May Newsletter

May Newsletter

Newmarket Cricket Club

As an office made up of Tottenham & Newcastle supporters, we would like to be associated with a team who actually manage to win something, which is why we are delighted to announce that we have renewed our sponsorship of Newmarket Cricket Club.

We recognise how important local sports clubs are for the community, and if the promotion to division 1 last season is anything to go by, we can't wait to see what this season brings! Newmarket Cricket Club was launched in the middle of the pandemic, with the aim of providing top quality cricket and playing facilities for all ages, genders, and abilities within the local community.

 

 

Evolution of the office

The requirement to work from home was lifted in January but offices are still less than full. Across the UK, the shift to agile or hybrid working has reduced the office space requirements of many companies. Businesses are rethinking the office and repositioning it as a place to connect with colleagues, encourage face to face collaboration and promote staff wellbeing. Many landlords are reconfiguring their office buildings to allow for office space that is more easily reconfigured as businesses adapt to new working patterns.

While greater flexibility and a consideration for wellbeing are a concession to employees, businesses are also under pressure from regulators and their customers to reduce their carbon footprint. This is driving a shift to office buildings that meet the energy performance requirements that regulators will require in the future.

Sustainability and the war for talent are two major priorities for most businesses. The office needs to become a “destination” where people want to come together to collaborate and to share experiences. Having a space that people want to use, that also supports the environmental aspirations of the business (and its staff) will be key to attracting the right people. Staff want to work for businesses that prioritise wellness, happiness and sustainability.

As such, many businesses are investing in revamping their offices now, in the hope of drawing people back. However, the days of spending Monday to Friday in the office are gone. People enjoy the comfort of working from home and the time they get back by not having to commute. The modern office will continue evolve and the future for most businesses looks set to be hybrid/agile working.

 

End of tax year payroll procedures

As the 2021/22 tax year has now ended, employers need to provide employees with their P60 annual summaries by 31 May 2022. They will also need to prepare forms P11D for employees’ expenses and benefits by 5 July 2022. Employees must ensure that they have updated their employee’s payroll data for 2022/23, in particular their new tax codes and if they have not already done so, they will need to update their software for 2022/23.

 

 

The Recovery Loan Scheme Deadline – what does it mean for you?

The Recovery Loan Scheme (RLS) is available until 30 June 2022. The government backed scheme is capped at a maximum 14.99% APR with typical rates of 8-12% APR. The rates are inclusive of fees. With a flexible repayment schedule, terms up to 6 years, and 6-12 month interest only periods, it is definitely worth looking into the scheme, but you will need to be quick. Personal guarantees and additional security will return post RLS deadline, as lenders will no longer have the ‘safety blanket’ of government backing.

Businesses can borrow between £25,001 and £10million per business, in the form of a term loan or an overdraft. Alternatively, businesses can borrow between £1,000 and £10 million per business in the form of invoice finance or asset finance. The maximum lend is the lower 25% 2019 turnover, or 2 x 2019 wage bill. To meet the eligibility criteria, the business must have at least two years trading history and be trading in the UK. The business needs to not be in difficulty (loss making) with a turnover that does not exceed £45million. The scheme can give your business a boost to its working capital and to the health of your balance sheet. Furthermore, the RLS scheme provides favourable terms when compared to other funding solutions with lower interest rates. There are many reasons for businesses to make use of the scheme; from aiming to improve the long-term capital position, to looking to fill a short-term cash flow gap, perhaps thinking about taking on more staff, or a larger premises to aid the businesses post pandemic recovery.

As a Capitalise partner, we have access to a network of business lenders and finance providers offering funding solutions via the Recovery Loan Scheme. Get in touch with us to talk through your Recovery Loan options.

 

 

DIARY OF MAIN TAX EVENTS

MAY/JUNE 2022

Date

What’s Due

 

19/05

PAYE & NIC deductions, and CIS return and tax, for month to 5/05/22 (due 22/05 if you pay electronically)

01/06

Corporation tax payment for year to 31/08/21 (unless quarterly instalments apply)

 

19/06

PAYE & NIC deductions, and CIS return and tax, for month to 5/06/22 (due 22/06 if you pay electronically)