Latest News from Davies Archytas Accountants Redditch

Stay up to date with accountancy news, events and key insights from within the financial & accounting industry from Davies Archytas, Redditch based Accountants.

Please check out our Facebook news feed below for all our latest accountancy news updates.

If you are an employer, you will be able to claim the Job Retention Bonus via GOV.UK, after you have filed PAYE for January 2021. Payments will then be made from February 2021.

What can you do in the meantime? Ensure your employee records are up-to-date, including accurately reporting your employee’s details and wages on the Full Payment Submission (FPS) through the RTI reporting system. You should also ensure all Coronavirus Job Retention Scheme claims have been accurately submitted and that any necessary amendments have been notified to HMRC.

Need help? Call us today on 01527 362 070 or email us at info@davies-archytas.com and we'll answer any question you may have.

#Accountants #Worcestershire #BusinessSupport #Covid19
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What do General Motors, Burger King, CNN, Uber, Microsoft and Airbnb all have in common? They were all founded during economic downturns.

History shows successful companies can be born in tough times so could your start-up idea be just what’s needed right now? It could be the right time to launch your new business with the growing demand of new ways for working and selling.

We can help you set-up your new business venture so call us today on 01527 362 070 or email us at info@davies-archytas.com

#startups #newbusiness #entrepreneurs #accountants #Worcestershire #businesscupport #covid19
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Timeline PhotosSo which employers can claim the Job Retention Bonus? An employer will be able to claim for any employees that were eligible for the Coronavirus Job Retention Scheme and they have claimed a grant for.

All employers are eligible for the scheme including recruitment agencies and umbrella companies. Employers should ensure that they have:

1. Complied with their obligations to pay and file PAYE accurately and on time under the Real Time Information (RTI) reporting system for all employees

2. Maintained enrolment for PAYE online

3. A UK bank account

Employers must keep their payroll up to date and accurate and address all requests from HMRC to provide missing employee data in respect of historic Coronavirus Job Retention Scheme claims.

#Accountants #Worcestershire #BusinessSupport #Covid19
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So which employers can claim the Job Retention Bonus? An employer will be able to claim for any employees that were eligible for the Coronavirus Job Retention Scheme and they have claimed a grant for.

All employers are eligible for the scheme including recruitment agencies and umbrella companies. Employers should ensure that they have:

1. Complied with their obligations to pay and file PAYE accurately and on time under the Real Time Information (RTI) reporting system for all employees

2. Maintained enrolment for PAYE online

3. A UK bank account

Employers must keep their payroll up to date and accurate and address all requests from HMRC to provide missing employee data in respect of historic Coronavirus Job Retention Scheme claims.

#Accountants #Worcestershire #BusinessSupport #Covid19
...

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Tomorrow is Cycle to Work Day - will you be joining in?

It doesn’t matter if you haven’t cycled in years or have never cycled at all why not give it a go? And, if you have an old bike gathering dust at home, did you know you can apply for a £50 voucher to get it repaired? The Fix your Bike Voucher Scheme allows members of the public to receive a voucher worth up to £50 towards the cost of repairing a bicycle.

#CycletoWorkDay #Accountants #Worcestershire
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Timeline PhotosGuidance on the Job Retention Bonus Scheme has been released which suggests that Directors will qualify:

"All employees who meet the criteria, including office holders, company directors and agency workers, including those employed by umbrella companies".

The full policy paper is below, including the criteria, but get in touch if we can answer any questions you may have. Call us on 01527 362 070 or email us: info@davies-archytas.com

www.gov.uk/government/publications/job-retention-bonus/job-retention-bonus#which-employees-an-eli...
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Guidance on the Job Retention Bonus Scheme has been released which suggests that Directors will qualify:

"All employees who meet the criteria, including office holders, company directors and agency workers, including those employed by umbrella companies".

The full policy paper is below, including the criteria, but get in touch if we can answer any questions you may have. Call us on 01527 362 070 or email us: info@davies-archytas.com

www.gov.uk/government/publications/job-retention-bonus/job-retention-bonus#which-employees-an-eli...
...

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6. EARLY PAYMENT DISCOUNTS

What about your own payments? Accounts Payable automation solutions make it easier to process and approve your own invoices more quickly. Efficient and timely invoice approval creates opportunities for businesses to partner with finance.

providers to put in place early payment programmes.
Such collaboration means that you avoid paying out hard-earned cash too early and minimise the likelihood you will need to use overdraft facilities, while at the same time helping your suppliers to improve their inbound cash flow and get paid more quickly.

Maintaining close relationships can be a win-win. Good payers are in a better position to negotiate contracts with trading partners and create relationships that allow for more accurate cash forecasting on both sides.

#Cashflow #PaymentProgrammes #EarlyPaymentDiscounts #AccountsPayable
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Home working allowance

Where a business requires an employee to work from home under the Covid-19 lockdown, they can pay a home working allowance to cover some of the extra costs incurred whilst working at home (e.g. electricity and heating).

HMRC allows a payment of up to £6 per week (£26 a month) to be paid free of both tax and NIC, making this approach much simpler and a more tax and NIC efficient option than paying towards personal mobile/broadband costs on a grossed-up basis.

For further Tax Advice, call us today on 01527 362 070 Email us: info@davies-archytas.com

#Tax #TaxSavings #TaxAdvice #WorkingFromHome #Accountants
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5. PROVIDE AN ONLINE PAYMENT OPTION

Obtaining payment at the point of sale is the best way to avoid late payments. But if your business is based on offering credit terms to customers, then it is highly likely that you will have some element of late payments at some stage.

Offering online payment options can be effective when chasing for payment. If you can provide a link where the invoice can be paid immediately by credit or debit card, then this gives the payee no reason not to clear an overdue invoice.

Again, if it’s a recurring payment, get the customer to sign up to a Direct Debit which can also be set-up online – and then once set-up, you save time on chasing. Accounts Payable or Credit Control teams that have used this technique usually confirm how effective it can be to put someone on the spot with a request for immediate payment.

Get in touch with us today for help setting up an online payment option for your business.

📞Call 01527 362 070 or
📧email us: info@davies-archytas.com

#Cashflow #OnlinePayments #DirectDebit #BusinessTransactions
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HMRC is restarting communications to businesses that it thinks should have signed up to Making Tax Digital (MTD) for VAT but have not done so.

In 2019 HMRC sent ‘nudge letters’ to VAT-registered businesses that it thinks should have signed up to MTD for VAT. It is now contacting those businesses again ahead of ramping up its compliance activity in the Autumn.

Before its plans were changed by the COVID-19 pandemic, HMRC was about to write stiffer letters which would have mentioned the possibility of penalties.

It is possible that a small number of businesses which are not mandated will receive a letter. Do not disregard this letter, instead contact HMRC to explain your circumstances to avoid further contact when the compliance activity starts.

Please get in touch for further advice on Making Tax Digital.
📞Call 01527 362 070 or
📧email us: info@davies-archytas.com

#MakingTaxDigital #MTD #VAT
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4. PUT A LATE PAYMENT CLAUSE INTO YOUR CONDITIONS OF SALE

It might surprise you to know that you can charge interest and debt recovery costs if another business is late paying for goods or services.

The interest you can charge is called “statutory interest” - 8 per cent plus the Bank of England base rate for business to business transactions.

You can also charge a fixed sum for the cost of recovering a late commercial payment on top of claiming interest from it. The amount you’re allowed to charge depends on the amount of debt, and you can only charge the business once for each payment. So put this into terms and conditions of sale or contracts that you hold with customers.

In practice, you might never need to use it, but just knowing that your customer has signed up to a contract with a late payment penalty, may be a suitable deterrent to deliberate late payment.

Many small businesses are reluctant to enforce this as it can damage the commercial relationship with a valuable customer. However, if you value your cashflow and you are repeatedly not getting paid on time, then this might a last resort tactic to try.

#Cashflow #LatePaymentClause #StatutoryInterest #BusinessTransactions
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Throughout the Coronavirus outbreak, we have been keeping up to date with all the help that is available to individuals, businesses & the self-employed during COVID-19.

This coupled with our vast experience in the financial sector, puts us in an ideal position to be able to offer support & guidance through this crisis.

📞Call 01527 362 070 or 📧email info@davies-archytas.com

#COVID19 #helpfortheselfemployed #SEISS #Helpforbusiness #BusinessSupport #BusinessAdvice
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Today may be ‘GET TO KNOW YOUR CUSTOMER DAY’, but here at Davies Archytas, we don’t need a designated day!

Getting to know our customers is at the heart of all we do, and it was the foundation that the company was built on.

Our unique and personalised approach ensures that whilst we are handling your financial affairs, we also think creatively and cohesively about how to develop and grow your business best strategically.

📞Call 01527 362 070 or
📧email us: info@davies-archytas.com

#Accountants #BusinessSupport #BusinessAdvice #BusinessFinance #GettingToKnowYourCustomerDay
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3. TECHNOLOGY CAN HELP

Be efficient with when and how you are going to chase for payment. Use automated email reminders and communicate with your customer before an invoice becomes late.

Cloud-based solutions for distributing and tracking invoices electronically give you vital visibility over each invoice status in real-time. If you can see an email with your invoice hasn’t been opened, then take proactive action by sending a reminder email, or, for utmost proactivity, you can call the customer to make sure that they have received the invoice and are ready to act on it before it becomes overdue.

Automated email reminders will improve the likelihood of getting paid. Sometimes, a reminder puts you and your invoice at the forefront of the minds of the accounts payable staff.

Get in touch if you’d like more information on cloud-based solutions for your business.

📞Call 01527 362 070 or 📧email us: info@davies-archytas.com

#Technology #CloudBasedSolutions #InvoiceTracking #Invoices #Cashflow
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3. TECHNOLOGY CAN HELP

Be efficient with when and how you are going to chase for payment. Use automated email reminders and communicate with your customer before an invoice becomes late.

Cloud-based solutions for distributing and tracking invoices electronically give you vital visibility over each invoice status in real-time. If you can see an email with your invoice hasn’t been opened, then take proactive action by sending a reminder email, or, for utmost proactivity, you can call the customer to make sure that they have received the invoice and are ready to act on it before it becomes overdue.

Automated email reminders will improve the likelihood of getting paid. Sometimes, a reminder puts you and your invoice at the forefront of the minds of the accounts payable staff.

Get in touch if you’d like more information on cloud-based solutions for your business.

📞Call 01527 362 070 or 📧email us: info@davies-archytas.com

#Technology #CloudBasedSolutions #InvoiceTracking #Invoices #Cashflow
...

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2. FIND TIME TO CHASE THAT INVOICE

The reason that one in every six payments is late is because that the supplier didn’t chase up payment of the invoice.

Overworked business owners always need to find the time to chase invoices. But if you can’t find the time, or don’t like the potential confrontation which comes with chasing a late payment, then pay someone else to do it for you.

Or introduce an automated payment method such as Direct Debits for those customers who have any recurring payments. Alternatively, you can separate yourself from the tricky conversations with that annoying customer by creating a separate email ID and use that to chase up late payees without jeopardising the customer relationship.

For more information on our Bookkeeping services, call us today on...
📞01527 362 070 or 📧email us: info@davies-archytas.com

#Cashflow #LatePayment #GetPaidOnTime #invoices #BusinessFinances #bookkeeping
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1. SEND SEPARATE INVOICES

Make sure that you have followed all the customer requirements for invoicing, such as quoting a purchase order number if this is mandatory, and make sure you send it to the right email/postal address.

Some organisations have been known to query individual line items as a way of slowing down payment of an invoice. You can overcome this by sending separate invoices if multiple products or services are involved.

#Cashflow #LatePayment #GetPaidOnTime #BusinessFinances #BusinessInvestment #bookkeeping
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Getting money in from unpaid invoices is, along with finding and retaining customers, the joint most pressing worry for SMBs.

Cash-strapped SMBs, which spend an hour-and-a-half each day chasing late payments, mostly use bank borrowing for cashflow instead of growing their businesses, according to the Federation of Small Businesses.

Managing your cashflow could enable you to invest both time & cash, elsewhere in your business, such acquiring new customers through marketing and developing an online presence.

One way to improve cashflow is to take steps to ensure that you get paid early! We will be sharing 6 simple steps on ‘Getting Paid Early’ over the coming days.

Alternatively, get in touch with us today for bespoke advice on managing & improving your cashflow.

Call 01527 362 070 or Email us: info@davies-archytas.com

#Cashflow #SMB #SMBAdvice #Business #Accountants
...

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Getting money in from unpaid invoices is, along with finding and retaining customers, the joint most pressing worry for SMBs.

Cash-strapped SMBs, which spend an hour-and-a-half each day chasing late payments, mostly use bank borrowing for cashflow instead of growing their businesses, according to the Federation of Small Businesses.

Managing your cashflow could enable you to invest both time & cash, elsewhere in your business, such acquiring new customers through marketing and developing an online presence.

One way to improve cashflow is to take steps to ensure that you get paid early! We will be sharing 6 simple steps on ‘Getting Paid Early’ over the coming days.

Alternatively, get in touch with us today for bespoke advice on managing & improving your cashflow.

Call 01527 362 070 or Email us: info@davies-archytas.com

#Cashflow #SMB #SMBAdvice #Business #Accountants
...

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