According to data from Companies House, 222,068 new companies were set up in the UK within the first 12 weeks of 2023, a year-on-year rise of 8.2%. The question remains: “how unique are these businesses?”Read More
Businesses at any stage in their life cycle can benefit heavily from creating and implementing a business plan.
Not only is a business plan there to map out your goals and aspirations, but also to identify any financial risks and operational challenges you may encounter.Read More
After multiple policy U-turns and much uncertainty, the main rate of corporation tax will rise from 19% to 25% from 1 April 2023, affecting companies with profits of £250,000 and over.
The legislation provides that small companies with profits up to £50,000 will continue to pay corporation tax at 19%, with profits between the two limits being subject to a tapered rate.
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 More
When a business incurs costs, such as salary payments or stationary procurement, it can usually fully deduct them as expenses from its taxable profits, reducing the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward.(more…) Read More
A business exit strategy is a plan for what will happen when you want to leave your business.
A lot of people think of an exit strategy as a plan to guard against disaster or something that has to be carried out right away after its conception.
Most businesses rely on funding in one form or another to keep their operations running, invest in new equipment or projects, and grow.(more…) Read More
The last year has been challenging for all of us, let alone business owners who’ve had to claim emergency support and battled hard to stay afloat.(more…) Read More
Business structures are essential for tax purposes.
If you’re looking to join the 4.3 million people in the UK who made the jump into self-employment, you might be wondering how to start your new business.(more…) Read More
As a business owner, you will find that few things in your line of work are as precious as your time – time that would be better spent doing something other than accounting.
Many people come to us asking for help with tasks that usually result in time slipping through their fingers, because of their often onerous nature to the layman.(more…) Read More
Unincorporated businesses could be about to see significant changes to the ways in which they are taxed, following the launch of a Government consultation.
The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and business partnerships, allocate trading profits to tax years for inclusion on their self-assessment returns.(more…) Read More
Not much can stop determined entrepreneurs from building a new business from the ground up, even during such challenging times as a COVID-19 or its ensuing fallout.
The pandemic has proven a huge challenge for businesses, with 396,155 UK firms closing in 2020 according to the Office for National Statistics, as business owners struggled to cope with restrictions and lockdowns.(more…) Read More
If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.
By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.(more…) Read More
The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty.
While the new trade agreement places no tariffs or quotas on goods traded between the UK and EU from 1 January 2021, it may come with additional costs and bureaucracy as the UK is no longer part of the single market and customs union.
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
Last March, one of the headline-grabbing measures announced in what will be the only Budget speech of 2020 surrounded what we knew as entrepreneurs’ relief.
The relief was designed to be an incentive for entrepreneurs to start a new business by reducing the amount of capital gains tax payable when the time came to dispose of (or sell) certain business assets, where conditions are met.
Companies House will be reformed to clamp down on fraud and money laundering, with directors unable to be appointed until their identity has been verified.(more…) Read More
Whether you’re making exit plans or you want to give confidence to investors, knowing the value of your business is a vital step. From the inside, it might be hard to say what that value is. You’ve put long hours of hard work into building your business from the ground up, but what does that mean to a buyer or investor in monetary terms?(more…) Read More
HMRC have published company car advisory fuel rates for use from 1 September 2020.(more…) Read More
Since the Budget in March, businesses have seen a stream of different support schemes and policies announced to help them manage the financial impacts of the coronavirus lockdown.
When Chancellor Rishi Sunak stood in the House of Commons again on 8 July, it was in the context of the gradual reopening of the economy, with several lockdown restrictions having been lowered on 4 July.(more…) Read More
With massive pressure on owner-managers, how should they protect their mental health? What are the warning signs something is wrong? And what practical techniques can be used to protect the mental health of small business owners? Dave Howell reports(more…) Read More
It’s hard to believe Rishi Sunak has only been the Chancellor since Valentine’s Day, given what he’s had to deal with in a matter of weeks since.(more…) Read More
You’ve got a business idea, you’ve got the skills, the concept,
the motivation and maybe even someone that’s keen to pay for
your services, but where do you start? What will you call your
business? What business structure will suit it best?
It may be that as your business grows you run through several
different structures, but most firms will set up one way and
remain just that, even as their turnover grows or falls.
So you’ve got a business idea, and you think it might be a runner.
But then again, just as you’ve geared yourself up to commit, all
sorts of midnight worries start to creep in.
Is now the time? Are people spending money? What about the
sluggish housing market? What about Brexit? And the state of
the local high street – does anyone even go there anymore?
Fraud costs the UK around £190 billion a year, with businesses bearing almost three quarters – £140bn – of those losses.(more…) Read More
Accountants, as a breed, are fans of efficiency. We tend to appreciate optimised systems and abhor waste, whether it’s time, effort or resources being frittered away.
The concept of efficiency as we know it today is a product of the industrial revolution. That’s when engineers and manufacturers became obsessed with squeezing out maximum profit by the smart use of new machinery and the automation of processes.
When you supply goods and services, you expect to be paid, and promptly, but Britain has a deeply embedded culture of late payments. Indeed, for some businesses, delaying payment is an essential part of the business model. (more…)Read More
It has been a challenging and eventful three years for UK businesses with a series of high-profile incidents highlighting how situations can change suddenly and often without warning.
From the continued pressure of uncertainty relating to Brexit, terrorism, fire, extreme weather and cyber-attacks, how would your business cope if it was affected by something similar?
As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, there is still much uncertainty around what Brexit will mean for UK business. (more…)Read More
If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates.
Capital allowances provide the mechanism for tax relief on certain types of capital expenditure (the purchase of assets such as office furniture, or equipment) essentially providing a deduction against profits. (more…)Read More
My client has a member of staff with long-established care responsibilities and wants to know how they can support the individual?
This months edition includes:
– ‘Raise the VAT threshold to stimulate SME growth’
– SMEs miss out on business savings interest
– Calls increase for reform of ‘flawed’ apprenticeship levy
– Working pensioners pay £8.6bn in income tax
The company provides some employees with Company cars that are hybrids. The employees are also provided with fuel cards that are available for their private use and receive a fuel Benefit in Kind in relation to the car. However, the cars are plugged in and charged at home can the employer offset this cost against the fuel Benefit in Kind?… (more…)Read More
Despite year-on-year tax rises, company cars remain a popular benefit. While the tax cost of expensive high-emission cars can be eye-watering, by choosing carefully it’s possible to enjoy the convenience that comes with a company car for a relatively low tax cost. So, as the new tax year gathers steam, what’s changed for 2018/19?Read More
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
Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards.
Whether that’s in the form of the Christmas party or it extends to benefits such as a cash bonus or flextime, it all helps to ensure employees feel valued and motivated. (more…)Read More