My name is Rachael, I am a Registered Bookkeeper and own IB.
Thanks for taking the time to read our first blog, please keep an eye out for our next one. We look forward to keeping you up to date in what is an extremely fast moving, ever changing climate, especially right now, and hope to keep providing everyone with much needed clarity.
While we have all been in lockdown over the last 10 weeks. Things behind the scenes have been increasingly busy for us! Independent Bookkeeping Ltd work with a variety of clients from different industries from Charities, to Self Employed to Corporate Businesses.
Tax Submission & Furlough/SEIS
Not only has it been the usual time for Tax return submissions for our clients there has been a lot of processing of information from multiple sources to help with the current COVID-19 situation.
Furlough applications have been flowing well and have been easy to complete for clients as required even though initially the guidance was very sporadic and changing incredibly fast at the start.
Not only have we had Furlough in April but we have had the Self Employed Income Support Scheme (SEISS) rolling out throughout May, and a lot of us (Bookkeepers as well as the Self Employed) have had questions as to how this would work and what industries may or may not be eligible for this scheme (for example Income from Property is not an eligible area to apply for the SEISS).
COVID-19
As with other businesses and the population in General we have had to adjust the way in which we provide our services to our client sold and new!
When a potential new client makes contact it is the norm to meet face to face to discuss the specific needs of your business and also allow me to carry out client checks as required by the Money Laundering Regulations 2017 (MLR 2017) (https://www.gov.uk/government/consultations/money-laundering-regulations-2017). Naturally, due to the lockdown and requirement for Social Distancing this process has had to change and is now being carried out via email and video calls/conferencing. The same of our current clients is taking place, where we would normal meet up for a brief handover of information and paperwork this is all being carried out via email and video calls, for some there has also been the collection of paperwork ensuring social distancing measures are being adhered too, this process appears to be working well.
Car Owners and Car Insurance during Social Distancing and Lockdown.
So, Martin Lewis has urged all car drivers to take advantage of Insurance Savings from 18/05/2020, due to the lack of travel this will decrease your annual mileage and will likely bring your premium down. https://www.express.co.uk/life-style/cars/1282569/martin-lewis-money-show-car-insurance-uk-saving-mileage-fca
Growth, Development and Regulations
Along with all of this we have secured our renewal for our Practising Certification with the International Association of Bookkeepers (IAB) (www.iab.org.uk). The IAB are Independent Bookkeeping’s regulators and ensure compliance with the Money Laundering Regulations 2017. Created a shiny new website for Independent Bookkeeping and creating amazing business partnerships with suppliers and customers and of course our regular Continuing Professional Development modules throughout.