Back to Blog

New Self-Employed Financial Support Announced By The Government

The Chancellor announced support for self-employed individuals yesterday evening (26th March) confirming what we already knew, self-employed people are a crucial part of the UK’s workforce. This covers 95% of people who receive the majority of their income from self-employment. The Chancellor states “this gives the self-employed the same level of support as those in work.” What does it mean to you? direct cash grant of 80% of their profits, up to £2,500 per monthlatest announcement in an ...

March 27, 2020

Employer Support for Covid-19 - What is a Furloughed Worker?

If an employer can’t cover staff costs due to COVID-19, they may be able to access support to continue paying part an employees wage to avoid redundancies through the Coronavirus Job Retention Scheme. An employer must classify an employee as a furloughed worker which means that the employee is kept on the employer’s payroll, rather than being laid off. To qualify for this scheme, the employee can’t undertake any work for them while they are furloughed. This will allow the employe...

March 25, 2020

How To Make Homeworking Work For Businesses

Communication Ensure staff understand communication is fundamental to any organisation but more so when working from home. There are lots of web conferencing and collaboration options: Microsoft Teams, we use MS Teams, it is free with some Microsoft subscriptions (you would need to check which subscription you have) but it offers great functions such as multiple person online meetings (from in and outside your organisation), which are recorded and can be shared and accessed by absent staff, scre...

March 20, 2020

Coronavirus: Tax Implications of Working from Home

For many, a period of enforced working from home is now inevitable as we fight the Coronavirus, it won’t be everyone’s first consideration but there are tax implications in doing so. Employees Most employees should be able to claim tax relief for some of the bills they have to pay because they must work at home on a regular basis at the request of their employer. These include things like a portion of lighting and heating costs, business-related telephone calls and so on. However, it is...

March 20, 2020

An Update From Cashtrak on COVID-19 (Coronavirus)

Cashtrak are taking precautionary measures and we are making a conscious effort to work remotely where possible. All of our staff perform their roles from home regularly as well as the office so working from home will have no impact to our business. All of our software including our phone system facilitate remote working, therefore we will continue to work as normal. Any questions, please don't hesitate to contact us....

March 13, 2020

Cashtrak Look At The Budget Update March, 2020 For Individuals, Sole Traders and Small Businesses

Chancellor Rishi Sunak had a difficult task giving his first Budget at a time of such a challenging economic background, which was made worse by the impact of the Coronavirus. The government needed to fulfil its election promises, so the emphasis was on spending plans as they sought to fulfil the promises, to substantially increase infrastructure expenditure and to recover from the negative impact of the Coronavirus. These announcements were supported by the Bank of England, with the cut in the ...

March 12, 2020

HMRC Reveals The Bizarre and Weird Excuses for Late Self-assessment Tax Returns and Expense Claims Over the Last Decade

With the tax return deadline a week away, we thought we’d share some of the more imaginative excuses and expense claims HMRC have received over the last decade. I was up a mountain in Wales, and couldn’t find a post box or get an internet signalMy dog ate the post … againClaiming £4.50 for sausage and chips meal expenses for 250 daysMy hamster ate my postI’ve been cruising round the world in my yacht, and only picking up post when I’m on dry landPet food for a Shih Tzu ‘guard d...

January 24, 2020

Employment Related Tax Relief - Can You Claim Tax Relief on Personal Equipment Used for Business Purposes?

January is a very busy month for us, the tax return deadline is looming, we have last minute tax returns to turn around as well as our usual VAT returns, payroll and all other bookkeeping in between!  We’re looking forward the weekend! With tax on our minds, we would like to share some interesting points that our clients have found really useful about claiming tax relief on using personal equipment for business. You can claim a tax deduction for the business use proportion of the cost whe...

January 17, 2020

HMRC Has Issued A Warning To Self-Assessment Tax Return Clients In The Run Up To 31st January Deadline

HMRC has issued a warning to tax return clients to be aware of fraudsters ahead of the 31st January tax return deadline. Over the last year HMRC received almost 900,000 reports about suspicious HMRC contact, more than 100,000 were phone scams whilst over 620,000 were about bogus tax rebates so if you are required to submit a tax return, be alert. Some of the ways the fraudsters tried to fool people were: Offering a fax tax refundPretending to be HMRC texting or e mailing a link which goes to a f...

December 16, 2019

Cashtrak Is Proud To Announce Our New Charity Of The Year For 2019/ 20!

Here at Cashtrak, we enjoy giving something back, we support our local community and support a charity for the year. Each December our staff nominate one charity each and one is picked at random to become Cashtrak’s charity of the year. We don’t send corporate Christmas cards, instead donating what we would have paid for cards and stamps for clients and suppliers to our charity of the year. We also support fundraising events and organise our own where possible. We are proud to announce that ...

December 13, 2019

Taxpayer Is Fined By HMRC For Submitting a Tax Return Using Employers P60 - How Using A Tax Advisor Can Save Money

With the tax return deadline drawing close we read with interest a report by accountingWeb on an employee who was fined by HMRC for submitting his tax return using his P60 which was issued by his employer, it was found that the employer had made an error on the P60. The tribunal found that the error in his P60 was the fault of his employer, the mistake meant that earnings between April and August were not included on his P60, he used the figures on this P60 for his tax return. The tribunal looke...

November 11, 2019

Come Along To Bucks Bizz Networking's First Birthday Celebration on Thursday 19th September at Flackwell Heath Golf Club

Bucks Bizz Networking would love as many people as possible to celebrate their first birthday, raising a glass to their successful first year and to many more. Tickets must be booked in advance so book now to avoid disappointment. Please see the invite for booking information or visit https://www.bucksbizz.co.uk/event/1st-birthday-networking-event/Who Are Bucks Bizz Networking?They are a business networking group with a community focus, based in High Wycombe, Bucks. Started by seasoned netw...

September 5, 2019

Xero Bank Feeds Are Changing......

Xero users will be affected by the new EU requirements for the banking industry that come in to effect on 14th September, 2019. Designed to give you more control of your banking data and how it’s used. Whilst this is welcomed it means the way that Xero retrieves the information from your bank has to change and you need to update Xero, this will ensure your transactions can continue to flow into Xero each day. We have more information on our website, click here for open banking help.N...

August 1, 2019

If You Use Hubdoc, This is a Must Read

Hubdoc's have advised that there are upcoming industry-wide legislative changes that will impact Hubdoc’s bank fetching capabilities in Europe and the United Kingdom. What regulation changes are being introduced? The second Payment Services Directive, or PSD2, is legislation adopted by the European Union in 2015 to encourage the development and use of new financial technologies, such as Open Banking.  As part of PSD2 compliance, new EU standards are scheduled to come into effect on 14 Se...

August 1, 2019

Cashtrak Are Pleased to Announce That We Have A New Member of Staff

We are pleased to welcome Caroline to our growing team. Caroline is an experienced bookkeeper with a demonstrated history of working in the accounting industry. Caroline is also skilled in sales, management, account management, Microsoft Excel, and invoicing. She's a strong accounting professional accredited by the ICB. Caroline brings a wealth of bookkeeping experience and a passion for payroll! She will be managing our payroll portfolio and some ad hoc clients along the way. All of u...

August 1, 2019

31st July Self Assessment Tax Return Deadline

If you're self-employed and pay your tax through payment on account, 31 July marks the deadline for your second payment. The amount you have to pay is based on your earnings for 2017-18. You must submit your tax return as you did in January.  'Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Your last Self Assessment tax bill was less than £1,000...

July 5, 2019

Loving the New Xero 50% Off Offer!

Xero have been very busy recently! They have launched their first UK TV advert, became MTD compliant, were at at the recent Accountex exhibition and have now announced they are offering their monthly subscription for 50% off for up to 4 months when applied for by 30th June, 2019. This gives users a fantastic opportunity to see why we love Xero - it will revolutionise your business!  it is so easy to use they have 24/7 supportthe dashboard is customisable allowing you to keep track of b...

June 13, 2019

Automated Credit Control - Chasing Debtors with No Effort!

Everyone knows these sort of clients - you have to put so much time and effort in to getting payment for the service you have provided. There are lots of reasons clients pay late:Cashflow problemsUnderstaffedForgetfulPoorly organisedBecause they want to!So how do you deal with them? In an ideal world we would only deal with the perfect payers but we don't live in an ideal world. Lots of e mails and phone calls could do it, visiting in person, threatening to put a stop on the account, debt collec...

May 30, 2019

We are Recruiting! Two Bookkeepers Needed

Successful, multi-award winning, friendly bookkeeping practice require 2 superstar bookkeepers! Due to continued growth we need 1 part time bookkeeper and 1 full time bookkeeper. These are ideal positions for recently qualified bookkeepers with no desire for running their own practice however applications from experienced bookkeepers would be welcomed. This is a home-based role with regular office attendance required (training period will be mostly office based.) Should be located within 25 mile...

May 20, 2019

Self Assessment Tax Return - Why Submit to HMRC Early?

It may be a surprise to learn that we have already written to our self-assessment tax return clients asking them to start thinking about their submissions and sending their paperwork to us as soon as possible and we have started to submit some of our early birds tax returns! So, why are we doing this so early? The tax return deadline isn't until 31st January. Well: Historically, deadline day is the busiest single day for filing. There were more than 11.5 million taxpayers required to file their ...

May 17, 2019

Cashktrak are Collaborating with Eight Wealth Management and Xero to Host an Informative Seminar on MTD

We are delighted to announce that Cashtrak, Eight Wealth Management and Xero are joining forces to present an informative seminar on the recent changes relating to MTD (Making Tax Digital.) All three companies have had a lot of questions from clients about MTD so we believe this seminar will provide an invaluable insight in to MTD. The invitation is open to everyone. We will cover: What is MTD? Why it is important to your business? How to prepare your business for MTD with accounting software Th...

April 11, 2019

Re-Enrolment - What an Employer Needs to Know About Employee Pensions

As part of auto enrolment legislation, you have a duty to assess and re-enrol eligible employees into your workplace pension scheme every three years. Once you’ve carried out re-enrolment for the first time, your next re-enrolment window will be calculated from your previous re-enrolment date. Since you started your pension scheme, some of your employees may have left, stopped paying pension contributions, or chosen to pay less than the minimum automatic enrolment contributions. In any case wh...

April 4, 2019

We Love to Hear Fantastic Feedback from Clients

Cashtrak provide a bespoke bookkeeping service that we tailor to our client's needs. We work hard to provide a wide range of services from self-assessment tax returns to VAT returns ensuring that they are cost effective, check out our website for more information on our services: www.cashtrak.co.uk/page/services. We strive at Cashtrak for customer satisfaction so we are always grateful for positive feedback from our clients.  Karen Kimberley at The Engagement Ring www.theenga...

March 26, 2019

Workplace Pensions Minimum Contributions Increase

The minimum contributions for your automatic enrolment workplace pension scheme will increase from 6 April 2019 (also known as phasing.) Whilst a lot of payroll providers have software that will automatically manage this, it is the employers responsibility to make sure these increases are implemented. If you don’t have any staff in a pension scheme for automatic enrolment, or if you are already paying above the increased minimum amounts then you don’t need to&nb...

March 20, 2019

Exciting News... Cashtrak Are Expanding!

We are pleased to welcome Andrea Williams to the Cashtrak family. Carol met Andrea through Carol's role as the Chair of the Oxford branch of the Institute of Certified Bookkeepers (ICB) meeting and realising Andrea's professionalism, thoroughness and love of bookkeeping meant that once a role became available at Cashtrak, Andrea was the obvious candidate. Andrea is busy training and looking forward to be let loose on a portfolio of our clients....

March 15, 2019 Posts 1-25 of 68 | Page next
 

This product has been added to your cart

CHECKOUT