Business accounts often have a reputation for being complex and time consuming for anyone who isn’t an accountant. However, software that makes doing business a pleasure can only be a good thing: making money and seeing your business grow and develop should be fun. (more…)
What does this mean for you as an employer?
If you currently have a voucher scheme in place, you can continue to join new members until October 2018 (or for as long as you keep the scheme open) although employees who wish to join after this date will be unable to. (more…)
National minimum wage rates for all ages and apprentices are increasing from 1 April 2018. (more…)
Data released by The Pensions Regulator showed the total number of employers to have completed their declaration of compliance stood at 1,032,567 in the first month of 2018. (more…)
Due to administrative errors carried out over a number of years, some scheme members savings have not been collected from employers and therefore not been invested. As a result the TPR has fined the trustee (NOW: Pension Trustee Limited) a total of £70,000 for its failings. (more…)
If your pension scheme is being used for automatic enrolment, as from the 6 April 2018, all employers by law will be required to increase the minimum contribution that they currently pay into their employee’s pension scheme to at least 2% and employees will have to increase their contributions to 3% to bring the total minimum contribution to 5%. (more…)
The good news is though that the rules have been relaxed slightly as part of moves to simplify the tax system. Until 5 April 2016, gifts to employees and directors, given at any time of the year, had to be reported on form P11d. These were taxable and subject to Class 1 NIC. (more…)
Business owners who set clear payment terms with their customers, invoice quickly, and follow up on late payment can avoid the dreaded cash flow crunch that can quickly put them out of business.
We’ve put together some simple guidelines for setting payment terms that can help you get paid quickly and maintain a steady cash flow. (more…)
When recording a transfer between two bank accounts users tend to code it as a transfer in each account which results in unreconciled transactions in both bank accounts. To avoid this only code the transfer in Bank Account 1 and Xero will automatically create a corresponding entry in Bank Account 2. You will only need to match the transaction in Bank Account 2. (more…)