Deciding to become an employer is a significant milestone for any business. It marks a phase of growth and the need for additional support.
In this guide, we will explain what becoming an employer entails, the steps required, the key considerations, and the changes that come with this decision. We’ll also consider the pros and cons to help you make an informed choice.
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Capital gains tax (CGT) is the tax on the profit you make when you sell or ‘dispose of’ an asset that has increased in value during your ownership. It is important to note that the tax is levied only on the gain made from the sale, not the total sale price.
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Included in this month’s article:
– HMRC Contacts Pending for Claimants
– House Prices Rise Slightly Again
– Media Sector Faces Scrutiny from HMRC
– Only 13% of Bounce Back Loans Paid Off
Understanding your business’s value is more than a number on a balance sheet – it’s a crucial indicator of your company’s health and future potential. Whether considering a sale, seeking investment or planning strategic moves, a precise valuation provides robust information.
With this spotlight, we aim to guide you through the essentials of business valuation, helping you realise your company’s worth in clear terms.
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Financial planning is undoubtedly the bedrock of successful wealth management, serving as the critical first step in a lifelong journey of financial growth and security. The process begins with a thorough evaluation of your current financial situation, a crucial stage that involves a detailed analysis of your assets, liabilities, income and expenditures. This comprehensive review is not just about numbers; it’s about understanding the story behind your financial decisions and how they align with your future goals.
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INCLUDED IN THIS MONTHS ARTICLE:
– HOUSE PRICES FALL FOR THE SECOND MONTH IN A ROW
– UK PREDICTED SLOWEST GROWTH AMONG RICH NATIONS
– SME ENERGY STANDING CHARGES ARE TOO HIGH
– MPS WARN UNFAIR BANKING IS HARMING SMALL FIRMS
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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
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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.
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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.
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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.
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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.
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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
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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.
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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?
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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.
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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
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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?
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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.
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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
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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.
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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
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.
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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.
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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
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.
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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.
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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.
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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
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How will technology impact your business’s financial future?
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How to plan your finances ahead of retirement.
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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
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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.
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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.
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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.
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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.
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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
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INCLUDED IN THIS MONTHS ARTICLE:
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.
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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.
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INCLUDED IN THIS MONTHS ARTICLE:
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 MoreWe’ve over halfway through 2023, so now is the opportune moment to review your business and progress for the year.
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Included in this month’s article:
Investments, always subject to a variety of risks that can impact their value, are never safe.
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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.
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Expanding your property portfolio can help increase your financial security — but is now a good time to buy-to-let?
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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 MoreIncluded in this months article:
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.
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Here is your new tax card.
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