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Latest News

We regularly write articles to keep you up to date with changes that affect your growing business.

Outside of new Benson Wood & Co Chartered Accountants premises in Bellshill
Latest News

We are expanding!

Come and see us at our new and improved office in Bellshill! We have been supporting businesses and individuals across the region for many years – now we are taking the next big step in our story. Our new, larger office will be located in a Central Lanarkshire position, with links just off M8, M73,

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Accountancy Blog

What do you need to know about Inheritance Tax?

Are you thinking about the tax implications of your estate and what this could mean for your loved ones after you pass? If you have a high value estate, this could impact your beneficiaries significantly as they may not be able to inherit the wealth you had intended them to in your Will. What is

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Latest News

Avoid these costly VAT mistakes

Small business owners need to take measures to avoid costly mistakes when it comes to 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. Having a qualified

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Latest News

How can you achieve taxation ‘quick wins’ before the end of the tax year

With the end of the tax year fast approaching on 5 April, it makes sense to assess your tax situation and make use of the reliefs and allowances available to you. Here are a few quick wins you can consider to help reduce your liabilities now and in the future: Inheritance Tax (IHT) Each tax

Businesswoman holding tablet and smiling at it
Latest News

MTD for ITSA is delayed. Should you still go ahead with cloud accounting?

Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now come into effect in April 2026 for businesses, self-employed individuals, and landlords with gross business and/or property income over £50,000. This will be followed in April 2027 for those with similar incomes over £30,000. The question is, how soon should your business start using cloud-based compatible

Businesspeople gathered around whiteboard in office with post-it notes and charts on it
Latest News

Taxation planning should be an ongoing process, not just pre-Budget

With the Spring Budget looming in March, it is easy to be tempted to delay tax planning until afterwards in hopes of favourable tax cuts. However, the Chancellor has made it clear that significant cuts to taxation aren’t likely to be in his speech and so businesses should be taking steps now to prepare for

Five people standing in circle each holding a giant jigsaw piece in the middle
Latest News

Think about the support you need for your business

Your business may be sailing along quite nicely, or it may be struggling with the effects of shortages, rising prices and an energy crisis. In both cases could be time to step back and reflect on where you are, develop what has worked and abandon methods that don’t. It is time to plan out a

Woman's hand holding pencil over open notebook with '2023 business plan' and a list of numbers 1-5 written in it
Latest News

What you should include in a business plan

Business plans provide goals to work towards, help identify potential problems, give insight into competitors, and highlight potential 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. Concept This part of the business plan is usually broken down into three

Businesspeople sitting at table in meeting discussing business strategy
Blog Blogs

How to navigate your first year as a business

Starting your own business is a major achievement and you will have spent a lot of time planning this venture and hoping for success. But navigating through the first year of this new business will be essential to achieve your goals and it can be difficult to know what you should be doing. Below are

Businesswoman at table with open notebook in hands and looking at laptop to check National Insurance record
News

Time is running out to check your National Insurance record

Are you planning on claiming the UK state pension? You must check your National Insurance (NI) record before 5 April 2023. Are you eligible for the UK state pension? To be eligible for the maximum ‘new state pension’, you must have 35 qualifying years of NI contributions. You will also need to have retired on

Businessman at desk in front of open laptop using calculator with one hand and holding receipt with the other to calculate VAT
Blog Blogs

How can you deal with VAT return errors?

If you are running a business, handling VAT returns can be complex. You may have submitted returns with errors previously if you were unsure of what to do and could be at risk of further investigation or fines from HM Revenue & Customs (HMRC). But do not worry, these errors can be corrected as long

Hospitality worker standing in workplace smiling
Blog Business

Top tips for starting a hospitality business

Are you hoping to run a successful start-up in the hospitality sector? As an ever-changing and competitive market, the road to success is often paved with challenges, requiring a considerable amount of time, patience, and hard work. Be clear about your goals From the beginning, you should identify what you want to achieve and what

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