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Digital Markets, Competition And Consumers Act Becomes Law

The Digital Markets, Competition and Consumers Act has now received Royal Assent and become law in the UK. This new legislation aims to protect consumers and promote fair competition, particularly targeting large technology companies. Here’s a summary of the key points of the Act: Consumer Protection: Empowering Regulators: Penalties: Additional Oversight: In essence, this Act […]

Read more June 17th, 2024

How A General Election Can Affect Your Business

The news is currently full of reports on the general election, so much so that you may be inclined to switch off rather than hear any more about it! Of course, we have no wish to take sides or promote the views of one party over another. However, regardless of what happens and who eventually […]

Read more June 14th, 2024

Dealing With A Cyber-Attack

Most businesses have exposure to cyber risk. Almost every modern business relies on computer networks for day-to-day operations, and this means that most firms are exposed to cyber risk. A cyber-attack is any attempt to steal data, damage or disrupt a computer system. In the event of a cyber-attack, it’s important to manage the incident […]

Read more June 10th, 2024

Government Promise To Cut National Insurance

While commenting on the GDP growth and what it indicates about the economy, the Prime Minister again drew attention to National Insurance. The article released by the Prime Minister’s Office noted that the progress in the economy has allowed them to bring down taxes, particularly the recent cuts in National Insurance. The article went on […]

Read more May 22nd, 2024

Farming And Food Sector Receives New Support Measures

Measures to support farmers and help the UK’s farming and food sector grow were announced last week by the government. The support package is designed to support domestic food production and boost innovation so that the sector can reach its full potential. A new blueprint A plan to grow the UK fruit and vegetable sector […]

Read more May 21st, 2024

Exporters Must Move To Customs Declaration Service From June.

Submitting export declarations through the Customs Declaration Service (CDS) becomes mandatory for all businesses on 4 June. CDS will replace the Customs Handling Import and Export Freight (CHIEF) on that date. Businesses that use a customs agent to submit their export declarations should check that their agent is ready for the change. If you make […]

Read more May 20th, 2024

WorkWell: A £64 Million Initiative To Support Workplace Health And Well-Being

The UK government has announced a new initiative aimed at helping people with health conditions stay in or return to work. The WorkWell pilot scheme, launched by the Department for Work and Pensions (DWP) and the Department for Health and Social Care (DHSC), will provide tailored support to individuals across 15 areas of England, connecting […]

Read more May 20th, 2024

Investing In Unquoted Trading Company

If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money. However, there is potential tax relief for the lender if the loan meets certain conditions, in particular, the money lent is used by the […]

Read more May 14th, 2024

How Can You Save On Capital Gains Tax?

Over the last two years, the tax-free allowance for Capital Gains Tax (CGT) has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of us are likely to be […]

Read more May 9th, 2024

HMRC Publish Updated Guidance On Work Travel

Travelling from home to an employee’s normal workplace does not qualify for tax relief. This is referred to as “ordinary commuting and, furthermore, if the costs of the journey are reimbursed by the employer, those costs are taxable. There are exceptions to this rule, in particular where the employer pays for the employee to travel […]

Read more May 8th, 2024

New Digital Service To Check Your State Pension Forecast Launched

A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement. The service is called Check Your State Pension Forecast and can be accessed via GOV.UK or the HMRC app. You will need to register […]

Read more May 7th, 2024

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