Mid Wales Business and Bookkeeping

Today is the last day you can register to vote in the upcoming General Election. 🚨

When you apply, you may need your National Insurance Number.

Download the HMRC app today to access this info quickly. 👇

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Android - https://ow.ly/MXWe50QWytB

Happy New Year.....
HMRC is extending the filing date for Self Assessment to 28th February 2022. Remember though, if you do have a payment to make, interest will be charged from 1st February 2022.
If you need any help just let me know.

HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures Late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers.

Im sure you're settling down and thinking about your self assessment tax return, due at the very latest 31st January 2022.👨‍💻
Remember.... any grants and payments received from covid schemes are taxable.
If you haven't got the time or the energy to sort your self assessment out, just get in touch.

Just a reminder......
The new National Living Wage (NLW) and National Minimum Wage (NMW) rates are set out below.
The NLW now applies to all workers aged 23 and over.
The previous age of eligibility was 25. This will come down again to 21 by 2024.

Previous rate Rate from April 2021 Increase
National Living Wage £8.72 £8.91 2.2%
21-22 Year Old Rate £8.20 £8.36 2.0%
18-20 Year Old Rate £6.45 £6.56 1.5%
Apprentice Rate £4.15 £4.30 3.6%

👋Happy (Accounting) New Year, welcome to 2021/2022. Here's hoping for a much improved year. 🤞
Have you decided your New Year Resolution is to organise some accounting software?
Are you feeling daunted by the prospect?
Too many choices,
Do you really need it?
Which one is best?
How much should you pay? (Been offered one free with your bank account?)
How hard will it be to use? .................
Don't struggle. I can help you choose the right software, set up a system, show you how to use it or even take on the bookkeeping role.
Just get in touch, this is the resolution you don't want to break!

Todays Self Assessment announcement......

No Self Assessment late filing penalty for those who file online by 28 February 2021- although you will still have to pay by 31st January or will incur interest charges from 1st February !
https://www.gov.uk/government/news/no-self-assessment-late-filing-penalty-for-those-who-file-online-by-28-february

No Self Assessment late filing penalty for those who file online by 28 February Self Assessment customers who cannot file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February.

👋Just a little nudge......Have you sorted your accounts? There are currently NO EXTENSIONS in place. They HAVE to be submitted before the 31st January...

The third Self Employment Income Support Scheme (SEISS) grant will be available for applications on 30th November 2020.
This will cover 1st November 2020 - 31st January 2021 and will be 80% , the same as the first grant.
Near enough the criteria for the grant is the same, EXCEPT this time you must declare that your business have been impacted by REDUCED DEMAND due to Covid-19 in the qualifying period. This differs from grant 1 and grant 2, where any adverse impact due to Covid-19 would mean you qualified for the scheme. This means you CAN'T make a claim on the basis you can't/couldn't work because you were self-isolating or shielding (both would have made you eligible for grants 1 and 2).

Powys Lockdown Business Rates Grant opens for applications 28th October 2020 and closes at 5.00pm on 20th November 2020.
The grant is worth between £1,000 and £5,000.
Remember It has to be applied for! ✍️💻
Follow the link for guidance and eligibility.
For other counties in Wales, check you Local Authority website
https://en.powys.gov.uk/article/9877/Lockdown-Business-Fund

Lockdown Business Fund - Powys County Council The purpose of the grants is to support businesses with immediate cash flow support to help them survive the economic consequences of the national lockdown in Wales. This includes supporting the costs of retaining staff where appropriate. The grant seeks to complement other Covid-19 response measure...

I cant believe how many financial firms are charging for advice during this ever changing time. My clients get my advice at no additional cost... love my clients love my job..

If anyone started self employment in the last tax year (ending on the 5th April 2020) the deadline for registering for self employment is the 5th October, so just under a month away. If you need to register, do it now to allow enough time to get activation codes etc. There are penalties for failing to register on time. ☹️
By the way... A massive 'congratulations'and wishing your business all the success possible.

Heads up - in case you missed it!

The Kickstart Scheme for 16 - 24 year olds.
In summary:

For each "kickstarter" job, the government will cover the cost of 25 hours' work a week at the National Minimum Wage - £4.55 for under 18s,
£6.45 for 18 to 20-year-olds, and
£8.20 for 21 to 24-year-olds.

Employers will be able to top up that payment if they wish.

The scheme will open for applications in August, with the first jobs expected to start in the autumn, and run until December 2021 - with the option of being extended.
https://www.youtube.com/watch?v=6LCUr-In5_E&t=2s

Chancellor Rishi Sunak announces new 'Kickstarter Scheme' in summer statement Subscribe to the Evening Standard on YouTube: https://www.youtube.com/channel/UC7RQon_YwCnp_LbPtEwW65w?sub_confirmation=1 Chancellor Rishi Sunak has delivere...

Are you confused or struggling with "Furlough"??
If you are, email me and I'll see if I can help you. I can't promise but I'll try my best.
The rules are rapidly changing ......

In these difficult and fast changing times - an update.....
IR35 reforms in the private sector have been delayed
In an unexpected U-turn, the government has announced that its planned reforms to IR35 legislation will be delayed for a year. The reforms, which will affect contractors who work in the private sector, were due to be implemented on 6th April this year but will now come into effect in April 2021. The delay should come as welcome news to contractors who work in the private sector for clients and engagers of all business sizes.

The national living wage is to rise by 6.2% in what the government says is "the biggest cash increase ever".

The rise is more than four times the rate of inflation and takes hourly pay for people over 25 to £8.72 from April .

IR35 - in or out??

60% of freelancers/contractors don't know the answer.
The Check employment status for tax tool below will help you decide .Scroll down.
BREAKING NEWS;-
The taxman has shifted the start date for the changes to the off-payroll working rules in a bid to give businesses more time to prepare.

HM Revenue and Customs announced today (February 7) the changes to the rules, more commonly known as IR35, would now apply only to payments made for services provided on or after April 6 of this year.

Previously the rules would have applied to any payments made on or after April 6 2020, regardless of when the services were carried out.

Today's change means businesses will only need to determine whether the rules apply for contracts they plan to continue beyond April 6.

Check employment status for tax Use this service to find out if you, or a worker on a specific engagement, should be classed as employed or self-employed for tax purposes.

Self employed and wondering what to do about your pension? This is an excellent article ( and very easy to read!)

6 simple steps to conquering self-employed pensions Are you perplexed by pensions? Read this guide for self-employed business owners. Sort out your pension!

Don't spoil the Christmas break thinking about your Self Assessment , message me and relax! https://mwbb.co.uk

Construction Industry Reverse Charge is effective from 1st October 2019.
This has huge implications for anyone (who is VAT registered) working in the Construction Industry working as 'contractor to contractor'.
My top tips:
▪️Make sure your accounting software is ready!
▪️Consider moving to monthly VAT returns
▪️Consider moving from cash to accrual basis accounts - this
could help with cashflow!

Call or message if you need help!

https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services

VAT: domestic reverse charge for building and construction services Find out about the VAT domestic reverse charge for building and construction services that starts on 1 October 2019.

Paid a great visit to Westons Cider Factory (well worth a visit!) - think I prefer their idea of VAT !! Especially as one of their vats holds 42,000 gallons.......

Summer holidays are a busy time - and a great opportunity for our youngsters to get a taste of what's to come😉.Here's some help when thinking of employing a young person
https://mwbb.co.uk/f/employing-a-young-person

Employing a young person With the school summer holidays just around the corner you may be wondering if you can employ a young person to help you out in your business.  The benefits for both you, as an employer, and the potential employee can be...

I'm feeling a little bit guilty as I've totally been neglecting my social media!!
If you'e looking for help to organise your 'books' just let me know. Its painless.............. I promise!