02-08-2022
A new study has revealed the cashflow struggles faced by small businesses across the UK, resulting in calls for Government action. The research, conducted by Xero Small Business Insights and Accenture, discovered that the average UK small business experienced a “cash flow crunch” for more than four months every year. A cash flow crunch is when monthly takings
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02-08-2022
With fluctuating incomes and the costs of living hitting businesses and individuals alike, people who have never previously had any issue with paying tax bills on time may have found themselves passing the 31 July payment on account deadline without being able to pay what they owe. If this is the position you find yourself
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02-08-2022
The Recovery Loan Scheme, which helped businesses throughout the pandemic, has been extended for a further two years. Launched on 6 April 2021, the Recovery Loan Scheme (RLS) was one of several finance schemes available to struggling businesses. It provided financial support to businesses across the UK as they recovered and grew following the Coronavirus
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02-08-2022
Corporation Tax (CT) rates are set to rise in the UK from 1 April 2023. From this date, the main rate of CT will increase to 25 per cent for all companies with taxable profits over £250,000. There will also be a small profits rate for companies with taxable profits of £50,000 or less of
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08-07-2022
Why is forensic accounting in fraud so important? When do you need a forensic accountant in a fraud investigation? Huge amounts of money are fraudulently obtained and trafficked in the UK every day. Fraud is a massive problem for businesses and organisations of all kinds and for that reason, highly-skilled accountants are often consulted to
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06-07-2022
The Climate Change agenda has gathered pace over the past few years with nations setting targets to reach net-zero carbon emissions. In the UK, that target date has been set for 2050, with ambitious goals for reductions over the coming decades. This has consequences for government, public sector bodies and businesses. While there has been
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06-07-2022
From 2024/25, unincorporated businesses; sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year. This is a significant taxation change, removing the basis period rules and preventing the creation of further overlap relief in a new system known as the ‘tax year basis’.
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06-07-2022
A new survey shows taxpayers have an alarming lack of readiness and enthusiasm for the Making Tax Digital (MTD) changeover. Most taxpayers lack awareness that MTD for Income Tax begins in less than two years. HM Revenue & Customs (HMRC) commissioned pollsters Ipsos to undertake new research to explore the preparedness of Income Tax Self-Assessment
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06-07-2022
With the current labour shortage affecting pretty much all areas of the economy, taking on an apprentice could reap rewards for many businesses. There are many reasons why hiring an apprentice can benefit your business. However, for hard-pressed employers with limited budgets, the financial incentives offered by the Government are an encouraging reason to take
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06-07-2022
There is little doubt that the working from home phenomenon is well and truly established. With a laptop, a phone and an internet connection, you can perform many tasks as adequately at home or elsewhere, as in an office. While returning to the office is a must for many, recent rail strikes and fuel price
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06-07-2022
As property prices soar, more and more people are being drawn into paying Inheritance Tax (IHT). Why? Chancellor Rishi Sunak froze the nil rate thresholds for paying the tax at £325,000 until 2026, while the value of homes has rocketed, potentially drawing people into paying the tax. There are some exceptions, but generally, people are
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06-07-2022
A company has lost an £11 million dispute with the taxman over whether contract construction workers were entitled to claim travel costs tax-free. As many as 600,000 temporary workers in the UK are thought to be employed by umbrella companies, used by recruitment agencies and companies to cut temporary payroll costs. Exchequer Solutions Limited (ESL) is
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How The Autumn Budget Impacts You
The Budget 2025 Yesterday, the little red box with big red implications was finally opened, as the Chancellor delivered the 2025 UK Budget against a backdrop of slowing global growth, tightening fiscal conditions, and continued pressure on public finances. With inflation forecast to fall to around 2.5% next year and a renewed emphasis on […]
