Cash flow planning in these uncertain times may appear difficult but there are some practical steps you can take to minimise potential disruption to your business: Review your budget and set realistic and achievable targets for the remainder of your financial […]
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Budgeting: it’s a good financial discipline and in 2022 it’s in vogue
With the economic climate continuing to be uncertain with multiple factors impacting the short and medium term outlook, it is more important than ever to have an annual budget in place for your business that you review regularly. Knowing where […]
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HMRC late payment interest rate rise HMRC’s late payment interest rate has increased to 3.25% from 5 April 2022. It applies to the main taxes and duties administered by HMRC. If you are at risk of making a late payment, […]
simplified probate reporting
Changes introduced from the start of this year have simplified the process for obtaining a grant of probate (certificate of confirmation in Scotland) and limited the circumstances when a full inheritance tax (IHT) account needs to be delivered to HMRC. […]
closing tax loophole on second homes
Owners of second homes in England who claim exemption from council tax by reporting them as holiday lets will in future have to provide evidence of actual letting. The current rules allow owners to pay business rates instead of council […]
managing rising employment costs
National Minimum and Living Wage increases from April, alongside the rise in national insurance contributions (NICs), mean employers need to ensure they’ve planned for the changes. One approach to mitigating the impact, that will work for both employers and employees, […]
making the most of business disposal reliefs
If you are a company owner planning to sell your business in the future, you can make sure that the chargeable gain on your shares is taxed at 10% rather than 20% – in other words that the disposal qualifies […]
understanding directors’ loan accounts
The tax charge on loans between a director and their company increased from April. Such loans are common practice, but problems can arise if these transactions are not properly accounted for. There are various reasons why a director can end […]
is your financial risk strategy up to date?
If the pandemic – and now the Ukraine war – have taught small and medium-sized business owners anything, it is the value of staying agile in changing circumstances. Regular assessment of financial risks, and your strategies to meet them, will […]
A new breed of digital nomad
The pandemic has freed many workers from the confines of the office, leading to the emergence of a new breed of digital nomad – people who can take their laptop, jump on a plane and set up a remote ‘office’ […]
The next step for Making Tax Digital
Making Tax Digital (MTD) for VAT has been in place for three years, but this first phase excluded voluntarily registered businesses beneath the registration threshold. From 1 April 2022, all VAT-registered businesses must implement MTD regardless of turnover. The vast […]
NICs boost for the self-employed
Prior to the March Spring Statement, most self-employed individuals were facing increased national insurance contribution (NIC) bills this year. However, those with profits up to and just over £28,000 will now see a fall in the amount they pay compared […]
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