, businesses will pay a first late payment penalty. If the VAT payment is more than 30 days overdue, the first late payment penalty increases and a second late payment penalty will also apply. To help customers get used to the changes HMRC will not charge a first late payment penalty on VAT payments due on or before 31 December 2023, if businesses either pay in full or a payment plan is agreed within 30 days of the payment due date.
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Payment plans -
HMRC will help businesses that cannot pay their VAT bill in full. Customers may be able to set up a payment plan to pay their bill in instalments. After 31 December 2023, if a customer proposes a payment plan within 15 days of payment being due and HMRC agrees it, they would not be charged a late payment penalty, provided that they keep to the conditions of the payment plan. Late payment penalties can apply where proposals are made after the first 15 days, but the agreement of the payment plan can prevent them increasing.
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Interest calculations -
HMRC has introduced both late payment and repayment interest, which will replace previous VAT interest rules. This brings the new regime in line with other taxes.
#hmas #hmrc #vatpenalty
Do you want to reduce your carbon footprint?
We have worked really hard to reduce ours and have pledged to continue making improvements.
We are SO proud to have just received our Green Small Business certification. š
We would love to share ideas about how you can do this for your business. Contact us at [email protected] to book an informal chat.
www.heywoodmacdonald.co.uk
#greensmallbusiness #hmas
Specialists in supporting neurodivergent and disabled entrepreneurs.
