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Avoiding Business Pitfalls: 7 Things NOT To Do As A Business Owner

Recent surveys of UK business owners show us to be under pressure. This is no surprise. As a business owner, you’re constantly juggling multiple responsibilities and facing a myriad of challenges. While there are countless strategies for success, it’s equally important to be aware of potential pitfalls that could derail your efforts. In this article, […]

Read more April 25th, 2024

Good Bookkeeping: A Backbone Of Business Success

Keeping your accounting records up to date can feel like a chore, but when your bookkeeping is kept up to date, you and your business can gain some significant benefits. Let’s review a few: Financial clarity Regular bookkeeping ensures that your business’s financial transactions are accurately recorded, categorised, and updated regularly. Having up-to-date information can […]

Read more April 24th, 2024

Thinking Of Buying Another Business? Due Diligence You Should Consider

When in business, it’s not uncommon to be approached by another business with a view to you buying the business or entering a partnership deal. It might be a competitor that approaches you, or it could be a customer or supplier. Alternatively, you might identify a business that you would like to acquire as part […]

Read more April 23rd, 2024

Updated VAT Road Fuel Scale Charges From 1 May 2024

From 1 May 2024, the VAT road fuel scale charges will be updated. The new rates will need to be used from the start of the next VAT accounting period that begins on or after 1 May. So, if your next VAT quarter starts on 1 June, you will begin using the new rates for […]

Read more April 22nd, 2024

HMRC Publish More Details Of MTD For Income Tax Reports

Making Tax Digital (MTD) for income tax self-assessment is scheduled to commence in 2026/27 for sole traders and property landlords with a gross income of £50,000 or more, and the threshold then reduces to £30,000 from 2027/28. The government have now confirmed that the four quarterly returns that will need to be submitted will report […]

Read more April 11th, 2024

Wait Times For HMRC Replies On The Rise

Taxpayers in the UK have long grappled with the frustration of extended wait times when seeking assistance from HMRC. Whether it’s a simple inquiry or a complex tax issue, the time it takes to receive a response from HMRC can have significant implications for both individuals and businesses. HMRC have made several cuts to customer-facing […]

Read more April 11th, 2024

Changes To Sole Trader And Partnership Tax Year Basis

The method of taxing the profits of unincorporated businesses changed significantly in 2023/24 and will also change from 2024/25 onwards. This was originally intended to align with the introduction of Making Tax Digital for Income Tax Self-Assessment (MTDITSA), which will now start to be phased in from 2026/27. Under the old basis of taxing profits, […]

Read more April 10th, 2024

Many Couples May Need To Restart Child Benefit Claims

The changes to the High Income Child Benefit Charge (HICBC) announced in the Spring Budget have now been incorporated into the latest Finance Bill and are scheduled to take effect from 6 April 2024. The increase in the threshold for the tax charge was good news, although many were lobbying for the charge to be […]

Read more April 9th, 2024

Have You Checked Your Tax Code?

Before the tax year starts each 6 April, HM Revenue and Customs (HMRC) will issue new tax codes to employees, usually where there is a change of tax code. These tax codes, a series of letter and numbers, allow employers to calculate the right amount of tax to be deducted from each employee when the […]

Read more April 8th, 2024