Posts tagged ‘Ups’

New businesses excluded from a Government scheme to encourage more start-ups should still ensure they plan ahead to minimise their tax liabilities.

The National Insurance Contributions (NIC) holiday scheme

The scheme was launched on September 6th 2010 and means employers do not have to pay the first £5,000 in NICs for each of the first 10 workers during the first 52 weeks of their employment, provided that year falls within the three-year period up to September 5th 2013.

However, while new firms across the UK are set to benefit from potential tax savings of up to £50,000, those in the East, South East and London regions are being excluded from the scheme.

Another postcode lottery?

Barry Jefferd, Tax Partner at George Hay, said: “This is incredibly unfair on new businesses in the region who will be at a disadvantage compared to their counterparts in other areas.

“However, employers should still give serious thought to tax planning in order to minimise their liabilities and take advantage of any opportunities that might not be available at a later stage.

“While businesses in the East may not be able to enjoy the same tax breaks as others around the country, we can still help them make valuable tax savings, ensuring more of their hard-earned money goes back into those companies rather than the taxman’s pocket.

“Equally, if any new businesses in the area are unsure of their NIC obligations, then we can advise them accordingly.”

 

Further reading: NI holiday scheme slammed by Labour, Accountancy Age 04.01.12 – Administration costs more than savings.

Disclaimer: This article is for general guidance only.  All taxation planning should only be undertaken after appropriate professional advice.  George Hay Chartered Accountants are registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

 

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I am delighted to announce that George Hay are now using revolutionary online accounting software in order to help our clients more easily manage their bookkeeping and keep a better track of their financial position.

Columnar padNew Service

We believe we have future-proofed our bookkeeping offering for clients by moving to an award winning online accounting software package.  The company will now be using KashFlow, which enables accountants and their clients to easily access their own financial records at any time, whenever they have access to the internet. 

Online accounting software is considered by many to be the way that the industry is heading because it enables businesses to keep a constant eye on their company’s financial position without having to install and regularly update costly and bulky software direct onto their computers.  This recent additon to our service portfolio is further evidence that George Hay is a forward thinking and dynamic organisation that puts it’s clients’ needs first.  We are very aware that accountants are generally Sage lovers, and Quickbooks has tried to make bookkeeping more exciting and user friendly, but neither are considered easy or ‘beneficial’ to small business owners who have no bookeeping experience.

Kashflow is extremely easy to use, with continuous functionality development led by user feedback.  We can now talk to clients and update records in real time without having to wait for them to send in reams of paper-work or email back-ups.  This also means we can be even more proactive with our traditional advice and support.

All the records held on the system are stored behind a state of the art encryption system that prevents data from being accessed or passed on without the user’s permission.

The options

I researched the market intently, including taking time to demo Xero and FreeAgent and speaking with representatives from all three.

My brief was clear, I wanted a solution that filled the gap for clients who were outgrowing their spreadsheets but didn’t really have the inclination to learn to use Sage.  I strongly believe Sage is a great package if used properly, but in the hands of an inexperienced, busy business owner, it can be a devil.  Many clients in the past have started using Sage or Quickbooks believing it will save them and us time, thus reducing fees, to be disappointed when I show them the amount of ‘unpicking’ and reconciling we have had to do.

Kashflow won my vote with unprecedented numbers of great testimonials from end users and practicing accountants.  Their helpline and support offering appeared to be excellent and the MD‘s constant involvement with social media platforms such as Twitter gave me confidence that he cares very much about his brand and his customers’ thoughts.

A new beginningNext Dimension

Managing Director of KashFlow, Duane Jackson said, “George Hay Chartered Accountants have shown that they’re forward-thinking by being early adopters of online software. We’re looking forward to working with them the help small business and start ups in Huntingdon and the surrounding areas.” Jackson continues, “Our software is going to help George Hay to deliver on their aims of offering a high-level of service to all of their clients.”

KashFlow launched its flagship product, an online tool specifically designed to help owner-managers in small businesses manage their accounts, in mid 2005.  Since that time it has quickly won a significant share of the valuable accounting software market along with launching a new direct-to-accountant division in late 2006.  In late 2007 KashFlow won a Business Software Satisfaction Award, judged entirely by customer feedback, for the category of web-based accounting, beating the likes of Sage and Netsuite.

Free, No obligation trial

If you would like to discuss this offering or register for a completely free 30-day trial of the software please email toni.hunter@georgehay.co.uk or call me on 01480 426500 and I will send you a link by return.


The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.