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What are your business goals for the year ahead? The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement. Last year, there were inescapable impacts on businesses, with some […]

You might be aware of Making Tax Digital already. It’s the UK Government’s initiative for digitising and streamlining the tax return process. VAT-registered businesses are already submitting quarterly VAT returns digitally to HM Revenue & Customs (HMRC). The good news is that HMRC has pushed back the start date of the next stage of MTD

HM Revenue & Customs (HMRC) is about to update and change its penalty regime – and these new penalties could affect your tax submissions as early as January 2023. HMRC’s new penalty regime aims to rationalise the system for VAT and income tax, with the aim of improving consistency and targeting persistent offenders who deliver

At the beginning of your startup journey, you and your co-founders will be in charge of selecting and hiring the key members of your new team. The people you choose will identify with your core aims for the business and will (usually) share your core values too. For example, if being green is a key

The inheritance tax (IHT) threshold has been frozen at the April 2009 amount of £325,000 for a further two years to April 2028. Because of this, potentially exempt transfers (PET) are increasingly important to help you reduce any IHT charges. But what is a PET? And how do they impact on your IHT liabilities? What

It’s tough going for business owners this winter. With the labour market tight, businesses are understaffed, costs have gone up and illness is creating disruption. Add high rates of absenteeism, and remaining workers and business owners are under incredible pressure. When you love your job and always want to do the best for your clients,

Goodwill in accounting refers to the intangible value that a company can hold, above and beyond the pure financial value of its assets. This covers areas like brand reputation, intellectual property, and both external and internal relationships. A business that can show its goodwill in the marketplace is actually worth more – both intangibly and

One of the many big changes in the Chancellor’s mini budget was the reversal of the recent increase in National Insurance contributions The Government had increased employees’ and employers’ National Insurance contributions (NICs) as of April 2022. It had been a contentious move by the Government, with some people seeing the policy as a necessary

It’s been a whirlwind few weeks in both UK finance and politics. As you may have seen, the new Chancellor of the Exchequer, Kwasi Kwarteng, has U-turned on his decision to remove the 45p rate of income tax. This means that the additional rate of income tax will remain at 45%. What was announced in

Knowing what constitutes an ‘associated company’ is about to become an important piece of information for business owners to know. From 1 April 2023, the rules to decide whether or not you need to pay tax in instalments are changing. Whether you pay in instalments will soon be determined by the number of companies considered