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Christmas Shutdown | Merry Christmas | Stepping Stones Accountancy
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Christmas Shutdown

As we draw to a close on a very unusual year, the team at Stepping Stones would like to wish everybody a very Happy Christmas and Prosperous New Year. We thank you for your support this year and look forward to working with you again in 2021.

Our offices will be closed from Thursday 24th December until Monday 4th January. However, should you need something during the festive period please feel free to e-mail and a member of our team will be in contact as soon as possible.

Managing Cashflow 150 150 Stepping Stones Accountancy

Managing Cashflow

In our latest animated video we show how with a little bit of help from your accountant and a cashflow forecast report, you can budget for new equipment that is needed in your business.

Trivial Benefits Rule | Tax Efficiency at Christmas | Tax Free Gifts for Employees
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Trivial Benefits at Christmas

With Christmas fast approaching, many companies are starting to plan for the festivities. With parties, presents and puddings to look forward to, don’t forget that there are some tax efficient ways to help with the cost!

The Trivial Benefits Rule allows employers to spend up to £50 on gifts for their employees completely tax and NI free. There are a few straight forward criteria that must be met though, such as the gift must cost £50 or less, it must not be cash or a cash voucher and shouldn’t be a reward for their performance over the last 12 months. The rule also applies to single director companies, though there is a cap of £300. However, it is still possible to buy a gift card of £50 as a Christmas present for their only director. So, whether it’s a bunch of flowers, a box of chocolates or even a meal out, don’t forget to factor this in to your Christmas budget.

Without this exemption, any gift would need to be reported on a P11d and mean that the employee would pay tax and the employer would need to pay National Insurance on the value of the gift.

If you are in any doubt please speak with your local Accountant to discuss your specific circumstances or alternatively visit the GOV.UK website.

So, take advantage of this useful benefit and make Christmas a little jollier this year, your staff will certainly thank you for it!

Cloud Accounting | Benefits of Cloud Accounting Solutions | Accountancy Advice in Bristol
The Advantages of Using a Cloud Accounting Package 758 513 Stepping Stones Accountancy

The Advantages of Using a Cloud Accounting Package

Accounting packages have come a long way in recent years. No longer do you need to install software on one computer in the office, restricting who can use it and when. No longer do you need to put up with expensive packages with high support and upgrade costs. Cloud accounting packages are the way forward and if you’re not sure why you should use one, then this article should help you understand how it works and what a difference it would make to your business.

  • Cloud based software allows you to access your up to date business information anytime, anywhere. Whether you need to check your latest cash flow forecast, your latest invoices or indeed any outstanding debtors. Cloud accountancy packages provide the relevant information at the touch of a button.
  • Using up to date information, which is easy to retrieve and presented in an easy to understand format enables you to make informed business decisions about the financial future of your company.
  • Cloud based software makes it easy to become a paperless office. With documents easily stored and retrieved online, keeping your paperwork in order has never been easier. Digital information allows you to minimise the risk of error and enables your business to become more efficient.
  • Try not to think of these packages as merely information storage, they are so much more. By integrating the system into your payroll and HR you can easily generate payslips and HMRC returns. You can also use the system to automatically generate invoices and chase debtors, think of the time you would save!
  • Gone are the traditional once a year meetings with your accountant, wading through piles of paperwork, looking for misplaced receipts. You can easily input all of your receipts and other vital paperwork, meaning that your accountant can access your financial data all year round and advise you as and when needed.
  • Software updates used to mean hours of work and a huge bill! Cloud based software is updated and improved automatically by the developers, providing you with peace of mind that your business is up to date with any legislation changes, free of charge.
  • No need to worry about data security either. Cloud based servers are constantly backed up and are very secure meaning you don’t need to worry about hackers or computer crashes and losing all of your valuable business information. 

If all of this has not managed to persuade you about the benefits of cloud based accountancy packages then why not do a simple cost comparison exercise? Factor in not only the direct costs but also the costs of your time for the old labour-intensive packages, the support costs and of course the upgrade costs and you will soon see that cloud based accounting is the way forward for the modern business.

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