Your Finance Team Achieves Xero Gold Partner

Your Finance Team Achieves Xero Gold Partner

But what does this really mean and is it important? Xero is an incredibly fast growing cloud-based accounting software that Your Finance Team (YFT) have been using for the past 5 years and consistently grown their expertise and client base alongside its own growth and popularity. Xero allows companies to keep control of their finances in the most efficient way possible giving access to live data anytime, anywhere. We are really pleased to have been awarded Gold Partner Status by Xero due to our extensive knowledge of the system and the number of Xero clients that we now support. YFT can get any business setup on Xero swiftly and efficiently, simplifying and adding value to your business. Our gold status also means that we have loads of experience of installing the brilliant range of Xero add-on software apps.  These apps are all aimed at making our clients lives easier: Our favourite apps include: Receipt Bank – a receipt scanning app Chaser – a credit control and invoice chasing tool Pleo – to process and manage expenses GoCardless – enables business to take direct debits simply and easily. Syft – produces some great management accounts so our clients can see and track their performance in real time. The staff at YFT are all Xero qualified and as Xero Gold Partners we can: Get you setup on Xero and provide training for your team Assist in the migration of data from your existing accounting software – Quickbooks, Sage or an excel spreadsheet. Show you how to use the functions in Xero to understand how your business is performing Advise on the...
Can You Buy an Electric Car Through Your Company?

Can You Buy an Electric Car Through Your Company?

Should You Buy an Electric Car Through Your Company? A company car is one which is purchased and owned by a company but made available for private use by an employee. Successive governments have increased the personal tax costs of company cars which has meant that having a company car is often seen as expensive and not particularly attractive to the employee. Personal tax on a company car is calculated based on the Co2 emissions and the list price of the car: essentially, the higher the price and the more Co2 emissions, the more you pay in tax. A more attractive alternative is now a possibility, and if electric cars appeal to you then you could make decent tax savings by purchasing an all-electric car through your company. What’s Changed? A zero-emissions vehicle used to attract a benefit in kind rate of 16% which meant that, for example, a £35,000 car would have a taxable value of £5,600. A basic rate taxpayer would be liable for tax at 20% on this value. From April 2020, the government dropped the benefit in kind rate to zero for all electric cars. This means no personal tax charge for the car! The 0% will remain for tax year ending April 2021 and then increase from April 2021 to 1% then to 2% from April 2022. This means a basic rate taxpayer with a £35,000 car would pay tax of £70 for 2021/22 and £140 for 2022/23. Despite these increases, it is still a significantly lower tax rate than any other types of company car. Buy or Lease? There are also decent corporation...
How to be Brilliant at Video Presenting

How to be Brilliant at Video Presenting

Here at Your Finance Team we have been making a lot of video calls over the last few months.  It got us thinking about how to be the best you can in the current ‘new normal’ and that even though this Corona-crisis will end it will have changed the way we work, forever. We found this Blog from one of our clients The Speakers Coach with some great tips. Find out more...
Auto Enrolment – how to get ready and stay compliant

Auto Enrolment – how to get ready and stay compliant

What is auto enrolment? Automatic enrolment requires virtually every UK small business to automatically enrol qualifying employees onto a suitable workplace pension scheme and make regular contributions to it on behalf of those employees.  What must UK businesses do for auto enrolment?  Know your staging date – businesses have been ‘staged’ into auto enrolment since 2012 and the process has now reached the micro-business level Create a plan – be sure your business is prepared – working with a specialist consultant, outsourcing your auto enrolment and/or using payroll software are all ways you can be auto enrolment compliant without headaches Remember to reassess – this has to be done every pay period. All your employees need to be assessed to ensure they qualify for the next period of auto enrolment: age, hours worked and payment received are all criteria that must be checked Inform all workers – this includes all new workers. Once you’ve entered the auto enrolment process you must remember to communicate with new employees and any who cease to be eligible Complete a declaration of compliance – records have to be maintained for six years and The Pension Regulator requires you to complete your declaration within five months of your staging date Maintain contributions to workers’ pensions – when the scheme began in 2012, contributions were 2% but phasing means they will reach 8% by October 2018. Which businesses must implement auto enrolment? At this point in the staging process it is SMEs who are being required to become auto enrolment compliant. So called ‘micro-businesses’ are dis-proportionally hard hit by auto enrolment because there is an...

We are a member firm of the Institute of Chartered Management Accountants and a certified Xero advisor

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