The boss of one of Britain’s most influential business organisations has called on the Government to take action to make sure the UK’s economy does not stall because of labour shortages.
Businesses have been urged to file Companies House accounts online as coronavirus disruption continues to significantly delay processing times.
Business confidence in the UK is at the highest level for more than four years according to a new survey, with nine of the 12 UK regions expecting growth.
HM Revenue & Customs (HMRC) has clarified its guidance for members of partnerships claiming the fifth Self Employment Income Support Scheme (SEISS) grant.
Tax-related scams have almost doubled in the past 12 months, HM Revenue & Customs (HMRC) has revealed.
There was more good news on the economy as we emerged from lockdown, with official figures showing UK borrowing had been slashed in July, compared with the same period last year.
Tax-relief schemes may help start-ups and established businesses attract outside investment when traditional investment is not viable, a major regulator has said.
As an entrepreneur, you will understand the need to remain competitive and ahead of the curve. But, when it comes to tech, we understand that for some business owners, tech is not always their best friend!
If you are struggling with clunky software, there is a better way. By embracing the latest tech you will not only make your life easier but also ensure your business runs more smoothly.
Because, let’s face it, life’s too short to have to keep ‘turning it off and back on again!”
Whether its cloud software to access your business finances in real time, 24/7 or the latest apps to help your enterprise really move up a gear, the team at CHC can help.
What is an app stack and why do I need it?
An app stack is just a fancy name for a set or ‘stack’ of software tools that work together to achieve a common purpose. A stack of applications offers workflow-enhancing programs which will help you manage your tasks.
Software integration
If your existing software refuses to dovetail smoothly, chances are you will benefit from our software integration service.
There are thousands of cloud tools to choose from. As accountants, we have no agenda except to help your business run more profitably so we will tell you which cloud technology you should invest in to help revolutionise your business, as well as which ones to avoid.
Business process automation
Is your business running like a well-oiled machine? How is your business fitness – is it lean and healthy or a little flabby?
Utilising the latest technology-enabled automation of complex business processes can streamline your operations, helping you to deliver and improve service whilst managing costs.
By integrating your older legacy systems with new software, or putting in place a unified single system you will unleash your full potential.
Implementations and data migration
We have experience helping businesses of all sizes from various sectors and will take care of the entire implantation process from start to finish, ensuring your data migration is expertly managed with the minimum of down-time.
We offer a complimentary meeting so that we can map out your business requirements and processes and recommend the app stack that will provide optimisation at every level. For more information visit our website or to book a complimentary meeting, please get in touch with us.
Where grants claimed under the self-employment income support scheme (SEISS) do not correspond with records held by HM Revenue & Customs (HMRC), it will auto-correct 2020-21 tax returns and issue a new SA302 calculation to both taxpayer and acting agent.
Corrections may be necessitated if:
If your return is auto-corrected to include details of an SEISS grant, but you did not receive a grant, you should speak with your agent or HMRC immediately as this could point to fraudulent activity.
2020-21 self-assessment tax returns should accurately report the first three SEISS grants, as the grants are taxable in the tax year that they are received.
HMRC has only been auto-correcting returns since 19 June, meaning that any received before this date will still require manual input and so the wait time for processing these may be longer.
If you receive notification that your tax return has been auto-corrected, you may choose to either accept the correction and amend the return, if appropriate, or dispute it.
If you intend to dispute a correction, you should ensure this is notified to HMRC within 30 days of the correction notice and in writing, where possible.
A careful review of your records, and the right professional advice where necessary, should enable you to determine the applicable response.
Where you have received any SEISS or other taxable grants, we should be made aware of these to enable us to accurately prepare your tax returns. If you would like to know more about our tax, accounting and business services, please contact us.
With predictions that the UK economy is set to grow at its fastest pace in 80 years and could recover to its pre-pandemic size by the end of this year, SME owners are feeling more optimistic and are keen to invest in growth.
However, they are also frustrated by the mix of financial options open to them, according to a survey from the Association of Chartered Certified Accountants (ACCA) and The Corporate Finance Network (CFN).
Their wish to invest is buoyed by the latest figures from the Office for National Statistics (ONS) which show UK gross domestic product (GDP) for the second quarter is estimated to have increased by 4.8 per cent, which is now 4.4 per cent below the pre-pandemic level at the end of 2019.
There have been increases in services, production and construction output over the quarter, with the largest contributors coming from wholesale and retail trade, accommodation and food service activities and education.
This will be a boost for the large majority of SMEs who are now planning for expansion, with new research from Paragon Bank showing that six in 10 are increasing their innovation budget compared to pre-Covid levels.
More than 75 per cent of business owners list innovation as a key priority to recovery.
But they say they are struggling for financial help in the form of overdrafts and other options like mortgages and leases.
This has not been helped following the winding down of many of the Government-backed support schemes. They are also frustrated at being unable to find the right blend of financing for success.
According to the joint survey this has caused mental health problems with bosses feeling more stressed and anxious.
The difficulties of obtaining finance could not come at a worse time as they are desperate to get back to some normality and go for growth in the future.
If you are struggling to access the finance needed to help your business grow, our team of corporate finance experts can help. To find out more about our services, please contact us.
Link: SMEs feel confident but frustrated by lack of financial backing
