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Bookkeeping Bites – Furlough Claim Deadline TODAY!

💥October 14th 💥 An important date … Oh yeah, that is 💥TODAY 💥
 
❓Why is it so important ❓ It is the LAST DAY to submit the ✅LAST furlough claim ✅for SEPTEMBER!
 
🤓Submit it in the usual way
 
🤓With the usual calculations
 
🤓Big G-HMRC will pay out in the usual time frame..
 
But 🙏PLEASE 🙏🤞🤞don’t forget 🤞🤞
 
For the up to date Big G gumpf, check out this link:
 
https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
 
😍😍😍Stay safe everyone 😍😍😍
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Bookkeeping Bites – Know your ITSA from your SATR!!

🤷‍♀️🤦ITSA-bitsa-NEW 🤦🤷‍♀️Know what we are cracking on about? Nope? Well, read on…
 
🤓 ‘ITSA’ is Big-G HMRC ‘s new acronym for 💥Income Tax Self Assessment 💥
 
🤓And from April 2024, all sole traders and landlords 💥with income above £10k 💥will need to send their ITSA returns 💻📲DIGITALLY 📲💻
 
(Hold on to the seat of your 🩲🩲here comes another acronym)
 
🤓Digitally using 💥MTD 💥 (Making Tax Digital) software…
 
🤓 Undoubtedly one of the biggest 🔥⚡️shifts ⚡️🔥in tax return culture in a LONG, LONG TIME…
 
❓❓Wanna find out more ❓❓Well, short and 🐊snappy🐊 it ain’t, but this from Big G says it all…
 
https://www.gov.uk/government/publications/making-tax-digital-for-business-stakeholder-communications-pack/making-tax-digital-for-business-stakeholder-communications-pack#find-out-more-about-mtd-for-income-tax
 
😍😍😍Stay safe everyone 😍😍😍
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Bookkeeping Bites – Self-Employed Grants CLOSED!

Yup, that is ✅right ✅ Claims for the fifth and final SEISS grant have now ❌closed ❌
 
For the self-employed the Self Employed Income Support Scheme (SEISS) has been a 🧡💛lifeline 💛🧡
 
But gone they are…. So, what to do now?
 
🤓Make sure ANY INCOME from the SEISS is recorded as 💥TAXABLE INCOME 💥on your tax returns
 
🤓This means that ANY GRANT (even if you only claimed one) are ALL subject to 💥National Insurance 💥and 💥Income Tax 💥
 
🤓Watch out for the new boxes in the tax return to record this
 
🤓If you are not sure? SPEAK TO YOUR ACCOUNTANT!
 
💥💥Big G HMRC WILL BE 🔍🔎CHECKING 🔎🔍💥💥 So best be ON IT 💥💥
 
For more information on how to report your SEISS on your tax return, check out this link:
 
https://www.gov.uk/guidance/reporting-coronavirus-covid-19-grants-and-support-payments
 
😍😍😍Stay safe everyone 😍😍😍
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Bookkeeping Bites – Big Boys get Fined!

❌WRONG! ❌
 
These few 🧁🍰cakes 🍰🧁totalled a 💷💰£2.35 MILLION 💰💷(yep, you did read that right – MILLION) 👮‍♀️FINE 👮‍♀️from the Financial Reporting Council (FRC) for the big accounting giant Grant Thornton..
 
❓❓How come ❓❓Simples..
 
🤓They were the auditors for Patisserie Valerie (y’know, the high street cake store that went POP in January 2019)
 
🤓The FRC stated Grant Thornton 💥MISSED 💥multiple 🚩🚩RED FLAGS 🚩🚩during the 2015, 2016 AND 2017 audits
 
🤓They missed false accounting entries AND suspect invoices…..
 
Boooooo for the BIG BOYS!! That is why we love being small, simple and accountable…….
 
Find out more here from our comrades at AccountingWEB
 
https://www.accountingweb.co.uk/business/financial-reporting/grant-thornton-fined-ps235m-for-lack-of-competence-in-patisserie
 
😍😍😍Stay safe everyone 😍😍😍
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Bookkeeping Bites – Furlough is OVER!

💥Done! 💥Finito! 💥Complete! 💥Adios! 💥 See ya later! 💥Au Revior! 💥Ta-ra! 💥Outta Here! 💥

✅YES ✅ Furlough is DONE! As of today! ❌CLOSED ❌

Would 💙💜love 💜💙to say we will miss ya……. But, well, we won’t!

For the low down and what, when and deadlines, check out Big G here at the HMRC website:

https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme

😍😍😍Stay safe everyone 😍😍😍

 

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Bookkeeping Bites – VAT on the Rise for Hospitality!

🍺  Hospitality ? 🍺  🛌  Accommodation? 🛌  🎡. Attractions? 🎡. Are you ready to ⬆️. GO UP ⬆️  ?
 
VAT that is…. The current temporary reduced rate of 5% comes to an ❌. END ❌. on 💥. 30th September 2021 💥
 
Replaced with a ✅. NEW ✅. rate of 💥. 12.5%💥. from the 💥. 1st October 2021 💥. to 💥. 31st March 2022 💥
 
Big G’s latest guidance, via HMRC, can be found here
 
😍😍😍Stay safe everyone 😍😍😍
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Bookkeeping Bites – Furlough Coming to An End!

How you feeling about good old Fanny-Furlough coming to an end? 😄? 😡? 🤯?🤮?
 
To be honest, we are defo a bit “Whoop-Whoop” 🎊🎉🎊
 
No matter how you are feeling, the end to furlough is coming and here is what you need to know:
 
🤓  Furlough ENDS on 💥30th September 2021💥
 
🤓. Final September claim should be submitted no later than 💥14th October 2021💥
 
🤓   Don’t forget, September claims are for 💥60% 💥of usual wages, with the employers making up the final 20%….
 
🤓. Returning employees need to be brought back on their agreed terms and conditions
 
Big G HMRC has it all going on via this link here:
 
😍😍😍Stay safe everyone 😍😍😍
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Bookkeeping Bites – Health & Social Care Reform

💥💥 A big hullaballoo of change which will impact us all 💥💥
 
Find out all about the nitty gritty here, from our tax expert at www.onthespottax.co.uk via their blog here:
 
https://www.onthespottax.co.uk/blog/entry/2021/09/10/health-social-care-reform-or-sticking-plaster
A right interesting read!
 
😍😍😍 Stay safe everyone 😍😍😍
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Bookkeeping Bites – Would You Own Up?

🌤🌤 You wake up one morning 🌤🌤You find the equivalent of 💵 💷 $50 billion 💷 💵 in your bank account ❌ It’s not yours ❌
 
❓❓Would you own up and tell the truth ❓❓
 
Quote of the day “Its like they fell asleep on the keyboard” 😂😂😂
 
Check this story out from AccountingWeb:
 
 
😍😍 Right, I am off to check my bank account…..😍😍
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Bookkeeping Bites – Move over 70, 60 is here!

🏎🏎 Furlough moves fast baby! 🏎🏎
 
70% only had a short lifespan, moving on from the furlough world, to make way for 60%
 
That is right! ✅ 60% ✅ is it, from the 💥1st August 💥for all furlough claims from 💥YESTERDAY💥
 
❓ What does this mean to employers using the furlough scheme ❓
 
🤓 You can claim 60% of an employee’s usual wages – DOWN FROM 70% in July
 
🤓 You will need to pay the 20% DIFFERENCE
 
🤓 Meaning your employee will still receive at least 80% of their usual wages
 
AND! 💥Don’t forget 💥60% STAYS for September too 💥
 
For more information head to 🕌 Big-G-HQ 🕌 and the following update from #HMRC:
 
https://www.gov.uk/government/publications/changes-to-the-coronavirus-job-retention-scheme/changes-to-the-coronavirus-job-retention-scheme
 
😍😍😍 Stay safe everyone 😍😍😍