With Covid starting to impact our trade last year, HMRC had announced a number of measures to help us with our cashflow. One of these being an automatic deferral of our ‘Payment on Account’, which was due on July 2020.
What this meant is that our liability for this Self-Assessment is going to be a lot more than what are used to seeing.
Recent Posts
29/12/2020
We are often approached by other locums who have asked us about changing Accountants and wanting to switch to us. Some of them were informed that switching Accountants is a time consuming and expensive process.
However, switching Accountants can be done with minimal stress, effort and disruption. It is as simple as a patient choosing to visit another Opticians for their next eye examination. Just as the new Optician can obtain all previous records (prescriptions, recall visits, etc....
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Recent Posts
21/11/2020
So, with Christmas fast approaching, it is the time of the year where we would normally start to look forward to our get together with family and friends. Another thing we normally start to look forward to is our work Christmas party and/or dinners.
However, this year is unlike any other, with the pandemic and the governments restrictions of social distancing, the traditional work Christmas parties do not seem like a plausible option.
Substituting a party ...
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Recent Posts
02/11/2020
Below is a brief of the measures that were announced over the weekend by the Chancellor to assist businesses and individuals during this time. We have tried to tailor this for the reading of our community of Optometrists and Dispensing Opticians. As this is fresh guidelines, we will keep you uodated as and when there are developments.
Furlough scheme extended (Job Support Scheme...
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Recent Posts
24/09/2020
So earlier on today the Chancellor outlined the next stage of the economic support offered to small businesses and self-employed individuals affected by the ongoing COVID-19 pandemic - Winter Economy Plan. This replaces the Autumn budget, which shall no longer take place this year.
Overall a welcome package, but inevitably it won’t please everyone, and hospitality, leisure and entertainment still very hard hit.
Below we have summarised his five measures. As more deta...
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Recent Posts
07/08/2020
The Government has outlined further details on their Green Home Grant voucher scheme.
Under this scheme the Government will provide grants covering 2/3 of home improvements costs to make your homes more energy efficient. Vouchers worth up to £5,000 (£10,000 for lower income households) will be issued to homeowners in England (won't cover homes in Scotland, Wales or Northern Ireland) under a new Government scheme that launches in Sept...
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Recent Posts
28/07/2020
The government announced that the second payment on account for 2019/20 due on 31 July 2020 will be deferred until 31st January 2021.
Can I claim this?
The government announced this measure to assist all self-employed taxpayers (not just the self-employed) with their cash flow during this pandemic. This means all self-employed locum Optometrists and locum Dispensing Opticians and/or locum contact lens opticians can be eligible for this.Read More...
Recent Posts
14/07/2020
Earlier on in the year, I wrote about the furlough scheme and the challenges that this may entail for us locum Optometrists or Locum Dispensing Opticians as owner managed businesses (Company Directors). The main thing was to ensure that you only carried your statutory director duties whilst on furlough, therefore not engaging in any activity that could be deemed to be revenue generating in nature (so booking locum days, locuming, etc).
On 29 May, th...
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Recent Posts
09/07/2020
Yesterday the Chancellor gave his Summer Economic Update (phase two of a three phase plan to tackle COVID-19), which as anticipated was focused on helping the economy bounce back and help save/drive new jobs, especially in light of the phasing out of financial support (CJRS & SEIS).
There was unfortunately nothing in yesterday’s announcement that was specifically targeted towards sole traders (locum Optometrists or Dispensing Opticians). N...
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Recent Posts
05/07/2020
What is P11D form?
Each year, in addition to your annual submission of accounts and corporation tax, there are certain forms that UK employers need to consider. One of these forms is the P11D form.
Recent Posts
27/06/2020
For Optometrist who claim the CET grant each year, the applications normally open on the 1st july. However GOC have notified us on the 2nd July that due to COVID19 this has been delayed by one month. They will be in touch with us once the window opens.
As an Optometrist or Dispensing Optician you have to ensure you keep up your professional standards. This is done through the Read More...
Recent Posts
13/06/2020
HMRC updated its guidance on the Corona virus Job Retention Scheme for round 2 late on 12th June 2020. We try to summairse the key points here for all Locum Optometrists and Dispensing Opticians.
As mentioned in our previous articles/briefings, this grant is for employers who have staff on furlough or ‘owner managed business’ directors who have furloughed themselves. For locums trading as sole traders, please click here<...
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Recent Posts
13/06/2020
HMRC updated its guidance on the Self Employed Income Scheme (SEIS) grant round 2 on 12th June 2020. We try to summairse the key points here for all Locum Optometrists and Dispensing Opticians.
As mentioned in our previous articles/briefings, this grant is for locums who are trading as sole traders. If you are an employer who has staff furloughed or are an ‘owner managed business’ furloughed director, then please click h...
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Recent Posts
08/06/2020
It has been reported that alone, the deferral of VAT is costing the HMRC approximately £14bn a month in revenue.
As part of the many schemes to help individuals and businesses with cash flow, one of these was the option to defer your VAT payments up to June 2020. To do this users were advised to cancel their DD.
If you are one of thos...
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Recent Posts
04/05/2020
The Irish have outlined their plans to reopening the economy from the 18th May. It involves Opticians at phase 1, although still am unsure if it means a complete back to normal. Ireland's Leo Varadkar has laid out a plan to ease the coronavirus lockdown in the country that will see restrictions start to ease.
Recent Posts
04/05/2020
Locum Optometrists and Locum Dispensing Opticians: Good news as HMRC will start contacting you if you may be eligible for the Self Employment Income Scheme (SEIS) from this week. SEIS is to come into play ahead of schedule qwith claims opening May 13th and the funds to be in your accounts by the end of the month and not mid June as previously expected.
From today (Monday 4 May), HM Revenue and Customs (HMRC) will begin contacting customers who may be eligible for the governmen...
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Recent Posts
19/03/2020
To all locum Optometrists and locum Dispensing Opticians,
We hope you are all healthy and well. In light of the current COVID-19 situation and the impact it could have on the industry, we wanted to address a few issues.
We understand the concerns you have about cancelled clinics and lost earnings. However, due to the close proximity we have with patients and the poten...
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Recent Posts
19/03/2020
The 2020 Spring Budget was heavily dominated by the issue of Coronavirus and of how to protect the economy against its effects. The government has outlaid many proposals for the employed and small to medium size businesses to overcome any interruption to trade. We try to summarise the key things affecting our Optical industry and in particular you as a...
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Recent Posts
19/09/2019
So you have set up your limited company and are busy locuming as an Optometrist or Dispensing Optician. Your earning good money and you notice that your cash figure is building up. You decide to treat yourself and decide to buy a new car, go on a holiday, etc. You might think that you’re free to dip into the company’s profits as you see fit; after all it is your company. However it is NOT, and this misunderstanding can land you in a lot of trouble.
Limited companies are ...
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