In these straightened times, salary may be preferable to receiving a benefit. However, the attraction of salary sacrifice has increased since 6 April, and when it comes to pensions it makes sense to take a longer-term view. NIC savings Salary […]
Category: Business Advice
new house rules: more details on the changes proposed for micro and small companies
Companies House is to be extensively reformed into a more active body under new government proposals. The Registrar will be given powers to become a custodian of more verifiable information rather than just a keeper of submitted company records. One […]
New proposals will force micro and small businesses to disclose their annual profit and loss account
Companies House is also to be extensively reformed and one key change will see all smaller companies filing a profit and loss account. There are some 4.4 million active companies registered with Companies House, and the vast majority of these […]
Managing your business through high inflation
Businesses trying to cope with 9%-10% inflation face a difficult balancing act. For many there is a stark choice between potentially alienating customers by increasing prices too sharply or absorbing increased costs and risking their own survival. Staff shortages and […]
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 […]
HMRC shares 5 ways you can get financial support for your business
HMRC has published government support that is available for SMEs to access that will help you to invest and grow your business. The 5 ways you can get financial support are summarised below by HMRC and you can visit GOV.UK […]
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 […]
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