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Do You Have A Side Income?

If you do then you are probably aware of the requirement to disclose this on your Self-Assessment tax return. It is important to record any side income accurately and HMRC is going to be able to see exactly how much income you receive when using a digital platform from 1 January 2024. HMRC have new […]

Read more October 23rd, 2023

UK Government Announces More Legislation To Tackle Late Payments

The UK government has announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time. New […]

Read more October 20th, 2023

Prioritising What’s Really Important

With the constant news surrounding the economy, interest rate uncertainty, and high inflation, it is difficult not to worry about these issues and lose sight of what’s really important – the health and welfare of you and your loved ones. The issue we all face is a potent mix of inflation, recession, high debts, and […]

Read more October 19th, 2023

New Bans And Restrictions On Single-Use Plastics

Government action to tackle the scourge of litter and protect the environment from plastic pollution has come into force. From the beginning of October 2023, a range of polluting single-use plastics now have bans and restrictions on them. No business – whether retailer, takeaway, food vendor or part of the hospitality industry – will now […]

Read more October 19th, 2023

£25 Million For Projects Using Nature To Increase Flood Resilience

The ring-fenced funding, provided by the Government and the Environment Agency, will support natural flood management schemes across England that use techniques such as planting trees and creating wetlands to slow and store water to reduce the risk of flooding. These schemes are also proven to improve air and water quality, provide habitats for wildlife, […]

Read more October 18th, 2023

Be The Disrupter

Disrupters are the businesses that come up with new ideas and challenge the way things are done. In order to become a disrupter in your market, your business must be prepared to innovate relentlessly, challenge norms and redefine industry standards. To succeed, you need to understand your target audience, their needs, pain points and aspirations. […]

Read more October 17th, 2023

Working From Home Allowance Rules Reverted

During the COVID pandemic, the Government relaxed the conditions to enable those working from home to be paid £6 a week tax-free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC. Those relaxed rules […]

Read more October 16th, 2023

Are You Due A National Insurance Refund On Car Allowances?

Recent Tribunal decisions in favour of employing companies and against HMRC has caused many organisations in similar circumstance to make protective claims for the recovery of National Insurance Contributions (NIC) in respect of car allowances paid to employees using their own cars or vans for business journeys. Many employers have a policy of only reimbursing […]

Read more October 11th, 2023

Larger Companies Required To Pay Tax Quarterly

Although not a new measure, where a company has profits in excess of £1,500,000 a year it is required to estimate and pay corporation tax quarterly during the year, rather than 9 months after the end of its accounting period. What has changed since 1 April 2023 is that the £1,500,000 threshold is divided by […]

Read more October 9th, 2023

Rumour That Inheritance Tax May Be Abolished

In the weeks before any Budget or Autumn Statement there are always leaks and rumours. Normally, in the run up to a General Election, there are also tax giveaways in an attempt to re-elect the incumbent political party. One rumour that has been circulating in the press concerns the possible abolition of inheritance tax (IHT). […]

Read more October 5th, 2023

When Are Companies Associated?

“Associated companies” for corporation tax purposes are those under common control. The most obvious situation is where one of the companies has control of the other, or both of the companies are under the control of the same person or persons. In determining control, the rights and powers of an individual’s associates, broadly close relatives, […]

Read more October 4th, 2023

The Importance Of Up To Date Profit Forecasts For Tax

In order to help predict your taxable profits and tax liabilities you need up to date profit figures and projections. One of the advantages of keeping your business accounts in a computerised form, ideally on the Cloud, is that you can review your latest financial position and prepare more reliable profit forecasts to estimate your […]

Read more October 3rd, 2023