INtroduction Jeremy Hunt’s second Autumn Statement was set against a much less financially turbulent background than his first. However, politics still loomed large with a likely election in the next 12 months prompting calls for tax cuts from within the […]
Category: Business Advice
economic update
overview The economic backdrop to the Autumn Statement was not as bad as might have been expected from a reading of the March 2023 projections by the Office for Budget Responsibility (OBR). In the spring, the OBR’s first Economic and […]
Autumn Statement: Business Taxes
Capital allowances: full expensing Full expensing, which was originally due to expire on 31 March 2026, is to be made permanent. This allows companies incurring qualifying expenditure on the provision of new plant and machinery to claim a 100% first-year […]
Fraud countermeasure drives R&D tax relief changes
The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure: companies must provide detailed information ahead of making their claim. HMRC figures show that nearly 20% of claims […]
Don’t get caught in the VAT penalties net
The 50th anniversary of the UK’s introduction of VAT was earlier this year, but despite being around for a while, many VAT-registered businesses still find VAT too complex and confusing. No surprise then that more businesses than ever are getting […]
Keeping on top of scams, fraud and cyber crime
With HMRC warning about new scams aimed at persuading people to hand over personal information or money, the government has unveiled a plan to tackle financial scams and frauds which have become increasingly difficult to spot. Following a recent serious […]
Businesses failing to pay minimum wage
Just over 200 businesses – including some of the country’s best-known retailers – have failed to pay the minimum wage and will have to repay workers and face penalties of up to £7 million. The minimum wage rules can be […]
Navigating the Cost of Living Crisis
Supporting Businesses and Your Employees with Practical Solutions The cost-of-living crisis is affecting everyone: businesses and their employees. By taking proactive steps during these challenging times, businesses can help ease the impact of the crisis and emerge stronger in the […]
Increasing company transparency
At present small companies have to file a balance sheet each year but adding a profit and loss account and directors’ report is optional. Most choose not to do so.
Improving employee happiness
High inflation has led to a cost-of-living crisis and strike action by groups of employees demanding pay rises in line with inflation.
New points-based penalties for late VAT returns
A new points-based penalty applies to late VAT returns for VAT periods beginning on or after 1 January 2023. The first monthly return to be affected was the one due by 7 March, with the first affected quarterly return due […]
Winding-up petitions on the rise in HMRC squeeze
HMRC’s use of winding-up petitions to actively chase the money it is owed comes at the worst possible time as many companies struggle to cope with inflationary pressures,
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