We regularly write articles to keep you up to date with changes that affect your growing business.
With SMEs struggling to cope with economic headwinds, they must be working efficiently and taking measures to make sure they avoid being defrauded. HM Revenue & Customs (HMRC) are constantly warning of scammers, posing as genuine accountants, targeting people and offering help to get tax refunds and rebates. But it goes wider than that and
A furnished holiday let (FHL) is a particular type of rental property classification in the UK. If your property qualifies as an FHL, it is classed as a ‘trade’ by HM Revenue & Customs (HMRC), meaning you are entitled to various tax advantages. However, to be given FHL status, certain criteria must be met. Are you
Are you planning on treating your staff or clients this Christmas? Christmas gifts can be subject to tax, so it is important to understand these tax rules this festive season. Do gifts count as taxable income? Christmas presents paid in cash to staff qualify as taxable earnings, which means they will be subject to income
Introduced in 2016, the new State Pension is a payment based on your National Insurance record when you get to State Pension age. To receive it, you must typically have 10 qualifying years on your National Insurance record. If you were contracted out prior to 6 April 2016, you may receive less than the new full State Pension. If
A detailed and comprehensive business strategy is more important than ever, as businesses feel the impact of the cost of living. By focusing on your business strategy, you can ensure that the decisions that you are making align with the vision you have for your business. Regardless of if you have a business strategy in
For most small businesses, Christmas is the busiest time of the year, which has a large impact on yearly revenue. In fact, companies expect to make two-thirds of their annual profits over the festive period, despite current economic uncertainty. According to a recent survey by Intuit QuickBooks, firms are predicted to generate more revenue than
Taking on debt may make you feel worried, but while debts are often viewed negatively, they can actually have many benefits for the future of your business. Debt can help manage cash flow and can also help you achieve your long-term goals. Benefits of business debt Allows for effective credit control Helps manage cashflow Assists
With the busy Christmas period approaching, businesses operating in the hospitality and tourism sector will be dealing with increased demand. Now more than ever, it is important to ensure your cash flow is as strong as it can be. What are the basics? When it comes to running a business, having a solid cash flow
Landlords are being targeted by HM Revenue & Customs (HMRC) over what appears to be undeclared rental income or income related to residential property. HMRC’s Wealthy External Forum sent 606 letters to landlords who have submitted deposits into a tenancy deposit scheme, questioning them about understating their rental income. Landlords and letting agents are required by law
Wages are soaring at their sharpest rate in over 20 years, it has been revealed. Despite this, pay is still trailing behind the quickening pace of inflation. According to the BBC, pay rose by 5.7 per cent in the year to September, the fastest growth since 2000, excluding the pandemic. But when adjusted for rising
Accountants are saving businesses time and money as well as easing the pressure of rising inflation, according to a new survey. The survey by Intuit QuickBooks found that as costs were rising and consumer spending falling, professional support had reduced costs for SMEs. The majority of the 600 respondents surveyed in the UK (83 per
The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and spending cuts. These spending cuts and tax rises, he said, would affect everybody and were
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