As promised we thought we would get another newsletter out following the weekend’s announcement.
There are a lot of rumours circulating though including uplifts in the claims that can be made by the self-employed, proposed extension of applications for the bounce back loans and CBILs loans to 31 January 2021 AND also allegedly a second opportunity to go and get an uplift in any bounce back loans you had previously accessed if you never utilised your full allocation first time round.
There is so much information circulating online at the minute and a lot in the small print that has either been missed or yet to be finalised.
We will provide you all with a more comprehensive and clearer update once everything has been signed off in Parliament which none of it has yet but this may not come until the end of this week or early next hence us providing this update now and hopefully some positive news in the pipeline for some extra support.
As ever we as a team are here for you and if you want to reach out and chat please feel free to call your client account manager.
Further clarification has now filtered down from the Government and whilst the deadline for final approvals for anybody after a CBILs loan has now been pushed back to 30 November 2020, we are now being told that applications must still be in by 30 September to allow for time for them being approved.
If you are still interested in a CBILs loan and haven’t yet accessed one we subsequently need to act fast and get this sorted within the next few weeks. We are already doing this with a few clients so please get in touch ASAP if you want to take one final closer look.
Again, don’t forget, for those with a CBILs already who want to flip this to a BBL to benefit from the lower rate of interest and who can comfortably survive on the reduced amount of borrowing, should really start taking action this month also.
Employment Support – Government Kickstart Scheme
The Kickstart Scheme provides funding to employers to create new 6-month job placements for young people who are currently on Universal Credit and at risk of long-term unemployment.
This is part of the government’s Plan for Jobs and aims to create hundreds and thousands of new, fully funded jobs across England, Scotland and Wales. The first placements are likely to be available from November.
Funding will cover for each job placement:
100% of the relevant National Minimum Wage for 25 hours a week
the associated employer National Insurance contributions
There will also be extra funding to support young people to build their experience and help them move into sustained employment after they have completed their Kickstart Scheme funded job.
Now for the small print; you must be creating more than 30 jobs in order to apply – not quite the headline of the initial scheme!
We are also led to believe you would have limited control over the people chosen if you were to partner with other organisations.
The link with more detailed guidance can be found here.
We officially announced our partnership with Starling Bank in our last newsletter and wanted to start by emphasizing just some of the benefits again:
* No monthly account fees
* Speedy set up
* They are taking on new customers today
* 24/7 customer support
* Real-time alerts and categorised transactions
If you are looking to move why not get in touch with us or if you want to apply direct why not click here.
If you are still unsure, why not get in touch and register for our webinar that we are running with Starling on Thursday 24 September at Midday that will last 45 minutes and include an opportunity to ask any questions?
Following on from our newsletter of 20 August we have gradually commenced the process of moving across batches of clients to our improved payroll service offering which just to stress is of no additional cost and is still paid through ourself.
We are managing this month by month but the feedback has been great so far and you will be notified in advance but any initial concerns or queries please get in touch.
Again as advised previously, for those who haven’t yet contacted us otherwise, we will be freezing prices until at least 31 March 2021 for the same packages clients are on today.
As mentioned we are having to make two very small changes to our support for those taking advantage that came into play as of 1 September 2020:
We will be withdrawing our confirmation statement service as it is a simple task that takes no longer than 15 minutes. Instead, you can now do this directly through the Companies House website through this link or alternatively you can use an excellent platform called Inform Direct where there already wizards and guides to walk you through the submission that can be found here.
We will provide you with the blank templates for the year end paperwork with face to face meetings not likely to be happening any time soon or on a large scale. Please also note for those using Xero there are already some templates built into the software for you such as with respect to dividends and dividend counterfoils.
As emphasized previously, these changes will support us in holding our prices but also allow us to continue to invest in better supporting you as clients in areas of greater value such as the free creditors services offering that this month resulted in a client getting nearly £3k which had previously been considered as written off.
If anybody wants to discuss any of the above though please do get in touch.
One of our amazing clients has been going up and down the country putting in place protection screens for such a variety of businesses we wanted to today share this for anybody who might be interested.
This has ranged from businesses in the hospitality trade, to large and smaller offices within the public sector.
Continuing on from our newsletter earlier this week we just wanted highlight a few things that have been picked up since:
There has been further guidance issued which can be found here
The record time between application and receipt of funds has been 7 hours so there is the opportunity to access this money very quickly
Although the application process is very straight-forward, unless you are 100% confident in the figure you need and why, then please do not apply without first speaking with us
If you have not yet applied, we strongly suggest you consider this as this is a great opportunity to use this funding if you have a justifiable reason for doing so, so please do not ignore this
We have heard on the grape vine; though this may be incorrect, that this loan will disappear before the CBILS loan, so don’t delay too long, though we don’t have any fixed timescales just yet
For those that have accessed the larger CBILS loan; thus taking more than the £50k limit, we are seeking guidance from the banks as to whether a repayment could be made by an imposed bank deadline to bring this debt to £50k or less then switch this across to the bounce bank loan scheme thus benefiting from the lower rate of interest. We wouldn’t suggest you do anything reference this yet though so don’t start contacting your bank reference switching as we are still unsure as to what the future months hold.
In short, don’t ignore this and speak with us if you want some guidance and assistance.
With everything that has been going on; and if you are still unsure as to what support you can get access to, why not try this Government link that can be accessedhereto self-assess what you might have missed and can get access to.
Self-assessment grant eligilibility
First of all, the portal is still not live and we have no further information regarding this other than are told that this should be live by the middle of this month.
There is an eligibility status check that you can use though that can be accessed here and you can set up your personal government gateways at the same time if you do not have one already.
Webinars (NOT TO BE MISSED)
As promised, we have lined up a fantastic range of speakers that perfectly dovetail the support that we have already provided to help you ‘Strike-back’ when this time passes and not just make a difference now but make an ever lasting impression and actually come back stronger.
For next week we have the following webinars for you to book onto:
Strike Back Strategy Session – Survive and Thrive with Steven Briginshaw Tuesday 12 May, 11AM(book here)
Are you in the thick of this lock-down and have a number of things you want to do but not sure what to do, when by and what the impact of these decisions would be? If so, this is the webinar for you.
In this session we will be focusing on how you take the necessary actions and are held accountable for this spare time you have to not just know your numbers, but improve your numbers, your business and ultimately you personally.
You should have already seen the information we have shared about the Clarity software but if you want to watch our webinar on this click here.
Your Marketing Bounce Back with Ford Henderson Wednesday 13 May, 10.30AM (book here)
Are you struggling with marketing your business in the current climate and even uncertain as to whether it is ethical that you do market your business?
In this session we will be looking at how you can shake up your marketing and you know how I have already mentioned that you should take your business, turn it upside down and put it back together again, well this adds onto this how you then know what your marketing plan will look like to get the financial return for the changes you’ve made.
We’ve known Ford for some time and worked alongside him but if you want to know a little bit more information about him and his business, you can access his website here.
Leading Your Team To Strike Back with Alison Reynolds Thursday 14 May, 11AM(book here)
If you have furloughed your team; have you considered how their morale will be when they return to work? If you haven’t furloughed your team have you considered how they might be feeling right now; whether they are working remotely are not?
More than ever you are going to need your team around you; pulling in the right direction, when lock down is lifted and Alison will go through not just what should be done now but what should be done moving forward also.
For a little bit more information about Alison and her business; aside from the fact she is amazing and has worked with our team, you can access her website here.
There are more amazing webinars to follow over the remainder of this month so keep an eye on these newsletters.
"Graeme was amazing yesterday! These guys are the best money I spend ever and it’s over and beyond anything I’ve ever known. They literally are part of my business!"
Claire Goodliff – Director of Multiple Companies
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Privacy & Cookies Policy
The Data Protection Act 2018 (DPA 2018) and the General Data Protection Regulation (GDPR) impose certain legal obligations in connection with the processing of personal data.
Graeme Tennick & Co Limited T/A Tennick Accountants is a data controller within the meaning of the GDPR and we process personal data. The firm's contact details can be found on our website at www.tennick.co.uk with Graeme Tennick being the Data Protection Officer.
We may amend this privacy notice from time to time. If we do so, we will supply you with and/or otherwise make available to you a copy of the amended privacy notice.
Where we act as a data processor on behalf of a data controller (for example, when processing payroll), we provide an additional schedule setting out required information as part of that agreement. That additional schedule should be read in conjunction with this privacy notice.
In addition to the information detailed below within this privacy notice; and upon request, we can supply a more detailed breakdown of:
sources of data
The purposes for which we intend to process personal data
We intend to process personal data for the following purposes:
to enable us to supply professional services to you as our client
to fulfil our obligations under relevant laws in force from time to time (e.g. the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("MLR 2017"))
to comply with professional obligations to which we are subject as a member of the Association of Chartered Certified Accountants
to use in the investigation and/or defence of potential complaints, disciplinary proceedings and legal proceedings
to enable us to invoice you for our services and investigate/address any attendant fee disputes that may have arisen
to contact you about other services we provide which may be of interest to you if you have consented to us doing so
The legal bases for our intended processing of personal data
Our intended processing of personal data has the following legal bases:
at the time you instructed us to act, you gave consent to our processing your personal data for the purposes listed above
the processing is necessary for the performance of our contract with you
the processing is necessary for compliance with legal obligations to which we are subject (e.g. MLR 2017)
the processing is necessary for the purposes of the following legitimate interests which we pursue e.g. investigating/defending legal claims.
It is a requirement of our contract with you that you provide us with the personal data that we request. If you do not provide the information that we request, we may not be able to provide professional services to you. If this is the case, we will not be able to commence acting or will need to cease to act.
Persons/organisations to whom we may give personal data
We may share your personal data with:
Companies House and HMRC
any third parties with whom you require or permit us to correspond
any third party software companies whom will better support us in delivering an improved service with respect to those pieces of work covered within our letter of engagement; a full list of which can be provided upon request
an alternate appointed by us in the event of incapacity or death
tax insurance providers
professional indemnity insurers
our professional body (the Association of Chartered Certified Accountants) and/or the Office of Professional Body Anti-Money Laundering Supervisors (OPBAS) in relation to practice assurance and/or the requirements of MLR 2017 (or any similar legislation)
If the law allows or requires us to do so, we may share your personal data with:
the police and law enforcement agencies
courts and tribunals
the Information Commissioner's Office ("ICO").
We may need to share your personal data with the third parties identified above in order to comply with our legal obligations, including our legal obligations to you. If you ask us not to share your personal data with such third parties we may need to cease to act.
We may also pass your details on to other third-party organisations who may in turn contact you whereby we feel it would be of benefit, but will only do so having first notified you of this and having sought your agreement prior to this.
Transfers of personal data outside the EU
Where personal data is transferred outside the EU; which is common with many software companies, further information can be supplied upon request as to the specific measures taken by these companies to make this process GDPR-compliant.
Retention of personal data
When acting as a data controller and in accordance with recognised good practice within the tax and accountancy sector we will retain all of our records relating to you as follows:
where tax returns have been prepared it is our policy to retain information for 7 years from the end of the tax year to which the information relates
where ad hoc advisory work has been undertaken it is our policy to retain information for 2 years from the date the business relationship ceased
where we have an ongoing client relationship, data which is needed for more than one year's tax compliance (e.g. capital gains base costs and claims and elections submitted to HMRC) is retained throughout the period of the relationship, but will be 7 years after the end of the business relationship unless you as our client ask us to retain it for a longer period.
Our contractual terms provide for the destruction of documents after 7 years and therefore agreement to the contractual terms is taken as agreement to the retention of records for this period, and to their destruction thereafter.
You are responsible for retaining information that we send to you (including details of capital gains base costs and claims and elections submitted) and this will be supplied in the form agreed between us. Documents and records relevant to your tax affairs are required by law to be retained by you as follows:
Individuals, trustees and partnerships
with trading or rental income: five years and 10 months after the end of the tax year
otherwise: 22 months after the end of the tax year.
Companies, LLPs and other corporate entities
six years from the end of the accounting period.
Where we act as a data processor as defined in DPA 2018, we will delete or return all personal data to the data controller as agreed with the controller annually at the termination of the contract.
Requesting personal data we hold about you (subject access requests)
You have a right to request access to your personal data that we hold. Such requests are known as 'subject access requests' ("SARs").
Please provide all SARs in writing marked for the attention of Graeme Tennick.
To help us provide the information you want and deal with your request more quickly, you should include enough details to enable us to verify your identity and locate the relevant information. For example, you should tell us:
your date of birth
previous or other name(s) you have used
your previous addresses in the past five years
personal reference number(s) that we may have given you, for example your national insurance number, your tax reference number or your VAT registration number
what type of information you want to know
If you do not have a national insurance number, you must send a copy of:
the back page of your passport or a copy of your driving licence
a recent utility bill.
DPA 2018 requires that we comply with a SAR promptly and in any event within one month of receipt. There are, however, some circumstances in which the law allows us to refuse to provide access to personal data in response to a SAR (e.g. if you have previously made a similar request and there has been little or no change to the data since we complied with the original request).
We may not charge you for dealing with a SAR.
You can ask someone else to request information on your behalf – for example, a friend, relative or solicitor. We must have your authority to respond to a SAR made on your behalf. You can provide such authority by signing a letter which states that you authorise the person concerned to write to us for information about you, and/or receive our reply.
Where you are a data controller and we act for you as a data processor (e.g. by processing payroll), we will assist you with SARs on the same basis as is set out above.
Putting things right (the right to rectification)
You have a right to obtain the rectification of any inaccurate personal data concerning you that we hold. You also have a right to have any incomplete personal data that we hold about you completed. Should you become aware that any personal data that we hold about you is inaccurate and/or incomplete, please inform us immediately so we can correct and/or complete it.
Deleting your records (the right to erasure)
In certain circumstances you have a right to have the personal data that we hold about you erased. Further information is available on the ICO website (www.ico.org.uk). If you would like your personal data to be erased, please inform us immediately and we will consider your request. In certain circumstances we have the right to refuse to comply with a request for erasure. If applicable, we will supply you with the reasons for refusing your request.
The right to restrict processing and the right to object
In certain circumstances you have the right to 'block' or suppress the processing of personal data or to object to the processing of that information. Further information is available on the ICO website (www.ico.org.uk). Please inform us immediately if you want us to cease to process your information or you object to processing so that we can consider what action, if any, is appropriate.
Obtaining and reusing personal data (the right to data portability)
In certain circumstances you have the right to be provided with the personal data that we hold about you in a machine-readable format, e.g. so that the data can easily be provided to a new professional adviser. Further information is available on the ICO website (www.ico.org.uk).
The right to data portability only applies:
to personal data an individual has provided to a controller
where the processing is based on the individual's consent or for the performance of a contract
when processing is carried out by automated means
We will respond to any data portability requests made to us without undue delay and within one month. We may extend the period by a further two months where the request is complex or a number of requests are received but we will inform you within one month of the receipt of the request and explain why the extension is necessary.
Withdrawal of consent
Where you have consented to our processing of your personal data, you have the right to withdraw that consent at any time. Please inform us immediately if you wish to withdraw your consent.
the withdrawal of consent does not affect the lawfulness of earlier processing
if you withdraw your consent, we may not be able to continue to provide services to you
even if you withdraw your consent, it may remain lawful for us to process your data on another legal basis (e.g. because we have a legal obligation to continue to process your data).
We do not intend to use automated decision-making in relation to your personal data.
If you have requested details of the information we hold about you and you are not happy with our response, or you think we have not complied with the GDPR or DPA 2018 in some other way, you can complain to us. Please send any complaints to Graeme Tennick.
If you are not happy with our response, you have a right to lodge a complaint with the ICO (www.ico.org.uk).
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