Managing a business is a lot of work, whether it’s big or small, and it’s often one of the hardest parts of running a business. It’s also the most important part, too. Doing everything yourself is admirable but sometimes, it’s a good idea to get advice from a certified accountant.
Hiring an accountant might seem like a luxury, especially to small business owners out there who already have set budgets, but it might be the right choice. For you and for your business. More so if you’ve been struggling to stay on top of your books. Having an accountant to seek expertise and help from might be your best option and it might even help you to worry less.
How Much Accountants Cost
The fees and services of accountants in the UK can vary a lot, many dependent on multiple factors which is why it’s important that as a business owner, you talk to several accountants and compare their quotes and services.
When accountants consider a fee to give to business owners, they’ll take into account:
- The size of the business – the amount of employees your business has.
- The scale of your business – the activity you have every year.
- How organised your books are.
- The annual turnover of the business.
It’s important to remember that usually, smaller businesses have fewer transactions to manage which can often end up in a lower overall accountancy fee.
Accounting for Small Businesses
When we talk about small businesses, this can be anything from a one-man-show or self-employed contractor to a limited company that has just reached 50 employees. Most small businesses hire accountants to help with the taxes as many tax return accountants have a one-off fee for the year. Of course, unpredictable income revenue can alter the accountant fee because of the complexities of documenting it.
Accountants that are hired by small businesses can often have small business packages that they offer when you want additional services other than just tax returns. Such packages include a multitude of accounting services to the benefit of the businessowner. For instance, bookkeeping, regular day-to-day accounting advice, corporation tax returns, and advice on tax avoidance legislation (IR35) are just a few of the services they might include in such a package.
According to Checkatrade, the usual price range for a tax return accountant is between £150 to £250. The accounting firms that offer packages often do so as monthly fees which, again is dependent on the size of your business, range in price from as little as £60 up to £250.
Other Ways Of Paying Accountants
If you don’t, or perhaps if you can’t, pay accountants per month or annually, you can arrange an alternative. Accountants sometimes have flexible options to be paid. You might want to pay them hourly for whatever service you’re getting for your business, whichever one it needs. That could be one service, or it could be three. It is worth asking when you are considering using an accountant how you can pay for their services.
Some services are higher in fees than others – bookkeeping services often range from £25 to £35 per hour whereas more specialised services like business planning expertise, start from £125 for the hour.
Do I Need An Accountant?
Not necessarily. However, it doesn’t hurt to have one on side. Proactive accountants who just want to help your business grow do genuinely care about the success of your business and the management of it. Maintaining your business, particularly those important financial documents, is tough enough on your own, having an accountant really could be the answer for you.
They can help you tackle any complex financial matters – invoices, tax liabilities, annual reports, tax-deductible expenses. If just seeing that overwhelms you, don’t worry. That’s what your accountant is for!
Why Rivington Accounts Might Be Right For You
Rivington Accounts, one of the North West’s leading accountants for business growth, sincerely care about both the financial and growth success of your business. Think of us as a friendly, approachable extension of your team.
The services we provide to our clients are customised, proactive. Developing solutions we know will help to enhance the way you do business. We just want to help your business thrive and in doing so, we collaborate with you to get to know you and your business. The things that are important to you, your goals.
By growing your business, we can offer you something that you might have been missing out on – time. Time with your friends, with your family, time to fulfil those other commitments you have.
We build honest relationships with our clients because it’s our aim to support you and challenge you in achieving your goals. When we give you advice, it is tailored specifically to your unique business wants, all in a friendly environment so you can thoroughly discuss and consider your options.
Reach Out to Us
If you’re uncertain about where to go next or how to develop your business further, just reach out to Rivington Accounts!
Financial freedom is important to many business owners and maintaining a healthy work/life balance can sometimes be challenging. We understand. So if you’re too busy to deal with finances, are struggling, or are just dissatisfied with your current accountant, let us help you.
Send us an email via enquiries@rivingtonaccounts.co.uk or call 01257 42 92 52 to speak directly to one of our team.
Financial management is really important for all businesses, no matter the size, niche or industry. Whether you do it yourself or choose to get an accountant or financial director on board, the need for effective financial oversight is the key to financial success.
That being said, however, many people face the dilemma of hiring a financial director vs improving their accounting department. This blog aims to make that decision clearer – if you are thinking about hiring a financial director – you may just need a better accountant.
Let’s delve into it.
Understanding The Role Of A Financial Director
A financial director is responsible for strategising and offering financial guidance to ensure a business’s financial commitments are met. They help companies form a strong foundation in which they can financially grow.
It’s understandable, as a business owner that hiring a financial director seems like an attractive option. With that being said, however, specialist financial advice and guidance can also be given by a well trained and highly skilled accountant.
If you are wanting to continue experiencing financial growth, it may be time to consider getting a better accountant.
The Value Of A Skilled Accountant
Choosing the right accountant is no mean feat. An accountant plays a huge role in business, controlling finances.
Accountants are responsible for a number of things:
- Bookkeeping
- Payroll
- VAT
- Taxes
- Compliance work
- Budgeting
- Cashflow
- Business advice
An accountant can add real value to a business – if chosen correctly. Improving an accounting department can strengthen internal processes and controls as well as enhance financial growth within the business and analysis capabilities.
A skilled accountant can be on board from the very beginning of the business, at whatever stage you are in – whereas a financial director is a role that you perhaps incorporate later down the line.
Financial Director vs Accountant
When making the decision to grow your business financially, understanding whom to have on board is a big decision. We explored the role of a financial director and the value an accountant can add to your business – but that doesn’t make the decision between the two easier.
Getting a better accountant can help you maintain profit and ensure your business remains compliant with financial regulations. An accountant will also be able to check the accuracy of your financial documents and help you strategise the improvement of your financial gains.
A financial director, on the other hand, will help with slightly different roles within the business such as monitoring the financial wellbeing of your business. They play a crucial part in structuring the financial department of the business, including the financial decisions.
When you are evaluating the current and future financial needs of the business, both roles can play a part in different ways.
Before making the decision, it’s important to really know what it is you need – when you have explored your business needs, then is the right time to consider the differences between a financial director and an accountant.
Need A Better Accountant? Get In Touch With Rivington Accounts
Recognising the importance of financial oversight in your business operations is the first step to making the decision between hiring a financial director or improving your accounting department.
Rivington Accounts is home to highly qualified accounting professionals. If you are wanting to get a better accountant to help with your finances, that’s where we can step in! Whether you are starting, running, struggling or growing, we are the accountancy firm that can help!
If you are looking for a company to manage your accounts, bookkeeping and payroll – get in touch!
You can call our team today on 01257 429252 or drop us a line at enquiries@rivingtonaccounts.co.uk.
Business bookkeeping is relevant to all businesses, regardless of size or type. Although the practice of bookkeeping takes its shape in many different ways, depending on the business’s requirements, the aim of bookkeeping is to track and record the financial transactions of a business.
At Rivington Accounts, we understand the importance of outsourcing tasks such as bookkeeping so you, the business owner, can take control of the ‘nitty gritty’. Bookkeeping can offer many benefits to a business. This blog aims to explore how bookkeeping can help you track expenses and manage cash flow.
The Basics Of Bookkeeping
Whether it be daily, monthly or quarterly to tie in with business’ VAT returns, bookkeeping plays a crucial role in the financial management of a business.
Bookkeeping encompasses a wide range of practices including:
- Paying bills
- Client invoicing
- Managing sales invoices
- Credit control
At Rivington, our fast and accurate accounts entries ensure that you are compliant with all HMRC deadlines and requirements. It is hugely important for a business, not just that these guidelines are met but that financial records are kept to advise decision-making and thoroughly analyse a business’s financial status.
One of the key ways in which bookkeeping can benefit your business is by helping you track expenses and manage cash flow.
Expense Tracking With Bookkeeping
Business expense tracking is important for a number of reasons.
Financial Analysis – Analysing your finances, better equips you for understanding your internal operations. Understanding how profitable elements of your business is can advise you on future decisions and reflect on the current status of your business.
Tax Purposes – By keeping records of your business’s transactions, helps you become prepared for the tax season. Understanding your financial activity can ensure you claim the appropriate deductions and don’t leave cash you have made for the tax man!
Control Spending – Tracking expenses will allow you to monitor if and when you go over, or under budget, influencing your decision making. Bookkeeping allows you to become more financially aware.
Bookkeeping refers to the process of documenting a business’s financial activity, allowing business owners to acknowledge and track their expenses.
From this understanding comes action – business owners can make educated decisions and choices that will affect their revenue and profit, once they understand the business’s expenses.
Managing Cash Flow With Bookkeeping
Cash flow means the amount of money that comes in and out of the business. We currently find ourselves navigating an uncertain financial landscape, so uncertainty regarding cash flow can lead a business into extreme financial difficulties.
Understanding business cash flow is important whenever, but most importantly when we find ourselves in economic uncertainty. If the Covid-19 pandemic and the cost of living crisis have taught businesses anything, it is to monitor cash flow and make advised decisions for the future of the business.
Every business aims for a positive cash flow – for more money to be coming in than out – and this is where bookkeeping can help.
If we know bookkeeping as the practice of tracking financial transactions, it makes sense that it plays such a huge role in managing cash flow. Understanding how much money is coming into the business as well as leaving, through bookkeeping can offer great advantages when it comes to forecasting the financial future of a business.
Having an accountant specialising in bookkeeping on board is useful when advising on cash flow decisions.
Bookkeeping Tips For Effective Expense Tracking And Cash Flow Management
Having an accountant on board your business, specifically someone who can manage your bookkeeping is ultimately essential when it comes to tracking expenses and managing cash flow. Without bookkeeping, tracking expenses and managing cash flow becomes almost impossible.
Bookkeeping helps a business keep accurate and up to date records – one of our top tips when it comes to expense tracking and cash flow management.
These records can take form in many different ways including; reconciling bank statements, using a business bank account and forecasting future cash flows.
Bookkeeping At Rivington Accounts
At Rivington Accounts, we help businesses with their bookkeeping and VAT returns, allowing them to further understand their financial activity and therefore make appropriate decisions concerning expenses and cash flow.
We appreciate that bookkeeping and other financial admin tasks often take a back seat when accompanied by the complexities of running a business – this is where we come in!
Although it is often regarded as the ‘boring’ stuff – it is ultimately one of the most important elements of your business, especially during the current economic landscape we find ourselves in.
If you would like to discuss more on how bookkeeping can help you track your expenses and manage your cash flow, ultimately resulting in financial successes in the future – get in touch with a member of the team.
You can reach us by calling 01257 429252 or emailing enquiries@rivingtonaccounts.co.uk.
We appreciate that before working alongside an accountant to grow your business, you not only want to know who they are but also what their values are and why ultimately, you should choose them. Competing with a complex field of business growth accountants, Rivington Accounts aims to enable businesses to move on to their next step of development. Here, in this blog post, we aim to explore more of Rivington Accounts and aim to answer one of our most frequently asked questions – why choose Rivington Accounts?
Businesses often seem as though they are running smoothly, however beneath the surface, more and more business owners are faced with dissatisfaction when it comes to their accountants. Whether it be missed deadlines, not getting a response when you need them or being too busy to deal with finances, Rivington accounts can help. We offer strategic support to business owners meaning we take care of your accounts whilst you take care of your business, and more importantly, your life.
Who Are Rivington Accounts?
Before we delve into why you should choose us, it’s only right that we introduce who we are. Rivington Accounts is one of the North West’s leading accountants, enabling businesses to further grow and develop, whilst we take care of their finances.
We partner with business owners, enabling them to grow their businesses and allowing them to gain back the all important time to focus on family and other priorities. It is no secret that maintaining a work life balance is undoubtedly important, but with that being said, it is also no secret that many business owners struggle to maintain it with the ever pressing matters that come with owning a business.
Why Choose Us?
Our aim is “to look after you better than any other firm so you can build a great business”.
Let us explore how exactly we do that, and why you should choose Rivington Accounts.
We aspire to provide a proactive and customised service by developing solutions that aim to save time and therefore enable you to enhance the way you do business.
Services At Rivington Accounts
There are several ways in which we can help take the strain off finances and allow you to achieve work life balance at Rivington Accounts.
Management Accounts
We allow you to thoroughly review the performance of your business and guide you in the right direction. Our valuable insight gives you control, through the knowledge and understanding of changing circumstances and the effects this may have on your business.
End Of Year Accounts
Each Limited company needs to prepare their accounts for the HMRC at the end of its financial year. By managing end of year accounts, we allow Limited companies the comfort and reassurance that their taxes and finances are taken care of, avoiding those hefty bills!
Payroll And Pensions
Payroll and pensions can take up a lot of time, not to mention can be confusing! Rivington Accounts offers a fast and reliable service, taking time off your hands so you can focus on the business, and we can focus on employee payments.
Bookkeeping
Often a word that scares many business owners. Our bookkeeping services are tailor-made for you and your business. We cover all things bookkeeping and VAT returns so you can shift your attention back to running a business!
Why You Should Choose Rivington Accounts
Want to get your life back? Want to focus on running your business? Fed up with wasting time and resources battling with finances?
If you answered ‘yes’ to any of these questions – that’s enough of a reason to give us a call. There are so many ways in which Rivington counts can help – but don’t just take our word for it.
“Martin, Heather, Rohey and Angela have been unbelievable with me. It’s my second year running a business, so I’m still learning by the day. I couldn’t have been happier with the service I’ve received.
Accounting has been a little daunting for me, well that was until I reached out to Rivington. They’ve been an amazing support and they have completely taken care of everything.
I highly recommend them and I promise you, you won’t be disappointed with the amazing service they offer.”
If you would like to speak to a member of the Rivington Accounts team and learn more about the reasons you should choose us, get in touch!
You can call us today on 01257 42 92 52
Or email enquiries@rivingtonaccounts.co.uk
Navigating the complex world of finance by yourself can be challenging, maybe even daunting, for business owners. Sometimes, however, it’s not quite as simple as just acquiring an accountant – they have to be the right fit for you, for your business, and for your specific needs. There are many aspects that can play a part in finding the right accountant, too, such as the industry you’re in, qualifications, and budgets.
But how exactly do you choose the right accountant for your business? What things should you look into or consider?
How To Choose The Right Accountant
Choosing an accountant to hire for your business is a really important decision to make and shouldn’t be made lightly. Taking to do the time to have a thorough process will really help you consider any hinderances or issues you might face. Like the location of the accountant, for instance.
Having a very capable person who is experienced and qualified is often the standard – they are going to be dealing with one of the most important areas of your business, after all. The right accountant will help your business in all the ways they can which is why this isn’t a quick or simple decision.
Choose Chartered or Certified Accountants
Not only is it better for your business but for peace of mind, also.
Choosing an accountant that is recognised by the government or regulated by a professional body invites relief to the decision you’ve made. They may hold one of the following titles:
- Chartered Accountant (CAs)
- Member of the Association of International Accountants
- Member of the Institute of Financial Accountants
CAs are qualified professionals that have typically completed both an above degree-level study and gained workplace experience. Due to their experience and their knowledge, they know how to add value to your business. You may consider non-chartered accountants for the more basic matters but you’ll likely need a chartered accountant if you want to take loans or are audited.
Check What Services They Offer
Accountants are at liberty to offer a diverse range of services due to the nature of finance being so widely encompassing:
- Setting up or starting your business
- Supporting you in running your business
- Reducing workloads by helping to manage your business
- Helping your struggling business
- Bookkeeping
- Cashflow Planning
- Budgeting
- Buying or selling a business
- Business advice
Not every business owner needs every single one of these services. You might require only a few, maybe even just one. But understanding the scope of your accountant’s abilities shows you what they can offer you if you do have any other business goals.
Look For Relevant Expertise
You’ll need an accountant who has relevant experience providing services to a company of a either a similar size or revenue to yours. Working with an accountant who has experience with smaller businesses, it will make quite a difference for them to be dealing with the finances of a bigger company and vice versa. If they have the relevant expertise, it also just provides you with the confidence that they know what they’re doing because they can draw on previous experience.
When accountants have worked with companies and other businesses in a similar sector to your own, they will already have some base understanding of what unique needs your business has. They’ll be able to handle the growth of your business much easier and create an effective finance strategy.
Research for Information
LinkedIn is a great online space where many industry professionals and business owners gather. They can share their business expertise and show what services they have to offer. You can usually find out other things from online spaces regarding their previous clients, qualifications, or connections. It’s a great way to learn more about their background, if they’re enthusiastic about their profession, and what clients have had to say or recommend about them.
Think About Your Budget
Having an accountant is often a priority for most businesses as they are skilled professionals when it comes to finances. And sometimes, business owners just have too much going on and that can make way for some very unintentional yet careless mistakes. Such as filing a report wrong or making an error that either costs you revenue or delays supplier payments.
Consider If Location Matters
Previously, doing everything face-to-face was pretty much the go-to for most businesses. Then, a global pandemic hit and everyone had to adapt and one of the ways we did that was by going digital. So today, location might be less of a worry for you if you’re using cloud-based technology to manage your business, like cloud accounting.
Chatting about your business’s finances online may not be something that appeals to everyone, though. So even if you use software to help you manage and keep track of your books, you might still want to consider the location of the accountants you’re interested in going to.
Is Going Digital An Option
There are many technologies available now for multiple purposes – one of those being finance-related. Although trying to find the technology that’s just right for you and one that you can use efficiently can be overwhelming, some accounts can help you with this.
Personally, we are quite tech savvy at Rivington Accounts and can suggest or even set up potential software for your business.
Why Have An Accountant?
Not to exaggerate but sometimes, having a good accountant for your business really can be your saving grace. A proactive accountant who only wants to help your business grow will genuinely care about your business and the management of it.
They’ll help you when it comes to tackling those complex financial matters; think invoicing, tax liabilities, end of year reports, or tax-deductible expenses. Accountants are professionals and sector specialists for a reason.
Why Rivington Accounts Might Be Right For You
Not only are we one of the North West’s leading accountants for business growth but Rivington Accounts also genuinely care about the financial performance and growth of your business – like a friendly and approachable extension of your team!
We provide a proactive and customised service to our clients, developing solutions that will only enhance the way you do business. In fulfilling our mission, which is to help your business thrive, we’ll partner with you and get to know your business and the things that are important to you. By growing your business, we can help you gain back time so that you can focus on your family and your other priorities.
Every relationship we build with our clients is an honest one where our aim is to both challenge and support you in achieving your goals. The advice we give you is tailored to your specific business wants and all done in a friendly environment where you can properly discuss and consider your options.
Get in Touch With Us
If your business is successful but you’re not sure where to go next or how to develop your business further, get in touch with Rivington Accounts!
We understand how important financial freedom is to many business owners as well as how challenging it can often be to maintain a healthy work/life balance. The pride of having a successful business and leaving behind a legacy is something personal. So if you’re dissatisfied with your current accountant or too busy to deal with finances, let us help.
You can reach us by emailing enquiries@rivingtonaccounts.co.uk or you can phone us on 01257 42 92 52 to speak directly with one of our team.
No predictions, just consequences…
After the shenanigans of last Autumn with 4 chancellors in the matter of weeks and all the disruption and financial heartache that caused, tomorrow is an opportunity to start to put things right.
Corporation Tax
I’m not going to try and second guess what will be announced in the budget this week, it’s unlikely they are going to change the increase in Corporation Tax which comes into effect next month.
Any other changes are likely to be either short-term thinking with a General Election on the horizon next year or something that might come into effect in future years.
But the corporation tax increase is a really tough one to take, especially for smaller businesses.
For years the rate reduced by 1% a year to its current rate of 19% but from April 1st it goes up to 25% (26.5% for businesses with profits between £50k & £250k).
The millions of people who already run limited companies will just have to take this increase on the chin.
They will actually be paying 39% extra corporation tax on profits over £50,000 which is scandalous!
Where the Government is being short-sighted (as well as letting bigger businesses off the hook) is that it now makes it less attractive to start a small business in the UK.
This in turn means that people are less likely to innovate and keep the country a competitive place to do business.
Alternatively, sole traders will think they may as well ‘stay small’ not only below the VAT threshold, but why should they look to expand, employ people, and become limited when they will pay more tax on the profits?
Small Business Start-Ups
It wasn’t long ago that there was an extra perk to running a limited company by the way of tax-free dividends, again encouraging growth and the ability to employ people but this has stopped now too.
It is short-sighted and shows the Chancellor’s lack of understanding of how small businesses work.
Many of our clients will keep pushing on and try to improve and grow their businesses – as will I – but I think the uptake of new firms will drop (other than those who must due to redundancy).
In my view, we’ll have problems of living in a country that doesn’t encourage the growth of small businesses and the innovation that is driven by entrepreneurs wanting to grow a business, secure their future and employ more people.
Ultimately people need to focus on what they keep after tax rather than the tax they pay.
However, with the right planning and support there’s no reason why this shouldn’t continually improve but my personal view is that the Chancellor and his advisors are not progressing things in the right direction.
Conclusively, we have to deal with whatever tax regime we work under, it will not make or break your business, as long as you have your operations, sales and marketing and financial support (from your accountant) sorted then you’ll be fine.
The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.
The repayment will cover up to 2 weeks starting from the first day of sickness, if an employee is unable to work because they either:
- have coronavirus
- cannot work because they are self-isolating at home
- are shielding in line with public health guidance
Employees do not have to give you a doctor’s fit note for you to make a claim.
The online service used to reclaim SSP is not available yet. HMRC will announce when the service is available and this guidance will be updated.
Records you must keep
You must keep records of all the statutory sick payments that you want to claim from HMRC, including:
- the reason why an employee could not work
- details of each period when an employee could not work, including start and end dates
- details of the SSP qualifying days when an employee could not work
- National Insurance numbers of all employees who you have paid SSP to
You’ll have to keep these records for at least 3 years following your claim.
You can read more on the government business support website where they will be making more information available in the next few days.
New 100% government back loan scheme for small businesses.
If you have been negatively impacted by coronavirus, the scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
No repayments will be due during the first 12 months and the government will work with lenders to agree a low rate of interest for the remaining period of the loan.
How do you apply?
The scheme launches next Monday 4th May and can be submitted through short and standard online forms. Small businesses will be able to access loans worth 25% of turnover, capped at £50,000.
You can’t apply if you are already claiming funding via the Coronavirus Business Interruption Loan Scheme.
You can read more on the government business support website where they will be making more information available in the next few days.
https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans
HMRC will support businesses by deferring VAT payments for 3 months.
The Chancellor announced a VAT payments deferral on 20 March to support businesses with cash flow during the COVID-19 pandemic.
This means that all businesses with a UK VAT registration have the option to defer VAT payments due between 20 March and 30 June.
You therefore have until 31 March 2021 to pay any VAT deferred as a result of this announcement.
You do not need to inform HMRC if you wish to defer payment. You can opt in to the deferral simply by not making VAT payments due in this period.
If you pay by Direct Debit you should cancel this with your bank. You should do so in sufficient time so that HMRC does not attempt to automatically collect on receipt of their VAT return.
Should you wish, you can continue to make payments as normal during the deferral period.
HMRC will also continue to pay repayment claims as normal. You must continue to submit VAT returns as normal.
For more information please go to GOV.UK.
There is one question we have been asked more than any other by directors since the furloughing guidelines were issued…
We would like to share our updated thoughts on this subject and why you don’t have to (completely) make your mind up just yet.
Basically, you are asking two questions…
- 1) Can I Furlough myself?
- 2) Can I claim back 80% of my salary (normally £719 per month) from the government?
Let’s deal with the first one…
Can I furlough myself?
So, if you have found yourself in a position where you have no work and you believe that situation will last for at least 3 weeks, please sign and retain a copy of the letter and furlough yourself. The letter needs to be sent from your limited company to yourself (and the other directors if you need to). We will be asking to see it if we make a claim on your behalf when we can.
If you need a copy of the letter, please email enquiries@rivingtonaccounts.co.uk and we’ll send you a copy.
Whilst, furloughed you are only allowed to carry out duties of a director. You will find a full list of what you are allowed to do here…
These guidelines were not issued with furloughing in mind so are open to interpretation. However, we believe that maintaining the company’s statutory and financial records are the responsibility of the directors and can therefore be kept up to date.
We also recommend that, if funds allow, you continue to pay yourself your normal salary of between £719 & £1,025 per month. If your normal salary is different to this, we will be in touch to discuss what you should do. Apologies for the impersonal nature of this advice.
Can I claim back 80% of my salary (normally between £719 & £1,025 per month) from the government?
This is a question that does not need an answer now. The portal to make the claims will not be live until at least the end of April. When the portal is ready, we will ask you if you have met the conditions to make a claim and, if so, we will assist you to make one. Hopefully, by then we will have some further clarity on what “furloughing” means for directors so you will be clearer on whether you are eligible for a claim or not.
To be clear, any possible claim will only be for 80% of your salary and not include any dividends you pay yourself.
We hope this gives you some clarity on the position we are taking. No doubt you will see all sorts of different opinions on social media and in the press over the coming weeks.
However, as soon as we have definitive guidance from the government on what directors can or can’t do whilst furloughed, we will be able to advise further.
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Latest News
- April 14, 2023
- by admin
