15-Apr-2024
Employers – are you ready for the new tax year?
The new tax year began on April 6th and for employers running monthly payrolls, the March pay run was be the last of the 2023/24 tax year. Some things you will need to make sure you do and when you need to do them are listed below: • Send your final payroll report of the year […]
28-Mar-2024
Are you eligible for a £252 saving on your tax bill?
With the tax year ending on April 5th, now is a very good time to check whether sharing unused tax allowances with your partner could save you some money. HM Revenue and Customs (HMRC) say that March is the most popular month for Marriage Allowance applications. Almost 70,000 couples applied in March last year. As […]
18-Mar-2024
Guidance for small businesses using online services
The National Cyber Security Centre has issued some new guidance on “Using online services safely.” To avoid having to set up and manage their own IT infrastructure, many small businesses use online or cloud services. For instance, these might include email, online storage, online accounting and managing of invoicing, website hosting, and social media. The […]
11-Mar-2024
Understanding the pros and cons of the VAT Flat Rate Scheme for businesses
Value Added Tax (VAT) is a significant consideration for businesses. It impacts your cash flow, the amount of admin work needed, and even your overall profitability. One option available to businesses – with a VAT exclusive turnover of £150,000 or less – is the VAT Flat Rate Scheme (FRS), which offers a simplified approach to […]
04-Mar-2024
Unlocking efficiency and growth: The benefits of cloud accounting
In business, staying ahead of, or at least up with, the curve is crucial for success. Over recent years, one of the revolutionary tools that has transformed the way businesses manage their finances is cloud accounting. Cloud accounting offers many benefits over traditional, on-premise accounting systems. Let’s discuss some of them. What are the benefits […]
20-Feb-2024
How to recognise tax scam phone calls, emails and text messages
HM Revenue and Customs (HMRC) has recently published updated its guidance on how to identify tax scams made by phone, email, or text. It advises that if you receive a phone call, email, or text message that purports to be from HMRC, it is likely to be fake if it: rushes you; is threatening; is […]
16-Feb-2024
Year-End Tax Planning: Maximising benefits for your business
We are now within the final two months of the tax year, and for many businesses, the end of the tax year is also the end of the business’s financial year. This can be a good time to review your business tax planning to ensure that you minimise tax. Assessing profit extraction methods Particularly for […]
03-Jan-2024
Countdown For 5.7 million People To File Their Tax Return
With less than a month to go to the self-assessment deadline, HM Revenue and Customs (HMRC) is urging nearly 5.7 million customers to file their tax returns for the 2022 to 2023 tax year. HMRC data shows almost 6.5 million customers have already beaten the Self Assessment clock by filing their tax return including 49,317 […]
27-Nov-2023
UK Economy Growing Faster Than Expected
Chancellor Jeremy Hunt last week unveiled the government’s tax and spending plans in the Autumn Statement. He began his speech by saying that there were 110 measures to “Help grow the British economy”. Growth is better than expected this year according to the Office for Budget Responsibility (OBR), although they said the impact of the […]
18-Oct-2023
Scams warning for 12 million Self Assessment customers
Self Assessment customers are urged to be on the lookout for scam texts, emails and phone calls from fraudsters. This warning comes as HM Revenue and Customs (HMRC) received more than 130,000 reports about tax scams in the 12 months to September 2023, of which 58,000 were offering fake tax rebates. With around 12 million […]
