And to see #RussellbraithwaiteCFO representing Finance whilst picking up the constructors championship trophy was great to see!
credits: Ben Hayward March 1st
The UK government has revealed that it will be encouraging lenders to up their offerings of 95% mortgages to help people with smaller deposits get a first foot on the property ladder.
The renewed enthusiasm for the scheme – which was pledged at the Conservative party conference last year – comes after the Treasury found that 95% mortgages had ‘virtually disappeared’ during the pandemic.
At the time of the initial announcement the Prime Minister said: “I want generation rent to become generation buy and these 95% mortgage guarantees help to deliver this promise.
“Young people shouldn’t feel excluded from the chance of owning their own home and now it will be easier than ever to get onto the property ladder.”
According to the BBC, the announcement is now set to be made in the upcoming Budget, due to be announced by the Chancellor of the Exchequer, Rishi Sunak, in a Commons speech on Wednesday (March 3rd).
Mr Sunak has promised to use the spring Budget to support those who have struggled over the past year as a result of the coronavirus pandemic – although he also acknowledged that things are going to be tough.
Speaking to the Financial Times, Mr Sunak said: “We went big, we went early, but there is more to come and there will be more to come in the Budget.
“But there is a challenge [in the public finances] and I want to level with people about the challenge. I will do whatever it takes to protect the British people through this crisis and I remain committed to that.”
To try and ease the impacts of the pandemic and resulting national lockdowns, the government has borrowed £271bn in this financial year, an increase of roughly £220bn on the previous 12 months.
The government has also confirmed that the deadline on its Help to Buy scheme has been extended from March 31st to May 31st this year to stop first time buyers from missing out on interest-free loans.
Under the scheme, potential buyers could borrow up to 20% of the cost of a house – rising to 40% for those in London – in the form of an interest-free loan, with the remaining cost made up from a 5% deposit and a conventional mortgage.
However, certain eligibility requirements are in place – the house must be newly built and can cost up to £600,000, applicants must be able to show that they can afford the monthly fee and interest payments, and must not own any other properties.
Did they start there businesses with the intention to spend all their time dealing with paperwork and sorting out transactions?!
Do they spend vast amounts of time sending emails, chasing suppliers, dealing with receipts and claims.
The short answer is no!
We at Stars Accounting Ltd know this and as advocates of making business owners lives easy we champion the use of software.
Our software of choice is XERO
Xero’s tools and features can free up your time to enable you to focus less on admin and more on building your business.
How does this work…?
Well, in two ways…
|1.||We can set the system up for you and leave you to manage everything from there.|
|2.||We can get your accurate financial data into Xero without you having to do a thing. |
Set up direct bank feeds to import bank transactions and reconcile transactions daily so you stay on top of your cash flow.
Email your bills and receipts directly into Xero or use Hubdoc, and the key details will be extracted for you ready to approve and reconcile – we do all this for you.
Manage employee expenses in one place with Xero Expenses, and use the mobile app to submit receipts and claims easily.
Take a look at the Stars Accounting Ltd book recommendation section:
First Class Accounting Services at cheap prices.
Here we have an Amazon search function that links directly to finance related literature.
We also list a number of books which we particularly enjoy.
Our top choice is currently ‘Blue Ocean Strategy’.
Do click the link and see if anything takes your fancy, or if there is a specific book you would like to see contact us and we’ll see if we can promote it for you.
We are now fully Xero payroll certified.
Give yourself the confidence that your Financial Service provider has the correct accreditation to provide the service that you need.
We are able to create a payroll system for you, whether you are a Director of a limited company or a sole trader
We can put into place full PAYE for your company employees, or migrate your payroll system over for us to manage and thus save you labour time.
This way you can use precious time on focusing on your business operations.
Contact us for more details.