Rob and the team at Normans hope this email finds you safe and well.
As we approach the festive season we would like to advise you that our offices will close at
5pm on Wednesday 23rd December
and will reopen at
9am on Monday 4th January 2021.
At the end of this Challenging year we would also like to take this opportunity to Thank you
for your custom and support throughout 2020.
We wish you all the very best for Christmas
and every success in 2021.
Yesterday Chancellor Rishi Sunak announced the new support schemes, which are part of his Winter economic plan to support and sustain jobs, the self-employed and businesses.
As previously announced the current job retention / furlough scheme ends on 31st October.
It is replaced by the new Job Support scheme from the 1st November for a period of six months. This scheme is designed to support jobs and businesses that are sustainable in the longer term.
Under the new scheme the salaries of employees working fewer hours due to lower demand on services or products are supported.
This scheme is open to all small and medium sized businesses across the UK, regardless of whether they used the furlough scheme. It may also be applicable for larger businesses who have seen a drop in turnover during the crisis.
Adjustments have been made to payment terms for the Bounce Back loans and Coronavirus Business Interruption loans as follows:-
The closing date for all business loan applications is extended until the 31st December this year. A new loan scheme will be launched in January with details to be announced in due course.
To date approximately £30bn of Vat has been deferred to March 2021. Businesses now have the option to clear this deferral over 11 equal instalments, starting March 2021, interest free.
Self-Assessment liabilities that are due 31 January 2021 can also be split into payments over a 12-month period.
The lower rates of tax at 5%, across Hospitality and Tourism sector will remain until 31 March 2021, instead of ending in January.
The above measures have all been designed to support businesses with their cash flow as they continue to manage their finances through the crisis.
But how do you set up your team to become remote workers? And what are the key considerations to think about when working remotely in the cloud?
61% of global companies currently have some sort of remote working policy for their staff, according to a 2019 survey. But for remote working to be effective, your business needs to put some serious thought into the infrastructure, security and culture around home-working.
Following a series of calls and emails received from concerned customers regarding Covid -19, we want to outline our strategy in response to the virus.
Whilst we have to react to the situation as it unfolds, as a cloud-based business, Normans is well placed to continue to deliver our services with minimal disruption. We have already introduced home working inline with the government request to minimise social contact. At present all our staff are unaffected by the virus and working on your accounts as usual. Our office landline number is being managed so at present there is absolutely no difficulty in contacting us.
We will keep you updated over the coming weeks if things change.
The Government have announced a number of measures to support businesses through this situation. These include:
If you need help or support with any of the points above then please feel free to call us on 01922 456 105. Our Managing Director Rob Burnell will help you wherever possible.
In April legislation comes in to increase the National Living Wage (NMW).
Here is a breakdown of the new salary rates that apply from April 2020 onwards.
If Normans Bookkeeping and Payroll Ltd process your payrolls, do not worry, we will make any salary amendments necessary.
If you’re going to grow your company in the right way, pinning down your goals and having a clear vision for the business from the outset is vital.
You may want to increase profits and create an income that supports your lifestyle, or you are looking to increase market share and aim for hypergrowth. You may even be aiming to increase the overall value of the company to get the best return when exiting the business.
So, how do you define the goal that’s right for you?
Driving your performance over time
Your financial model will drive the way you generate value, so it’s important to make your business strategy fit the goals and type of growth you want to attain.
To set your finances up in the optimum way, you must:
Talk to us about about goal-setting
If you’re looking to grow your business, we’ll help you talk through your core vision, define the most effective goals and set up your finances to achieve these aims.
Get in touch with us at Normans Bookkeeping & Payroll Ltd to talk through your business goals.
Earlier this year it was announced that KPMG is set to close the department they set up in 2015 to offer accounting services to small businesses. See the article at Accounting web.com for more details on the closure.
With KPMG having a prominent presence in Birmingham, this will be leaving a lot of small and medium-sized business in Birmingham and the surrounding areas such as Sutton Coldfield, Tamworth, Walsall, Lichfield in the position of having to source new providers for their bookkeeping, payroll and general accountancy needs.
Normans Bookkeeping & Payroll Ltd uses the same package of accounting software that KPMG adopted. This combines the use of Xero with support software such as receipt bank. As we use the same software we can provide a seamless transition of accounting services. Quite simply we can pick up right where your previous accountant at KPMG has left off.
As a customer of Normans Ltd, you will have initial and ongoing face to face meetings with the staff working on your accounts. We know this helps us to establish and maintain excellent working relationships. The main aim of this approach is to give all parties peace of mind. We want you to be confident that your accounts are up to date. We want you to be confident your accounts contain all the information to you want to make sound financial decisions. The regular communication and clear working processes we adopt will give you peace of mind. Your Management accountant and Bookkeeper at Normans are one of your team. They are as focused on the success of your business as you.
Don’t be put off, if you don’t have the time for face to face meetings. Don’t be put off if you are based further afield. We use skype and phone calls to communicate with our customers. We work with businesses all over England.
At Normans Ltd we know and understand the challenges that small and medium-sized business face. We use our experience and success to date, to help our customers, and ensure the financial services we provide focus on the things that matter most to their business.
If you are the owner or finance manager of a small or medium sized business and want to know more about the service we offer then please give us a call at Normans on 01922 456106.
Automatic Enrolment Pension scheme contributions are set to increase on 6th April 2019 to a total of 8% of qualifying Earnings of which 3% must be paid by the Employer.
| Date | Employer minimum contribution | Employee minimum contribution | Total minimum contribution |
| April 6 2018 – April 5 2019 | 2% | 3% | 5% |
| April 6 2019 onwards | 3% | 5% | 8% |
All Normans Payroll clients will have this increase effected Automatically on their next payroll onwards from 6th April 2019 ensuring they are on top of latest legislation.
For any Employers who need further information on Auto Enrolment and how we can help please see below:
What is Auto Enrolment?
Auto enrolment is the UK’s new workplace pensions initiative – geared towards motivating the working population into saving towards their retirement.
It is a legal requirement for all employers to provide a pension that meets minimum standards by 2018.
All employees over age 22 and below State Pension Age, who work or ordinarily work in the UK, must be enrolled into a pension scheme as long as they earn over a certain amount per week or month.
How do I go about registering a scheme?
We recommend using an expert to set up your scheme to ensure you have complied with all of the onerous legislation surrounding Auto Enrolment. Here at Normans we have a recommended Independent Financial Advisor who can help set this up for you.
Once your scheme has been set up you will need someone to administer the scheme on an ongoing basis for items such as writing to new employees to inform them of the scheme, dealing with Leavers, etc. and again we recommend you use a pension expert such as our recommended IFA for this service.
What are Normans Charges for Auto Enrolment?
In terms of processing your payroll and calculating your deductions, there is no extra charge or fee. We just ask for a clear instruction on your pension scheme type so that we can administer your pension calculations accurately. If you use our recommended IFA we will liaise with them directly to obtain this information.
If you require us to upload your Pension information to your pension provider we only charge £6.00 per upload or we will give you a report for free so that you can upload it yourself.
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