Business Scotland:

From the energy sector all the way through to healthcare providers Scotland is open for business!

With farming and agriculture driving the economy in rural areas and the ever-expanding renewables sector fast approaching the size of the oil and gas industry, the nation is in very good health indeed. Here we look at and focus on the businesses driving the Scottish economy forward into the future.

Your 2020/21 tax return and Covid Grants – a warning for the self-employed

With HMRC beginning to send out Tax Return requests for 2020/21 you need to be aware of how any grant monies you may have received impacts on your tax bill.

This particularly applies to those of you who are self-employed or in a partnership.

Your business profits are taxed in the year in which your year end falls.

For example, if your year end is 31 May 2020 then those profits are taxed in 2020/21 (because it lands between 6 April 20 and 5 April 2021)

What you may not realise is that not only are the May 20 profits taxed but HMRC have stipulated that you must also include any SEISS grants you may have received up to 5 April 2021 even though most of the grant monies will be included in your May 21 results.

It could mean that May 20 was for the most part a normal year (apart from April and May) and that this year your profits are much lower because of lockdown going on for much of the year.

But if you have to add in to your May 20 profits the SEISS (Self Employed Income Support) grant monies it could possibly put you into the Higher Rate tax bracket when you are not normally in that position.

Then when you submit your May 21 results for 2021/22 and you take out this year’s SEISS monies (even HMRC don’t tax you twice) you have little or no profit left and therefore a much smaller tax bill – if any.

There are two new boxes on returns this year just to record SEISS grants. One to record grant monies received correctly and the other for incorrect claims. You need to exclude your SEISS monies from your accounts schedules and show them instead in the relevant SEISS box.

With one hand the taxman gives and with the other…..

Are you working on your business or in it?

Mention the words Human Resources and you get a variety of reactions.   But most business owners have the same need – they should be working on their business, not in it.    This is where Kea HR Partnerships adds so much benefit, its all about focusing on building solid business plans and relationships by applying pragmatic commercial expertise. 

SME’s who don’t warrant a full time HR resource

I designed my business to fill a gap in the market, all those SME’s who don’t warrant a full time HR resource and businesses who don’t have access to an HR expert.  And I love what I do! 

The minute you start employing people, there’s the requirement to adhere to all sorts of legislation and Acts.    Get it wrong and it can cost you in terms of reputation, customers and ultimately your bottom line takes the hit.

Throw Covid-19 and Brexit into the mix and you know only too well what an absolute minefield running your business can be.  That dream of your own engineering, freight or home fragrance business can suddenly seem a far cry from what you initially envisaged.

Kea HR Partnerships provides realistic solutions tailored specifically for your business

Whether you’re a small business that’s just starting to grow or, an established one, working with me can free you up to do what you do best.  I take the pressure off you by:

•             Placing the right people in the right jobs

•             Providing Strategic & Operational people solutions

•             Providing a common sense approach to performance challenges

•             Enhancing and building the leadership skills of your team

•             Helping you define and grow a healthy, high performing culture – a place where people want to be and thrive in their jobs

It’s people who will ultimately drive a thriving business or, cause it to stagnate.

I bring a fresh approach to your unique HR needs and together, we can achieve your business goals. Every business is different because people are different.  And it’s people who will ultimately drive a thriving business or, cause it to stagnate.

By working with you one on one, to identify your critical success factors, we can unleash your team’s potential and create a dynamism which is unique to your business.  I make HR work for your business. 

My sole purpose is to add value to your business by delivering to an agreed outcome.  And this generally means rolling my sleeves up and getting stuck in.

Together we will explore your business goals and tease out the fishhooks. By taking a systematic approach to identified challenges, I help you build a solid bedrock on which to foster the power of your team’s potential.