Category: Business Advice

Double whammy from rising prices

Double whammy from rising prices

Rising prices hurt just about everyone, but small business owners face a double whammy: the impact on their own spending power, but also less revenue coming in from cash-strapped customers.  The volume of retail sales fell 1.4% in March, with […]

Off-payroll mistakes now penalised

The private sector off-payroll working rules have been in place since April 2021, but for the first 12 months businesses have benefitted from HMRC’s relaxed stance on penalties. HMRC will now, however, penalise mistakes made in applying the rules. HMRC […]

Company insolvencies on an upward trend

Although showing a slight improvement from March, the number of company insolvencies in April of this year was more than double the number from April 2021. This shows just how important it is to get advice sooner rather than later […]

HMRC withdraws P11D PDF alternative

HMRC has decommissioned its interactive PDF that businesses have been using to submit up to 150 P11Ds. For 2021/22, former users will instead have to turn to HMRC’s PAYE online service or use commercial payroll software. The deadline for filing […]

The Chancellor’s May economy statement: all about energy

Economy Statement In late May, the Chancellor announced new measures to counter the rising cost of living, in particular energy prices. Source: Ofgem. Initial measures for 2022 In early February 2022, the Chancellor announced a package of measures to reduce […]

more disclosure on the cards for businesses

A downside to running a limited company is that financial information is publicly available. However, micro-entities and small companies do not have to file a profit and loss account, so available information is somewhat restricted. This situation is set to […]

7 cashflow planning tips

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 […]

news round up

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, […]

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