We are reminding businesses, employers, employees and self-employed individuals that grants from the various Government schemes to provide support during the Coronavirus outbreak are taxable in the same way as other income. Payments made under schemes including the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS), the Coronavirus Statutory Sick Pay Rebate […]
HM Revenue & Customs (HMRC) has published new guidance detailing how employers can repay Coronavirus Job Retention Scheme (CJRS) grants if they have over-claimed and therefore received an overpayment. If an employer has received an overpayment and is making further claims, it can offset the overpayment against the amount of its next claim. HMRC has […]
With numerous Government schemes open to businesses and individuals to help deal with the impact of the Coronavirus outbreak, there are dozens of key dates to be aware of in the coming months, including: 30 June 2020 End date of the VAT deferral scheme. VAT Payments after this date must be paid as usual, while […]
Price comparison website ActiveQuote has recorded a 400 per cent increase in enquiries from those under 25 regarding income protection (IP) insurance. The site also saw a 300 per cent increase in requests for quotes from those under the age of 30, while quotes for under 35s rose by 250 per cent during the same […]
A new study has found that one in six people aged 50 and over that are in work plan to put off retirement by as many as three years or more as a result of the ongoing pandemic. This is unsurprising considering that 26 per cent of workers over the age of 50 have either […]
A new study from advice network, Openwork, has revealed that 28 per cent of savers aged 45 and over are concerned that they may not be able to help children with key events, such as the cost of buying a home, due to the costs of paying for care. This figure rose to 42 per […]
As businesses look to rebuild and recover from the trading challenges of COVID-19 in the coming weeks and months it is vitally important that they manage and maintain good cash flow to ensure they remain viable and can trade. To manage cash flow effectively, businesses need to be able to forecast how they will perform. […]
An important element of healthy cash flow is the credit control process. Smaller businesses in the UK have historically struggled to recover payments, especially from larger clients. To help, the Government has tried to introduce new legislation. However, in many cases, it has lacked the bite to be effective. It is, therefore, often up to […]
The fundamentals of improving business profitability comes down to five key factors: Reducing costs Increasing turnover Improving efficiency Increasing productivity Innovation and development. In light of the current crisis, it is worth considering some top tips for improving profitability. Cost management Carefully managing and reducing your input costs plays a key role in improving profitability, […]
As a result of the recent restrictions, many businesses have, for the first time, switched their focus to online sales. Whilst this has opened up many new opportunities it has also posed greater challenges, one being pricing. Many business owners already struggle with the difficulties of pricing. In some cases, setting prices by their competition […]
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