INCLUDED IN THIS MONTH’S ARTICLE:
– HOUSE PRICES GROW SLOWLY IN MARCH
– STEALTH TAX FREEZE THREATENS INCOME OF PENSIONERS
– ENHANCED CHILD BENEFIT PAYMENTS SET TO COMMENCE
– BREXIT CHARGES COULD LEAD TO HIGHER FOOD PRICES
(more…)
Debt management strategies
Managing debt effectively is an increasingly crucial component of personal financial health in today’s economic climate. With rising living costs and the easy availability of credit, it’s easy to find yourself in a situation where debt becomes overwhelming.
This guide offers you practical and effective strategies tailored for managing your debt. Our aim is to empower you with the knowledge and tools necessary to tackle debt management. By implementing these strategies, you can work towards regaining financial stability and achieving peace of mind.
Whether you’re dealing with high-interest credit card debt, personal loans or mortgage payments, our advice is designed to help you manage your financial situation.
(more…)
Tax deadlines and penalties for limited companies
Managing a limited company requires meticulous attention to regulatory obligations, particularly with regard to tax and accounting. Financial compliance is punctuated by a series of key deadlines and potential penalties for non-compliance, demanding a proactive and informed approach from company directors.
This guide delves into the intricacies of these obligations, offering a comprehensive overview to help ensure your company remains in good standing.
(more…)
Personal tax planning in 2024/25
As we step into the 2024/25 tax year, it’s now more important than ever to take a proactive approach to managing your
personal finances.
Whether you’re navigating the complexities of income tax, considering investment opportunities or planning for your future, understanding the nuances of the UK tax system can help you make informed decisions.
This guide is crafted with you in mind, offering clarity and actionable advice to help you optimise your tax position and secure your financial wellbeing.
(more…)
Managing cashflow: Tips for small businesses
Managing cashflow effectively is critical for the survival and growth of your small business. It’s about planning, monitoring and controlling the money coming in and going out of your business, which ensures you have enough cash to cover your expenses and avoid insolvency.
Given the nature of the economy and evolving business practices, staying updated with the latest tools and strategies is vital.
In this spotlight, we explore detailed cashflow management tips, incorporating practices and tools that have gained popularity in recent years, ensuring you can effectively manage your cashflow cycle with modern methodologies.
(more…)
NEWS ROUND-UP APRIL 2024
Included in this month’s article:
– UK HOUSE PRICES RISE AS INTEREST RATES FALL
– MANUFACTURING AND R&D TO RECEIVE £360M BOOST
– STEALTH TAX AND SAVINGS SHAKE UP SALARY BANDS
– PM PROPOSES SCRAPPING NATIONAL INSURANCE
(more…)
SPRING BUDGET 2024: SHAPING TOMORROW
Vote-winning announcements are always expected from a Chancellor’s Budget in an election year. Despite the stagnant economy and limited fiscal headroom, Jeremy Hunt still announced a few tax cuts and other surprises.
(more…)
How to improve your financial health
Improving your financial health involves strategic planning, informed decision-making, and constant adjustments. There are many factors to consider – so how do you know where to begin?
(more…)
Mastering Business Expenses
In today’s economic landscape, where financial acumen plays a pivotal role in the sustainability and growth of any business, the importance of effectively managing business expenses cannot be overstated.
(more…)
News Roundup March 2024
Included in this month’s article:
– HMRC CLAMPS DOWN ON UNDECLARED DIVIDEND EARNINGS
– ‘HELP TO GROW’ CAMPAIGN AND SMALL BUSINESS COUNCIL TO AID SMES
– ‘LIMITED TAX CUT OPTIONS IN BUDGET’, SAYS CHANCELLOR
– HOUSE PRICES BEGIN TO FALL AT A SLOWER RATE
(more…)
Is property investment right for you?
Many individuals invest in real estate to boost their income and gain greater financial security. But while the journey can be rewarding, it also requires committing a significant amount of your own time and money. So, how do you know if property investment is right for you?
(more…)
The ABCs of VAT for small business owners
Value Added Tax (VAT) is a significant part of the UK tax system. If you run a VAT-registered business, you’re required to charge this tax on most goods and services, which you must then report and pay to HMRC. Basically, you are collecting VAT on the Government’s behalf.
(more…)
News Roundup February 2024
Included in this month’s article:
– National Insurance Cut Boosts UK Households
– Economic Confidence Index Declines
– HMRC enforces Tighter Rules on ‘Side Hustle Tax’
– UKEF Introduces Enhanced Financing for Small Businesses
(more…)
YEAR-END TAX GUIDE 2023/24
The conclusion of the 2023/24 tax year prompts us to reflect on some of the notable developments in the fiscal landscape.
This past year has been marked by ongoing efforts to recover from the economic impact of the global pandemic. Inflation has emerged as a significant concern, influenced by persistent disruptions in the supply chain and geopolitical tensions.
To address these economic challenges, the Government has adjusted tax policies to balance revenue generation with support for businesses and individuals.
(more…)
NEWS ROUND-UP JANUARY 2024
Included in this month’s article:
– HMRC LAUNCHES CRYPTOASSEST TAX DISCLOSURE SERVICE
– OVERSEAS FIRMS PLEDGE TO INVEST BILLIONS IN THE UK
– ADVISORY FUEL RATES DECEMBER 2023
– HMRC REMOVES PAYE SELF-ASSESSMENT THRESHOLD
Recruitment – Should you hire or outsource accounting?
Running a successful business entails astute financial management, and at the core of this is the crucial decision of how to handle your accounting needs.
Should you bring a full-time, in-house accountant into the fold, or does the more flexible route of outsourcing better suit your business objectives?
In this in-depth exploration, we’ll dissect the pros and cons of each option, providing you with comprehensive insights to empower you in making an informed decision aligned with the unique goals of your business.
(more…)
Personal financial planning in 2024: New year, new strategy
The new year marks the start of new beginnings, so there’s no better time to revisit your personal financial strategy. Drawing up an economic plan with clear, achievable goals can improve your long-term financial health and help protect you and your family against external factors.
Whether you’re putting a personal financial plan together for the first time or you want to revisit your strategy, here are a few personal financial planning tips to help you secure your financial future in 2024.
Read MoreNEWS ROUND-UP: DECEMBER 2023
Included in this month’s article:
– UK ACCOUNTANTS DEMAND HMRC SERVICE IMPROVEMENTS
– BANK OF ENGLAND HOLDS INTEREST RATES STEADY
– SMALL BUSINESS CONFIDENCE IMPROVES IN Q3 2023
– CORPORATE INSOLVENCIES HIT A TWO-DECADE HIGH
SPOTLIGHT ON: Tax and your work Christmas party
As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you
and your employees?
Thankfully, showing your appreciation doesn’t need to cost the earth. In most cases, work Christmas parties and gifts for staff members are tax-deductible.
(more…)
SPOTLIGHT ON: Self-assessment
The UK self-assessment system has its quirks and nuances, and understanding how to stay compliant is crucial to a smooth and stress-free income tax process.
From early paper deadlines to penalties for late-filers, self-assessment holds a few surprises. As always, a professional accountant can help you navigate the process successfully, make the most of available tax reliefs, and avoid potential pitfalls along the way.
Read MoreAutumn Statement 2023
On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.
(more…)
NEWS ROUND-UP NOVEMBER 2023
INCLUDED IN THIS MONTHS ARTICLE:
– UK ECONOMY RECOVERY SLOWS IN AUGUST
– INSOLVENCY UP BY 16.5% COMPARED TO LAST YEAR
– INDUSTRY BACKLASH AT HS2 U-TURN
– TREASURY TASK FORCE DETAILS CARBON REPORTING RULES
(more…)
Accounting tech for businesses
How will technology impact your business’s financial future?
(more…)
Retirement-planning tips
How to plan your finances ahead of retirement.
(more…)
Tax Insider October 2023
Included in this month’s article:
– HMRC REOPENS SELF-ASSESSMENT HELPLINE
– EMPLOYERS RAMP UP COUNTER-OFFERS TO RETAIN STAFF
– ONS REVISES ITS FINDINGS AND SAYS ECONOMY ACTUALLY GREW IN 2021
– CHANCELLOR ANNOUNCES DATE FOR AUTUMN STATEMENT 2023
(more…)
WHAT DOES ULEZ MEAN FOR YOUR BUSINESS?
London’s ultra low emission zone (ULEZ) aims to improve air quality and public health.
The latest ULEZ expansion means that many more businesses and individuals could face charges when driving vehicles that don’t meet emissions standards.
Read MoreAN INTRODUCTION TO TRUSTS
What you need to know about trusts, including how they are taxed.
Trusts are legal arrangements where assets are placed into the care of an individual or organisation that manages them for the benefit of someone else.
Read MoreA GUIDE TO REGISTERING FOR SELF-ASSESSMENT
If you’ve never had to complete a self-assessment tax return, the first time can be daunting. But don’t worry: we’ll demystify the process in this article. And if you have completed one before, this guide might still teach you a thing or two about doing your self-assessment better.
(more…)
IR35: WHAT HAPPENS WHEN IT GOES WRONG?
Contractors and freelancers operate through a private company to enjoy a better tax treatment compared to sole traders — but a more favourable tax position is actually never guaranteed because of off-payroll working rules known as IR35.
(more…)
Tax Insider September 2023
INCLUDED IN THIS MONTHS ARTICLE:
– GEOPOLITICS PROMPT IMPORTERS TO ALTER SUPPLY CHAINS
– UK GROWS BUT REMAINS IN ‘PRECARIOUS PLACE’
– PAY GROWTH ENDS 18-MONTH WAGE SQUEEZE
– ONE MILLION MORE PULLED INTO TAX ON SAVINGS
(more…)
Tax Insider August 2023
INCLUDED IN THIS MONTHS ARTICLE:
- R&D TAX RELIEF CRACKDOWN ‘DETERRING GENUINE CLAIMS’
- UK ECONOMY REMAINS ON SHAKY GROUND
- CALL WAIT TIMES TO BE INCLUDED ON HMRC HELPLINES
- HMRC HAS ‘ENORMOUS AMOUNT OF WORK’ TO DELIVER MTD ON TIME
NEW PENSION REFORMS EXPLAINED
On the evening of Monday 10 July 2023, Chancellor Jeremy Hunt delivered a speech at Mansion House in the City of London which he framed as “looking further ahead”, rather than just dealing with the immediate inflationary issues the country faces.
Read MoreCHOOSING YOUR ACCOUNTING SOFTWARE
In today’s fast-paced and competitive business environment, having the right tools and systems in place is crucial for success. However, one tool that sometimes gets overlooked is accounting software, which can help you manage your finances more effectively, save time and reduce the risk of costly errors.
(more…)
TAX INSIDER JUNE 2023
INCLUDED IN THIS MONTHS ARTICLE:
- TAX RETURN HELPLINE TO CLOSE FOR THREE MONTHS
- SELF-ASSESSMENT THRESHOLD INCREASES TO £150,000
- EMPLOYEE SHARE SCHEMES UNDER REVIEW
- LITRG WARNS OF INEFFECTIVE TAX REFUND COMPANIES
STARTING A BUSINESS: SHOULD I NICHE?
According to data from Companies House, 222,068 new companies were set up in the UK within the first 12 weeks of 2023, a year-on-year rise of 8.2%. The question remains: “how unique are these businesses?”
Read MoreMID-YEAR ACCOUNTING REVIEW
We’ve over halfway through 2023, so now is the opportune moment to review your business and progress for the year.
Read MoreTax Insider June 2023
Included in this month’s article:
- Government launches cryptoassets consultation.
- Tax take soars by almost 10%
- ICAEW calls MTD quarterly reporting “disproportionate”
- Government extends VAT exemption for pharmacists
HOW TO INFLATION-PROOF YOUR INVESTMENTS
Investments, always subject to a variety of risks that can impact their value, are never safe.
Read MoreEMPLOYEE SHARE SCHEMES
As an employer, there are many ways you can reward and incentivise your staff, from Christmas parties to team lunches. But one of the most attractive options is an employee share scheme.
Read MoreIS IT A GOOD TIME TO BUY-TO-LET?
Expanding your property portfolio can help increase your financial security — but is now a good time to buy-to-let?
(more…) Read MoreFULL EXPENSING: THE NEW CORPORATION TAX INCENTIVE EXPLAINED
In his Budget speech in March earlier this year, Chancellor Jeremy Hunt kicked off the Government’s plan for growth with changes to business tax legislation, a key policy being ‘full expensing’.
(more…) Read MoreTax Insider May 2023
Included in this months article:
- HMRC releases guidance on LTA abolition
- Digital service tax could become permanent
- New business rates bill aims to “Let communities thrive”
- HMRC U-turns on paper only self assessments
Government Gateway and Pensions
HMRC is increasingly using the online tax accounts, or Government Gateways to allow you to access your tax information and forms such as tax calculations for mortgages.
(more…) Read MoreTax Card 2023/24
Here is your new tax card.
(more…) Read MoreTax Insider April 2023
Included in this month’s article:
- Finance sector increases female representation
- Government extends voluntary NI deadline
- Chancellor removes lifetime pension limit
- Super-deduction replaced by “full expensing”
INVESTMENT ZONES EXPLAINED
In his first Spring Budget as Chancellor, Jeremy Hunt announced a number of ‘investment zones’ across the country.
The programme will provide 12 areas, split across England, Wales, Scotland and Northern Ireland, with £80 million in support and “put powers and money in the hands of communities that need it most”.
(more…) Read MoreESG: HOW GREEN ARE YOU?
Environmental, social and governance (ESG) is a set of standards that measures how green, socially conscious and well-run a business is.
By looking at your business through an ESG lens, you may be able to predict how sustainable it is in the long run.
(more…) Read MoreFacing the future: Spring Budget 2023
The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. The information in this report is based upon our understanding of the Chancellor’s 2023 Spring Statement, in respect of which specific implementation details may change when the final legislation and supporting documentation are published.
This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. Pension eligibility depends on individual circumstances.
Whilst considerable care has been taken to ensure that the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information.
(more…) Read MoreTAX RELIEF ON PENSIONS
Tax relief is one of the best features of using a pension to save for retirement.
When you pay into your pension, some of the money that would have gone to the Government as tax goes instead into your pension pot, which can help reduce the amount of tax you pay and boost your savings.
Read MoreMTD FOR ITSA: WHAT YOU NEED TO KNOW
Making Tax Digital for income tax self-assessment (MTD for ITSA) was originally set to roll out in 2018, but the road to personal tax digitalisation has been relatively rocky to date.
(more…) Read More