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Social distancing and exercising - Rocky boxset anyone ?

With the continued implementation of the social distancing rules due to the spread of COVID-19 many people are now experiencing a new phenomenon – time!  The hours spent commuting or at work are now being replaced with work from home arrangements or furlough and with no end in sight of the lockdown being relaxed, now to could be a good time to revisit that fateful night of 31 December, where we made that resolution to get fitter. Getting fitter doesn’t necessarily mean going to a gym, j...

April 3, 2020

UPDATE: Availability of financial assistance available due to Coronavirus as at 30th March 2020 at 8pm

Companies House 3-month extension to file accountsIf your accounts will be late because your company is affected by COVID-19, you can apply for an immediate 3-month extension to file your accounts. This will be applied automatically. It is important to note that your filing deadline cannot have passed for your company to apply for this. Also, any companies that have already extended their filing deadline, or shortened their accounting reference period, may not be eligible for an extension. If yo...

March 31, 2020

UPDATE: Availability of financial assistance available due to Coronavirus as at 27th March 2020 at 8am

Self-employment Income Support SchemeThe self-employment income support scheme (SEISS) will support individuals who are self-employed (including members of partnerships) whose income have been negatively impacted by COVID-19. This scheme will provide a grant worth up to 80% of their profits, up to a cap of £2,500 per month. HMRC will be averaging profits from tax returns filed in 2016-17, 2017-18 and 2018-19 to calculate the taxpayers grant. The scheme will be open to those where over 50% ...

March 27, 2020

UPDATE: Availability of financial assistance available to SMEs on 25th March 2020 at 8am

Small business grant fundingThe eligibility has now been updated to state that the person who according to the billing authority’s records was the ratepayer as at 11th March 2020 will receive the grant. There is further information to state that where the local authority believes this to be incorrect, they can take reasonable steps to identify the correct ratepayer and withhold or recover the grant. Any changes to the rating list (rateable value or to the hereditament) after the 11th...

March 25, 2020

Coronavirus update 24th of March 2020

Whilst it appears there are no further updates to support for businesses at this current time, it is important to acknowledge the latest announcement by the Government. As a nation we have now been told we can only leave our homes for one of the following four reasons:Shopping for necessities, to be limited to items like food and medicine. These shopping trips should be as infrequent as possible.One form of exercise a day, to be carried out either alone or with members of your household only.Any...

March 24, 2020

UPDATE: Availability of financial assistance available to SMEs on 23rd March 2020 at 8am

Support for nursery businesses that pay business ratesA business rates holiday will be introduced for nurseries in England for the 2020 to 2021 tax year. You will be eligible for the business rates holiday if:Your business is based in England Properties that will benefit from the relief will be:Occupied by providers on Ofsted’s Early Years RegisterWholly or mainly used for the provision of the Early Years Foundation Stage This should automatically be applied by your local authority. If you hav...

March 23, 2020

UPDATE: Availability of financial assistance available to SMEs on 21st March 2020 at 8am

Coronavirus Job Retention SchemeAll UK employers will be able to access support to continue paying part of their employees’ salary for employees who would have otherwise been laid off due to Covid-19. All businesses are eligible for this. To access the scheme you will need to:Designate affected employees as ‘furloughed workers’ and notify them of this change. This change of status may be subject to negotiation, depending on the employment contract.Submit information to HMRC about the emplo...

March 21, 2020

UPDATE: Availability of financial assistance available to SMEs as at 12pm on the 20th of March 2020

GrantsIt would appear the higher grant of up to £25,000 will only be available to those businesses within the retail, hospitality and leisure sectors. As a reminder, those within these sectors with a rateable value of between £15,000 and £51,000 will be eligible for a grant from their local authority of up to £25,000. The sectors are defined as having properties occupied as being wholly or mainly used for the following: Restaurants, cafes, drinking establishments, cinemas and live music venu...

March 20, 2020

​ UPDATE: Availability of financial assistance available to SMEs as at 12pm on the 19th March 2020

InsuranceBusinesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres and other leisure facilities is sufficient to make a claim.Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Most businesses are unlikely to be covered, as standard business interrupt...

March 19, 2020

Availability of financial assistance available to SMEs as at 12pm on 18th March 2020.

What help is available for small businesses during the Coronavirus crisis?As part of the recent Budget, the Government announced £30 billion of support to help businesses and individuals struggling due to Covid-19. On the 17th March 2020 it was also announced that an additional £330 billion is available as guaranteed loans on favourable terms. For small businesses, up to £5 million can be borrowed with no interest payments due for the first 6 months. This is an increase from the £1.2 millio...

March 18, 2020

A message from SAS Accounting Services Ltd

As we’ve all learned lately, a lot can change in a few days. As Coronavirus (COVID-19) diagnoses continue to increase around the world, we wanted to let you know that SAS Accounting Services is committed to providing a safe environment for our employees, whilst continuing to offer a level of service to our clients. Over the next couple of days we will be transitioning our staff to enable them to work from home, enabling us to continue working as usual.  We have had no cases of Coronavirus...

March 18, 2020

Spring Budget 2020

In the face of Brexit uncertainties and the recent Coronavirus outbreak the new Chancellor, Rishi Sunak, was faced with falling economic indicators, the need to boost NHS services and was consequently limited in his options to spend on plans to improve business confidence and fund infrastructure projects. Interestingly, there were a number of measures that will directly benefit those affected by the current COVID-19 outbreak and these are reported in this update. Details of other changes fo...

March 12, 2020

Paying Your Self Assessment Tax Bill

We are receiving a number of enquiries from clients who are struggling to navigate through the HMRC system for paying their Self Assessment Tax bill for the looming payment deadline of 31 January.  By far the easiest way to make this payment is by a standard bank transfer through online or telephone banking. For the details to make payments online to HMRC please visit https://www.gov.uk/pay-self-assessment-tax-bill/bank-details  The reference number for your payment will be your 1...

January 29, 2020

Our Emails - An Update

Following on from our email yesterday regarding a problem with one of our email accounts, we wanted to update you on the current situation. What we know:Yesterday afternoon, at around 14:20 an email was sent pertaining to be from Simon, with the subject line ‘SAS Accounting Services Ltd – 21-01-2020’ or similar.Some contacts emailed Simon back to confirm the legitimacy of this email, others phoned or sent text messages.  At this point we knew we had an issue and contacted our IT Suppo...

January 22, 2020

National Minimum Wage April 2020

As you may be aware, the current National Minimum Wage rates will increase in April 2020. Research suggests that the increase will result in a pay rise for almost 3 million UK workers and has been described as the ‘biggest ever cash boost’ for UK workers.These changes mean that:those aged 25 and over will be entitled to receive £8.72 per hour, up from £8.21 an hour previouslyworkers 21-24 will increase from £7.70 to £8.20 an hourthe pay for 18-20 year olds will increase from £6.15 to £...

January 16, 2020

Are You Prepared For The Self-Assessment Deadline?

The deadline for filing your 2018/19 self-assessment tax return online is 31st January 2020. It is not normally possible to get an extension to the filing deadline.  Regardless of how you filed your tax return, any outstanding tax must be paid by 31st January 2020. What are the penalties for late tax returns?If HMRC asked you to complete a tax return for 2018/19 and you miss the deadline, you will automatically be fined regardless of how late the return is, even if there is no tax liability...

January 10, 2020

Christmas Open Times

Over the Christmas period the office will be closed from 4pm on 20th December 2019 to 9am on 2nd January 2020. Throughout this period it may not be possible for us to reply to any emails or telephone calls , so please plan for this closure and  advise us in good time, should you expect any advice will be needed, certainly with respect to payroll calculations and accounts filing. If you do require any urgent advice during this time please email simon@sas-accounting.co.uk and these emails wil...

December 11, 2019

FREE Xero Drop-In Clinic

Do you: Struggle with particular functions on Xero?Want to start using Xero but don't know where to start?Need help understanding how to use Xero to your advantage?On Tuesday 3rd December pop in and see us at Loofer's Food & Coffee Place anytime between 10am and 12pm in Colchester town. For anyone thinking of using Xero we can show you some of the key functions of the system or for those with a specific query, we will try and resolve this for you. This event is available to anyone...

November 18, 2019

Festive Workplace Dress-up

Whilst allowing staff to attend work in fancy dress for holidays such as Halloween and Christmas can be an effective way to motivate staff, boost morale and develop a sense of camaraderie, there are a few points to be considerate of to avoid possible negative situations. The most prominent concern with fancy dress in the workplace is the possibility of discrimination. Certain costumes could be seen as offensive; things as race, age or gender could be deemed offensive by employees of differe...

November 13, 2019

Your company's Christmas party!

Are you a limited company and want to save money on your company’s Christmas bash? Read this email to find out how!Whilst there isn’t an actual allowance for a Christmas party, HMRC does offer limited tax relief for the cost of an annual event for your company. Certain conditions must be met to obtain the tax relief and only applies to annual events, which is available to all staff and is set at £150 per person. However, if the cost exceeds £150, even by a penny, all costs are taxable. The...

October 30, 2019

Managing Business Expenses

Having an effective way of managing your expenses will help you to keep control of your expenditure in the simplest of ways. What are business expenses?A business expense is an expense paid by either of the following: the business, a director or an employee and is either physical items or services needed to run the business. HMRC make it very clear what constitutes a business expense; an expense that is necessary and is needed as a part of running your business on a day-to-day basis. HMRC have t...

October 16, 2019

Do you know your tax obligations as a landlord?

Due to the reduction in mortgage interest relief, we are experiencing an increase in the number of landlords required to complete a Self-Assessment Tax Return. When renting out a property you pay tax on any profit you make. Your profit is the amount of money left once all expenses have been paid. The amount of tax you will need to pay depends on: The amount of profit you makePersonal circumstances If your property income is under £1,000, you may not need to inform HMRC. If it's higher, you will...

September 26, 2019

Hiring Part-Time Workers

Hiring a part-time worker can be an advantage to the business as it could be an opportunity to gain skilled individuals who might not be able to offer their services full-time. This type of employment can be appealing to people who may have young children, or other responsibilities which could prevent them from being able to commit to a job with full-time employment hours. However, before you hire a part-time worker, it is crucial that you have a good understanding of their rights. It is un...

September 18, 2019

The New Reverse Charge Date Change

The New Reverse Charge Update Announced by HMRC in the Revenue and Customs Brief 10/2019, the new reverse charge, that was due to come into force at the beginning of next month,has been postponed until the 1st October 2020.HMRC has acknowledged that some clients have already started to work towards the new reverse charge.Some sub-contractors have began to make changes such as applying for monthly VAT Returns to make input tax recovery quicker. This can be reversed on the HMRC website. HMRC are a...

September 11, 2019

Mobile Phones in the Workplace

With mobile phones becoming more present in the workplace, many businesses may want to take a harsher action towards employees using their phones during work; and understandably so.While the employer has the authority to make rules regarding mobile phones at work, there should be a specific policy surrounding the subject. Any pre-existing policies, if there are any, should clearly state if an employee is allowed on their phone and under what conditions. If an employer wants to start confiscating...

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