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Your digestible guide to payroll to revenue ratio

It’s no secret that accounting is based on numbers and calculations. But did you know that accountants have their own metrics like mathematicians do, too? One of our metrics is called payroll to revenue ratio, and it works out a business’s productivity level rather than monetary amounts alone. Read on to find out what payroll to revenue ratio is, and whether you’d benefit from knowing your own. What is payroll to revenue ratio? Payroll to revenue ratio is an accountancy metric that measures how well a business utilises employees to generate revenue. Business owners or HR managers often use this [...]

Risk management template for event organisers

The Department for Digital, Culture, Media & Sport has provided a resource to help event organisers to reduce the risk of COVID-19 transmission in event settings. This resource sets out examples of the types of risk mitigation measures event organisers can put in place to reduce the risk of COVID-19 transmission at events. This should be used in conjunction with the events and attractions guidance, which explains the types of events which may need to take additional measures and how these measures can help to reduce risk. It also includes more detail on how you can put these measures in place [...]

VAT postponement

Businesses are still able to use postponed VAT accounting (PVA) to account for import VAT on their VAT returns. Accounting for import VAT on your VAT Return means you will declare and recover import VAT on the same VAT Return, rather than having to pay it upfront and recover it later. You will need to get your monthly postponed import VAT statement to do this. The normal rules about what VAT can be reclaimed as input tax will apply. See: Check when you can account for import VAT on your VAT Return - GOV.UK (www.gov.uk)

Summer Staff: National Minimum Wage rate reminder for employers

All workers are legally entitled to be paid the National Minimum Wage (NMW). This includes temporary seasonal staff, who often work short-term contracts in bars, hotels, shops and warehouses over the summer. The National Minimum Wage hourly rates from 1 April 2021 are: £8.91 - age 23 or over (National Living Wage) £8.36 - age 21 to 22 £6.56 - age 18 to 20 £4.62 - age under 18 £4.30 - apprentice Employers who do not pay the NMW can be publicly ‘named and shamed’ and those who blatantly fail to comply can face criminal prosecution. Employers can contact the Acas helpline for [...]

Freedom day!

Last week the milestone of more than 35 million adults receiving both doses of a COVID-19 vaccine (more than two thirds of the adult population) was passed. From today all remaining limits on social contact are removed and there will be no more restrictions on how many people can meet in any setting, indoors or outdoors. All settings will be able to open, including nightclubs. Large events, such as music concerts and sporting events can resume without any limits on attendance or social distancing requirements . All restrictions on life events such as weddings, funerals, bar/bat mitzvahs and baptisms will [...]

Exit Planning

Establishing an exit strategy is essential whether you are selling or closing your business. Leaving a business can be very stressful so It’s advisable to seek advice and create a plan with help from dedicated professionals. Having your exit strategy pre planned will ensure that emotions don’t cloud your judgment and that the transfer will be done quickly and smoothly. Download the attachments below to help plan your own exit strategy. Information Memorandum A template PowerPoint document to be used when a company’s shareholders are looking to sell their business. Download Preparing a Company [...]

How to do payroll: Small businesses & limited companies

If you are a new limited company owner, you’ll need to think about how to pay yourself a salary (and your employees, if you’ve got them). Although you are on the receiving end of your business earnings, unfortunately, it’s not as easy as helping yourself to your wage, and every month needs to be reported to HMRC or accounted for. Here is our digestible guide on how to do small business payroll – we hope you find it useful. Small business payroll to-do list Open a business bank account. We always recommend business owners open a separate bank account for [...]

Company Car Tax on Electric Cars

Tax advantages of electric cars If you are an employer deciding which vehicles to add to your company car fleet – it’s important you also weigh up the rates of company car tax (or BiK tax), as this will be deducted from your employee via PAYE. It is relatively easy to estimate company car tax rates; you can do this by simply checking a car model’s Co2 emissions standard. Typically, company car tax on electric cars is the most tax-efficient because they are zero emissions and fall under the lowest BiK tax rate bracket. Company car tax on electric cars [...]

Demonstrating your COVID-19 vaccination status

How to get the NHS COVID Pass and demonstrate your coronavirus (COVID-19) status when travelling abroad. See: Demonstrating your COVID-19 vaccination status - GOV.UK (www.gov.uk) NHS COVID Pass letter An NHS COVID Pass letter allows you to show others that you have had a full course of the COVID-19 vaccine when travelling abroad to some countries or territories. If you do not have access to a smartphone and know the country you’re travelling to require evidence of COVID-19 vaccination status, you can call 119 from within the UK and ask for an NHS COVID Pass letter to be posted to [...]

VisitBritain: Business Events Domestic Support Fund launched

A new fund supporting the events industry recovery will provide financial support to not-for-profit organisations hosting domestic business events from 21 June to 17 December 2021. The new Domestic Support Fund is designed to offer financial support to kick start the return of business events and to showcase that the UK is ready to meet again and has adapted to new ways of meeting in a COVID-19 secure environment. Financial support is based on number of delegates attending a live event, or the live component of a hybrid event. The event organisation can apply for £30 per delegate (cash incl. [...]

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