Updated: Aug 5
Over the past few weeks I've thanked the stars many times over that I'm no longer a partner in a large firm. Facing the sorts of challenges that we've all had this year must feel like being on a supertanker with engine failure(and not even on the Bridge, at that !)
Being small we've been able to make and implement quick decisions, do some radical things very quickly, and adapt them when we haven't quite got the results we wanted. All the time whilst staying client focused.
And a bit like Roger the Robin (Vol 1 Ed 34), bits of it have been enjoyable.
There are two things that I've really found good in this crisis:-
1. The need to keep in touch with clients has made me be more accessible. Regular 'how are you ?' phone calls, - incoming and outgoing - have become normal.
2. As a self-confessed tech-junkie I've enjoyed using all the new tools that we've all discovered. And finding new ones (see later)
As the dust settles and the new normal starts to come into some sort of 'morning after the night before' focus, we've been thinking and talking about how we adapt to it. I should share that with you, after all you all have a vested interest !
So, what I thought I'd do is to drip feedhow we're going to be operating in our new world. To start the ball rolling:-
- This might disappoint or delight, but I intend to carry on with these missives. I think they serve a purpose, they will, I'm sure, evolve (and have already). If nothing else, me claiming to be a blogger embarrasses the children - which makes it completely worthwhile;
- I'm intending to carry on with technology based meetingswherever possible. It saves travel cost and huge amounts of emissions, but I think there are so many advantages over and above that for all parties. Maybe I should expand on these too as we go...
If the reference to Roger the Robin was lost on you, see
What are my positives today:-:
1. I've found a new app
When I say new, it launched early 2017 so not that new. But I stumbled across it last week when someone sent me a 'Loom'.
https://www.loom.com/my-videos is best described as a private version of YouTube. The principle is that you can speak quicker than typing, and more accurately. So rather than responding to an email you send a Loom, inviting only those you want to invite to view it. It's a video of the screen you're looking at, with the ability to annotate and have voice recorded.
I'm going to be playing with, sorry, I mean trialling it over the next few days, let me know what you think.
2. I'm still alive
Apologies, I realise yesterday's edition was missing. Sometimes the words don't fit together. And sometimes they are completely incoherent. (Honestly, no comments needed).
3. I'm keeping my clothes on
George from Needham Market, in response to my various moth pictures, emailed me saying 'I'm quite enjoying seeing you becoming a naturist'.
No, let's kill that rumour, that really isn't happening...and I sincerely hope you'renotenjoying the prospect...
What have I been talking to clients about today ?
Taxability of the SEISS Grant.
Sometimes I get a question so obvious, but so unexpected that it floors me.
So, tonight I've had 'how do we account for the SEISS grant ?' (The self employed one.). Easy, show it hitting the bank and as income. We've already established that it is taxable.
Ah, you meant VAT? Easy, it's outside the scope so ignore it completely
Date to be brought into the accounts ? Oh yes, the 31st March year end (there aren't too many of those after all !). If the grant was intended (as it was) to cover three months and paid (as it was) in one lump in May, does that mean that 1/3rd of it should be brought into 2019/20 ?
Tax law is silent, so we look to accounting standards. You don't need to, I already have ! My interpretation of these is that you reflect a position known at the Balance Sheet date. Lockdown was in place by 31st March, we all knew there were challenges. But the SEISS grant wasn't even a rumour at that point.
So we have a post Balance Sheet Event it is a non-adjusting Post Balance Sheet Event - so it gets accounted for in 2020/21.
Until tomorrow, stay safe, stay positive