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

Category: Business

with you on the journey to a brighter future

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 Where there is cash in the business that can be withdrawn, possibly because the business has received a Coronavirus Bounce Back Loan or a Coronavirus Business Interruption…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

Hand image

SEISS – Second Grant

Claiming the second grant under the SEISS Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after…
Read more

Ripple Image

Making Tax Digital to be Extended from April 2022

Making Tax Digital to be extended from April 2022 A couple of days ago there was an announcement that was hidden away from most taxpayers but the implications of which will have a major effect on many. After delay after delay caused by Brexit and now Coronavirus the government have now announced they will be…
Read more

lightbulb image

Deferring your July payment on account – Is it is good idea?

Deferring your July payment on account – Is it is good idea? To help those suffering cashflow difficulties as a result of the Covid-19 pandemic, the Government have announced that self-assessment taxpayers can delay making their second payment on account for 2019/20. The payment would normally by due by 31 July 2020. Under self-assessment, a…
Read more

Summer Picture

Government Summer Statement – Further Coronavirus help for business and individuals

Government Summer Statement – Further Coronavirus help for business and individuals On 8th July the Chancellow announced some further help for businesses and individuals. Here is a summary. Job Retention Bonus The government will pay a one-off £1000 payment to employers for every furloughed employee retained to the end of January 2021 This is conditional…
Read more

Stack of pencils

Seven important things to know about the new flexible furlough rules

1. Who can I place on flexible furlough? From 1 July 2020 only employees that you as an employer have claimed for previously will be eligible for more grants under the Job Retention Scheme. This means they must have previously been furloughed for at least three consecutive weeks taking place any time between 1 March…
Read more

pen looking at a graph

Why are trends so important ?

Annual Accounts are just a jumble of numbers on a page that most business owners don’t understand. But in the right hands and with the right understanding those very same numbers can tell you so much about your business. Let’s start with trends as they can reveal which way a business is heading. Using the…
Read more

Scroll Up