Avoiding Burnout

In today’s “always-on” society, business owners and managers are under more pressure than ever so it is important to avoid burnout and follow our simple steps.

Stress related workplace burnout is now recognised by the World Health Organisation (WHO) as an official medical diagnosis. Here are some tips to help to avoid burnout.

Manage your time

It’s impossible to sustain long-term happiness without appropriately balancing your professional and personal time. Avoiding burnout means using that time wisely, both now and in the future. Use an Outlook calendar or scheduling tool to keep close tabs on how you’re spending your time. Regularly assess your week: How much time are you spending in the office? How much work do you do at home? How much time do you have fully to yourself? If any of those numbers look out of line, that’s a sign that something needs to change.

Use your full holiday entitlement

A high proportion of business professionals don’t use all of their annual leave days and they’re paying the price for it. Time off work can provide a big boost to your productivity, creativity and overall job satisfaction. Working through your holiday might feel like the right thing to do for your career, but only increases the likelihood of burnout in the long run. Take holidays that will be good for your overall mental health – go somewhere relaxing and new. Even if it’s just to a nearby destination, a change of scenery can go a long way toward helping you gain perspective on where you’re at in life.

Separate work and home life

One of the most common ways burnout occurs is through work creep. When professional responsibilities start to creep into your out-of-office life, whether it’s in the evening, over the weekends or on holiday, that’s a sign that burnout is approaching. People who work from home are most susceptible as the dividing line between work and family time is merely a closed door. One way of avoiding creep is by disconnecting. If your phone and laptop are always on and at the ready while you’re at home, then you’ve never really left the office at all. Make an effort to fully unplug from the job when you’re on your own time, and you’ll notice a shift in how much you get from your time at home. Also, focusing your attention on different aspects of your life will help you feel more invigorated and creative when it’s time to work again.

Embrace remote working

On the same note, you can get a change of scenery without fully leaving work behind. While it’s important to completely disconnect during holiday time, working remotely can give your work the breath of fresh air it needs without fear of falling behind. Remote work has other benefits as well, such as increased productivity and a boost in company culture.

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We offer a wide range of services. Our aim is to help take the stress out of all your accounting and tax issues. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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    Making the Most of Alumni Networks

    Whether it’s your University classmates or the colleagues you trained with at your first firm, we all have an alumni network.

    Your alumni network is an immense network of professional contacts – all with whom you already have one thing in common. That one thing could be a University that you attended, a previous employer or perhaps you took an evening study course together. How you are connected doesn’t really matter. The fact that you have a connection gives you the right to reach out to someone and make contact. After all, people tend to be more receptive to contact from someone from within their network.

    LinkedIn is a useful tool for reaching out to and connecting with your alumni. You can search by University or by Employer and connect / re-connect with former colleagues. LinkedIn features some useful filters which can help you to find some of your old contacts by location, firm, etc. You can even set up a dedicated online group for your alumni network using the “Groups” page on LinkedIn. Members of your Group can post messages, updates and communicate easily.

    Online tools are great but there is no substitute for meeting up with your contacts, in person. If there is an annual alumni event then try to attend it every now and then, in order to maintain your network. If not, perhaps you can create an annual alumni networking event. It might be as simple as booking a private area in a bar and sending an email invitation to your alumni network.

     

    Another great way to tap into your alumni network is to share your professional expertise. You could create a business blog or even offer to give a talk. If your alumni network has a common interest such as say, business startups, you could put together a panel of speakers who provide insights to your group. It makes a lot of sense to invest in cultivating your alumni network yet many business people don’t make the time to do so. You could gain a real competitive advantage by taking the time to re-connect with your alumni.

     

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      Managing a Redundancy Process

      In the current economic climate, it is increasingly likely that at some stage, you could have to manage a redundancy process.

      In today’s uncertain business climate many firms face the possibility of having to reduce their operating costs. This means that many managers will have to run a redundancy process. Apart from being an unpleasant process to manage, it can also be a legal minefield. As such, it is important to follow the correct procedures. The redundancy process follows the stages outlined below:

      Preparation

      This includes assessing whether redundancy is actually necessary before starting the process. You should also identify your time frame and prepare the appropriate documentation.

      Selection

      This includes selecting the pool of people under consideration for redundancy. You will also need to determine the criteria to be used in selecting those individuals. It is important that the selection criteria is objective and can be applied equally and fairly across the workforce. For example, experience, capability, relevant skills and competence.

      Individual Consultation

      There are legal time frames regarding consultation depending upon the number of people being made redundant. In any case, it is important to explain why an individual has been selected and to consider alternative employment in the company.

      Notice of Redundancy and Appeals

      Always remember to write to your employee to inform them of the dismissal and allow them the right of appeal.

      The Termination Process

      All employees in the UK with more than two year’s service qualify for a statutory redundancy payment. Remember to provide the employees with a written record of how the statutory redundancy payment has been calculated.

      Throughout the redundancy process, communication is absolutely key. Having determined the need for redundancies and selected the criteria, it is good practice to ensure regular and open communication. This will help you and your firm to show that you’ve conducted the process in a fair and equitable manner in accordance with required legislation. If you are unsure about any legal aspects of a redundancy process, it is best to seek legal advice from a suitable law firm.

      Need more information?

      We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors including construction, property and manufacturing industries. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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        Diary of main tax events November/December 2019

        Diary of main tax events for November/December 2019:

        Date What’s Due
        1/11/19 Corporation tax for year to 31/01/2019 unless quarterly instalments apply
        19/11/19 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/19 (due 22/11 if you pay electronically)
        1/12/19 Corporation tax for year to 28/02/2019 unless quarterly instalments apply
        19/12/19 PAYE & NIC deductions, and CIS return and tax, for month to 5/12/19 (due 22/12 if you pay electronically)
         

        30/12/19

        Deadline for filing 2018/19 tax return online in order to request that HMRC collect outstanding tax via the 2019/20 PAYE code

        Need more information?

        If you need anymore guidance on the main tax events for November / December 2019 please do get in touch. We offer a wide range of services which are unique to your business. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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          Collecting unpaid tax for 2018/19 through your PAYE coding

          Important deadlines for collecting unpaid tax.

          Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a further condition that the return is submitted to HMRC online before 30 December 2019 in order that the 2018/19 tax may be collected by amending the 2020/21 PAYE coding.

          So please get your tax return information to us as soon as possible if you would like to take advantage of this facility.

          Need more information?

          We offer a wide range of services which are unique to your business and can assist with all tax matters. Make sure you never miss a deadline again with our dedicated tax team making sure you do are collecting unpaid tax. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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            Qualify for capital gains tax relief

            Qualify for capital gains tax relief; as mentioned above furnished holiday lettings businesses are eligible for capital allowances on equipment in the property. Where the business incurs finance costs such as mortgage interest the restriction that applies to other residential property businesses does not apply to furnished holiday lettings.

            It should also be noted that qualifying furnished holiday lettings businesses are eligible for a number of important reliefs from capital gains tax. “Rollover” relief would apply where the proceeds of sale of a property are reinvested in another qualifying asset and it is also possible to claim holdover relief on the gift of the whole or part of property business. Note also that entrepreneurs’ relief would be available on the disposal of the furnished holiday lettings business.

            As mentioned in a previous newsletter the Office of Tax Simplification have recommended that furnished holiday lettings businesses should qualify for inheritance tax (IHT) business property relief which, if legislated, should mean no IHT payable when the business is passed on during lifetime or on death.

            Need more information?

            We offer a wide range of services which are unique to your business and work with many property clients. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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              No capital allowances available for equipment in a dwelling house

              NO CAPITAL ALLOWANCES FOR EQUIPMENT IN A “DWELLING HOUSE”

              As a general rule, there are no capital allowances available for expenditure on plant and machinery in a dwelling house.

              In a recent Tax Tribunal case it was decided that only equipment installed in the “common parts” of a dwelling house qualifies for tax relief. This would typically comprise a common entrance lobby, corridors, stairs or lifts and those parts of the building which do not provide any living facilities.

              A major exception to this rule is where the property qualifies as furnished holiday lettings where the business is treated as if it is a trade. Consequently, assets such as beds, sofas, televisions and white goods would qualify for capital allowances as plant and machinery in such a business.

              Note also that the new Structures and Buildings Allowance is not available in respect of “dwellings” nor structures in the garden such as a garden office.

              Need more information?

              We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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                Directors loan account transactions

                KEEP DETAILS OF YOUR DIRECTOR’S  LOAN ACCOUNT, AND KEEP IT IN CREDIT

                In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of directors loan account transactions is required, including dates.

                The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11d benefit on the director and also a tax charge on the company. A taxable benefit in kind would arise where the loan exceeds £10,000 and the interest paid is less than the HMRC official rate, currently 2.5%.

                In addition, if the director is also a shareholder of a close company, there is a 32.5% tax charge payable by the company making the loan where the loan is still outstanding 9 months after the end of the accounting period.

                Thus, you can see why HMRC may require a detailed analysis of transactions between the director and the company.

                Note that where the loan is repaid to the company and a similar amount withdrawn within a 30 day period the tax legislation matches the repayment with the new “loan” and consequently the original loan would still be outstanding.

                Need more information?

                We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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                  Government funding to help prepare for customs changes

                  The government are offering funding to help your business for customs changes. £16m in new government funding is now available to help businesses train staff in making customs declarations, and to help businesses who support others who trade goods to invest in IT.

                  This will ensure that trade with the EU continues as smoothly as possible after Brexit on 31 October. Grants can be used to support:

                  1. training costs for businesses who complete customs declarations, or who intend to in the future
                  2. funding for IT improvements, which is available to small and medium sized employers who are currently involved in trade as an intermediary

                  Need more information?

                  A&C Chartered Accountants have a wealth of experience working with clients across the globe. We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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