19-Jul-2024
New VAT registration tool released by HMRC
HM Revenue & Customs have released a new tool designed to help businesses find out what VAT registration would mean for their business. VAT registration becomes mandatory if: your total taxable turnover exceeds £90,000 over the previous 12 months. you expect your taxable turnover to go over £90,000 in the next 30 days. you’re based […]
16-Jul-2024
Exploring finance options for small businesses: A guide to fuelling growth
Shawbrook Bank recently conducted research that indicated that half of small business owners have had to raid their savings to fund their businesses. Its survey found that small businesses applying for finance from lenders over the last year said that it didn’t meet their needs. So, they were using savings and credit cards to provide […]
12-Jul-2024
Are you an early bird?
HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self-assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year, 246,210 returns were filed in […]
01-Jul-2024
Reminder: P11D form submission deadline rapidly approaching
The deadline – 6 July – for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It’s important for all employers to understand their responsibilities regarding this crucial tax form. Whether you’re a seasoned business owner or new to the world of employment taxes, we’re here to guide you through the […]
24-Jun-2024
Buying a second home: what should you think about?
As accountants, we are often asked about the financial and tax implications of buying a second home. Sometimes the pull of a country or seaside retreat might inspire you to think about having a second home. Or maybe you have spare cash or income and are wondering if a second home could be a good […]
17-Jun-2024
Choosing the best way to finance business asset purchases: Lease, Contract Hire or Hire Purchase?
Picture this: your business is booming, and it’s time to invest in some new equipment or a company vehicle. But with so many financing options out there, how do you decide which one of them is right for you? Let’s break down three popular choices – leasing, contract hire, and hire purchase – so you […]
13-Jun-2024
Admitting a new partner into the partnership: What should you consider first?
For businesses that run as a partnership, there often comes a time where you need to consider admitting a new partner into the partnership. Perhaps it’s a case of looking for someone who will pave the way for an existing partner to retire, maybe it’s a family business and there are plans to bring the […]
06-Jun-2024
Understanding economic changes: How recent events affect businesses
Data releases in recent weeks from the Office of National Statistics (ONS) coupled with Bank of England decisions might make recent news about the economy seem a bit confusing. Understanding how this news affects businesses is important so let’s break it down. Growth in the economy The latest reports show that the economy grew by […]
28-May-2024
How can you save on capital gains tax?
Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of us are likely to be affected […]
20-May-2024
Hybrid working – what counts as a business journey for tax purposes?
HM Revenue and Customs (HMRC) has updated its guidance on what qualifies as ordinary commuting and private travel for tax purposes to include hybrid or flexible working. Generally, where an employee works at home as an objective requirement of the job, then HMRC will usually accept that the employee is entitled to tax relief for […]
