Welcome to the September 2021 News Update from Prestige Business Management
September 2021 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
Corporation Tax Payment – 1st October
Due for businesses with 31 December 2020 year end.
Additional Customs Requirements at UK Border – 1st October
Mandatory veterinary health certificate for meat, eggs, dairy products, fishery products and many products of animal origin.
Notify chargeability for income tax/capital gains tax – 5th October
For 2020/21 if not registered for self-assessment.
Corporation Tax 2nd Quarterly Instalment – 14th October
Payment for accounting periods ending 31 December 2021.
Deadline to claim CJRS – 14th October
For September 2021 claims.
PAYE Cheque Payments – 18th October
Deadline for the month ended 5 October.
22nd October for electronic payments.
CIS – 19th October
File online Construction industry scheme return for the month ended 5 October.
Self-Assessment Paper Filing Deadline – 31st October
Paper submission of personal tax returns for 2020/21.
September brings the end of Furlough and the end of our charity furlough fundraising. We managed to raise an astonishing £7,175 just from furlough. Bringing the total Prestige has donated to BACA to £7,990. If you would like to make a donation you can do so here https://www.prestigebm.co.uk/product/baca-donation/ or feel free to bank transfer it directly to PBM with the reference BACA. Lets see if we can reach £15,000 before the end of 2021. Just to remind you that all donations pay for therapy for abused kids and there are no fat cat salaries, everyone is a volunteer giving up their own time and money.
Contactless Payment Limit Rises to £100 This Month
On 15th October 2021 banks will start rolling out the new higher limit on contactless patents to £100. Contactless payments surged during the pandemic, with some shops refusing cash payments, to help prevent the spread of COVID-19. The switch will not be immediate nationwide due to the number of terminals which need to be updated to accept the new limit. The limit on contactless payments was last increased from £35 to £45 pounds in April 2020, one month into the first UK national lockdown was mandated.
Prestige Business Management partners Receipt Bank have evolved their business management tools to become even more powerful and further integrated to meet the demands of businesses right now, along with the challenges they will face tomorrow. Combined, these tools provide more time and greater insight, and drive forward-thinking solutions, now known as Dext.
Click our blogs to read more and follow us for updates and breaking news
How to Keep a Tax Record – 27th September 2021
Everyone can appreciate good record keeping. Especially your accountant, plus it could save you lots of time when you come to file your tax return and save you money on your tax bill if you keep a tax record in good order. Good record keeping is also helpful if HM Revenue and Customs (HMRC) wants to ask any questions. Here we outline what you need to do to keep a tax record, depending on your business model. Embedding good record keeping into your daily running processes will help you maintain good records and efficiency moving forwards and will help keep you compliant. You should be keeping a record of all documents that you have received, or copies of those which you have prepared. These records will be from the accounting period or tax year to which they relate, or sometimes soon afterwards. Find out more here.
Guide to Self-Employment versus Limited Company – 16th September 2021
Prestige Business Management has published our new and improved guide to Self-Employment Versus Limited Company. In this guide we explain the differences between registering for self-employment, or a limited company, so you can select which is the right business model for your long term profitability. You need to understand the type of client / customer you will be targeting to understand which structure will suit your business. We offer you unbiased advice for the best outcomes for your business. If you are currently self-employed, but approaching £50,000 in profit or even gone past it, then we could save you £1000’s in tax so call us right away about switching to a limited company. We are experts in tax efficiency and making your business more profitable with a quick and easy tune-up. Read the Guide here.
National Workforce Shortage – 13th September 2021
Employers have been facing new challenges trying to fill their staff vacancies, as growth slowed to a six-month low in August. A shortage of staff, pingedemic workforce disruption and disturbances to the supply chain have hampered UK businesses, forcing growth to slow down to the lowest rate in half a year. The Covid pandemic and Brexit have both contributed to the current National workforce shortage, with furloughed workers finding new jobs and EU nationals returning to their home countries. Rapid reopening of businesses keen to trade after the staged lifting of lockdown restrictions, plus the departure of overseas workers due to Covid and Brexit has caused problems for transport, hospitality, construction industries and more. This has caused the worst National workforce shortage since the late 1990s. read the article here.
Bounce Back in the UK Economy – 7th September 2021
HM Treasury is in overdrive trying to solve the soaring national deficit whilst navigating the treacherous economic climate, resulting from the pandemic. So far the economy appears to be recovering faster than expected, albeit with scars. Yet figures seem to consistently beat the predictions made by official forecasts, which is a pattern we can see repeated throughout the Bounce Back in the UK Economy. A bounce back in the UK economy is only to be expected after a fallow period of trading, leisure and retail all shutting down simultaneously to slow the spread of the virus. The extent and length to which we can expect this financial swell to continue is yet to be seen and depends on a number of interacting factors. However a healthy bounce back in the UK economy is driving business confidence. Read the article in full here.
Client Referral Programme
We pride ourselves in treating our loyal clients with top notch perks and services. Our client referral programme is one way that we like to give back and reward you for doing business with us. You can recommend a friend to receive, up to £100 cash reward, per referral! All you have to do is recommend us – and make sure they tell us you sent them. We’ll do the rest
September Top Tips
If you’ve been working remotely during the pandemic over the past eighteen months, you may have noticed new terminology creeping into your vocabulary. As many of our jobs shifted from office-based to remote, unique work-based jargon developed to help articulate the change. Here is a handy field guide to 2021
If there’s one term you know, it should be this. Meaning “working from anywhere”, it’s the 2021 version of WFH (working from home).
The term for someone who can WFA, be it their home, a coffee shop, or a wifi-enabled train. Essentially a new spin on what we’ve been calling a “digital nomad”.
This is when you dress for only your upper half due to only seeing your colleagues on video calls.
When you’re WFA, it’s easy for the days to blend into each other until you don’t know what day it is.
Any unexpected intruder on a zoom call. Be it an unexpected colleague, or an unruly child or pet, or possibly even a delivery at the front door.
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.