National Minimum Wage Increase

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.

  • The National Living Wage for ages 25 and above – up 6.2% to £8.72
  • The National Minimum Wage for 21 to 24-year-olds – up 6.5% to £8.20
  • 18 to 20-year-olds – up 4.9% to £6.45
  • Under-18s – up 4.6% to £4.55
  • Apprentices – up 6.4% to £4.15

If Normans Bookkeeping and Payroll Ltd process your payrolls, do not worry, we will make any salary amendments necessary.




Set the right growth goals for your business this year


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:

  • Know what you want to achieve with the business – decide if you’re aiming for lifestyle, hypergrowth or return on investment and make this your key business goal.
  • Align your personal goals with the business – so your finances can be set-up to deliver the cash you need, with the best return and the most effective tax liability.
  • Track and measure your performance – allowing you to see how you’re progressing against your goal, and provide a scorecard to drive your ongoing business strategy.

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.

KPMG closes SME accounting unit – do you need to find an alternative arrangement?

Does this affect you?

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 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.

Can we help?

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.

Contact us for more information

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.