Small business owners must avoid costly mistakes when calculating, reporting and paying Value Added Tax (VAT). The best way to prevent errors and stay on the right side of HM Revenue & Customs (HMRC) is to have an expert take care of your VAT affairs. A qualified accountant or bookkeeper can ensure that all calculations

Why do I need a business plan? Your business plan delivers the goals to work towards, helps you identify potential pitfalls, gives insight into your competitors and highlights possible opportunities. A great business plan should include a concept, strategy, executive summary, market analysis, competitor analysis, the company’s financials and a clear action plan. What is

Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) comes into effect from April 2026 for businesses, self-employed individuals, and landlords with gross business or property income over £50,000. MTD for ITSA will follow in April 2027 for those with similar incomes over £30,000.  The question? How soon should your business use cloud-based compatible software

With the end of the tax year fast approaching (5 April), you should assess your current tax situation and utilise the reliefs and allowances available. Here are a few tax quick wins you can consider to help reduce your liabilities now and in the future: Inheritance Tax (IHT) Each tax year, individuals can give away

With the Spring Budget looming in March, it is easily tempting to delay tax planning until afterwards in hopes of favourable tax cuts. However, the Chancellor has made it clear that significant cuts to taxation are not likely to be in his speech. So businesses should prepare for the changes introduced in the months ahead.

A significant overhaul of the VAT penalty system came into effect on 1 January 2023, with new changes to how penalties are applied and how to calculate and pay interest.  Let us break down what you need to know about the changes. What is changing in the VAT penalty system?  The main change for businesses

Keeping up-to-date with your organisation’s financial health is critical to its success. A great place to start is by understanding what a balance sheet is and what it can tell you about the health of your business.  Let us explore what a balance sheet is and how you can improve yours. What is a balance

If you own a small business and are also a shareholder director, you may wonder whether to take a salary or dividends. When it comes to paying yourself, there are both advantages and disadvantages to each option, including potential tax savings. We’ll explore how taking salaries versus dividends for shareholder directors of small businesses in