The Association of Chartered Certified Accountants has (ACCA) has lobbied the Chancellor to extend the deadline for self-assessment tax returns beyond 31 January 2021 warning that failure to do so could land millions of hard-hit entrepreneurs with fines totalling £250m. ACCA said its members have highlighted several areas where the pandemic has intensified familiar filing deadline difficulties, as well as introducing new ones: A further...
After a record breaking, roller coaster year in 2020, what can we now expect in 2021? After so much rapid unpredictability, there are now some things we can count on with more certainty. Here we examine what we know so far. A Rise in National Living Wage from 6 April 2021 The national living wage will be extended to 23 and 24-year-olds for the first...
August 2020 News Update – featuring additional news developments from our newsletter series The second round of SEISS grants is open for applications from Self-Employed workers and can be accessed between 17th August until 19th October. Furthermore eligibility has been extended to new parents. Over 860,000 ‘Bounce Back Loans’ have been issued since the Coronavirus Business Interruption Loan Scheme opened in May, with new applicants...
Payroll is an important process within any business organisation. It is by default the responsible for the prompt payment of all employee’ salary compensations within a defined calendar period. It also helps to protect the company’s reputation by following strict HMRC regulations by remaining compliant but also by making sure it deals with employee queries fast – helping to build not only an external brand...
Technology has become an omnipresent part of daily commerce worldwide. The ability to do business via the medium of technology has helped to create a raft of digital and technological solutions that have revolutionised the way business has been conducted. However, big technological change has always resulted in a slower uptake from small business. However, this isn’t the case in the UK as more SMEs...
HMRC’s Making Tax Digital changes are coming and businesses are unprepared for these new changes. According to Accountancy Age, a third of VAT-registered businesses are not even ready for the Making Tax Digital start date. Furthermore, senior sector bodies like the ATT, ICAEW and CIOT have all voiced their concerns regarding the MTD deadline – even going so far as to suggest a possible delay?...
How Prestige Business Management Can Help Your Business Improve Its Cash Flow Experience According to Accountancy Age, on any given day, the total sum owed to small businesses in the guise of late payments total nearly £25,000. This means the cumulative average owed to small businesses every single day is greater than the UK’s average mean salary. This ‘late payment’ cash pile creates cash flow...
How to Write a Contract – Prestige Business Management’s Guide to Ensuring Invoices Are Paid Based on Contractual Agreements Ever wondered how to write a contract? This guide can help you understand the basics of contract writing – you should always seek legal advice regarding contractual agreements in business. People generally tend to pay on-time when contracts are part of the agreement. People’s minds...
Managing Accountancy: Day-to-Day Guide to Accountancy Tasks – Provided by Prestige Business Management Running a business can be difficult, time-consuming and at times full of drudgery. You get into it because you want to do what you do best, but a business has a whole range of different tasks that takes time away from running your business and building great products and services. Finance...
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