We regularly write articles to keep you up to date with changes that affect your growing business.
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SMEs
Late payments are costing small businesses £684 million per year, in addition to rising inflation, data has revealed. According to the study of thousands of companies, conducted by Accenture with help from Xero, the cause of this loss is due to firms receiving payments 5.8 days late on average. The data further discovered that 49 per
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Tax
Several cities, including those in the UK and the EU, are considering introducing a tax on visitors. There are major implications for introducing such a tax, with many hailing it as a great way to raise much-needed revenue for investment hotspots. On the other hand, there is scepticism surrounding whether the tax might deter tourists
Apprentices
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Many UK businesses are having problems with recruitment as the number of job vacancies has soared over the last 12 months. Key staff are also being enticed away by better offers from competitors. It’s a dilemma for SMEs, but also an opportunity to take on staff as apprentices, which could be mutually advantageous. It’s cost-effective,
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News
Nicola Sturgeon has revealed plans for a rent freeze and a ban on winter evictions, as part of emergency legislation in response to the cost of living crisis. With financial pressures on households named a “humanitarian emergency”, the legislation has been announced to safeguard tenants in private and socially rented homes. Sturgeon highlighted the rising
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With the ongoing cost of living crisis, people are continually looking for ways to save money. Whilst buying discounted food, choosing cheaper brands of clothing, or strategically filling the car up are all ways you can cut costs, there are several other ways to save money. There is also the question of what employers can
Latest News
Expenses incurred by employees are generally the responsibility of the employer. Quite often, however, employees have to bear the cost themselves when travelling for work, having meals and even providing clothes, which in most cases are not tax deductible. What employment expenses qualify for tax relief in the UK? Work-related travel Having to travel to
Latest News
The UK has seen a boom in the ownership of Furnished Holiday Lets thanks to the increase in staycations. As the summer holidays draw to a close many of us may be considering purchasing a holiday let to boost our income, but there are some very specific tax reliefs to consider when doing so. What
Latest News
HM Revenue & Customs (HMRC) has increased the interest rate applied to late tax payments following the latest hike in the Bank of England base rate. The late payment interest rate increased to 4.25 per cent from 23 August – the highest rate since the height of the financial crisis in January 2009. It will
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Business Blog
The off-payroll guidance for clients, contractors, and their intermediaries is set to be reviewed by HM Revenue & Customs (HMRC). The review aims to provide a cost-benefit analysis of the effect of the rules, as these rules assess whether workers should be counted as employees and taxed at source. They ensure that workers providing their
Latest News
The Government could move to crack down on anyone providing accountancy services who is not professionally qualified. As the law stands there is no requirement for these individuals, who can set up and start advising clients, to have professional qualifications. High profile campaigns A survey by the Association of Accounting Technicians (AAT) and conducted by
Latest News
New measures have been introduced for the even-handed treatment of spouses and civil partners who are in the process of separation, divorce or dissolution. The new legislation clarifies Capital Gains Tax (CGT) rules that apply to transfers of assets between spouses and civil partners, giving them up to three years in which to make no-gain
Latest News
There were stunning figures released in a new survey about business start-ups recently. Data from small business lender iwoca showed that 93 new businesses were created every hour. Despite economic headwinds, rising inflation and rocketing energy costs, the number jumped by 18 per cent year on year. Data from Companies House show over 402,000 businesses were
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