News
April 29, 2024
Avoiding Business Pitfalls: 7 things you should NOT do as a business owner
Recent surveys of UK business owners show us to be under pressure. This is no surprise. As a business owner, you’re constantly juggling multiple responsibilities and facing a myriad of challenges. While there are countless strategies for success, it’s equally important to be aware of potential pitfalls that could derail your efforts.
April 26, 2024
Don’t get caught out by tax avoidance
HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company.
April 24, 2024
Inflation falls in March
According to the latest figures released by the Office for National Statistics, the Consumer Prices Index (CPI) rose by 3.2% in the 12 months to March 2024. This is down from 3.4% in February.
April 22, 2024
Procurement – can the principles work for smaller businesses?
The government recently published a press release congratulating its procurement department on its 10th anniversary for saving taxpayers £3.8 billion last year.
April 19, 2024
Have you checked your tax code?
Prior to the tax year starting each 6 April, HM Revenue and Customs (HMRC), will issue new tax codes to employees, usually where there is a change of tax code.
April 17, 2024
Is your business Disability Confident?
New Disability Confident guidance has been published to help managers recruit, retain, and foster the progression of disabled people and those with health conditions in the workplace.
April 15, 2024
Unleash the power of generative AI: A potential game-changer for your business
As accountants, we understand the importance of leveraging technology to drive efficiency and innovation in business operations. In this article we will introduce you to the concept of generative artificial intelligence (AI) and the transformative power it could have for your business.
April 12, 2024
What is the future for the National Minimum Wage?
The Low Pay Commission (LPC) has published a report on the future of the National Minimum Wage beyond 2024.
April 10, 2024
April is Stress Awareness Month
The Health and Safety Executive (HSE), via their Working Minds campaign, has declared April Stress Awareness Month.
April 8, 2024
Thinking of buying another business? What due diligence should you consider?
When in business, it’s not uncommon to be approached by another business with a view to you buying the business or entering a partnership deal. It might be a competitor that approaches you, or it could be a customer or supplier.
April 5, 2024
Payroll reminder – National Insurance rate reducing from 6 April
From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply.
April 4, 2024
Could the VAT Annual Accounting Scheme be good for your business?
VAT-registered businesses normally submit their VAT returns and payments to HM Revenue and Customs 4 times a year. However, HM Revenue and Customs also offer an Annual Accounting Scheme for businesses with a taxable turnover of £1.35 million or less.
March 28, 2024
Major reforms to apprenticeships announced
The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses.
March 27, 2024
Employers – Are you ready for the new tax year?
The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year.
March 25, 2024
Increase to small company thresholds
Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium sized business is required to do.
March 22, 2024
Are you or your employees making good use of Tax-Free Childcare?
Tax-Free Childcare is available to working families to help them save on their childcare costs. However, many may not be making use of this provision and with the Easter break soon upon us, HM Revenue & Customs (HMRC) is encouraging families who have not yet signed up to consider doing so.
March 20, 2024
Redundancies – what factors should be considered?
In times of economic uncertainty or because of operational challenges, you may find your business is facing tough decisions, including the possibility of redundancies. While such situations can be daunting and emotionally challenging, careful consideration and planning can help reduce the impact on both employees and the business as a whole.
March 18, 2024
2024 – The year of the SME
2024 seems to be a good year to be a small business. The UK Government is doubling down on its commitment to the nation’s 5.5 million small businesses by announcing the launch of a new Small Business Council.
March 15, 2024
Spring Budget – VAT registration threshold increases
The thresholds for VAT registration and deregistration have remained static for the last 7 years, however an increase in the thresholds was announced in the Spring Budget.
March 13, 2024
Spring Budget - National insurance cuts – what they mean to you as an employer
The national insurance cuts in the Spring Budget have made most of the Budget-related headlines. So, what is the effect of this on you as an employer?
March 11, 2024
Spring Budget – A budget for long-term growth?
Jeremy Hunt, Chancellor of the Exchequer, delivered his Spring Budget 2024 speech on 6 March 2024. This potentially is the last budget before the next general election, which will need to be held before 28 January 2025. The Budget was designed to emphasise the government’s good achievements as well as to appear to lower taxes and curry favour with voters.
March 8, 2024
Making Tax Digital: New policy paper published
A new policy paper has been released by HM Revenue and Customs (HMRC) on Making Tax Digital for Income Tax Self Assessment for sole traders and landlords.
March 6, 2024
Are you eligible for a £252 saving on your tax bill?
With the tax year ending on 5 April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money.
March 4, 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 VAT accounting.
March 1, 2024
Update expected to the Code of Practice on requests for flexible working
The Advisory, Conciliation and Arbitration Service (ACAS) has released a final draft of a new Code of Practice on requests for flexible working. The draft Code received consultation in 2023 and is now awaiting parliamentary approval. If it is approved, then the new Code is expected to come into force in April 2024.
February 28, 2024
Companies House fees to increase from 1 May 2024
Companies House have reviewed the fees they charge and have released details of the new charges that will apply from 1 May 2024.
February 26, 2024
Exploring tax implications: Limited company vs Sole Trader
When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider. Two popular options are operating as a sole trader or forming a limited company. Each of these options comes with its own set of pros and cons, especially when it comes to tax.
February 23, 2024
What’s your policy on scanning QR codes?
Since the COVID lockdowns, QR codes have become increasingly commonplace as a quick way to direct people to websites, to log into online video services on smart TVs and TV boxes, or to order or pay for goods and services.
February 22, 2024
HMRC warns about an increase in tax refund scams
HM Revenue and Customs (HMRC) are warning that fraudsters could focus on Self Assessment taxpayers.
February 20, 2024
Inflation stays flat
Official figures were released last week showing that inflation remains at 4% in the year to January.
February 9, 2024
No final decision yet on a digital pound
The Bank of England and HM Treasury have published their response to a consultation on a digital pound that was started in February 2023.
February 8, 2024
Cuts to National Insurance rates benefit January pay packets
The 12% to 10% employees national insurance rate cut first announced in the Autumn Statement came into effect in January. This means that many employees will have seen a boost in their take home pay in their January pay packet.
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