A problem we see, particularly within our perm recruiter clients, is bridging the payment gap between candidate delivery to actually getting paid, which can take up to 90 days! However, 90 days is unacceptable particularly to the small business.

Going into the temps supply market on a weekly or fortnightly payment cycle from your client can help with the low periods and your margins from this can at least cover the fixed monthly costs.

Running your business from home (tax allowances available) can be useful particularly to start-ups until you can afford to scale up your business with staff and external premises.

Software packages such as Fluidly can help you automate the Cashflow planning process.

Ever thought of asking for a regular retainer fee?

Outside financing, whilst it can be expensive for those on low margins, can be a great help in financing the growth of your business and most offer Bad Debt Protection as well to ease your Carillion type worries!

Should you wish to contact us to expand on any of the above points, or see if our solutions can help transform your business, request a 10 minute chat below.

PERSONAL SERVICE COMPANY CHANGES FROM APRIL 2020

In the Autumn Budget the Chancellor announced that the "off payroll" workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services through personal service companies.

End users will be required to determine whether the rules apply to the services provided by the worker via his or her personal service company. This will be a significant additional administrative burden on the large and medium-sized businesses who will be required to operate the new rules. The current CEST (Check Employment Status for Tax) online tool would be improved before the proposed start date.

No change for “Small” Employers

“Small” businesses will be outside of the new obligations and services supplied to such organisations will continue to be dealt with under the current IR35 rules with the worker and his or her personal service company effectively self-assessing whether the rules apply to that particular engagement. The definition of “small” has been widely awaited and the Government have confirmed that it intends to use the existing Companies Act 2006 definition. That is where the business satisfies 2 or more of the following features:

• Annual turnover of £10.2 million or less

• Balance Sheet total of £5.1 million or less

• 50 employees or less

The new obligations to determine whether the rules apply, deduct tax and national insurance, and report payments under RTI will apply to the agency or intermediary making payments to the personal service company where the end user is large or medium-sized. There will be an obligation to pass details of the status determination up and down the labour supply chain.

The liability for tax and national insurance will be the responsibility of the entity paying the personal service company, however if HMRC are unable to collect the tax from that entity the liability will pass up the labour supply chain thus encouraging those entities further up the supply chain to carry out due diligence to police compliance.

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. 

In today’s fast-paced business world, here are some tips to help you to be more effective at multi tasking.

Over the past 10 years or so businesses have become leaner by reducing employee numbers, focusing on efficiency and increasing the demands on their staff. An increased workload forces us to multitask, which may be effective for a short period of time, but over the long term, can cause stress.

Multitasking is not about “piling on the work” to the point of exhaustion. It’s about training the brain to channel energy in an efficient and effective manner so you can accomplish more in less time. One of the keys to learning how to multitask effectively is actually to slow down, in order to accomplish more.

Set Priorities

Try to think of your brain as a computer. If you are working within multiple programs and have numerous windows open so you can quickly jump from program to program, you may find that your computer crashes a lot, due to the strain. The same thing happens in your brain. When you’re performing multiple tasks that require your undivided attention, your brain gets overloaded, as it can only process information from one channel at a time. Therefore, do not multitask if the assignment requires your full attention.

Useful tools

Make lists and write things down. You can’t remember everything so having a central to-do list is helpful. If you have a list of items you need to refer to often (such as pricing schedules or keyboard shortcuts) position this next to your phone or computer for quick access. Diarise some “management time” in your calendar each day - this might be a 45 minute slot where you have no meetings and can take stock, look at your to-do list and work through anything that needs your immediate attention.

Shift multitasking to single tasking

Your brain cannot multi-task all the time. So, occasionally, stop multitasking and allow yourself to do just one thing for fifteen to twenty minutes. At the end of this “rest period”, you’ll feel refreshed, alert, and ready to tackle more tasks - and you’ll do so with fewer mistakes.

Take regular breaks

Make the most of your breaks – avoid working through lunch and make sure to take a short break in the morning and afternoon. Use your break to walk around the building, sit outside, or do whatever you like for a few minutes to clear your head and give your brain a rest. Taking this time out during the day can actually make you more productive.

If you would like to speak with an advisor about getting better systems in place book your 10 minute chat at info@coopercurtis.co.uk

Keep ahead of the game with all the tax changes and new rates coming into effect from April 2019.

If you would like to speak with an advisor about getting better systems in place book your 10 minute chat at info@coopercurtis.co.uk

By April 2019, businesses above the VAT Threshold will need to keep Digital records and from 2020 this should apply to all other businesses who will be updating HMRC quarterly for their corporation tax, Income Tax and National Insurance obligations digitally. It is a significant change for many of us and means the end of the annual tax return to be replaced with a digital tax account where all your information will be stored in one place.

This change in the way HMRC wants information from tax payers means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package.

The good news is we are certified in the installation and operation of Online Accounting software which is digitally compliant and specifically designed for small and medium sized business

We are helping our recruitment clients migrate to the cloud to comply with the new HMRC requirements on Making Tax Digital. 

Imagine if you could:

•  See a clear picture of your profit margins in real-time;

•  Take a photo on your phone of a receipt and it was posted automatically; AND

• See your results, who owes you money, who you owe to and your business bank balance 24/7, 365 from your phone.

• Manage clients and workers details

•  Create and send invoices on the go

•  Have your bank feed your data directly into your accounts on a DAILY basis;

•  View a snapshot of your business

•  Estimate tax payments

•  Easy tax filing that matches HMRC requirements

We offer;

• A smooth and quick transition to our online accounting solution

• A free initial demonstration and ongoing support (no charge for calls/emails)

• Fixed fee packages available ( No unexpected bills from us!)

 If you would like to speak with an advisor about getting better systems in place book your 10 minute chat at info@coopercurtis.co.uk

To help you comply with the new GDPR guidelines coming into force on 25th May 2018, please find a checklist which we hope you find useful. 

blog by Caroline

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.