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News & Blog

with you on the journey to a brighter future

Let’s make something wonderful happen in the world

Recently Balloon Accounting became one of the first Accountants in Bournemouth to publicly commit to making our world a better place, by joining the worldwide Business Giving Movement, b1g1.com. It means that we are now able to link many of the activities in the business to making something great happen in our world. We can…
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Outside the box

Why the way most accountants charge is just unfair

What would you say if a restaurant asked you to pay more for a well-done steak than a rare one? You wouldn’t be happy being asked to pay more in a restaurant for a well done steak because it takes the chef longer to cook than a rare one, would you? And you wouldn’t be…
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Coronavirus Closeup

Job Retention Scheme and Self Employed Income Support Scheme – Update 1st June 2020

On Friday (29th May) the Chancellor announced some changes to the Coronavirus Job Retention Scheme and the Self employed Income Support Scheme. Here are the details: Coronavirus Job Retention Scheme (CJRS) – Important Update 29th May 2020 The Chancellor has announced three changes to the job retention scheme: 1. From 1‌‌ July 2020, the scheme…
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Coins

Discretionary Grant Fund

Discretionary Grant Fund The government have recently announced an additional fund of up to £617 million for local authorities to assist businesses that missed out on the earlier grant funding for shops, hotels, hospitality etc.. This additional fund is aimed at small businesses with ongoing fixed property-related costs. The government are asking local authorities to…
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Silver Coins

Profit extraction – the optimal salary for 2020/21

Profit extraction in 2020/21 – What is the optimal salary? A popular tax-efficient profit extraction strategy used by personal and family companies is to take a small salary and extract further profits as dividends. Where this approach is adopted, the starting point is to determine the optimal salary. While this will depend on personal circumstances…
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Exasperated man

How to calculate Statutory Redundancy Pay

How to calculate statutory redundancy pay While some help is available to employers through the Coronavirus Job Retention scheme to help them keep staff on during the COVID-19 pandemic, in some cases, it may not be possible to avoid making staff redundant. Where staff are made redundant and have at least two years’ continuous service,…
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woman with cash

Cash is King

Cash is King In times of uncertainty, cash is king. If you have plenty of cash or reserves to get through this period, then you do not need to read on. If not, then monitoring cash flow must be one of your priorities. We’ve already looked at reducing your fixed and operational costs and the…
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An inmage of an eye

Stay visible to your customers

Why it’s more important than ever to stay visible Whilst you may be experiencing a downturn in business during this time or you may be thinking of mothballing the business in readiness for the end of the crisis now is most certainly not the time to go quiet on your customers. Actually, quite the opposite.…
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Coronavirus Closeup

Self Employed Income Support Scheme (SEISS) – Update 4th May

Self Employed Income Support Scheme (SEISS) – Update 4th May 2020 HMRC have now issued guidance on how this scheme will work and the steps you need to take now to ensure you are ready to make your claim and receive the grant without delay. Please note that HMRC have specifically EXCLUDED accountants and agents from being able to…
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Pile of Pound Coins

Bounce Back Loans

Bounce Back Loans The government have listened to taxpayers who were concerned that the Coronavirus Business Interruption Loans didn’t fit the size and requirements of smaller businesses and have therefore announced a different type of loan, launching on Monday 4th May 2020. These are loans of between £2,000 and £50,000 to assist businesses that have…
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