Welcome to the July 2023 News Update from Prestige Business Management
July 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 August 2023
for period ended 30 October 2022
VAT return submission and payment – 7 August 2023
(online) month-end or quarter 30 June 2023
PAYE, NIC and CIS payment due – 18 August 2023
(postal) for month end or quarter end 5 July 2023
CIS return due – 19 August 2023
Payments made to subcontractors in month to 5 August 2023
PAYE, NIC and CIS payment due – 22 August 2023
(electronic) for month end or quarter end 5 August 2023
Corporation Tax return – 31 August 2023
For year ended 31 August 2022
Latest Mortgage Rates
Mortgage interest rates are the rates that the bank and other lenders lend money to homebuyers. The interest rate is the percentage of the loan amount that borrowers pay to lenders as remuneration for borrowing money. The interest rate is determined by lots of factors, including the credit score of the borrower, the size of the down payment, and the type of loan. According to MoneySuperMarket, the Bank Rate is currently 5%. The las]test change to the Bank Rate was in June 2023. The Bank of England increased the rate from 4.5% to 5% in June. The base rate was historically low for more than a decade, meaning people enjoyed low borrowing costs. In 2009, interest rates were cut to just 0.5% in response to the financial crisis of 2008. They then remained low, reaching a record low of 0.1% between March 2020 and December 2021 in order to aid economic recovery in response to the pandemic. Now the Bank of England has raised the Bank Rate to help maintain rates inflation which has been fuelled by energy shortages.
Strike Dates in August
NHS junior doctors commence the latest round of nationwide strikes on Saturday 12 August for three days.
NHS senior doctors commence the latest round of nationwide strikes on 24 August
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Client Referral Programme
Did you know it pays to refer a friend? If you recommend a friend or colleague with our client referral programme and they sign up to become a client, we will thank you with a £100 cash reward, per referral! All you have to do is recommend us – and make sure they tell us you made the recommendation. We will take care of the rest.
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Your self-assessment tax return is a complete record of your tax filing for the relevant financial year. This needs to include everything relating to your personal income. We identify what your accountant needs to be aware of to complete your self-assessment tax return accurately. Including details regarding employment, foreign employment, student loan repayment, dividends, interest from savings & investments, pension income, pension contributions, child benefit (high-income charge), self-employment, uk or international property income, charity donations, capital gains, and foreign income. Read in full.
A fixed rate mortgage is a loan that you use to pay off the capital borrowed to pay for your home, on which you pay a fixed rate of interest to the lender, over a set amount of time. The benefit of this type of mortgage is the predictability and ease of cash flow planning. The disadvantage is you are locked into your interest rate, even if the interest rate drops. Or interest rates rise sharply at a time when your fixed rate mortgage is due to end. Here we explore what action to take if you have a fixed rate mortgage coming to an end. We have seen a steep rise in interest rates. If you have a fixed rate mortgage that is due to end soon you are likely to be stung paying a much higher rate when your deal ends. So what should you do if your fixed rate mortgage is coming up for renewal? Read in full.
QuickBooks is the world’s number one online accounting software. If you find accounting difficult to understand, the QuickBooks platform can help you better manage your businesses finances. QuickBooks key features make your accounting needs easy to process and maintain compliance, leaving you more time to focus on what your business needs from you, for it to grow and succeed. At Prestige Business Management we understand the importance of collaborating with beneficial partners to help provide value for our customers. We are proud partners with Intuit QuickBooks. We provide full training and we can provide the platform to you at an affordable partner discount. Find out more.
July Top Tips
With children at home for the school holidays it can be tricky to balance working from home with keeping the little ones busy. Here are our top tips for working from home with kids.
1. Set realistic expectations
Be realistic about what you can achieve when both parenting and working. You may not get as much done as you’re used to. Prioritise important tasks. Equally you may feel like you’re not giving enough time and attention to the children while they are at home. Set a route that makes time for each of your responsibilities and try not to mix tasks up too much. Be strict about your routine as much as possible to make sure you get work done, but that you are giving your full attention to the kids in scheduled sessions.
2. Create a designated workspace
Make yourself a separate area as your dedicated workspace. Ideally, in a separate room. If this isn’t possible, try to set up a workspace in a non-communal area of the house.
Arrange your to do list into sections of what needs to be done by you and what is most important and then prioritise these. You need to be prepared for the fact that your time is limited and working with children at home will give rise to unexpected interruptions. Try to identify tasks that you can pass over to colleagues if this is the case.
3. Create child activities
Take time with the children to draw up a list of activities they can help themselves to. Add alongside a list of activities you will do together when you have available time, so they know they will have time with you when possible. Keep a cache of new activities for when they get most bored. New craft supplies, pens, colouring books can all be a welcome treat.
4. Allow device time
Scheduled screen time can be a lifesaver keeping kids entertained while you concentrate.
5. Forgive Yourself
Most important of all is to forgive yourself when your days don’t go perfectly. Working and raising children simultaneously is not easy or straightforward. Allow yourself your hiccups and remind your children that you love them.
Prestige Business Management Works for You
At Prestige Business Management we can help your business understand the best solutions for the success of your business. Find out what we can do for you. Call us today on 0203 773 2927.