By Sarah Wynne

Wynne and Co. Chartered Accountants

Covid-19 – Advice for businesses

We’ve put together a guide on the latest advice and support measures in place for businesses in this challenging time. We’ll update this post as measures change…

Updated: 23rd March 2020

Watch our video for Sarah’s 12 point plan on helping your business cope with Covid 19.

Looking for more information with the support measures that the Goverment’s announced? This is what we know so far:

Coronavirus Job Retention Scheme

Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country, will cover the cost of wages backdated to 1 March 2020 and will be open before the end of April. It will continue for at least three months, and can include workers who were in employment on 28 February.

To claim under the scheme employers will need to:

  • designate affected employees as ‘furloughed workers’, and notify employees of this change. Changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation; and
  • submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal. HMRC will set out further details on the information required.

HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month.

While HMRC is working urgently to set up a system for reimbursement, we understand existing systems are not set up to facilitate payments to employers.

Business that need short-term cash flow support, may benefit from the VAT deferral announced below and may also be eligible to apply for a Coronavirus Business Interruption Loan.

VAT payments

The next quarter of VAT payments will be deferred, meaning businesses will not need to make VAT payments until the end of June 2020. Businesses will then have until the end of the 2020-21 tax year to settle any liabilities that have accumulated during the deferral period.

The deferral applies automatically and businesses do not need to apply for it. VAT refunds and reclaims will be paid by the government as normal.

Income Tax payments

Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.

Income Tax Self-Assessment payments due on the 31 July 2020 will be deferred until the 31 January 2021. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.

Universal credit

Self-employed people can now access full universal credit at a rate equivalent to statutory sick pay.

HMRC Time to Pay

HMRC’s Time to Pay scheme can enable firms and individuals in temporary financial distress as a result of Covid-19 to delay payment of outstanding tax liabilities. HMRC’s dedicated Covid-19 helpline provides practical help and advice on 0800 0159 559.

Business Rates holidays and cash grants

No rates payable for the 2020-2021 tax year for any business in the retail, hospitality or leisure sectors.
In those sectors, if your rateable value is between £15K and £51k, you’ll also receive a cash grant of up to £25,000 per property.

Any business which gets small business rates relief, including those in the retail, hospitality or leisure sectors, will receive a cash grant of £10,000 (increased from £3,000 announced in the 11 March Budget).

The rates holiday and cash grants will be administered by local authorities and should be delivered automatically, without businesses needing to claim.

Coronavirus Business Interruption Loan Scheme

These should be available from Monday 23 March and are delivered by lenders that partner with the British Business Bank, including all the major banks. The lender receives a guarantee of 80% of the loan amount from the government.

They are available for UK-based businesses with turnover of no more than £45 million and can provide for a facility up to £5 million. The borrower remains liable for 100% of the debt.

No interest will be charged for the first 12 months.

You should be aware that normal bank lending criteria apply, it is not a loan from the government.  It may be difficult to get these loans and also take time, so its not a “quick fix”

Mortgage and rent holiday

Mortgage borrowers can apply for a three- month payment holiday from their lender. Both residential and buy-to-let mortgages are eligible for the holiday. It is important to remember that borrowers still owe the amounts that they don’t pay as a result of the payment holiday. Interest will continue to be charged on the amount they owe.

Tenants can apply for a three-month payment holiday from their landlord. No one can be evicted from their home or have their home repossessed over the next three months.

Insurance claims

Businesses that have cover for both pandemics and government-ordered closure should be covered. The government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres, etc., is sufficient to make a claim as long as all other terms and conditions are met. Insurance policies differ significantly, so businesses should check the terms and conditions of their specific policy and contact their providers.

However we have spoken to commercial insurance brokers and been advised that the vast majority of customers do not have cover for this.

Statutory Sick Pay (SSP)

If you’re a director of a limited company with less than 250 employees, you can pay yourself two  weeks of SSP if you need to self-isolate subject to meeting the minimum payroll requirement for SSP.

The government will refund £94 per week, maximum £188, to your company.

It will also refund SSP for staff of businesses with less than 250 employees  for up to two weeks.

 

Keep in touch with updates

Follow us on Facebook to keep in touch with our latest news, as advice is clarified or updated.

Merry Christmas!

From the whole team here at Wynne and Co we would like to thank you for your continued support and we look forward to working with you more in the coming year.

Christmas closures:

Carmarthen: Friday 21st December 12pm, re-opening at 9am on Wednesday 2nd January

Cross Hands: Thursday 20th December 5pm, re-opening at 9am on Wednesday 2nd January

We would like to take this opportunity to wish you a Merry Christmas and a very prosperous and healthy New Year.

It’s the little things…

Would you like a tax efficient way to give little perks to your employee’s? (or even yourself!)

Employers are allowed to provide “trivial benefits”, without having to report them on a P11D, and without having to pay any tax or national insurance on the cost. In fact, the expense is tax deductible for the employer, and you may be able to recover the VAT.

So what sort of things could you give?

  • Store gift cards
  • Wine
  • Hampers
  • Chocolate
  • Flowers

What are the conditions?

  • The trivial benefit must cost £50 (incl. VAT) or less
  • The benefit cannot be cash or a cash voucher
  • The benefit cannot be a reward for performance
  • The benefit cannot be provided as a term of their contract

This “trivial benefit” rule also applies to the directors of a company, but please note for close companies there is a limit of £300 for each director each tax year.

These benefits aren’t just related to Christmas though, you can provide them to employee’s for any occasion… birthdays, anniversaries, or just because the sun is shining that day!

If you would like more information about this, please get in touch with us and we’ll be happy to help!

Would you like to save yourself some time…?

We have signed up for some great new software called “Receipt Bank” and we are offering it to all Wynne and Co clients free of charge!

It’s a great tool to cut down your admin time, so you have more time for the things that really matter to you. Simply take a photo of your receipt, email it, scan it, or pull it down from the supplier, and it will upload the information straight in to Xero for you. It really is that simple!

We can provide complete Xero and Receipt Bank training, as well as ongoing support, so if this has peaked your interest – please get in touch to find out more.

Come and see us in Cross Hands!

Our Cross Hands office is officially open!

The office is manned full time by the same dedicated team who look after you in our Carmarthen office, rotating throughout the week, to make sure you have the same experienced staff, no matter which office you visit.

The office is open Monday – Friday, 9am – 5pm and our new address is:

4 Heol Bryngwili
Cross Hands
SA14 6LR

Please feel free to pop by and say hello.

Wynne and Co. Chartered Accountants

Congratulations Amy!!!!!!!

Amy celebrating success!

FANTASTIC NEWS!

We had some great news at Wynne and Co HQ on Friday when after three years of hard graft Amy had the results of her finals and she passed them all first time!!!

A huge congratulations to Amy on this achievement – with a little paperwork left to be done she should be a fully qualified Chartered Accountant before we know it!! We all enjoyed helping her celebrate and shed tears of pride after seeing all her hard work pay off.

After a well deserved holiday Amy will start properly developing her skills, working with clients in Carmarthen office on Mondays, Tuesdays and Fridays and Cross Hands on Wednesdays and Thursdays.

Sarah Wynne Shortlisted for Chwarae Teg Womenspire 2017 Award for Women in Business/Enterprise

Hi All!

I’m extremely proud to say I’ve made the shortlist for the Chwarae Teg Womenspire 2017 Award for Women in Business/Enterprise! 

The category is for women who have setup a business and in their words “bucked the trend” with regards scale and who also promote other women in business in Wales.

Anyone who has met me will already know that I believe the sky is the limit and I am doing my best to prove that women can have a successful business whilst also having a great family life and being totally committed to, and there for their children. You DO NOT have to chose between the two!

Do you know a women with a business idea?

Do you know a women who has a business idea but doesn’t know how to get started? Or who wants to grow their business? If so get them to ring me on 07811 394558 or email me sarahwynne@wynneandco.co.uk. I’d be happy to hear their idea and give any support I can.

Wondering where the future will take you?

Me too!  Could this be the face of the future of Wynne and Co?

One thing’s for sure my future will always involve helping people develop themselves and their businesses, whether its be giving financial/business advice, helping minimise their tax bills or just giving plain old moral support when cash flow is giving them sleepless nights or staff aren’t performing as well as they should.

I repeatedly hear the same issues and challenges from my clients and friends in business – you are not alone and if you think I have all of this sorted in my own company then you are mistaken.  At Wynne and Co we can work with you, becoming an extension to your team to help you through these struggles. Contact me if you want to grab a coffee and discuss how: sarahwynne@wynneandco.co.uk

Don’t have anyone to look after the kids whilst you come for a meeting with us?

So bring them with you!

Both Catrin and I have kids and are well used to the fun that is trying to have a conversation with the kids in the background.  We even have some toys to keep them occupied in the office.

 

And finally……..

A huge thank you to those who have supported me and to the ladies who I know nominated me for this award.  I will let you know how I get on.

Sarah

Wynne and Co win 2017 Carms Means Biz Award for Business and Professional Services

Hi Everyone!

I’m pleased to announce that Wynne and Co won the 2017 Carms Means Biz award for Business and Professional Services! I find it difficult to find the words to truly express how proud I am of the Wynne and Co team right now and how excited I am about our plans for the forthcoming year and beyond.

2016 – What a year?!

2016 brought about a substantial change for us when we moved to Forestry House. At first we felt somewhat lost in the huge building and we missed the Coracle Coaches team with whom we had shared our previous home. Both businesses had grown substantially and needed additional office space. We have been surprised how quickly we have grown into the building. We took on two new members of staff including a PA for me enabling me to spend more time with clients and ensuring that they have a point of contact at all times in office hours.

 

 What does the future hold for Wynne & Co?

We are currently ensuring that all our clients comply with the huge changes in UK GAAP and understand the effect of the Chancellors changes to the taxation of dividends.  I won’t bore you to death on this – if you want more information feel free to drop me an email.

We are actively working towards the introduction of Making Tax Digital (MTD), which at present will be brought in for unincorporated business with a turnover over £85,000 from April 2018. Watch out for our email updates on this with more information shortly.  If however you want to discuss this now, then again feel free to drop me an email. We were very pleased after a recent routine inspection to be told we are way ahead of other firms on preparation for this.

Xero-certified accountantsWe are Xero Certified Partners and are actively promoting the use of the software. It is both affordable and simple to use.  We charge £60 plus VAT her hour for training and pride ourselves in our ability to get clients “up and running” in an hour and a half.

Clients using the software can generally save money on their year end accounts fees.  Bad news for Wynne and co right??? WRONG!  If you save money on your fees, you tell people and we get more clients!

Want to know more? Drop Catrin in the office an email or give her a call on 01267 240083 today.

 

And finally……………….. we’re recruiting! 

We’ve just filled our vacancy for a payroll and book keeping assistant – more news to follow soon!

Thank you and we look forward to working with you during 2017 and beyond!

Sarah