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Knowledge hub
9 Tax Saving Tips for Company Directors
For those who do not want to pay more taxes than they are legally obliged to, here are some methods that the government has made available to you.
Featured
Spring Budget 2023
Just a few days short of the third anniversary of the first Covid lockdown, Chancellor Jeremy Hunt rose to the Despatch Box to deliver the first full Budget to have taken place in 504 days and the first unaffected by the immediate impact of the pandemic since October 2018.
Featured
Blog 
Paper VAT registration to be abolished in latest digital move
In the latest move in their Making Tax Digital (MTD) campaign, HM Revenue & Customs (HMRC) is removing paper VAT registration from 13 November 2023.
Blog
Navigating the Capital Gains Tax annual exemption reduction – a reminder of what you need to know
Blog
Business
Small business confidence dips ahead of new customs controls coming into force
Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.
Business
Large number of businesses looking to recruit more staff
It is perhaps a sign of confidence returning to the UK economy that a significant number of British businesses believe they will be recruiting staff over the coming year.
Business
Spring Statement 2022 summary
Mr Sunak found himself addressing MPs against a background of crisis, with the residual impact of COVID, the invasion of Ukraine and the cost-of-living crisis all affecting the economy in different ways.
Business
Bank campaign launched as businesses baffled by carbon jargon
The British Business Bank has launched a campaign to alert and encourage SMEs to make the most of the commercial benefits of investing in decarbonisation.
Business
Be prepared if you decide to adopt a working from home policy
So, it seems sensible that both employers and members of staff take full advantage of any tax breaks or allowances available for those not in the office.
Business
Be aware of your obligations when using subcontractors
They carry out work that the contractor can’t perform, but remains responsible for, while the subcontractor provides his or her services under a contract for service.
Business
The benefits of taking on an apprentice
With the current labour shortage affecting pretty much all areas of the economy, taking on an apprentice could reap rewards for many businesses.
Business
Neglected commercial properties could be transformed by new initiative
Hundreds of neglected commercial properties could be transformed by a coalition of landlords and retailers with Government support.
Business
How can tourism businesses achieve Net Zero?
Whilst the Government has outlined its plan to be Net Zero by 2050, your business should have a plan in place to lower its carbon footprint.
Business
Extended Enterprise Management Incentive valuation period to be wound down
Businesses have been reminded of a change in a share option scheme that enables companies to attract and keep key staff by rewarding them with a share of the business.
Business
Taxman reminds couples to take advantage of Marriage Allowance
Marriage Allowance allows married couples or people in civil partnerships to share their personal tax allowances if one partner earns below the Personal Allowance threshold of £12,570, and the other is a basic rate taxpayer
Business
Savers facing being taxed on interest for the first time
Rising interest rates are a worry for those with a mortgage or loan, but for savers, it means an increase in their investment as savings rates rise.
Business
Tax year basis reform: Should I change my year-end?
In the first blog of this series on tax year basis reforms, we will be discussing the new rules that will affect how unincorporated businesses are taxed from 2023/24.
Business
First lenders announced for new Recovery Loan Scheme
The first batch of lenders accredited to take part in the latest version of the Recovery Loan Scheme (RLS) has been announced.
Business
Interest rate hike puts pressure on taxpayers behind on payments
In light of the recent increase in the Bank of England’s base rate, HM Revenue & Customs (HMRC) has announced a rise in interest on both late paid tax and repayments of tax.
Business
More than 90 businesses created every hour
A new survey has revealed that 93 new businesses were created every hour across the UK in the first half of 2022.
Business
SMEs struggle as number of late payments increase
Small businesses are still struggling from the scourge of late payments, with a new survey showing a six per cent increase in the amount owed over a year ago
Business
The recipe to business success and how to deal with it
Success comes with its own unique challenges and we have several tips for you to manage growth and success in the best way possible.
Business
Struggling with your cashflow? Here are our top tips
Maintaining a healthy cashflow sometimes feels like a big headache, especially with the ongoing cost of living crisis hiking your costs.
Business
Firms involved in four-day week pilot satisfied with progress
Firms that signed up to take part in a four-day working week trial have reported the scheme is going well at the halfway point.
Business
Fiscal Statement
With a new King at the Palace and a new Prime Minister at Number 10, it was no surprise that the new Chancellor at Number 11 used his first statement to the House of Commons to signal a “new era” for fiscal policy.
Business
Why management accounts are vitally important for businesses
It may seem obvious, and the clue is in the name, but management accounting reports can provide vital insights into the performance of a business.
Business
Late payments add to the costs burden for SMEs
Small businesses, or SMEs, are the lifeblood of the country and their financial stability is a major factor in keeping the economy moving
Business
Self Assessment customers could be a target for fraudsters as deadline approaches
With the deadline for returning paper Self Assessment tax returns for the 2021 to 2022 tax year rapidly approaching, HM Revenue & Customs (HMRC) has warned taxpayers to be on the lookout for fraudsters.
Business
How you can make your payroll run smoothly
The smooth running of payroll is vital as your staff are one of the most important parts of your business
Business
Looking to grow – What are the benefits of networking? And how can your accountant help?
Communication and networking may not seem a priority for busy SMEs struggling against economic headwinds at the moment.
Business
Taxpayers urged to file Self-Assessment form online
The deadline for filing paper returns for Self-Assessment is now imminent, but the taxman is also reminding taxpayers that there are now less than 100 days left to file their returns online.
Business
Top tips for launching a successful start-up
Although many new entrepreneurs already have a clear vision of what they want to do, they may not know where to start.
Business
Avoiding obstacles with the Construction Industry Scheme
Under the Construction Industry Scheme (CIS), contractors take money from a subcontractor’s payments and send it to HM Revenue and Customs (HMRC).
Business
HMRC raises interest rates on late payments from 22 November
HM Revenue & Customs (HMRC) will raise the interest rates on tax debt from 22 November following the 0.75 per cent increase in the Bank of England base rate.
Business
Number of R&D claims fall in HMRC fraud crackdown
A crackdown on suspected Research and Development (R&D) tax credits fraud by HM Revenue & Customs (HMRC) has led to a fall in claims for the first time.
Business
Accountants helping businesses make savings, says survey
Accountants are saving businesses time and money as well as easing the pressure of rising inflation, according to a new survey.
Business
Autumn Statement 2022
The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and spending cuts.
Business
Be prepared for changes to Capital Gains Tax thresholds
The Capital Gains Tax allowance (CGT) reductions announced by Chancellor Jeremy Hunt in November’s Autumn Statement could have a significant impact on investors.
Business
The importance of cash flow for tourism businesses
With the busy Christmas period approaching, businesses operating in the hospitality and tourism sector will be dealing with increased demand.
Business
Small businesses gearing up for a bumper Christmas
Small businesses expect to make two-thirds of their yearly revenue over the festive period.
Business
Business goals – how should you keep track of your performance?
Business goals are vital to future success but it is equally as important to keep track of how your business is performing.
Business
Company name or trading name – what is the difference?
What’s in a name is a question often asked. Well, quite a lot actually when it comes to establishing a business.
Business
Furnished Holiday Let Tax: What do you need to know?
If your property qualifies as an FHL, it is classed as a ‘trade’ by HM Revenue & Customs (HMRC), meaning you are entitled to various tax advantages.
Business
How the cloud has made an impact on UK business
The impact of the “cloud” cannot be overestimated and has revolutionised the way we do business in the UK and the rest of the world.
Business
What you need to know when setting up a business
There is much to consider when setting out, including funding, staffing, strategies, sales, marketing and financial forecasts.
Business
Is your business going for growth? What you need to think about
Many businesses think of growth in terms of increased sales, but it’s also important to focus on how to maintain or improve your profitability.
Business
Don’t pay the penalty for filing late tax returns
For those who got their 2021 to 2022 Self-Assessment wrapped up before Christmas, they can enjoy the festivities. But delay too long and miss the 31 January deadline and you risk having to pay a penalty.
Business
How cloud accounting can make your business grow
Traditionally, accounting processes were carried out using software and spreadsheets on a desktop computer. With cloud accounting, data can be accessed from any device with an internet connection anywhere in the world.
Business
Spring Budget 2023
Just a few days short of the third anniversary of the first Covid lockdown, Chancellor Jeremy Hunt rose to the Despatch Box to deliver the first full Budget to have taken place in 504 days and the first unaffected by the immediate impact of the pandemic since October 2018.
Business
What are the different types of car financing?
A range of car financing options are available for individual buyers and businesses alike.
Business
Hybrid company cars: What do you need to know?
Hybrid cars offer several benefits, such as lower emissions and reduced fuel consumption. But did you know hybrid cars can also provide tax incentives?
Business
Paper VAT registration to be abolished in latest digital move
In the latest move in their Making Tax Digital (MTD) campaign, HM Revenue & Customs (HMRC) is removing paper VAT registration from 13 November 2023.
Business
Navigating the Capital Gains Tax annual exemption reduction – a reminder of what you need to know
Business
Compliance
HMRC asks sole traders to correctly report SEISS grants or “repay in full”
Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.
Compliance
Making Tax Digital – what you need to know ahead of 2022-23
From April 2022 all VAT-registered businesses need to comply with MTD for VAT. MTD applies to taxpayers who file Income Tax Self Assessments for business or property income of more than £10,000
Compliance
Real-time online sanctions tracker to assist importers and exporters
Any business involved in international trade, whether importing, exporting or part of the supply chain supply to those firms, is faced with a rapidly changing regulatory environment.
Compliance
Can a business fund a garden office and what are the drawbacks?
As the debate over home working, returning to the office or some form of hybrid working plays out in the wake of the pandemic, some novel, but still workable solutions have come to the fore, including the garden office.
Compliance
HMRC taking a hardline approach over suspect R&D claims
The tax authority has been sending thousands of letters to taxpayers probing potential dishonest activity and claims, which has provoked alarm over possible criminal action.
Compliance
Survey shows taxpayers are still unprepared for Making Tax Digital switchover
A new survey on Making Tax Digital (MTD) shows taxpayers have an alarming lack of readiness and enthusiasm for the changeover and a lack of awareness that MTD for Income Tax begins in less than two years.
Compliance
Economy
Small businesses call for Government support to tackle climate change
According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.
Economy
Hospitality bosses develop new strategies to cope with staff shortages
Hospitality business owners have responded positively to the staff shortages caused by the pandemic, by increasing wages and implementing improved staff retention strategies.
Economy
Everything you need to know about the new WTO Services Domestic Regulation
New World Trade Organisation (WTO) rules are set to cut the cost of global trade by billions of pounds every year, it has been announced.
Economy
Brexit Freedoms Bill to be brought forward
The Brexit Freedoms Bill will be brought forward to “cut red tape” and improve trading conditions for British businesses, it has been announced. The new laws will make it easier to amend or repeal outdated “retained EU law” to support international growth.
Economy
Brexit: have your say on the future of customs
The Government is calling on businesses, traders and the public to have their say on the future of customs. The call for evidence comes after the introduction of full customs controls in January this year, forcing thousands of traders to change the way they do business.
Economy
UK Single Trade Window to save traders time and money in wake of Brexit
The Government is planning to build a central hub to “encompass everything traders do” to support businesses in the wake of Brexit. Known as the Single Trade Window, the digital service will allow international traders to input all of their import and export data in one place.
Economy
Brexit: new competition rules to replace retained EU laws
The Government is set to repeal EU laws that discourage “efficiencies, investment, and innovation” and replace them with regulations that work for British businesses, it has been announced.
Economy
International trade: UK moves into second and final phase of accession to join CPTPP
The UK has moved into the second and final phase of accession to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), it has been announced.
Economy
Industry leader says economy will be hit by removal of diesel rebate
The removal of the red diesel rebate in April will have a major impact on the economy, a leading construction business organisation has claimed, and called for the measure to be deferred.
Economy
Brexit: UK exports to single market fall amid “unstable” trading environment
UK exports to the European Union have fallen by almost £20 billion since leaving the single market in 2021, a major study has revealed.
Economy
Post-Brexit customs rules eased to allow aid to flow to Ukraine
The Government has relaxed customs rules for goods heading to Ukraine after aid donations to the embattled country were held up due to Brexit confusion. The rules have been eased after post-Brexit bureaucracy left lorries with supplies meant for Ukraine stuck at the border in Dover for days.
Economy
£1.1m training fund gives helping hand to UK exporters
British exporters are being offered a helping hand with a training and consultancy package to help them boost their businesses. They are being given access to a £1.1 million programme to help them trade more effectively overseas.
Economy
How the Spring Statement will affect businesses and individuals
The Chancellor’s Spring Statement has attracted a mixed reaction, with some tax changes going ahead, some promised later and a hoped for move on VAT in the hospitality sector not appearing.
Economy
Divided opinion over the introduction of new border import controls
The Independent news website earlier this week that the Government is exploring a delay to new controls on imports from the EU because of growing alarm over the cost of living crisis.
Economy
Big fall in businesses exporting to EU ‘caused by Brexit red tape’
Industry experts said the fall is due to the extra red tape UK businesses must now comply with when exporting to the EU.
Economy
Setting up in the EU – An alternative solution to Brexit trade challenges?
Many businesses are still trying to get to grips with the new and changing EU-UK trade rules more than two years on from Brexit. However, a growing number of UK companies are trying an alternative approach – setting up in the EU.
Economy
What impact are Brexit rules having on EU-UK trade?
According to the latest LSE Centre for Economic Performance study, imports from the EU to the UK fell by a quarter relative to those from elsewhere in 2021
Economy
Ports consider legal action after border controls delayed again
Further delays on border controls at UK ports caused by Brexit have led to some of the country’s biggest ports threatening to sue the Government.
Economy
Post-Brexit row over Northern Ireland sparks trade war fear
The UK Government has announced it will introduce a new law to change the post-Brexit trade deal for Northern Ireland, known as the Northern Ireland Protocol.
Economy
British science projects hit by Brexit row with EU
The EU is preventing British scientists from joining the €95 billion (£80 billion) Horizon Europe research funding programme.
Economy
Exports have still not recovered to pre-Brexit levels says survey
UK exports to the EU are still significantly below pre-Brexit levels, according to the Office for National Statistics (ONS).
Economy
Home Office facing probe over post-Brexit EU resettlement scheme
The Home Office is under investigation over whether it has fulfilled its obligations to EU citizens in this country who are seeking settled status.
Economy
How can tourism businesses achieve Net Zero?
Whilst the Government has outlined its plan to be Net Zero by 2050, your business should have a plan in place to lower its carbon footprint.
Economy
Tourism Tax – Will it help or hamper small tourist businesses?
Firms that signed up to take part in a four-day working week trial have reported the scheme is going well at the halfway point.
Economy
SME
Paper VAT registration to be abolished in latest digital move
In the latest move in their Making Tax Digital (MTD) campaign, HM Revenue & Customs (HMRC) is removing paper VAT registration from 13 November 2023.
SME
Tax
Paper VAT registration to be abolished in latest digital move
In the latest move in their Making Tax Digital (MTD) campaign, HM Revenue & Customs (HMRC) is removing paper VAT registration from 13 November 2023.
Tax
Tax Planning
Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal
Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.
Tax Planning
Be aware of tax liabilities if you are using cryptocurrencies
For those who have dabbled in the market, its important for them to understand that there may be tax liabilities with Captial Gains Tax and Income Tax, with any transactions whether with currency or other crypto assets.
Tax Planning
Did you use a Bounce Back Loan to cover personal expenses during the pandemic? Act now to avoid tax consequences
If you received a Bounce Back Loan (BBL) during the coronavirus pandemic and took the cash as drawings, there may be additional tax consequences.
Tax Planning
Tax cut and Employment Allowance rise comes into effect
Due to the increase of the employment allowance, smaller companies will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs).
Tax Planning
Be prepared if you decide to adopt a working from home policy
So, it seems sensible that both employers and members of staff take full advantage of any tax breaks or allowances available for those not in the office.
Tax Planning
How to minimise Inheritance Tax bills as house prices surge
More and more people are being drawn into paying Inheritance Tax (IHT), as the price of property soars.
Tax Planning
Britons lose millions in penalty charges as they cash in LISAs
Millions of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges.
Tax Planning
Tax credit claimants reminded of deadline as 33,600 use new app
As the deadline for renewing tax credits approaches, HM Revenue & Customs (HMRC) has revealed that 33,600 people have used their new app to renew.
Tax Planning
Back to Basics on Business Mileage
Ask anyone who either uses their vehicle for business reasons, or puts fuel in a company car, and you will soon realise business mileage can be a confusing topic.
Tax Planning
9 Tax Saving Tips for Company Directors
For those who do not want to pay more taxes than they are legally obliged to, here are some methods that the government has made available to you.
Tax Planning
Tax year basis reform: Should I change my year-end?
In the first blog of this series on tax year basis reforms, we will be discussing the new rules that will affect how unincorporated businesses are taxed from 2023/24.
Tax Planning
Furnished Holiday Lets – What tax reliefs are available?
The UK has seen a boom in the ownership of Furnished Holiday Lets thanks to the increase in staycations.
Tax Planning
Back to basics: Job expenses
Expenses incurred by employees are generally the responsibility of the employer.
Tax Planning
Homebuyers make savings as stamp duty thresholds rise
For those homebuyers facing higher mortgages, changes to Stamp Duty Land Tax (SDLT), or stamp duty, announced in September’s mini-Budget will ease some of the pain.
Tax Planning
The significance of ‘One To Many’ letters from HMRC
Letters have been sent out to individuals listed as ‘Persons of Significant Control’ (PSC), urging them to check and, where necessary, correct their tax returns.
Tax Planning
More people to be caught by higher income tax bands
Nearly three-quarters of a million more people are likely to be caught by the 40 per cent income tax bracket from next April.
Tax Planning
Implementation of MTD for ITSA delayed for two years
The delayed implementation of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) means it will now be phased in from April 2026 for a smaller number of businesses, rather than the original launch date of April 2024
Tax Planning
