Improving your financial health involves strategic planning, informed decision-making, and constant adjustments. There are many factors to consider – so how do you know where to begin?
(more…)
Personal financial planning in 2024: New year, new strategy
The new year marks the start of new beginnings, so there’s no better time to revisit your personal financial strategy. Drawing up an economic plan with clear, achievable goals can improve your long-term financial health and help protect you and your family against external factors.
Whether you’re putting a personal financial plan together for the first time or you want to revisit your strategy, here are a few personal financial planning tips to help you secure your financial future in 2024.
Read More
CHOOSING YOUR ACCOUNTING SOFTWARE
In today’s fast-paced and competitive business environment, having the right tools and systems in place is crucial for success. However, one tool that sometimes gets overlooked is accounting software, which can help you manage your finances more effectively, save time and reduce the risk of costly errors.
(more…)
MID-YEAR ACCOUNTING REVIEW
We’ve over halfway through 2023, so now is the opportune moment to review your business and progress for the year.
Read More
MAKING BUSINESS SAVINGS DURING A RECESSION
Nobody wants one, but a recession in the UK is looming, with the Bank of England (BoE) and British Chambers of Commerce (BCC) predicting the UK will enter one by the end of 2022.
(more…) Read MoreHMRC UPDATES MTD GUIDANCE
After much anticipation from accountancy bodies and businesses, HMRC has finally updated its guidance on Making Tax Digital (MTD), filling in several blanks.
(more…) Read More
Spring loaded: crisis solutions or half-measures?
Amid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ahead of time that he could only do so much.
(more…) Read More
ACCOUNTING FOR CHARITIES & NON-PROFITS
Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives
and objectives.
HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process.
(more…) Read More
HOW TO MANAGE CASHFLOW IN YOUR BUSINESS
During what would normally be the busiest period of the year for businesses in retail, hospitality and other sectors, many will now be keeping a close eye on their cashflow as they deal with the impacts of COVID-19.
(more…) Read More
GEARING UP FOR SELF-ASSESSMENT
With only two months left until the 31 January deadline for online returns, self-assessment is very much on our minds.
There’s a first flurry of activity around the deadline for paper
filing at the end of October, now far behind us, but December
and January are when things really get hectic.
HMRC Enquiries: Interest Rate Hedging Products Redress Payments
Interest Rate Hedging Products (IRHP) Redress payments has been a popular campaign for HMRC and it is evident that they continue to act on the Third Party Information supplied by the banks to profile for enquiry cases. (more…)
Read More
MTD and Using Supplier Statements as Invoices
Digital record keeping requirements: Treatment of supplier statements or individual invoices
The Croner Taxwise VAT Advice line has received numerous calls from accountants whose clients receive large numbers of invoices from single suppliers, such as builder’s merchants or drugs companies. (more…)
Read More
ACCOUNTING FOR CHARITIES
If you’re in charge of running a charity, you’ll know how it differs from operating a business and how its motives and goals vary.
Non-profit organisations are treated very differently under the law, and managing a charity’s accounts can offer some unique challenges as a result.
Changes to Probate in 2019
From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount.
This is because of a proposed change to the fees families must pay to administer the estate of someone who has died. (more…)
Read More
Self Assessment returns: unbelievable excuses and dubious expenses
As the deadline approaches for submitting returns and paying tax for 2017 to 2018, HMRC reveals some of the most bizarre excuses it has received for not paying on time.
Read More
Happy New Tax Year!
Hopefully you should all have now received the tax packs we sent earlier this month and an invitation to complete your checklist online at our website. Remember you also need to complete the tax return supplementary questionnaire online (Click Here). This replaces the paper ones we used to send – reception will send you a paper copy if you prefer. (more…)
Read More
May 2018 Tax Insider
This months edition includes:
– Smallest firms hit by higher pension costs
– Late payments affect almost half of small businesses
– Selected businesses begin Making Tax Digital testing
– Lack of funding holds back 1 in 4 SMEs
April 2018 Tax Insider
This Months Edition includes:
– Thinktank wants major reform of ‘inefficient’ tax system
– More workers aim to become self-employed
– Small firms not ready for data protection shake-up
– Small businesses ‘hugely’ embrace apprenticeships
From sole trader to a limited company
With a new tax year almost upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company.
There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of actively trading companies – bringing the UK total to 1.9 million. (more…)
Read More
Clipping the wings of phoenix companies
Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.
However, there are a number of rules that surround carrying on a similar business through a new company after the original company has gone into insolvency. (more…)
Read More
Cash basis for landlords
Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions.
This option was extended to landlords running unincorporated property businesses from 6 April 2017.
However, while traders must elect for the cash basis, it applies by default to landlords who meet the qualifying conditions.
Read More