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.
Category: Business Advice
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,
Pay attention to tax codes
The easiest way a person can check and correct a tax code is by logging onto their personal tax account using their Government Gateway user ID and password.
HMRC sets its sights on hidden electronic sales
Any software designed to facilitate the under reporting of sales is essentially a tax evasion tool and should always be avoided.
Profit withdrawal changes for 2023/24
From 1 April 2023, the current 19% rate of corporation tax will only be available for the first £50,000 of profits.
New energy bill support scheme for businesses
A new business energy support scheme is set to run from 1 April 2023 to 31 March 2024 but will be less generous than the scheme currently in effect.
Company cars: not-so-free fuel
If your employer pays for the fuel in your company car, it may cost you more than you expected.
Tax rules changing 1 April for Associated companies
Small company owners should by now be aware of the corporation tax changes taking effect from 1 April 2023, but with the associated company rules being introduced at the same time, don’t be caught off guard. From 1 April 2023, […]
Autumn Statement – 17 November 2022
The Chancellor Jeremy Hunt’s Autumn Statement came against the background of a Spring Statement and a September ‘mini-Budget’ (which has now been substantially reversed). The overall context is a European recession and high inflation in the wake of the pandemic […]
planes, trains and automobiles – managing employees’ transport challenges
With strikes and cancellations affecting trains, the underground and flights, employers need to decide how they are going to treat employees who cannot get into work or are stuck overseas. Commuting Although inconvenient, there is generally plenty of notice when […]