We are here to help…

Now we are coming out of the covid-19 pandemic, Businesses must re-assess how they operate and the areas that matter to their business.

We at Nigel Ricks & Co are here to help with the changes you may need to make.

We can help with budgeting, cashflow forecasts, Key Performance Indicators (KPI) and using quality software to become better at costings and increasing margins and managing costs.

This can be done by looking at monthly management figures, looking at the annual accounts and general discussions about your business.

Running a business has become more bureaucratic every year. We are here to help with the rules as they change. It can be payroll issues, Research and Development claims or general costings.

Don’t forget we can meet face to face now or use Zoom or Teams to hold video meetings, if you would like to discuss any of the above.

MTD for VAT

The second phase of Making Tax Digital (MTD) for VAT is coming into effect from 1^st April 2022. All businesses that are VAT Registered will, after this date, have to be registered for MTD and file their VAT Returns digitally using appropriate software.

For some businesses this will mean having to keep their books and records differently from how they do at the moment. Whilst HMRC are currently saying that an excel spreadsheet will suffice, they are also saying that this should be linked to some bridging software so the VAT Returns can be filed without the need for figures to be inputted manually.

As the changes are due to come about from April next year, it would be a good time for businesses to make the necessary changes early so when the rules come into place everything is all sorted.

If you would like to discuss the rule changes coming in for MTD for VAT please get in touch. We are happy to go through the options available to you and provide guidance as to the best way forward to make the transition as easy as possible.

Changes to the Coronavirus Job Retention Scheme from 1st August 2021

From 1 August 2021, the government will pay 60% of wages up to a maximum cap of £1,875 for the hours the employee is on furlough.
The 60% support will continue until the end of September.

Employers can still choose to top up employees’ wages above the 80% level or cap for each month if they wish, at their own expense.

As September is the final month for the CJRS all claims for September must be submitted by 14th October.

Income Tax Self-Assessment – ITSA

If you currently have rental income or are currently self-employed, with an income from either source in excess of £10k then from April 2023 you will have to make several returns to HMRC throughout the year. In addition, you may also have to complete an Annual Self-Assessment Tax Return.  We Recommend those affected contact us to discuss their situation in order they have sufficient time to practice and prepare for this change.

Are you Employed and working from home?  Are you claiming your working from home allowance?

This is £6 per week tax-free.  HMRC has confirmed that as long as you are required to work from home you can still claim the full years allowance.  If you feel your bills for working from home exceed the £6 per week, we can claim more back but we must provide proof of this.  Please note, it is possible for your employer to pay you this as a tax-free allowance.

Have you recently started your own business?

Many people have started their own business in the last few months. You will have great ideas and know your market. We are here to help you make your business successful. We support all business with advice on bookkeeping, payroll, accounts and tax returns.

We deal with companies just setting off and those well established businesses.

Being friendly we should not baffle with jargon. We speak English rather using the fancy accountancy words.

Even if you have used an accountant who may have formed your company, is it set up for your needs.

Please call us, we use Teams, Zoom, phones and email to communicate.

VAT and Tax Advice

In an era where the threat of penalties and interest is likely to accompany any error, businesses and individuals cannot afford to make mistakes when it comes to VAT and Tax.

Payroll

Nigel Ricks & Company offers fully managed payroll solutions to all organisations, designed around you to meet your needs.