We regularly write articles to keep you up to date with changes that affect your growing business.
One of the key things that small and medium sized businesses (SMEs) need to get right is payroll. Not only is it a legal requirement to maintain the relevant documents and pay the correct amount of tax, getting prepared can help to reassure your employees that the business is trustworthy. Step 1: what do you
No one wants to pay more tax than they are required to and yet every year hundreds of thousands of taxpayers miss out on opportunities to reduce their tax bill. The clock is now ticking down to the end of the tax year in April, and with many experiencing a squeeze on living standards, there
A new digital identity scheme will help employers carry out right to work checks, it has been announced.The Department for Digital, Culture, Media & Sport said new employees will be able to prove their identity using digital methods “easily and quickly” instead of having to rely on traditional physical documents.Known as “digital identities”, the scheme
HM Revenue & Customs (HMRC) is warning taxpayers to stay alert to tax scams after a surge in fraudulent activity. The report comes after the February Self Assessment deadline, when self-employed business owners expect to be contacted by the tax authority. According to the notice, criminals are attempting to obtain taxpayers’ Government Gateway logins and
Businesses across the UK are already benefitting from the temporary tax relief offered by the super-deduction but many more could still be missing out on this vital support. The super-deduction scheme was introduced on 1 April 2021 and will run until 31 March 2023. It allows firms investing in qualifying plant and machinery assets to
Thousands of taxpayers benefited from the Self-Employment Income Support Scheme (SEISS) as the pandemic raged over the last two years, before its closure last year. The scheme, which involved five grant payments, was set up by the Government to provide support for the self-employed, for example sole traders, provided certain eligibility criteria were met. However,
A cash flow statement provides data about all cash inflows a company receives from its operations and investments. It tells you how much cash is entering and leaving your business in any given period. Along with balance sheets and income statements, it is vital for managing your small business accounting and making sure you have
Taxpayers are being reminded that COVID-19 support grants or payments should be declared on company tax returns as they are taxable. HM Revenue & Customs (HMRC) has issued a reminder that the filing deadline for company tax returns (CT600) is 12 months after the end of the accounting period it covers. The deadline to pay
HM Revenue & Customs (HMRC) has announced that it is having to prioritise its essential services by temporarily closing some of its telephone hotlines, following a surge in enquiries during and since the pandemic. It has said that it is focusing on stabilising its phone service and tax credits/child benefits service at the start of
The cloud is king in the world of accounting, with a vast range of software and applications available, designed to be easy to use by businesses and their owners. The beauty of cloud accounting is that the software can be accessed anywhere that has an internet connection on a range of devices. Good accounting software
While the national job vacancy boom is good news for job seekers, it could be a nightmare for businesses keen on retaining high-quality staff. While a pay rise is always welcome it may not always be the most tax or National Insurance efficient approach when compared with other benefits, including salary sacrifice, that could be
Following Brexit, the UK removed tax-free shopping for tourists which is now having an impact on Britain’s prospects as an international shopping destination, new research reveals. Formerly, when the UK was part of the EU, tourists from outside the EU were able to reclaim VAT on purchases made during their trip. However, from 1 January
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