Is property investment right for you?

Many individuals invest in real estate to boost their income and gain greater financial security. But while the journey can be rewarding, it also requires committing a significant amount of your own time and money. So, how do you know if property investment is right for you?
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The ABCs of VAT for small business owners

Value Added Tax (VAT) is a significant part of the UK tax system. If you run a VAT-registered business, you’re required to charge this tax on most goods and services, which you must then report and pay to HMRC. Basically, you are collecting VAT on the Government’s behalf.
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News Roundup February 2024

Included in this month’s article:
– National Insurance Cut Boosts UK Households
– Economic Confidence Index Declines
– HMRC enforces Tighter Rules on ‘Side Hustle Tax’
– UKEF Introduces Enhanced Financing for Small Businesses
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YEAR-END TAX GUIDE 2023/24

The conclusion of the 2023/24 tax year prompts us to reflect on some of the notable developments in the fiscal landscape.

This past year has been marked by ongoing efforts to recover from the economic impact of the global pandemic. Inflation has emerged as a significant concern, influenced by persistent disruptions in the supply chain and geopolitical tensions.

To address these economic challenges, the Government has adjusted tax policies to balance revenue generation with support for businesses and individuals.
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NEWS ROUND-UP JANUARY 2024

Included in this month’s article:

– HMRC LAUNCHES CRYPTOASSEST TAX DISCLOSURE SERVICE
– OVERSEAS FIRMS PLEDGE TO INVEST BILLIONS IN THE UK
– ADVISORY FUEL RATES DECEMBER 2023
– HMRC REMOVES PAYE SELF-ASSESSMENT THRESHOLD

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Recruitment – Should you hire or outsource accounting?

Running a successful business entails astute financial management, and at the core of this is the crucial decision of how to handle your accounting needs.

Should you bring a full-time, in-house accountant into the fold, or does the more flexible route of outsourcing better suit your business objectives?

In this in-depth exploration, we’ll dissect the pros and cons of each option, providing you with comprehensive insights to empower you in making an informed decision aligned with the unique goals of your business.
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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.

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NEWS ROUND-UP: DECEMBER 2023

Included in this month’s article:
– UK ACCOUNTANTS DEMAND HMRC SERVICE IMPROVEMENTS
– BANK OF ENGLAND HOLDS INTEREST RATES STEADY
– SMALL BUSINESS CONFIDENCE IMPROVES IN Q3 2023
– CORPORATE INSOLVENCIES HIT A TWO-DECADE HIGH

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SPOTLIGHT ON: Tax and your work Christmas party

As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you
and your employees?

Thankfully, showing your appreciation doesn’t need to cost the earth. In most cases, work Christmas parties and gifts for staff members are tax-deductible.
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SPOTLIGHT ON: Self-assessment

The UK self-assessment system has its quirks and nuances, and understanding how to stay compliant is crucial to a smooth and stress-free income tax process.

From early paper deadlines to penalties for late-filers, self-assessment holds a few surprises. As always, a professional accountant can help you navigate the process successfully, make the most of available tax reliefs, and avoid potential pitfalls along the way.

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Autumn Statement 2023

On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.
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NEWS ROUND-UP NOVEMBER 2023

INCLUDED IN THIS MONTHS ARTICLE:
– UK ECONOMY RECOVERY SLOWS IN AUGUST
– INSOLVENCY UP BY 16.5% COMPARED TO LAST YEAR
– INDUSTRY BACKLASH AT HS2 U-TURN
– TREASURY TASK FORCE DETAILS CARBON REPORTING RULES
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Tax Insider October 2023

Included in this month’s article:
– HMRC REOPENS SELF-ASSESSMENT HELPLINE
– EMPLOYERS RAMP UP COUNTER-OFFERS TO RETAIN STAFF
– ONS REVISES ITS FINDINGS AND SAYS ECONOMY ACTUALLY GREW IN 2021
– CHANCELLOR ANNOUNCES DATE FOR AUTUMN STATEMENT 2023
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AN INTRODUCTION TO TRUSTS

What you need to know about trusts, including how they are taxed.

Trusts are legal arrangements where assets are placed into the care of an individual or organisation that manages them for the benefit of someone else.

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A GUIDE TO REGISTERING FOR SELF-ASSESSMENT

If you’ve never had to complete a self-assessment tax return, the first time can be daunting. But don’t worry: we’ll demystify the process in this article. And if you have completed one before, this guide might still teach you a thing or two about doing your self-assessment better.
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Tax Insider September 2023

INCLUDED IN THIS MONTHS ARTICLE:
– GEOPOLITICS PROMPT IMPORTERS TO ALTER SUPPLY CHAINS
– UK GROWS BUT REMAINS IN ‘PRECARIOUS PLACE’
– PAY GROWTH ENDS 18-MONTH WAGE SQUEEZE
– ONE MILLION MORE PULLED INTO TAX ON SAVINGS
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Tax Insider August 2023

INCLUDED IN THIS MONTHS ARTICLE:

  • R&D TAX RELIEF CRACKDOWN ‘DETERRING GENUINE CLAIMS’
  • UK ECONOMY REMAINS ON SHAKY GROUND
  • CALL WAIT TIMES TO BE INCLUDED ON HMRC HELPLINES
  • HMRC HAS ‘ENORMOUS AMOUNT OF WORK’ TO DELIVER MTD ON TIME

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NEW PENSION REFORMS EXPLAINED

On the evening of Monday 10 July 2023, Chancellor Jeremy Hunt delivered a speech at Mansion House in the City of London which he framed as “looking further ahead”, rather than just dealing with the immediate inflationary issues the country faces.

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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.
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TAX INSIDER JUNE 2023

INCLUDED IN THIS MONTHS ARTICLE:

  • TAX RETURN HELPLINE TO CLOSE FOR THREE MONTHS
  • SELF-ASSESSMENT THRESHOLD INCREASES TO £150,000
  • EMPLOYEE SHARE SCHEMES UNDER REVIEW
  • LITRG WARNS OF INEFFECTIVE TAX REFUND COMPANIES

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Tax Insider June 2023

Included in this month’s article:

  • Government launches cryptoassets consultation.
  • Tax take soars by almost 10%
  • ICAEW calls MTD quarterly reporting “disproportionate”
  • Government extends VAT exemption for pharmacists

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EMPLOYEE SHARE SCHEMES

As an employer, there are many ways you can reward and incentivise your staff, from Christmas parties to team lunches. But one of the most attractive options is an employee share scheme.

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Tax Insider May 2023

Included in this months article:

  • HMRC releases guidance on LTA abolition
  • Digital service tax could become permanent
  • New business rates bill aims to “Let communities thrive”
  • HMRC U-turns on paper only self assessments
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Tax Insider April 2023

Included in this month’s article:

  • Finance sector increases female representation
  • Government extends voluntary NI deadline
  • Chancellor removes lifetime pension limit
  • Super-deduction replaced by “full expensing”
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INVESTMENT ZONES EXPLAINED

In his first Spring Budget as Chancellor, Jeremy Hunt announced a number of ‘investment zones’ across the country.

The programme will provide 12 areas, split across England, Wales, Scotland and Northern Ireland, with £80 million in support and “put powers and money in the hands of communities that need it most”.

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ESG: HOW GREEN ARE YOU?

Environmental, social and governance (ESG) is a set of standards that measures how green, socially conscious and well-run a business is.

By looking at your business through an ESG lens, you may be able to predict how sustainable it is in the long run.

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Facing the future: Spring Budget 2023

The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. The information in this report is based upon our understanding of the Chancellor’s 2023 Spring Statement, in respect of which specific implementation details may change when the final legislation and supporting documentation are published.

This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. Pension eligibility depends on individual circumstances.

Whilst considerable care has been taken to ensure that the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information.

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TAX RELIEF ON PENSIONS

Tax relief is one of the best features of using a pension to save for retirement.

When you pay into your pension, some of the money that would have gone to the Government as tax goes instead into your pension pot, which can help reduce the amount of tax you pay and boost your savings.

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Tax Insider March 2023

Included in this month’s article:

  • Bank of England raises interest rate to 4%
  • Over 300,000 taxpayers miss self-assessment deadline
  • Chancellor outlines four ‘Es’ for economic growth
  • Calls for R&D reforms to be paused
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Year-End Tax Guide 2022/23

2022/23 has been the third of extraordinary tax years in the modern era. While 2020 and 2021 saw the heights of the pandemic, 2022 saw a surge in inflation mainly due to the continued supply chain issues after Covid, Russia’s war on Ukraine and rising energy prices.

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HOW TO BUILD AN EFFECTIVE BUSINESS PLAN

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.

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CORPORATION TAX IN 2023

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.

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Tax insider February 2023

Included in this month’s article:

  • Chancellor reveals new energy discount for businesses
  • Inflation remains a key concern for business
  • MPs call fro urgent improvements to HMRC’s performance
  • Research and development relief guidance under review

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New fire regulations come into force

This week, the Government’s proposals for fire safety reform come into force, following on from the commencement of the Fire Safety Act 2021 and the launch of the Fire Safety (England) Regulations 2022.

So, what does this mean for your business? Here’s everything you need to know…
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Tax Insider January 2023

Included in this month’s article:
– Treasury delays MTD for ITSA until 2026
– Economic outlook remains bleak despite rise in GDP
– SMEs owed £23.4BN in late payments
– Energy price cap removes risk for one in four businesses

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INCOME TAX: WHAT’S CHANGING?

A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK.
Many of these measures were announced by Chancellor of the Exchequer Jeremy Hunt in his Autumn Statement on 17 November. According to Hunt, these decisions will see everyone pay “a bit more tax” from the 2023/24 tax year onwards.
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