We regularly write articles to keep you up to date with changes that affect your growing business.
Advisory Insights
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Your business could benefit from a new scheme being run by HM Revenue & Customs (HMRC). The newly introduced “open banking enhancements” allow businesses to reduce their immediate paying obligations and pay their tax bills in manageable portions. Managing taxes efficiently is crucial for any business and the ability to schedule payments means that the
Accounting
Advisory Insights
HM Revenue and Customs (HMRC) recently reported a record-breaking increase in Corporation Tax receipts for the 2022/23 tax year. The total amount collected rose by £17.3 billion, reaching an unprecedented £84.7 billion. While this is good news for the Government's coffers, it may raise business owners' concerns about their tax liabilities. However, various tax reliefs
Accountancy
Accounting
A recently approved Bill proposing an extension to the auto-enrolment (AE) scheme will facilitate "earlier and increased savings" for millions of young people across the UK. Whilst this is undoubtedly a positive thing for the pension savings of young people and low-wage earners, it poses some significant issues for businesses. Who is automatically enrolled in
Accounting
Advisory Insights
In the dynamic world of business, financial foresight is not just a luxury; it’s an essential ingredient for success. But how can you harness the power of financial forecasting and steer your business in the right direction? We’ve put together our top tips: Precision in budgeting One of the first things you can do to
Advisory Insights
Blog
As we approach the end of September, businesses across the UK are gearing up to meet the inaugural deadline for the Economic Crime Levy (ECL) payment. HM Revenue & Customs (HMRC) has enabled this process by launching an online payment service, a move that signals the Government's steadfast commitment to using technology to streamline compliance
Accounting
Blog
Accounting doesn't have to be a time-consuming and complicated task. By breaking down the accounting process into manageable steps, you can simplify your accounting and have a clearer view of your business’s financial health. Below are three steps to get you started: Utilise modern accounting software Modern accounting software can be a game-changer for small
Blog
Blogs
In order for your business to be both financially secure and successful, you need to ensure you choose the right business framework. It will not only affect the daily operations of your business, but it will also impact the way in which your business’ finances operate. This includes how you declare your income, how much
Advisory Insights
Blog
The issue of unclaimed pensions is a growing concern, with numerous individuals unaware of the pensions that are rightfully theirs. Recent data reveals that unclaimed pensions amount to a staggering £28,000 per person. As an employer, you have a pivotal role to play in helping your staff claim what belongs to them. The Pension Tracing
Advisory Insights
Blog
When you’re running a small business, every penny counts, including those you can save through legitimate tax deductions. You're probably aware of standard write-offs like office supplies and staff wages, but what about the more obscure write-offs available to your business? In this blog, we delve into unknown business expenses that are perfectly legitimate in
Latest News
News
You must file your company accounts, to avoid late filing penalties, Companies House is warning. All companies must file annual accounts with Companies House each year, regardless of whether they are trading or not, or whether they are public or private. This applies to both large and small companies. LLPs are also subject to these
Latest News
News
4th - 8th September 2023: Honouring the UK’s Payroll Heroes! National Payroll Week is here, and it's the perfect time to acknowledge the backbone of every company – the payroll professionals. Benson Wood is proud to join in this nationwide celebration to honour the dedication, precision, and unwavering commitment of all payroll experts. The heroes
Latest News
News
Stagnation is a prolonged period of little or no growth in the economy and it can have a serious impact on your business. Whilst talking to The Guardian, Samuel Tombs, a leading UK economist, claimed that stagnation will cause “businesses to cut employment and investment, and trigger a sharp decline in residential investment.” He added:
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