We regularly write articles to keep you up to date with changes that affect your growing business.
British businesses formed during the pandemic could be a significant driving force for the UK economy. Around 800,000 companies were formed during the first year of the pandemic, which was up by nearly a quarter, at 22 per cent, on the previous pandemic-free year. More adopt the latest technology Now data from a joint report
Designed by the Scottish Government, the Digital Development Loan aims to provide loans to Scottish SMEs wishing to improve their digital capabilities and capacity. The funding covers areas such as cyber security, data analytics, software engineering and digital skills development. Offering interest free loans from £5,000 to £100,000, it also provides up to five years
More than a million businesses can now benefit from Help to Grow as the eligibility criteria has been expanded to cover businesses with at least one employee. In real terms, this means up to 1.2 million businesses could benefit from this expansion. What is the Help to Grow scheme? The Help to Grow scheme is
In the first blog of this series on tax year basis reforms, we will be discussing the new rules that will affect how unincorporated businesses are taxed from 2023 to 24 and consider whether it is worth changing your accounting period. The Finance Bill was published on L-Day (20 July 2021) and outlined important changes
Ask anyone who either uses their vehicle for business reasons, or puts fuel in a company car, and you will soon realise business mileage can be a confusing topic. It’s important to know that if you fall into either of these two categories, you might be able to claim tax relief for business mileage. HM
The Recovery Loan Scheme, which helped businesses throughout the pandemic, has been extended for a further two years. Launched on 6 April 2021, the Recovery Loan Scheme (RLS) was one of several finance schemes available to struggling businesses. It provided financial support to businesses across the UK as they recovered and grew following the Coronavirus
A new study has revealed the cashflow struggles faced by small businesses across the UK, resulting in calls for Government action. The research, conducted by Xero Small Business Insights and Accenture, discovered that the average UK small business experienced a “cash flow crunch” for more than four months every year. A cash flow crunch is when monthly takings
Corporation Tax (CT) rates are set to rise in the UK from 1 April 2023. From this date, the main rate of CT will increase to 25 per cent for all companies with taxable profits over £250,000. There will also be a small profits rate for companies with taxable profits of £50,000 or less of
HM Revenue & Customs (HMRC) has announced plans to offer a recurring direct debit to employers as part of their wider payment modernisation programme. At present, employers can only set up a direct debit to collect a single payment. The launch of this service, slated for mid-September this year, will see a change to the
With fluctuating incomes and the costs of living hitting businesses and individuals alike, people who have never previously had any issue with paying tax bills on time may have found themselves passing the 31 July payment on account deadline without being able to pay what they owe. If this is the position you find yourself
Construction output is expected to rise by 2.5 per cent this year, according to a trade body survey. It is much-needed good news for the economy, with new warehouses and infrastructure growth the driving forces. More storage space needed for online business According to the Construction Product Association’s (CPA) latest forecast, the sector covering warehouses
HMRC is introducing a new VAT Registration Service (VRS), it has been revealed. Launching on 1 August, the service aims to speed up the process, improve security, and automatically register businesses for Making Tax Digital (MTD). From this date onwards, the existing system of registration will be closed. Making Tax Digital A notable change is
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