As a small business owner or a person who is self-employed, you may feel a sense of uncertainty so eliminating any over-consuming workload you may have will be essential to keeping afloat as you try to develop a way in which your business can work and function remotely during the time of store-front closures and financial uncertainty. Cloud accounting can be more secure, have date accuracy and help with working strategies between your team members. Cloud accounting can be accessed by a web browser, so you can skip the hassle of downloading any software.
I personally use in Capium collaboration with my accountant Emilio at Heaton Vences (you can find more information here). I have worked remotely with Emilio on Capium and have found that having a web browser-based software very efficient for quick invoicing, keeping track of my sales and purchases. I also believe that the receipt scanner is very innovative because I can simply scan recipes from photoshoots or vehicle cost straight into my accounts from the Capium app…that’s right, you can also have your accounts at the palm of your hand!
Because of the recent restrictions due to Coronavirus (COVID-19), now more than ever small business owners and the self-employed have a need to put their finances in order and focus on adapting to the current restrictions.
IMPORTANT COVID-19 INFORMATION FOR BUSINESSES
You may be eligible for support through Her Majesty’s Revenue and Customs’ (HMRC) Time to Pay service.
The service is designed to help those who are unable to pay their tax bill. If you think you or your business is eligible for support through Time to Pay, you can call the following helpline number to get practical help and advice on 0800 0159 559.
Arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. For more information, please check the HMRC site here: https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19.
Payment of VAT has been deferred.
VAT has been deferred for the next quarter (these payments can now be paid at the end of the financial year)
This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.
For Income Tax Self-Assessment, payments due on the 31 July 2020 have been deferred
If you are self-employed you are eligible and this is an automatic offer with no applications required.
No penalties or interest for late payment will be charged in the deferral period.