We have closed the office for the foreseeable future and we are now working at home. There should be minimal disruption to our services. Our office is cloud based anyway so Anne and I are preparing accounts, giving advice etc but manly by email and telephone. We rarely go to the office to pick up mail – probably once a week – so I would avoid post for the time being.
We expect to be working ‘normally’ wherever we are so please continue to send us your accounts and VAT information.
Good luck – and good health – to you all.
CoronaVirus – Government update.
First the good – though slightly frustrating – news.
The package to help the self employed offers some parity with the employee scheme - 80% of profits up to £2,500 a month for three months initially. Unlike the employee scheme, the self-employed can continue to work. It is targeted at up to 3.8 million of the 5 million people registered as self-employed, who earn under £50k. The money, backdated till March, will arrive directly into people's banks accounts from HMRC as a lump sum for all three months, but not until June. The grants will be taxable, and will need to be declared on tax returns by January 2022. At least half their income needs to have come from self-employment as registered on the 2019-20 tax return filed in January, or averaged over the three previous years.
For owner / managed companies
It appears that directors of their own companies can be furloughed and can claim 80% of their salaries (not their dividends) if paid through PAYE. For many this will be a small amount, but it is better than nothing.
Please let us know if you want to furlough yourself. Please bear in mind that if you are still working for the company, particularly if it is still earning money, you may not be able to do so.
The government are updating their information to assist businesses almost daily. This link will give information businesses will need as this problem carries on. Keep an eye on this link in coming days and weeks:
A couple of general points that will be of interest to many:
All clients of Connor Spencer have access to a support facility from Croner Taxwise for HR and payroll details. Call 0844 892 2807 and use reference TXWS 6299
Half our clients probably couldn’t do what we do for them – that’s why they engage us. The other half probably could do it; but they know they are better off sticking to their own skills and maximising what they do best. We’re here for you whatever your skills or needs.
We have one specialisation. We are a one-stop-shop for SMEs: sole traders, partnerships and owner-managed Ltd Companies. From basic bookkeeping, through accounts preparation, to corporate and personal tax calculation and tax returns we take away all your problems.
We don’t do large companies. We don’t do PLCs. We don’t do audits – rarely needed nowadays anyway.
So much is now more efficiently done ‘on line’ today: submission of accounts, annual returns, company director and other reports to Companies House.
On 13 July 2017 HMRC announced that the government has listened to concerns from various bodies and respondents of their consultations and have agreed to slow down the pace at which businesses are moved to the new Making Tax Digital regime.
Connor Spencer are proficient at creating cashflows, management plans, and projections and monitoring them and reporting on them.