We regularly write articles to keep you up to date with changes that affect your growing business.
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Designed to reduce the tax gap and simplify tax management for individuals and businesses, the Government’s Tax Administration Strategy is set to introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) by 6 April 2026. It will allow those who are self-employed, are landlords or are otherwise responsible for their own tax returns to
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In the world of business, cash flow is king and, for small business owners, it is a lifeline that keeps their ventures afloat and enables growth. However, in recent times, late payments have been an issue that has been casting a shadow over small businesses across the UK. Below, we investigate this pressing concern and
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Chancellor Jeremy Hunt has announced a number of reforms to policies concerning businesses and innovation, in a bid to enhance growth in the economy. A significant measure concerns various tax relief schemes for businesses in the Research and Development (R&D) sector. Many operators in this sector are eligible for Corporation Tax relief on qualifying expenditure
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Alongside measures designed to support growing businesses and workers, the Chancellor’s 2023 Autumn Statement saw the publication of the Future of Payments Review. Chaired by former HSBC Chief Executive, Joe Garner, the review comes as many retailers are struggling with the shift to digital and card payment exclusively. The past few years have seen many
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Inheritance Tax (IHT) can be a sensitive and uncertain topic when discussing with loved ones, but it is something that cannot and should not be avoided. Let’s explore the basics of Inheritance Tax, along with how it impacts your finances so that you can better navigate this complex issue successfully. What does Inheritance Tax consist
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Investing in property can be a lucrative venture, but it's essential to understand the implications of Capital Gains Tax (CGT) on these investments to protect your investments from unexpected costs. This is particularly relevant for those who may be new to property investment or are considering selling their first property for profit. Here are some
Advisory Insights
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Accounting standards that impact businesses’ financial reporting are prone to the odd reshuffle every now and then, so it is important for business owners to stay informed. One such standard is International Accounting Standard 32 (IAS 32), which plays a key role in how you present financial instruments in your annual accounts. With the International
Advisory Insights
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As we approach the 31 January 2024 tax return deadline, it's crucial for sole traders, to be well-prepared and aware of your obligations. Below, we outline some practical steps to help you navigate the complexities of the Self-Assessment tax return, a vital aspect of managing your business's financial responsibilities. Understanding the Income Tax Self-Assessment (ITSA)
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Business
Running a small business involves a lot more than juggling logistics. Knowing how to tackle and overcome challenges is an essential aspect of entrepreneurship. Rather than solely being determined by skill, your success as an entrepreneur is underpinned by your personality and your approach to challenges. One of the key psychological theories that comes into
Advisory Insights
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Between the 2020/21 and 2022/23 tax years, there was a 21 per cent rise in tax investigations into SMEs, highlighting the fact that HM Revenue & Customs (HMRC) has ramped up its interest in this area. With this in mind, compliance has never been more important. Tax investigations can be a daunting prospect for
Advisory Insights
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For small businesses navigating the Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) initiative, tax returns can be complex. The new HM Revenue & Customs (HMRC) app seeks to make the process easier, however. The digital tool marks a significant shift away from traditional, paper-based methods, heralding a new era of streamlined tax processes.
Advisory Insights
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When making the decision to become a freelancer, you have two options. You can either set up as a sole trader or start a limited company. Both options come with their own unique opportunities and challenges that need to be carefully considered before a decision is made. For many, the advantages of a limited company
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