Bookkeeping Bites – Big G’s Scam Top Tips!

πŸ‘ΏπŸ˜ˆThe scam devil is about πŸ˜ˆπŸ‘ΏAnd they want your 5th SEISS grant wonga!
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So, what to look out for?
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1️⃣ Newly self-employed in 2019/20? Big G ARE doing πŸ’₯PRE-CLAIM VERIFICATIONS πŸ’₯by:
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βœ… Sending a LETTER to ask for πŸ’₯ PROOF OF IDENTITY πŸ’₯and πŸ’₯TRADE INFORMATION πŸ’₯to be shared via @Dropbox
βœ… Calling you too….
βœ… You cannot make a claim without completing these checks
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2️⃣ All those who may be eligible, will have received an πŸ’₯πŸ’₯⌨️email πŸ–¨letter πŸ“²SMS πŸ’₯with their personal claim date and instructions…..
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❌ These will NOT included πŸ’₯HYPERLINKS πŸ’₯❌
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3️⃣ Some people WILL receive a πŸ’₯LETTER πŸ’₯asking them to call to make their claim
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βœ… This is genuine and is because the online claim service is not available to them
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❓❓Unsure if the contact is genuine ❓❓ Then CHECK before you click, tick or share by checking out Big G’s list of genuine HMRC contacts, here
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😍😍😍Keep your wonga safe people 😍😍😍

Bookkeeping Bites – A Few SEISS Tips from Big G

πŸ’₯Big G’s self-employed Income Support Scheme (SEISS) numero 5️⃣ is here πŸ’₯With the claims service being up and running from roundabout now πŸ’₯
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❓❓Want to the πŸ‘©β€πŸŽ“πŸ‘©β€πŸŽ“low-down-on-the-know-how πŸ‘©β€πŸŽ“πŸ‘©β€πŸŽ“β“β“
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Check out Big G’s YouTube channel for their SEISS “How To” vid πŸ’₯ A must do watch for you for when you have to complete your claim πŸ’₯Link below….
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To check out your eligibility, check out Big G’s guidance here
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😍😍😍Stay safe everyone 😍😍😍
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Bookkeeping Bites – Tax Myth #2!

πŸ…Well, sometimes, sure, yeah, of course! πŸ…How about πŸ’₯tax avoidance πŸ’₯ and πŸ’₯tax evasion πŸ’₯? Same thing? What do you think?
Welcome to the second myth in our Tax Myth series…
Myth πŸ’₯ Tax avoidance is illegal πŸ’₯ Y’know, It ain’t!
Lets look at the 17th century 🏒 window tax 🏒 of good old William of 🍊 Orange 🍊
You have umpteen 🏒 windows 🏒, you’re gonna have to hand over πŸ’· wonga πŸ’· for every window.
πŸ™…πŸ½ You think of a couple of sneaky ways to get out of this πŸ™…πŸ½πŸ™…β€β™‚οΈ
1️⃣ You decide to block some up… Clever – less windows, less tax to pay…
2️⃣ You decide to lie about how many windows you have…. Clever – less windows, less tax to pay..
But only one is illegal – which one?
πŸ’₯ NUMBER 2 is illegal πŸ’₯ It would be classed as πŸ’₯ TAX EVASION πŸ’₯ consciously deciding to lie, to not declare income, to reduce your tax burden.
πŸ€“ NUMBER 1 is TAX AVOIDANCE πŸ€“ Whilst sometimes still not morally correct, it could be viewed as you πŸ’₯ organising your business and personal life πŸ’₯ so that you pay no more tax that you should do…
❓Our advice ❓ πŸ’₯ BE CAREFUL πŸ’₯ out there……. There are many people that will tell you of kosher tax avoidance schemes….. ❓Really ❓ Ask yourself, does it sound too good to be true? Then it probably is…
Big G has a useful ditty on tax avoidance here – its a bit dated, but the essence of it still stand…
😍😍😍 Stay on the right side of William 🍊 Orange 🍊everyone 😍😍😍

Bookkeeping Bites – Big-G’s Big 30!

If you are self-employed and are aiming to claim the 5th SEISS grant…. πŸ’₯ Do you know about this big 3-0? πŸ’₯

The big 3-0 is Big-G’s ☠️ backbone ☠️ in the the new turnover test for the 5th Self-Employed Income Support Scheme (SEISS)….

❓What does it mean ❓

πŸ€“ Basically, Big-G wants to know if your πŸ’·πŸ’· turnover πŸ’·πŸ’· has ⏬ reduced ⏬by 30% or more…..

❓”30% between what and when?” ❓ We hear you πŸŽ™holla πŸŽ™

Well, its kinda simples……

πŸ€“ Has your turnover reduced by 30% or more between…

πŸ’₯ The PANDEMIC PERIOD πŸ’₯

πŸ€“ The 12-month period starting on any date between the 1st and 6th of April 2020

πŸ’₯ The REFERENCE PERIOD πŸ’₯

πŸ€“ The turnover figure from the 2019/20 tax return (with an option to use the 2018/19 tax return of the 2019/20 year was not a normal year of business)

πŸ€“ The portal for claims opens later this month – but make sure you πŸ’₯ know your 30 πŸ’₯ before you apply!

For more information, check out Big G’s guidance here:

And for industry insight you can check out…

πŸ’₯ AccountingWeb’s πŸ’₯ article here

Or πŸ’₯ The Institute of Chartered Accountants in England and Wales’s (ICAEW)πŸ’₯ article here

😍😍😍Stay safe everyone 😍😍😍

Bookkeeping Bites – Furlough All Change!

“Pinch 🀏 Punch πŸ‘Š First-of-the-Month”

1st = Furlough Change… ❓ What to ❓
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βœ… Claim amount DOWN from 80% to 70% of usual wages
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βœ… Extra 10% to be paid by the employers
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βœ… Employee still gets at least 80% of usual wages
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πŸ’β€β™€οΈErrmmmmm, that’s it πŸ’β€β™€οΈ
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It changes again on the πŸ’₯ 1st August πŸ’₯ so watch out!
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For more information, check out HMRC-Big-G webpage here
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😍😍😍 Stay safe everyone 😍😍😍

Bookkeeping Bites – Tax Myths Busted!

πŸ€¦β€β™€οΈπŸ€¦Y’know how it goes… πŸ€¦πŸ€¦β€β™€οΈ
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“My Auntie’s cousin’s friend, goes out with this bloke, who knows someone who is married to someone whose brother is an accountant, and HE says…”
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Well βœ‹ STOP 🀚Forget the hearsay, work with the truth with our TAX MYTHΒ series…
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πŸ’₯ Tax Myth ONE πŸ’₯ Limited companies HAVE to be VAT registered
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πŸ€“ Nope, they don’t
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πŸ€“ You only HAVE to be VAT registered when your annual turnover reaches Β£85k
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πŸ€“ Of course, you may CHOOSE to be VAT registered… This is called ‘Voluntary Registration’
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πŸ€“ And ANY type of business can do this – sole trader, partnership or limited companies
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Not sure if you need to be VAT registered? Find out more from Big G here at HMRC:
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https://www.gov.uk/vat-registration/when-to-register
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😍😍😍 Stay safe everyone 😍😍😍

Bookkeeping Bites – Furlough to 70%!

⚑️⚑️Yeah! 70 is coming! ⚑️⚑️
βœ… 70% that is βœ… In the furlough changes coming in on the πŸ’₯1st July πŸ’₯
❓ What does this mean to employers using the furlough scheme ❓
πŸ€“ You can claim 70% of an employee’s usual wages – DOWN FROM 80%
πŸ€“ You will need to pay the 10% DIFFERENCE
πŸ€“ Meaning your employee will still receive at least 80% of their usual wages
AND! πŸ’₯ Don’t forget πŸ’₯ 70% becomes 60% from 1st August πŸ’₯
For more information head to πŸ•Œ Big-G-HQ πŸ•Œ and the following update from HMRC….
😍😍 Stay safe everyone 😍😍😍

Bookkeeping Bites – Trading with the EU?

Need some πŸ’· dosh πŸ’·to pay for practical support on the new Brexit πŸ€·β€β™‚οΈπŸ€·β€β™€οΈshindig πŸ€·β€β™‚οΈπŸ€·β€β™€οΈ?

Like πŸ‘©β€πŸŽ“training πŸ‘©β€πŸŽ“or professional advice to adjust to new customs, rules of origin and VAT rules when trading with the πŸ‡ͺπŸ‡ΊEUπŸ‡ͺπŸ‡Ί?

The Big G has an πŸ’₯’SME Brexit Support Fund’ πŸ’₯for up to πŸ’₯Β£2000 πŸ’₯ Closing date is the 30th June πŸ’₯

πŸ€“ Find out more here:

πŸ€“ https://www.gov.uk/guidance/grants-to-help-small-and-medium-sized-businesses-new-to-importing-or-exporting

Might help you work through the πŸ‡πŸ‡rabbit πŸ‡πŸ‡warren that is the post-Brexit trading grounds!! Good old HMRC-Big-G!

😍😍😍 Stay safe everyone 😍😍😍

Bookkeeping Bites – 1 Week to Go!

❓Want to grab HMRC-Big-G’s offer of πŸ’₯ repaying your deferred VAT πŸ’₯ in instalments❓

Yep? Well, there is only πŸ’₯ 1️⃣ πŸ’₯ week to go to register!

πŸ€“ Still have your VAT to pay from the VAT deferral scheme?

πŸ€“ From between 20th March and 30th June 2020?

πŸ€“ Why NOT register?

Find out more at Big G here at this nifty update

Closing date to join is the πŸ’₯ 21st June πŸ’₯ πŸͺ“ Chop πŸͺ“Chop πŸͺ“

😍😍😍 Stay safe everyone 😍😍😍

Bookkeeping Bites – Don’t Forget the Roadmap!

Still an amazing supportive course, and still available – why not take part?

βœ…New to small business? βœ…
🀦Wondering WHAT THE HECK IS THIS ALL ABOUT? πŸ€·β€β™€οΈπŸ€¦
Well, don’t be alone, come and join πŸ’₯ our very own πŸ’₯ very special πŸ’₯ ❀️🧑 Teresa 🧑❀️ (and TONNES of other experts btw) at this snazzy training course run by Jude Wharton and Lauren Hughes…
Why be alone on this crazy journey of business ❓
Β Make friends πŸ’₯ Get expert advice πŸ’₯ Thrive! πŸ’₯