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Archives for October 2020

October 28, 2020 by Megan Joyce Leave a Comment

The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce. The company will continue to pay its employee for time worked, but the burden of hours not worked will be split between the employer and the Government (through wage support) and the employee (through a wage reduction), and the employee will keep their job. 

The Government will pay a third of the hours not worked up to a cap, with the employer also contributing a third. This will ensure employees earn a minimum of 77% of their normal wages, where the Government contribution has not been capped. 

Employers using the Job Support Scheme will also be able to claim the Job Retention Bonus if they meet the eligibility criteria. 

The idea is that employers will pay their staff for the number of hours worked in their business as usual. However, for the hours you are contracted to work, but you do not work, the Government and your employer will split the pay. The Government will pay 1/3 of the hours not worked (capped at £697.92 a month) and your employer will pay the rest up to 80%. This means employees will earn 80% pay of the hours they do not work. 

In summary you will take 100% of your wage for actual hours worked in the business and 80% of your wage for the hours you are contracted to work, but you did not work in the business, due to unforeseen circumstances with COVID-19. 

Eligibility

Employers– All employers with a UK bank account and UK PAYE schemes can claim the grant. Large businesses will need a financial assessment test as this scheme will only be provided to those who are experiencing a low turnover due to Covid-19 impact. 

Employees– Employees must be on an employer’s PAYE payroll on or before 23rd September 2020. Submission notifying payment of an employee to HMRC must have been made on or before 23rd September 2020. This means submitting Real Time Information (RTI).

For the first three months of the scheme employees will be required to work at least 33% of their usual hours. After those three months, The government will consider whether to increase this minimum hour threshold. 

How to claim

The Job Support Scheme will be active from the 1st November 2020 and run until the end of April 2021. Employers will be able to make a claim through the Gov.uk website from the 1st December 2020. Payment after a successful claim will made on a monthly basis. The claim can only be submitted in any given pay period, after payment to the employee has been made and that payment has been reported to HMRC via a Real Time Information return (RTI).

Fraudulent Claims

HMRC intend to publish the names of employers who have used the scheme. The public can report fraud to HMRC if they have evidence to suggest an employer is abusing the scheme.

Employees will be able to check if their employer has made a claim relating to them via their Personal Tax Account (sign up on GOV.UK). 

  • HMRC will check claims and retain any claims found to be fraudulent or showing incorrect information. A full claim must be made by the employer and agreed with their staff. Employees must be notified in writing of any changes made to their contract.

Example given by the Government 

  • Beth normally works 5 days a week and earns £350 a week. Her company is suffering reduced sales due to coronavirus. Rather than making Beth redundant, the company puts Beth on the Job Support Scheme, working 2 days a week (40% of her usual hours). 
  • Her employer pays Beth £140 for the days she works.
  • And for the time she is not working (3 days or 60%, worth £210), she will also earn 2/3, or £140, bringing her total earnings to £280, 80% of her normal wage. 
  • The Government will give a grant worth £70 (1/3 of hours not worked, equivalent to 20% of her normal wages) to Beth’s employer to support them in keeping Beth’s job. 

If you would like further information about the Job Support Scheme please contact us on the details below

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

Filed Under: Blog, News & Insights Tagged With: Covid-19

October 12, 2020 by Megan Joyce Leave a Comment

Whether you’re just starting out or a Xero veteran, you will benefit from using these top tips for getting paid on time. Everyone selling or providing services will at one time or another experienced a late payment. Chasing up your customers for payment can be time consuming and frustrating, but with Xero there are several steps you can take to reduce your debtor days, which we’ve highlighted below.  

Make payment straight forward

Setting up payment couldn’t be easier. Using the payment service option means your customers can access their invoice and only have to click pay now to make the payment there and then. Not all your customers will pay the same way, Xero gives you the option to set up more than one payment method. A good example would be if you use Stripe, then your customers can pay by using either credit or debit card. With Xero you can even set up automatic payments for your regular customers; using the GoCardless option you can also except direct debit payments. 

*The payment method is worth exploring, but please remember to check the fees for the different service options before setting up. 

Set up reminders

The easiest way to remind your customers they have an invoice outstanding for payment, is to set up invoice reminders. Setting up invoice reminders reduces the time and frustration that comes with chasing up your customers. These reminders automatically send emails to make your customer aware of an upcoming invoice or if they’ve missed an invoice payment. These reminders are also customisable so you can decide when they’re sent and who they’re going to. 

One other way you could remind your customers is by sending them customer statements. This option sends the customer their outstanding transactions, previous invoices and/or payments from you. 

Keep up to date with what you’re owed 

One way of keeping track of your owed invoiced is by using the invoices owed to you panel on your dashboard. This shows you a quick insight into who still owes you money and how long it’s been since they received their invoices. 

Setting up customer credit limits is also a good way of making sure your customers aren’t getting too many invoices which are consistently not being paid. You can set this up by pressing set a credit limit before you send an invoice, this gives you control of how many unpaid invoices you can have at any one time.

Keep focused on debt

Xero have come up with a clever way of making sure you follow up on your debt with customers. By using the aged receivables summary report you’ll able to see up to date outstanding transactions for each of your customers. This report can show you a range of customisable information such as customer emails and mobile numbers; you can then generate a list from this information by pressing update, this will allow you to see which customers have outstanding payments.  

Another efficient and functional way to keep on top of your credit control is connecting an app such as Satagoto Xero. Satago is an all-in-one cash management tool that gives you access to risk insights, credit control and funding options, which helps you manage all stages of your debtor cycle. This helps towards keeping your cashflow moving and business running smoothly.

Satago can also run credit checks on your customers. Having insight into your customers financial history can help you decide if it’s a good idea to move forward with transactions.

If you would like further information about Satago or how to sign up for a 14-day free trial, please contact us on the details below

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

Filed Under: Blog, News & Insights Tagged With: cloud accounting

October 1, 2020 by Megan Joyce Leave a Comment

The importance of keeping your books & records in real-time

With the ever-enhancing pressure on businesses to be more competitive within the market, the capability to know how you’re performing in these unprecedented times is more essential than ever. 

This is where real-time accounting comes into force to an even larger extent. Historically, it was common to only bookkeep quarterly for VAT or annually for year-end accounts, however only viewing accurate figures quarterly or annually does not give an accurate picture of your business, whether you are looking at your P&L or stock figures.

If you keep daily records of all transactions that come in and out of your business, you can recognise areas which are doing well and those that need some improvements. If you keep your data precise and up to date, you can make decisions when they are required.

In today’s business world, time is costly. How often do you utilise your management accounts information to help you run your business on a daily business? How quickly can you currently access your data? Or maybe, it’s the information that’s inaccurate and not useful?

This is where real-time accounting can give you the help and accuracy you need. 

Keeping your accounts in real-time gives you information instantly. You will be able to see your current financial position and profit & loss statement within seconds and with this detail, you can be more driven to helping your business grow.

So what accounting software would be recommendable to keep your books and records in real-time?

We are Xero platinum partners and have seen it help businesses by making bookkeeping tasks faster and reduces manual data entry error.

Click here to find out more about Xero.

Here’s a screenshot of a Profit & Loss Statement on Xero, comparing budgeted figures to actual figures. With real-time data, you can immediately identify areas that need reorganising and restructuring to ensure increasing profitability and growth in your business.

* (Profit & Loss Statement used from Demo Company in Xero)

Real-time accounting will give you peace of mind and confidence of a true up-to-date reflection on your business accounts.

For more information on the Job support scheme please visit Gov.uk

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

Filed Under: Blog, News & Insights Tagged With: cloud accounting

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