We regularly write articles to keep you up to date with changes that affect your growing business.
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Research and development (R&D) tax relief claims are a vital way to offset your business costs against profits and promote technological innovation and advances. However, filling in the mountain of paperwork associated with R&D claims can be tedious and time-consuming – and has only gotten more so with recent changes. Almost half of businesses that
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HM Revenue & Customs (HMRC) has continued to run campaigns to ensure that overseas workers, registered in the UK, are paying the correct taxation rates. Taxpayers that have overseas assets and income may still be obligated to pay UK tax rates under certain circumstances. The first step HMRC will take to determine your tax obligations
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New research from the #SBS State of the Nation Roundtable report has revealed that 72 per cent of small and medium-sized enterprises (SMEs) feel they are surviving, rather than thriving. Fewer than one-third of small businesses have enough cash in hand to be able to keep their businesses afloat for more than six months, while
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Management accounts are vital in keeping on top of your business’s performance. But what are they, and how do they work? Management accounts are a key tool for keeping on top of the financial data of your business. Whilst statutory end-of-year accounts are necessary for compliance, management accounts can be tailored to reveal key information
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HM Revenue & Customs (HMRC) has recently launched a consultation on new rules aimed at simplifying the reporting of salary advances. This change is expected to have a significant impact on employers, streamlining administrative processes and reducing costs. Under existing legislation, salary advances are treated as a payment on account of earnings. Employers are required
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HM Revenue and Customs (HMRC) has recently reported a significant increase in Corporation Tax receipts for 2022/23. The receipts have risen by £17.3 billion, reaching a record £84.7 billion. This represents a 26 per cent increase on the previous tax year, which is a substantial figure by any measure. This increase occurred in the year
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Businesses are holding their breath as the upcoming Autumn Statement threatens to change the tax landscape of the UK. Chancellor of the Exchequer, Jeremy Hunt, announced that he will present the Statement to Parliament on 22 November 2023. The cost-of-living crisis is becoming a serious political issue ahead of an upcoming General Election and rising
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Recent data from HM Revenue and Customs (HMRC) reveals a significant trend - an increasing number of UK taxpayers are filing their Self-Assessment tax returns within the first week of the new tax year. In fact, the number of early filers has surged by nearly 100,000 since 2018. Why early filing is a game-changer Financial
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One thing that can significantly limit your business – even from its very inception - is poor accounting practices. Accounting and financial planning are the cornerstones of a successful business and without them, your enterprise risks collapse. Outsourcing these responsibilities is a solution that allows you to focus on your business whilst simultaneously improving the
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As an owner of a small to medium-sized enterprise (SME), juggling numerous responsibilities comes with the territory. Overseeing operations and growing your client base are vital tasks, but the key role of sales forecasting can sometimes be overlooked. However, adept sales forecasting is crucial for the long-term prosperity and sustainability of your business. What is
Advisory Insights
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At the latest Conservative Party conference, it was confirmed that the National Living Wage will be officially rising to £11 an hour for those over the age of 23, starting from April 2024. This increase of 58 pence means that those on the National Living Wage who work full time could receive an annual increase
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HM Revenue and Customs (HMRC) has always been at the forefront of embracing technological advancements to make tax-related processes more straightforward for businesses and individuals. Recently, HMRC has rolled out a series of new online tools aimed at simplifying various tax-related tasks. Store my National Insurance number The ability to store your National Insurance (NI)
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