Welcome to the August 2023 News Update from Prestige Business Management
August 2023 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs.
Key Dates Coming Up
Due date for payment of Corporation Tax – 1 September 2023
for period ended 30 November 2022
VAT return submission and payment – 7 September 2023
(online) month-end or quarter 30 July 2023
PAYE, NIC and CIS payment due – 19 September 2023
(postal) for month end or quarter end 5 September 2023
CIS return due – 19 September 2023
Payments made to subcontractors in month to 5 September 2023
PAYE, NIC and CIS payment due – 22 September 2023
(electronic) for month end or quarter end 5 September 2023
Corporation Tax return – 30 September 2023
For year ended 30 September 2022
Rights and Compensation for Delayed Flights
Thousands of passengers had flights cancelled or delayed this week because of a technical glitch in the UK’s air traffic control system. Flights were affected throughout Monday 28 August and Tuesday 29 August. If you are affected by delayed air travel there are few rights to be aware of, and how to claim them. If a flight is cancelled you have a legal right to choose between a refund for the flight that was cancelled or an alternative flight to your original destination, known as rerouting. If your flight is delayed and you get stuck at the airport your airline is responsible for providing a so-called ‘duty of care’ including updates on the situation – remember to check the email account you used to book. If you are delayed by over 2 hours you are entitled to food and drink provided by your airline, or equivalent vouchers. If your flight is delayed overnight you are entitled to accommodation and transport to and from. Your airline does not have a duty of care if you choose not to fly, nor to be re-routed. Keep your receipts if you buy your own food, drink or accommodation This will help you to claim back any reasonable expenses. Alcohol is unlikely to be included here. Keep a record of the length of delay, use screen shots of updates to refer to.
Strike Dates in September
Rail strikes are planned for Saturday 2 September. Services likely to be affected are: Chiltern Railways, Cross Country Trains, Greater Anglia, LNER, East Midlands Railway, c2c, Great Western Railway, Northern Trains, South Eastern, South Western Railway, Transpennine Express, Avanti West Coast, West Midlands Trains, GTR (including Gatwick Express).
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What are NICs? – 30 August
National Insurance Contributions (NICs) are a type of tax paid upon earnings for employees and the self-employed. NICs are the UK’s second largest tax revenue source, after Income Tax. NICs are only paid by those who earn over the tax threshold annually. The UK has two taxes on income – income tax and National Insurance contributions. NICs are paid over to HMRC along with income tax by employers and the self-employed. The majority of revenue from NICs is generated by employer contributions. Followed by employee contributions. Class 2 and 4 NICs make up the smallest percentage of NICs revenue, due to lower rates paid by self-employed workers and a smaller self-employed workforce. NICs are not charged on other sources of income such as savings, pensions or property. Payment of NICs for enough qualifying years entitles you to receive certain social security benefits, usually the state pension. So in theory you are paying into a savings account that will pay out benefits to you when needed. Although this is not really how it works in practice, meaning that NICs basically act as a second income tax. Find out more.
How to Increase Your Freelance Business Value – 21 August
If you are self-employed your business model is likely to be fairly straight forward. Your clients hire you, they agree to a contract and the rate you charge for your services, you invoice for the work you have completed and your client pays. So far so simple. But how do you increase your freelance business value? There are rules around who needs to register for self-assessment and who needs to register as a limited company. Plus outside of the regulations there are advantages to both business models. Find out more in our comprehensive Guide to Self-Employment versus Limited Company. The value of your business lies in more than just your expertise. Your freelance business value also depends on your market position, the size and dependability of your client base and your specialisation. This can be difficult to evaluate when you are starting out, so you will need to do some market research and make an evaluation of your position. It can be tempting to pitch for every possible source of income, however this does not necessarily increase your business value and on the contrary, this could have the effect of diluting the power of your brand. Read in full.
SME Tax Planning – 14 August 2023
Prestige Business Management delivers specialist accounting for small to medium enterprises. Our dedicated SME accounting team understands that strong and intuitive tax advice backed up by nuanced tax planning will support your SME to succeed. We are all too aware of the associated risk of founding your own business and why and how nine out of ten start-up SMEs will fail in the first five years of trading. We apply this expertise to our relationship with your business, but most importantly we recognise that the sustainability and growth of your start-up relies on strategic SME tax planning. Small and Medium sized Enterprises (SMEs) are a central part of the UK economy. SMEs play an important role in communities and collectively employ a sizable workforce. It is essential that SME owners pay as much attention to tax planning as larger corporations. Here we explore SME tax planning. Find out more
Specialist Accounting for Business Coaches – 3 August
Our specialist accounting for business coaches helps those in the industry reach their full potential. We understand the unique challenges that face business coaches and how to fully support your professional ambitions with targeted accounting services. Your success relies on the time and headspace you have to dedicate to supporting your clients. That’s why we provide specialist accounting for business coaches that is streamlined and focussed. Our experts know your industry and we will help you track and claim all of your allowable expenses, even when you are busy and on the go. You should consider everything it takes to keep yourself at the top of your league, which helps you support your clients to achieve their goals. This includes everything that supports you through your working day and maintains your own business acumen, like your own coaching and taking courses. Find out more.
August Top Tips
For parents it’s back to school once again. Here are our top tips for an affordable start to the school year. The government passed legislation in 2021 to make school uniforms more affordable. They state: “To support families, schools will have to make sure second-hand uniforms are available, also helping work towards achieving net zero carbon emissions. In the UK, an estimated 350,000 tonnes of clothes end up in landfill every year and encouraging families to use second-hand uniform can reduce waste and bring down emissions from manufacturing new garments, while making it cost-effective for families.”
1. Check School Uniform Requirements
Check your child’s school website for their uniform guidance. The government has encouraged schools to allow parents to buy standard uniform items from high street retailers to help keep costs down. Find out exactly what your school requires before you shop.
2. Second Hand School Uniform
Find out if your school provides a second hand school uniform swapping service. This is a great way to get logo uniform items and save money. If your school does not currently operate a service, consider setting up a drop off and collection box on behalf of your school – remember that washing may be required. Plus some items are harder to find than others due to wear and tear, particularly sizes for older children and PE items.
3. New School Shoes
Children’s growing feet can be difficult to navigate. Leave buying school shoes until the last minute if you can bare to since children’s feet grow fast and it’s common for a growth spurt to occur over the summer months. Plus foot sizes are by far the least standard.
4. Old School Shoes
Before you bin the battered ones from last summer term, keep them handy for younger generations. Since it is rare for one pair to make through the entire academic year unscathed, a stash of no good to sell but could last a few weeks type of shoes could save lots of money in the summer terms when the new shoes from September are worn through.
5. Talk to Other Parents
Hold off buying expensive new items if they’re not strictly necessary. Talk to other parents to find out what they use and refuse. So often items go unused even if they were included on the original kit list.
6. Support Your Child
Most importantly support your child through starting a new school or school year. Over and above affordability, they need to know you care about their well-being. Try to remember the nerves you felt as a younger person and support that reality, even if they don’t feel like sharing much with you. Go easy on them during the first few rocky weeks, so they know that you stand by them no matter what, even if you are inwardly yearning for the peace and quiet of them being back at school. If you can quietly support their growth, then you have earned the right to outwardly celebrate their achievements later.
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