The benefits of Regular Accounting

 

  • See your profitability in real time

  • Up to date view of your business

  • Stay in control of your business

  • Allows a business to make informed decisions throughout the year

  • A better relationship with your Accountant - bounce ideas of each other and have more contact

  • Streamline processes

  • Access your accounts anywhere any time

  • Make better use of your time

  • improve efficiency

The Cooper Curtis team are all Xero Certified advisors, for more information contact us on 0845 303 1144 or email info@coopercurtis.co.uk.

 

 

Chancellor makes shock U-Turn! Cooper Curtis comment on Spring Budget

Last week saw Philip Hammond deliver his first Spring Budget as Chancellor. There were a few shock announcements on the day, one being the dividends allowance now reduced to just £2,000 from next year prompting some in-year tax planning for our limited company clients. 

After a heavy backlash from his opposition about tax rises, the chancellor has now abolished his plans to raise the Class 4 National Insurance from April 2018 one week after delivering his budget bringing a sigh of relief to many self-employed people. 

The changes proposed where the contractors IR35 status will be decided by the public body they are contracted with is still going ahead beginning from April 2017. 

If you have any questions regarding any topics covered in the Budget or would like any advice, please give us a call on 0845 303 1144 or email info@coopercurtis.co.uk.

 Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.

Higher earning family?... Your state pension may not be protected!

The child benefit claw back for higher earners (those earning over £50,000) was first introduced back in January 2013, and meant those who claimed the benefit had to pay it back through a charge on their tax return. 

However, mothers with children born after 6 April 2013 may not realise that by not claiming this benefit as their partner is a higher earner, this could leave them with a big gap in their national insurance record affecting their state pension entitlements.

If this applies to you, take action now!

If you or your partner fall into this category, you should either claim child benefit and include the tax charge on the higher earner's tax return, or fill out the form CH2 to claim the child benefit at 0%. Those qualifying years will then be protected up until the child is 12.

Those who claimed child benefit before 2013 will still be protected until their child is 12. If you don't claim for children born January 2013 and onwards, you could be missing out on those all important contributions especially for those not returning to work once the child has reached 12.

To qualify for a state pension, you now need 35 years of NI contributions. 

Blog by Caroline

Blog by Caroline

 

 

If you would like further information on anything outlined above, please contact Cooper Curtis on 0845 303 1144 or email info@coopercurtis.co.uk.

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published

 

Running your Recruitment Agency from home

In our latest blog, Brian discusses the benefits of running a Recruitment Agency from home

 

Most newly established Recruitment Agencies we meet operate from their home address with possibly their registered company address held at their accountants, a way of keeping overheads to a minimum which is so important in the initial first few years of trading.

A 24 hour business landline telephone can be easily purchased to point at your mobile to receive business calls.

There are also companies who offer managed admin services answering your calls in your agency name and then passing the details onto you to follow up as soon as you can. This creates the impression of you being a larger agency.

You may have considered, or put into action some or all of the above but what if you reach the point of overload and need help in-house?

In my next blog, I will discuss taking on another fee earner and support staff to accommodate your business expansion and the issues you might face.

Blog from Brian

Blog from Brian

Meanwhile, please feel free to contact us anytime on 0845 303 1144 to see how we can improve on the services you currently receive

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.

 

National Minimum Wage change to age bands from 1st October

From the 1st October 2016, the national minimum wage rates for the different age bands and for apprentices are increasing.

The new rates from next month will be as follows;

From October 2016 - April 2017

Adult rate (21+)NLW (25+)        £7.20

 Adult Rate (21-24)                    £6.95

YDR (18-20)                               £5.55

16-17 Yr Old Rate                       £4.00

Apprentice Rate                        £3.40

 

Please ensure your current payroll system is compliant in advance of the changes.

POST BY CAROLINE

POST BY CAROLINE

 

If you would like more information on the minimum wage requirements or have a payroll query, please contact us on 0845 303 1144 or email info@coopercurtis.co.uk. 

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published

Key person protection

Key person protection is a business insuring itself against the financial loss it would suffer if a key person in their business died or were diagnosed with a critical illness.

The policy is owned and paid for by the employer, so any pay out is payable to the employer. A key person is an individual whose skill, knowledge, experience or leadership contributes to the financial success of a business and could be one of a number of people within the business such as the;

  • Chairman
  • Managing director
  • Marketing manager
  • Computer specialist
  • Sales manager

Anyone whose death could lead to financial loss for the business through:

  • Loss of profits
  • Having to recruit or train a replacement
  • Important business contracts being lost if the key person is not there to maintain relationships
  • Customers and suppliers losing confidence in the busines

Why do I need Key Person Protection?

Key Person Protection is designed to pay out a lump sum on the death of the insured key person, during the length of the policy. It is paid as a lump sum and could significantly help the business to recover. The proceeds can be used to help replace lost profit or finding and hiring a replacement.

post by brian

post by brian

 

If you would like to consider the possibilities of how your business can benefit from protecting itself against the loss of key people or shareholders please contact me on 0845 303 1144 or email brian@coopercurtis.co.uk to discuss this further. 

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published

 

Business loan protection

Business Loan Protection helps businesses pay an outstanding overdraft, loan or commercial mortgage, should a key person die or be diagnosed with a specified critical illness. 

Why consider Business Loan Protection?


Being unable to repay loans can be a serious problem for a business following the death of a key person. For instance, Director’s loan accounts should be paid off on death – without business loan protection, where would this money come from?

post by Brian

post by Brian


If you would like to consider the possibilities of how your business can benefit from protecting itself against the loss of key people or shareholders please contact me on 0845 303 1144 or email brian@coopercurtis.co.uk to discuss this further. 

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published

 

Share protection

In the event of a business owner dying or being diagnosed with a terminal illness, share protection can provide a lump sum to the remaining business owners. This means that a lump sum could be used to help purchase the deceased partners/shareholding directors/members interest in the business.

Share Protection allows the remaining partners, shareholding directors or members to remain in control of the business following the death of a business owner.

Why consider Share Protection?

If a business owner dies with no share protection in place his or her share in the business may be passed to their family. This means that the surviving business owners could lose control of a proportion or, in some circumstances, all of the business. The family may choose to become involved in the ongoing running of the business or could even sell their share to a competitor. 

A share protection policy can help avoid these issues. 

As well as retaining control for the surviving shareholders, if set up correctly it can also reduce any potential inheritance tax liabilities that could be created for the family of the deceased by retaining Business Property Relief. 

Post by Brian

Post by Brian


If you would like to consider the possibilities of how your business can benefit from protecting itself against the loss of key people or shareholders please contact me on 0845 303 1144 or email brian@coopercurtis.co.uk to discuss this further.  

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published

Cooper Curtis at the Recruitment Agency Expo NEC

After the success of last year's exhibition, Cooper Curtis are thrilled to be exhibiting again at this year's Recruitment Agency Expo at Birmingham NEC on 28th and 29th September.

Come and say hello to Caroline and myself at stand D29 opposite Theatre 2 for freebies and information on how we can support your recruitment business. 

Entry to the show is free and there are plenty of useful seminars and recruitment suppliers attending over the two day event. 

We look forward to seeing you there!

Post by Brian

Post by Brian