12-Jul-2024
Are you an early bird?
HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self-assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year, 246,210 returns were filed in […]
01-Jul-2024
Reminder: P11D form submission deadline rapidly approaching
The deadline – 6 July – for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It’s important for all employers to understand their responsibilities regarding this crucial tax form. Whether you’re a seasoned business owner or new to the world of employment taxes, we’re here to guide you through the […]
24-Jun-2024
Buying a second home: what should you think about?
As accountants, we are often asked about the financial and tax implications of buying a second home. Sometimes the pull of a country or seaside retreat might inspire you to think about having a second home. Or maybe you have spare cash or income and are wondering if a second home could be a good […]
17-Jun-2024
Choosing the best way to finance business asset purchases: Lease, Contract Hire or Hire Purchase?
Picture this: your business is booming, and it’s time to invest in some new equipment or a company vehicle. But with so many financing options out there, how do you decide which one of them is right for you? Let’s break down three popular choices – leasing, contract hire, and hire purchase – so you […]
13-Jun-2024
Admitting a new partner into the partnership: What should you consider first?
For businesses that run as a partnership, there often comes a time where you need to consider admitting a new partner into the partnership. Perhaps it’s a case of looking for someone who will pave the way for an existing partner to retire, maybe it’s a family business and there are plans to bring the […]
06-Jun-2024
Understanding economic changes: How recent events affect businesses
Data releases in recent weeks from the Office of National Statistics (ONS) coupled with Bank of England decisions might make recent news about the economy seem a bit confusing. Understanding how this news affects businesses is important so let’s break it down. Growth in the economy The latest reports show that the economy grew by […]
28-May-2024
How can you save on capital gains tax?
Over the last two years, the tax-free allowance for capital gains tax 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 affected […]
20-May-2024
Hybrid working – what counts as a business journey for tax purposes?
HM Revenue and Customs (HMRC) has updated its guidance on what qualifies as ordinary commuting and private travel for tax purposes to include hybrid or flexible working. Generally, where an employee works at home as an objective requirement of the job, then HMRC will usually accept that the employee is entitled to tax relief for […]
16-May-2024
Updated VAT road fuel scale charges
From May 1st 2024, the VAT road fuel scale charges were updated. The new rates need to be used from the start of the next VAT accounting period that begins on or after May 1st. So, if your next VAT quarter starts on June 1st, you will begin using the new rates for the quarter […]
13-May-2024
Financing your business – what should you know?
Growing a business often requires capital. If you don’t have that capital personally or already in the business, then one option is to get finance from a bank. What types of finance are available? How can you present a request to a bank and have it accepted? We will endeavour to answer those questions in […]
