22-03-2023
In his Autumn Budget, Chancellor Jeremy Hunt announced many R&D tax relief changes, including funding allocation, which we will see implemented in April. The rates paid by the Research and Development Expenditure Credit (RDEC) for larger firms and small to medium (SME) R&D relief schemes are changing. Under these changes, from 1 April, the RDEC
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22-03-2023
You must check your National Insurance (NI) records to identify any payment history shortfalls if you plan to claim the UK state pension. NI contributions, or lack thereof, can affect a person’s entitlement to the state pension in later life. A temporary window allowing people to voluntarily top up their NI contributions as far back
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22-03-2023
With the payroll year-end fast approaching on 5 April, clashing with the tax year-end, many businesses find this time of year particularly stressful. The deadline for submitting details to HM Revenue & Customs (HMRC) is 31 May. You must be aware of the critical dates when you prepare the payroll year-end, including: 5 April -
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15-03-2023
Just a few days short of the third anniversary of the first Covid lockdown, Chancellor Jeremy Hunt rose to the Despatch Box to deliver the first full Budget to have taken place in 504 days and the first unaffected by the immediate impact of the pandemic since October 2018.
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03-03-2023
Do you have a lengthy manual process for invoices or expenses approval? Are you sending out paper purchase orders? Do you have a streamlined process for paying suppliers? Are your sales orders and other admin duties carried out on spreadsheets? You are not alone. For many business owners, regular reviews of back-office accounting functions aren’t
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02-03-2023
The COVID-19 pandemic and the cost of living crisis have created a challenging time for businesses, and as various industries evaluate their cash-flow situation, many employers are still making difficult decisions concerning their staff. Unfortunately, for some businesses, redundancy may be the only option. Even the most diligent employer can get caught out by redundancy
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02-03-2023
This a reminder for Taxpayers that a penalty deadline for unpaid Self-Assessment tax is imminent. HM Revenue & Customs (HMRC) will automatically add a penalty to your tax bill equal to five per cent of the Self-Assessment tax you owe for 2021/22 if unpaid after midnight on 2 March 2023. So urgent action is needed. The
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28-02-2023
A forensic accountant is a valuable connection to have in your arsenal. However, why is it essential for you to have access to forensic accounting? You want a trusted professional who delves deep into the inner-financial workings of a business and gathers impartial unbiased evidence. A forensic accountant can help to uncover the truth and
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06-02-2023
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
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06-02-2023
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
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06-02-2023
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
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06-02-2023
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
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A Strategic Alternative: ADR for High-Value Commercial Disputes
FA Strategic Alternative: ADR for High-Value Commercial Disputes When a significant commercial dispute arises, the instinctive response is often to resort to court proceedings. For business owners, shareholders, and directors facing disputes that revolve around intricate financial issues and evidence, however, judicial processes can involve aspects which are detrimental to achieving an efficient resolution. Often characterised as a long, arduous process, litigation can also be a very expensive way to resolve disputes, and in instances […]
