News

Spring Budget 2023
15 March 2023

Just a few days short of the third anniversary of the first Covid lockdown, Chancellor Jeremy Hunt rose to the Despatch Box to deliver the first full Budget to have taken place in 504 days and the first unaffected by the immediate impact of the pandemic since October 2018.
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Avoid these costly VAT mistakes
10 February 2023

Small business owners need to take measures to avoid costly mistakes when it comes to calculating, reporting and paying Value Added Tax (VAT). The best way to prevent errors and stay on the right side of HM Revenue & Customs (HMRC) is to have an expert take care of your VAT affairs.
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What you should include in a business plan
10 February 2023

Business plans provide goals to work towards, help identify potential problems, give insight into competitors, and highlight potential opportunities. A great business plan should include a concept, strategy, executive summary, market analysis, competitor analysis, the company’s financials and a clear action plan.
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MTD for ITSA is delayed. Should you still go ahead with cloud accounting?
10 February 2023

Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now come into effect in April 2026 for businesses, self-employed individuals, and landlords with gross business and/or property income over £50,000.
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How can you achieve taxation ‘quick wins’ before the end of the tax year
10 February 2023

With the end of the tax year fast approaching on 5 April, it makes sense to assess your tax situation and make use of the reliefs and allowances available to you. Here are a few quick wins you can consider to help reduce your liabilities now and in the future...
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Taxation planning should be an ongoing process, not just pre-Budget
10 February 2023

With the Spring Budget looming in March, it is easy to be tempted to delay tax planning until afterwards in hopes of favourable tax cuts. However, the Chancellor has made it clear that significant cuts to taxation aren’t likely to be in his speech and so businesses should be taking steps now to prepare for the changes...
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Think about the support you need for your business
10 February 2023

Your business may be sailing along quite nicely, or it may be struggling with the effects of shortages, rising prices and an energy crisis. In both cases could be time to step back and reflect on where you are, develop what has worked and abandon methods that don’t.
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A new VAT penalty system is now in effect
16 January 2023

A major overhaul of VAT penalties came into effect on 1 January 2023. This new approach changes how penalties are applied, as well as how interest is calculated and paid. In this article, we’ll break down what you need to know about the changes.
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Understanding and improving your balance sheet
16 January 2023

Keeping on top of your business’s financial health is critical to its success. A great place to start is by understanding what a balance sheet is and what it can tell you about the health of your business. Let’s look at what a balance sheet is, why it’s important, and how you can improve yours.
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Should I take a salary or dividends as a small business owner?
16 January 2023

If you own a small business and are also a shareholder director, you may be wondering whether to take a salary or dividends. When it comes to paying yourself, there are both advantages and disadvantages to each option, including potential tax savings.
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