Author: Laura Macarthy

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Bookkeeping Bites – Big G’s ‘Time To Pay’ Explained

⏰ ⏳  Big G’s Time To Pay ⏳ ⏰  What IS this?!!!
 
It is basically where Big G HMRC gives you a bit of 💥  space 💥  to pay your self-assessment tax bill…
 
❓ How ❓We hear you 🎙 holler🎙 ! Well, there are a few bits and bobs that make you eligible, such as
 
🤓 You have filed your latest #taxreturn
 
🤓 You must owe less than £30,000
 
🤓 You are within 60 days of the payment deadline
 
🤓 AND you plan to pay your debt off within the next 12 months or less
 
And it is 💥 dead easy 💥 Just log into your Government Gateway account or give ’em a 🛎 bell 🛎
 
Check out HMRC’s link here to find out more: https://www.gov.uk/difficulties-paying-hmrc 
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Bookkeeping Bites – National Minimum and Living Wage Explained

🍅 Tomado 🍅 Tomato 🍅 What’s the difference, huh?
 
Sometimes, the difference is BIG… Like the difference between National Minimum Wage and National Living age ……
 
So, come on…. ❓What IS the actual difference❓
 
🤓  National 💥 MINIMUM💥 wage is paid to those ⬇️  under the age of 23 ⬇️
 
🤓 National 💥 LIVING 💥 wage is paid to those ⬆️  OVER the age of 23 ⬆️
 
And they are both going up… From 1st April 2022
 
🤓 National MINIMUM wage ⬆️  to £9.50 an hour
 
🤓 National LIVING wage ⬆️  to £9.18 an hour for 21 – 22 year olds
 
And if you are an employer people it is 💥 YOUR 💥responsibility to make sure you pay the correct hourly rate!
Find out more here: https://www.gov.uk/national-minimum-wage-rates
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Bookkeeping Bites – Big G’s Love Letter…. NOT!

Hmmmm, perhaps ditch the 🧡  💛  Love Letter 💛  🧡  and think more 🥊  🥊 Nudge 🥊  🥊  Letter
 
🧐  Big G has done some checking 🧐  Some furlough checking….. Of Corporation Tax returns (the stuff limited companies have to file each year)…
 
❓What are they checking❓That the 💷  furlough grants 💷  paid ➡️  MATCHES ➡️  the grant amount declared in your corporation tax return.
 
If it does? Then ✅ good job ✅ – no letter
 
If it doesn’t? Then 💥 WATCH OUT 💥 a letter may be in its way! 💥 TAKE HMRC SERIOUSLY 💥 REPLY WITHIN THE 30-DAY PERIOD 💥
Find out more from our friends at Accounting Web here: https://www.accountingweb.co.uk/tax/hmrc-policy/cjrs-hmrc-nudges-employers-to-correct-returns
 
🕵️‍♀️🕵️‍♀️ Stand warned people, stand warned 🕵️‍♀️🕵️‍♀️
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Bookkeeping Bites – Pay Today to Avoid Interest!

✅ Yep ✅ Big G may have given you more time to ➡️ SUBMIT ⬅️ your 2020/21 tax return (28th February instead of 31st January 2022)
 BUT  If you want to 💷. 💷. avoid paying interest 💷. 💷. on the tax you owe to HMRC , the payment deadline is still 💥 TODAY💥
(All of our client’s are submitted and done, by the way 😇 just saying 😇 )
For more info on what is what, check out Big G’s link here
 😍 😍 Stay safe everyone 😍. 😍
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Bookkeeping Bites – Tax Return Extension Warning!

❓❓ Rocking off Big-G’s tax return submission deadline extension ❓❓

💥 🆘. Be careful! Watch the small print! 🆘. 💥

If you want to avoid 💷  💷. paying interest 💷  💷  on the tax you owe, you still need to pay up by the 💥 31st January 2022 💥

😫 Yeah, thanks but no thanks Big G 😫 we will be sticking to the ✅. 31st January submission deadline ✅

For more information on that fine print, check out Big G’s full guidance here: 

😍😍😍. Stay safe everyone 😍😍😍

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Bookkeeping Bites – The Health & Social Care Levy

It means a little shift ⏫⏫up for National Insurance contributions but a WHOLE LOAD of ❤️🧡 difference 🧡❤️ to Health and Social Care..
 
💥Here is how it will work 💥
 
⏰ From APRIL 2022 (this year folks, this year) ⏰
 
🤓National Insurance contributions for working age people will increase by ⬆️1.25%⬆️
 
🤓That extra 1.25% is the ⛑⛑ health and social care levy ⛑⛑
 
🤓All payslips should include the following message: “1.25% uplift in National Insurance contributions funds NHS, health and social care”
 
⏰ From APRIL 2023 ⏰
 
🤓The 1.25% levy will be 💥SEPARATED OUT 💥from the national insurance contributions
 
🤓It will also apply to the earnings of those working who are above state pension age
 
🤓National insurance will ⬇️drop ⬇️to the 2021/22 levels
 
To find out more, go to HMRC Big G’s update here
 
😍😍😍Stay safe everyone 💥💥💥
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Bookkeeping Bites – Worried about Paying your Taxes?

🤷‍♀️🤷It is a worrying time of year for some 🤷🤷‍♀️ The time to pay up on the taxes front…..
 
❓❓Are you one of those worrying that you may not be able to pay in time ❓❓
 
Then contact HMRC as soon as possible and ask about a 💥 TIME TO PAY 💥arrangement….
 
To find out more, go to this link: https://www.gov.uk/difficulties-paying-hmrc
 
🤓 Don’t leave it until it is too late
🤓Speak to Big G and get a plan in place
 
😍😍😍Stay safe everyone 😍😍😍
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Bookkeeping Bites – Welcome Charlotte!

❤️🧡 Today we welcome our new bookkeeper – Charlotte!! 🧡❤️
 
🤓 Charlotte is a part AAT qualified bookkeeper, working towards her AAT level3 and joins us TODAY!
 
🤓 Strengthening our team and making us 💥 BETTER 💥 and 💥 STRONGER💥
 
❤️🧡 Welcome Charlotte! 🧡❤️