Welcome to the May 2023 News Update from Prestige Business Management
May 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 June 2023
for period ended 31 August 2022
VAT return submission and payment – 7 June 2023
(online) month-end or quarter 30 April 2023
PAYE, NIC and CIS payment due – 19 June 2023
(postal) for month end or quarter end 5 June 2023
CIS return due – 19 June 2023
Payments made to subcontractors in month to 5 June 2023
PAYE, NIC and CIS payment due – 22 June 2023
(electronic) for month end or quarter end 5 June 2023
Corporation Tax return – 30 June 2023
For year ended 30 June 2022
Inflation Drivers Remain Elusive
Fortunately inflation appears to be falling gradually. However at current rates it is predicted that the government’s target of halving inflation by the end of 2023, is a distant prospect. This prompts speculation that government borrowing could climb this year. Ministers appear to be identifying food costs as the main driving factor. Food inflation hit a rate of nearly 20% in the first quarter and has remained high throughout.
Summer Ready in June
The Met Office is anticipating a period of mostly fine, sunny, and warm conditions across the majority of the UK during the first week of June. Allowing many to enjoy time off booked around the final May bank holiday. The Met Office says that temperatures will gradually rise throughout the week, with an expected high of 24C, possibly 25C, by Thursday.
Strike Dates in June
A number of train operating companies will strike this month, including Avanti West Coast, Great Western Railway, Southeastern, and more on 2 and 3 June. Check with your local operators for service updates.
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VAT (value added tax), is a surcharge applied to most goods and services. Both large and small businesses can reclaim VAT on business expenses provided you are registered for VAT. The process of accounting and claiming back VAT can become time-consuming, however very worthwhile due to the economic benefit. Here’s how it works. You are only able to claim back VAT if you are VAT registered. Every business with a turnover of £85,000 is legally required to register for VAT. You can voluntarily register if your turnover is below this level. There are some benefits to registering for VAT even if your turnover is below the threshold, however you will need to calculate if this makes financial sense. If your annual turnover is less than this threshold, then you can decide whether or not to register for VAT. If this is the case and you are free to choose, there are pros and cons to consider before registering for VAT. Prestige Business Management can help you calculate what will be most profitable for your small business. Find out more.
How to Write a Contract – 25 May 2023
There are all sorts of practical skills to learn when you start a new business. One crucial capability is how to write a contract. A contract is a legally binding document that protects you and your client. A comprehensive contract will usually stop issues arising before they start and ensure that you get paid in full and on time. If you undertake a job for a client, the contract will specify exactly what you will provide, and what your expectations are of your client, like terms of payment. A contract protects you if there is a payment dispute and proves that the client has agreed to pay for the work that you do for them. Your business could improve cash flow function and improve payment security by using contracts to make sure you get paid on time. A contract does not have to be complicated, we will break down the elements here to get you started.This guide can help you understand the basics of contract writing. Read in full here.
Creating and maintaining an effective supply chain is fundamental to the success of your business. Here we look at why your supply chain is so crucial to the profitability of your small business and how to build and manage a successful supply chain. Whatever industry you work within, your business will have a supply chain of some type. Whether this brings in products or materials or labour and services. On the other side of the supply chain you deliver your products or services to your clients. Your business typically sits within the centre of this process, or towards the end in the case of most retailers. Your supply chain relies on good logistical planning. This is what helps the stages of your supply chain to work together effectively. The more effective your supply chain, the more profitable your business will be. Here you want to look at using suppliers that sit both within your own ethical policies, and within your geographical region if you are transporting goods or materials. You will need to calculate the cost of quality, versus efficiency, versus effectiveness. You also need to think about how using certain suppliers can affect the message of your brand. Read in full here.
A contractor is a person or firm that undertakes a contract to perform a service or do a job. Every contractor needs to have faith in their skills and abilities. This is true for contractors across every industry. However even for the most experienced contractor, accidents can and will happen. You need to have the right contractor insurance in place for when this happens. This not only helps you, this helps to maintain your professional reputation, client relationships and protect your business. Here we explain who needs contractor insurance and why. Most often a contractor works alone and manages your own business in its entirety, typically as a limited company of one person. You can find out more about registering as a limited company versus self employment in our comprehensive guide. Working in this way means that you hold full responsibility for any mishaps at work. A contractor does not benefit from the same assurances that are offered to employees, such as life, disability or accident cover. This is one of the reasons why you will be commonly asked to provide proof of your professional indemnity insurance by your clients, before they will enter into a contract with you. Find out more.
May Top Tips
With the warmer weather here to treat us it’s the perfect time to re-energise your lunch break routines. Here are our top tips.
Take a real break
Take a real break from work. Leave your desk. Try not to check your email. Don’t bring work with you and avoid talking about work during lunch.
Take a deep breath and relax. Take a couple minutes to clear your head. When you feel relaxed you make better decisions and you can be more mindful of your break time activities.
Whether you are a fan of walking or not. It’s healthy to get up and move around. A short stroll or a turn round the block will do wonders.
You need to eat properly to re-energise. Prepare a meal you are going to enjoy and then take your time over it.
Meet a Friend
Sometimes a little motivation will help you get away and decompress. Arrange to meet a friend. A good chat can help take your mind off a busy work schedule.
Try Something New
It is all too easy to get stuck in a routine which can end up feeling as regular as working does. Try to mix things up a bit by trying somewhere new for lunch, or walk a different route.
This one is tricky, but you will be better refreshed if you can take a full hour away from your screens. Again this is about breaking up routines and making space for mindfulness.
Be ready to get back to work in good time and even ask your colleagues how they are doing. Taking a moment to regroup with those you work with can get you back in the mood for deep work and motivate you as a team.
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.