0330 133 1643
contact@balloonaccounting.co.uk
BH7 7BG, Bournemouth, UK

Category: Business Development

with you on the journey to a brighter future

Lock

Government Assistance – Lockdown 3

The Chancellor Rishi Sunak has unveiled some brief plans with regards to extra financial support after yesterday’s lockdown news: – Businesses in the retail, hospitality and leisure sectors will receive up to £9,000 per property in one-off grants as follows: – £4,000 for businesses with a rateable value of £15,000 or under – £6,000 for…
Read more

Virtual Xmas Party Image

Virtual Staff Xmas Party – The tax break

Virtual Staff Christmas Parties – The tax break Due to the coronavirus restrictions, many businesses will be unable to host the usual Christmas Party for employees. HMRC have are confirm that the annual parties’ exemption will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties.Therefore,…
Read more

January 21 Calendar Image

VAT or Income Tax Deferred due to Covid 19 and due in January 2021

VAT or Income Tax Deferred due to Covid 19 and due in January 2021 At the beginning of the coronavirus pandemic, the government gave individuals and  businesses the option to defer, until 2021, payments of Income Tax due by 31 July 2020 and VAT due in the period 20 March to 30 June 2020. This…
Read more

Ten Pound Note and pound coin

Bounce Back Loans Extended and Top-Ups

Bounce Back Loans Extended and Top-Ups From today participating lenders in the Bounce Back Loan Scheme (BBLS) are able to offer small businesses across the UK a top up to their existing Bounce Back Loan if they originally borrowed less than the maximum amount available to them. The Bounce Back Loan top-up will be available…
Read more

Open Image

Job Support Scheme

What is the Job Support Scheme? On 22 October 2020, the Chancellor announced further changes to the Job Support Scheme by expanding it into two schemes, Job Support Scheme (Open) for use by business that can continue to trade and Job Support Scheme (Closed) for those that are legally obliged to cease trading under Tier…
Read more

Crystal Ball image

Why you need a Cashflow Forecast

Why you need a Cashflow Forecast Whether you have recently started out in business or are established you may have been told at some point that cash flow issues will kill a small businesses. There are many reports that show just how many businesses fail in their first few years simply by not paying enough…
Read more

Umbrella image

Maintaining your NIC contributions record during Covid-19

Maintaining your NIC contributions record during Covid-19 The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their…
Read more

Green Door

Extracting income from a family company with no retained profits

Extracting income from a family company with no retained profits The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the business has received a Coronavirus Bounce Back Loan or a Coronavirus Business Interruption…
Read more

Driveway

Are the Coronavirus payments taxable ?

Tax implications of Covid-19 support payments Various support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and…
Read more

an image of pawns

The difference between Profit and Cash

What’s the Difference between Cash and Profit and Can a Business Be Profitable But Still Run Out of Cash? So, you want to know how a company can be profitable but still run out of cash? This article courtesy of Brixx is a terrific place to start. Part of the answer is that profit is…
Read more

Scroll Up