Thank you for your positive feedback!

It’s been a very unusual last couple of months – the Liric team have learned so many new things – who knew what the word Furlough meant at the beginning of March ??

We have been constantly keeping you up to date with Government announcements, providing guidance on the implications for you and your business,  directing you to support that may be available for your business through emails, Facebook and WhatsApp, online meetings and a dedicated client resource website .  We will continue to do this and work with you to help you through to the other side. 

What’s been great for us is the positive feedback we have been receiving. It really helps us to know our advice is valued – we know that not all accountants have been providing as much support so if you know another business who you think would benefit from Liric services please do refer them to us.  Here is a snapshot of your comments:

Many thanks for this. Yes, it’s really helpful. Thanks for all information coming your way currently. You are doing a great job at keeping your clients up to date. 

Thank- you so much Lisa for this VERY useful info! This is for me….

Well done for getting this Info out so quickly.

You are quick! Rishi Sunak has only just stopped talking!!

Thank you, Lisa. This is all very reassuring.

You are doing an amazing job, Lisa, all my thanks to you again.

Many thanks for all the info you have been sending out, it is very helpful.

Hope you are ok, thank you so much for you and Lisa’s support – it is outstanding and very very much appreciated.  We are so lucky to have you.

What a relief, thanks for letting us know. We have been receiving your emails but it’s worrying times and just nice to know we are included in the government plans. 

Keep up the good work, your efforts are very much appreciated.

Hi Liric team -Thanks for all the info lately!

Really appreciate all you’re doing.

Let me congratulate and thank you for your efforts, help, support and communication during this unusual period. Amazing response from your side.

As businesses are starting to get back to work, please remember to  stay safe. Do what you can, with what you have. Control what’s in your control. Help as many people as you can through this period with any spare resources you have, whether that’s time, money or love. This will not last forever and we will get through this… together… and be stronger at the other side.

GDRP

GDPR regulations coming into force 25 May – are you ready? See our recent newsletter.

 

 

The Brand new App from Liric

At LIRIC we are constantly looking for ways we can improve the service we offer our customers and we are proud to announce the launch of our brand new LIRIC App.  It’s completely free of charge and it’s available for iPhones, iPads and Android devices.

 

So the next time you need to look up a tax rate or work out a VAT calculation, our new App can help.  It provides you with up to date, important accountancy data at your fingertips.  PLUS:

Photo Receipt Management, Email and Store

Never lose a receipt again! Using the latest App, you can track receipts and expenses literally at the touch of a button. With minimal effort you can take a picture of any receipt and save it to your App. Any additional information can be added later and receipts stored by amount, category, and date. It can help you track all your expenses with ease and enable us to interact digitally with you.

GPS Mileage Tracking and Management tool

When it comes to mileage tracking, half the battle is keeping an accurate tab on your journeys. Using the built-in GPS on your device, it will automatically track your mileage, helping you to record every single trip at the touch of a button. It also manages trips as well, storing them and allowing you to view, edit or email them with complete ease.

Keeping in touch via ‘Push Notifications’

As a LIRIC we are committed to finding ways to communicate and interact with clients in the most efficient possible way.  The new App enables us to send push notifications to all App users.  We will be using this feature to share important news, deadline reminders and financial updates with you.

This App was designed to provide every service you could ask from us. We’ve put your favourite business systems, invaluable tools and features such as calculators, tax tables, logbooks, receipt and income management, instant access to the latest financial news and information and valuable company info, directly from us. With all this on one App, our App will likely be your go-to tool in the future.

It’s available for iPhone, iPad and Android devices completely free of charge right now!

Simplysearch on for the App Store or Google Play for  “liric accountants app” or scan the QR code

Enjoy our App with our compliments!

Have you heard of the new Personal Savings Allowance (PSA)?

From April 2016 the new Personal Savings Allowance (PSA) will start.

The PSA will apply to all non-ISA cash savings and current accounts, and will allow some savers to receive a generous portion of their interest totally free of tax.

It’s expected that 95% of savings will no longer be taxed.

Basic rate taxpayers will receive £1,000 in savings income tax free, higher rate taxpayers get a band of £500 and additional rate tax payers get nothing.

From April 2016 banks and building societies will stop automatically taking 20% in income tax from the interest earned on your non-ISA savings.

personal tax

Limited company or sole trader?

What is a Limited Company?

A limited company is an organisation that you can set up to run your business – it’s responsible in its own right for everything it does and its finances are separate to your personal finances.

Any profit it makes is owned by the company, after it pays Corporation Tax. The company can then share its profits.

What is a Sole Trader?

If you start working for yourself, you’re classed as a self-employed sole trader – even if you’ve not yet told HM Revenue and Customs (HMRC).

As a sole trader, you run your own business as an individual. You can keep all your business’s profits after you’ve paid tax on them.

You can employ staff. ‘Sole trader’ means you’re responsible for the business, not that you have to work alone.

You’re personally responsible for any losses your business makes.

The key Advantages and Disadvantages of Companies are shown below:

Advantages Disadvantages
Credibility – be seen as a serious business Reporting – annual return, statutory accounts and corporation tax return
Tax – normally you will pay less tax by having a company IR35 – are you a disguised employee
Reduced risk – you are protected from personal liability Directors – obigations under the Companies Act
Flexible – shares can be created and transferred Advice – professional help and advice reqiured to maximise benefits

How do you form a Limited Company?

You can form your company directly with Companies House for £15, it normally takes 24 hours. We can form it for you, ensuring the optimum share structure is in place and we than also deal with any VAT or payroll registrations required with HMRC.

You’ll need:

  • the company’s name and registered address
  • names and addresses of directors (and company secretary if you have one)
  • details of shareholders and share capital

What are the next steps?

Once your company has been formed you need to:

  1. Open a bank account for the Company, this can often take a couple of weeks
  2. Register for Corporation Tax
  3. Register for other taxes (if they apply to your business) – VAT, PAYE, CIS
  4. Set up your accounting software
  5. Create shareholder agreements, contracts and other legal documents (if required)

Starting a new business, whether sole trader or Limited, needs careful consideration, a business plan and some start up capital to name but a few things.  We do recommend you come and talk to us right at the beginning so things are set up in the best way that works for you. What may be the optimum route for one person is not necessarily the same for another – we offer bespoke advice.

 

Christmas Parties – top tips

It’s that time of year again, Christmas. Which means the Works Christmas Do.

So we thought it would be useful to give you as employers some top tips for the occasion.

Top tips for Christmas parties:

– Employment law still applies during any events outside of the workplace. This means that a business is still at risk if any incidents do occur

 Christmas parties should be enjoyable, but don’t make attendance compulsory. Family commitments or religious reasons may preclude attendance

 Consider timing. Putting it on a Wednesday night may mean that bizarrely attendance is down on Thursday

 Invite all employees though. Even those you’ve forgotten about on maternity leave etc​

– Circulate a memo reminding your employees of what constitutes acceptable non-discriminatory behaviour, and the disciplinary consequences they will face should they fail to comply

But what if you didn’t do this?

Ok so there are some risks and this is a serious issue, but is a huge policy going to help you? Maybe but also maybe not.

Sadly employees do stupid things, whether it’s at Christmas or not.

Whether they’ve read a policy or not, after 10 pints of lag​er and half a bottle of free wine they aren’t going to remember it and will likely do as they drunkenly want. It will need to be dealt with, but in reality you cannot legislate for every situation.

So beware – but enjoy

How will the 2015 Autumn Statement affect you and your business?

Download our guide to the 2015 Autumn Statement Autumn-budget-statement-2015.pdf.

 

Our summary offers an overview of the key business, tax and financial measures announced in the Autumn Statement which could affect you and your business. Major announcements include the reversal of cuts to tax credits, the introduction of a new 3% stamp duty surcharge for buy-to-let properties and second homes, and an extension of the doubling of small business rate relief for a further year.

 

For tailored advice on any of the topics covered within the Autumn Statement, and how they may have an impact on your business or personal finances, please give us a call on 01763 853633.

 

We offer far more than traditional tax and compliance services, and can advise on a range of strategies designed to minimise your tax bill, improve profits and maximise your personal wealth.

 

 

Auto Enrolment pensions

Pension Automatic Enrolment is with us and the staging dates for smaller companies are on the horizon. Between 2015 and 2017, over 1 million companies will be staging, which is a staggering 51,134 companies per month.

There is a wealth of information available on the Pension Regulators website www.thepensionsregulator.gov.uk but we have summarised the key facts for you. LIRIC-Auto-Enrolment-guide.pdf

Don’t leave this until the last minute, or think “it doesn’t affect me” because any business with a PAYE reference has a duty to comply and there are serious fines for non-compliance.

If you have the correct company pension structure in place, that’s great, but if you don’t it is important that you read on.

Whether you have an existing pension scheme or not, you absolutely must ensure that you comply with the government’s pension reform regulations. Not just any old pension scheme will do… it has to follow the new rules.

Following the rules not only means that your company pension scheme has to be in line with the regulations the government have put in place, but it also means that you have a duty to explain all changes to your staff so that they are aware of the situation!

The good thing is that we are here to help with this.

If in doubt give then contact us:

Free Information from Companies House

I just thought i would let you know of something you can get for FREE…. You can now get free access to 170 million records at Companies House.

In line with the government’s commitment to free data, Companies House announced on 22nd June 2015 that all public digital data held on the UK register of companies is now accessible free of charge, on its new public beta search service.

This provides access to over 170 million digital records on companies and directors including financial accounts, company filings and details on directors and secretaries throughout the life of the company.

As a result, it will be easier for businesses and members of the public to research and scrutinise the activities and ownership of companies and connected individuals.

Pension Automatic Enrolment

Pension Automatic Enrolment is with us and the staging dates for smaller companies are on the horizon. Between 2015 and 2017, over 1 million companies will be staging, which is a staggering 51,134 companies per month.

There is a wealth of information available on the Pension Regulators website www.thepensionsregulator.gov.uk but we have summarised the key facts for you.  Click here to download the LIRIC-Auto-Enrolment-guide.pdf

Don’t leave this until the last minute, or think “it doesn’t affect me” because any business with a PAYE reference has a duty to comply and there are serious fines for non-compliance.

If you have the correct company pension structure in place, that’s great, but if you don’t it is important that you read on.

Whether you have an existing pension scheme or not, you absolutely must ensure that you comply with the government’s pension reform regulations. Not just any old pension scheme will do… it has to follow the new rules.

Following the rules not only means that your company pension scheme has to be in line with the regulations the government have put in place, but it also means that you have a duty to explain all changes to your staff so that they are aware of the situation!

The good thing is that we are here to help with this.

If in doubt give then contact us: