Saving for retirement can feel daunting for many self-employed people. Without the workplace schemes that salaried workers often rely on, self-employed individuals must take proactive steps to secure their financial futures. But with the right guidance, pensions can become a valuable tool for your retirement planning.
We’ll walk you through why pensions are vital, your pension options as a self-employed person and some practical ways to maximise your retirement savings.
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Budgeting is the backbone of any business, large or small, providing a roadmap for managing resources, anticipating challenges and setting realistic goals. For small and mediumsized enterprises (SMEs) especially, a robust budget can mean the difference between thriving and simply getting by. In a tough economic climate, effective budgeting has never been more essential for keeping operations smooth and achieving growth.
Let’s look at how to build a business budget that supports your financial health, plans for contingencies and prepares you for the future.
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Included in this month’s article:
– DOUBLE-CAB PICKUPS TO BE CLASSED AS CARS UNDER NEW HMRC POLICY
– TUITION FEES SET TO RISE FOR FIRST TIME IN EIGHT YEARS
– GOVERNMENT CHAMPIONS HEALTH BENEFITS OF WORK IN NEW INITIATIVE
– BANK OF ENGLAND CUTS INTEREST RATES TO 4.75%
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Small and medium-sized enterprises (SMEs) are often seen as the backbone of the economy, contributing significantly to job creation and innovation. As the world becomes increasingly interconnected, more SMEs are considering international expansion as a growth strategy. While this presents exciting opportunities, it also comes with its own set of challenges. We’ll explore how SMEs can expand internationally while managing risks and maximising potential
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Life is full of significant milestones – whether it’s getting married, buying a home or preparing for retirement. These moments can be both exciting and financially challenging. Without proper planning, they can bring unexpected stress. That’s why financial planning is essential for navigating these changes with confidence.
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Included in this months article:
– Private school VAT could affect 55% of parents
– UK house prices near record high
– IFRS 15 meets expectations despite challenges
– Treasury rethinks NON-DOM tax status changes
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Choosing the appropriate structure for your business is one of the first and most important decisions you will make. It affects everything from your tax obligations to the level of personal liability you will face, and even how you can raise funds. If you are thinking of starting a business, or restructuring an existing business, it is worth taking a closer look at the options available to ensure you make the best choice for your business.
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Personal tax compliance checks can sound intimidating. However, with the right preparation and understanding, they don’t have to be. In this spotlight, we aim to walk you through what to expect during a tax compliance check, how to stay organised and ways to handle the process smoothly.
By offering clear, straightforward advice, we hope to give you confidence in facing any compliance check that may come your way.
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Included in this months article:
– New HMRC Advisory Fuel Rates
– Crypto Investors Urged to Review Tax Obligations
– Tax Hike Fears Trigger Assets Sell-Offs
– Price of the Average House Increases in 2024
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Tax-efficient gift-giving is an essential aspect of estate planning that can significantly reduce your inheritance tax (IHT) liabilities while benefiting your loved ones. By carefully planning and utilising the available allowances and exemptions, you can ensure that more of your wealth passes on to your family and less is lost to taxes.
At our practice, we believe that understanding the rules around gift-giving is key to making informed decisions. In this guide, we’ll walk you through the essentials of tax-efficient gift-giving for the 2024/25 tax year.
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Research and development (R&D) tax credits are a crucial incentive designed to encourage businesses to innovate and invest in new technologies, processes and products. Yet, despite their significance, many businesses either aren’t aware of their potential benefits or aren’t fully utilising them.
We explore what R&D tax credits are, who can claim them, and how businesses can maximise their potential.
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Included in this month’s article:
– Bank of England cuts interest rates
– CGT take falls by £2.5 Billion
– HMRC cuts late payment interest rate
– Businesses targeted for NMW compliance
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A statutory audit may sound alarming, but it’s a vital process that helps ensure a company’s financial health
and compliance.
Whether you’re a small business owner or part of a large corporation, understanding what to expect from a statutory audit can ease any concerns and prepare you for a smooth experience.
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As an accounting practice, we often stress the importance of having an emergency fund to our clients. An emergency fund is essential for financial stability, offering a safety net during unexpected situations such as job loss, medical emergencies, or significant repairs.
In this guide, we will outline the steps to build an emergency fund, provide tips for maintaining it, and highlight the benefits of having this financial buffer.
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Included in this month’s article:
– HMRC inheritance tax recovery soars.
– London ranked 8th most expensive global city.
– Council tax debt crisis escalates.
– Labour’s landmark election victory.
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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