Here are our frequently asked questions of the month from our clients and the answers.
Q: Can we bring someone back full time and then re-furlough them next month part-time?
A: Yes, as long as the employee has been furloughed for 3 weeks from the 10th June, you can ask them to work and then re-furlough them as you need. You can bring employees in as and when you need them and furlough them for the remainder of the time, therefore reducing redundancy rates.
Q: Why have my bank statements stopped importing into Xero, and how do I fix this?
A: Due to new EU regulations, the bank feeds in Xero have to be renewed every 90 days. Click on the “Renew Bank feed” button on the bank account in Xero and follow the instructions on the screen to re-link the feed. You will need your online banking details to hand.
Q: What can I do with the Bounce Back Loan that is sitting in my account, can I put this into premium bonds?
A: The BBL is meant to support the business and not be used for personal gain; if you are to use this personally, then it will be treated as a dividend, which will likely put your director’s loan account in an overdrawn position. Due to the reason, you took the loan was because the business needs help. An overdrawn directors loan account will result in an additional tax charge at 32.5%.
Accsys Accountants pride ourselves in communication and unlimited phone help to our clients. If you are looking for an accountant, to build a relationship with, and always at the end of the phone, contact us today on 01622 671 835 or enquiries@accsysltd.co.uk.
