We regularly write articles to keep you up to date with changes that affect your growing business.
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If you own a small business and are also a shareholder director, you may be wondering whether to take a salary or dividends. When it comes to paying yourself, there are both advantages and disadvantages to each option, including potential tax savings. We’ll explore how taking salaries versus dividends for shareholder directors of small businesses
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Businesses are being advised that time is running out to be able to take advantage of the Corporation Tax super-deduction capital allowance scheme. This allows businesses to claim back 130 per cent on investments made in plant or machinery. The scheme runs until 31 March 2023 and with Corporation Tax rates set to rise in
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For many individuals in the UK, gifting to grandchildren can be a great way to reduce their tax burden. But before entering into any gifting arrangement, it is important to understand the various tax considerations that come with it. In this blog post, we will discuss some of the key tax implications of gifting to
Latest News
Keeping on top of your business’s financial health is critical to its success. A great place to start is by understanding what a balance sheet is and what it can tell you about the health of your business. Let’s look at what a balance sheet is, why it’s important, and how you can improve yours.
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Business
There are many reasons for changing how a business operates which may include changing relationships between business and customers. As online trading grows exponentially, businesses are also pursuing new economic activities in virtual markets. Reasons for change could include: Innovative technology The identification of new cloud-based technology can lead to more efficient and economical methods,
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Blogs
During the cost-of-living crisis, you may be feeling concerned about the cash flow of your business. As a business owner, cash flow issues can be one of the most crippling problems your business might face. Unexpected circumstances, such as financial liquidity issues, errors with bank transfers and customer payment delays, can lead to serious downturns
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Blogs
Taxpayers have been warned that they could face a penalty after HM Revenue and Customs (HMRC) said 5.7 million were still to file their Self-Assessment returns. The deadline for filing is 31 January with more than 12 million taxpayers expected to file their tax return for the 2021 to 2022 tax year by that date.
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SMEs / Business
With the UK’s hospitality and tourism sectors continuing to evolve, the pandemic and cost-of-living crisis have played a big role. For example, whilst looking for an alternative to holiday destinations abroad, many people are opting for a break in their own country. This trend of staycations has allowed local businesses to benefit from increased tourism
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Blogs
As the cost-of-living crisis continues, your business might be looking for ways to cope with soaring energy bills and interest rates. If you’re thinking about using your business’s savings to stay afloat, you’re not alone. In fact, a survey from Investec revealed that 43 per cent of SMEs are expected to use their savings in
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Blogs
More than 22,000 taxpayers went online over Christmas Eve, Christmas Day and Boxing Day to complete their Self-Assessment tax return. As millions enjoyed Christmas festivities this year, 3,275 people filed their tax returns on Christmas Day alone, according to HM Revenue and Customs (HMRC). A total of 22,060 went online to submit their form over
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Business
In order to grow and succeed, you need to effectively manage your finances and monitor the health of your business. Previously, we looked at what management accounts are and how you can make the best use of them. However, understanding how to read these is perhaps the most important part of all. Profit and loss
Latest News
The exemption for paying Capital Gains Tax (CGT) is changing. The CGT annual exemption will fall from £12,300 to £6,000 from April 2023, before being cut in half again to £3,000 from April 2024. CGT is what you pay on any gains that you make when you come to sell an asset, such as a
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