News
The hidden economy: What income should you declare?
24 July 2023
The number of individuals participating in the UK’s ‘hidden economy’ is increasing according to recent research. A surge in additional income streams, from moonlighting to online trading, has led to millions of taxpayers failing to declare additional earnings to HM Revenue & Customs (HMRC).
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Management accounts: The importance of having a clear view of your business during uncertain times
24 July 2023
In times of economic uncertainty, businesses should have a clear plan to ensure that they can navigate any potential financial pitfalls. One of the best ways businesses can do this is with the use of management accounts. What are management accounts?
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Time to exit: New research shows many business owners are planning ahead
24 July 2023
New research from wealth management firm Evelyn Partners has revealed that the majority of business owners with companies that earn more than £5 million annually are preparing for an exit. With 65 per cent of UK business owners contemplating the sale of their company, and almost half intending to do so within the next year...
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Are banks supportive of SMEs and willing to assist their growth?
24 July 2023
Small and medium-sized businesses (SMEs) have struggled to access finance from banks for a while, with many having to turn to alternative lenders and sources to secure much-needed funding for investment. However, the scale of this issue has not previously been explored in significant detail until now.
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Car vs Van – Tax treatment of electric vehicles
12 June 2023
There have been several important tax decisions previously regarding the difference between vans and cars, but how do the different rules regarding electric vans affect their tax treatment? Let’s use a hypothetical: A Ltd has acquired a new electric company van that its director, Bob, uses to go to and from work...
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Roadside charging – How to account for credit card payments
12 June 2023
With a growing number of company car owners using electric vehicles, many are deciding or being permitted to use company credit cards to pay for roadside charging. However, what are the implications of this for the employee and business alike?
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Late interest penalties hit 1.4 million taxpayers – and it could get worse
12 June 2023
The 2020/21 tax year saw 1.4 million people charged interest on overdue tax payments – a 15 per cent increase on pre-pandemic figures. The data was released after a Freedom of Information request by investment platform, AJ Bell, but this did not disclose how much money HM Revenue & Customs (HMRC) raised from these late payment penalties.
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Trivial benefits in kind and the advantages they give to employers
12 June 2023
It is important for employees to feel valued in the workplace. A lot of the time, it is the little things that employers can provide to their staff that have the most substantial impact. One such ‘little thing’ is the concept of trivial benefits in kind. Trivial benefits are best described as small ‘token gifts’...
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Changes to free childcare, but higher earners will still miss out
12 June 2023
In the Spring 2023 Budget, the Government laid out plans to shake up the current free childcare system – but many higher earners will be disappointed to find that the changes keep them excluded from the scheme. The existing childcare rules mean that parents are eligible for up to 30 hours of free childcare...
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Constantly asked for pay rises? Here is what you need to know about pay in the UK
12 June 2023
As an employer, you will likely face the delicate situation of employees asking for pay rises. With the cost-of-living crisis and rise in inflation, these requests will have become more frequent as people look to keep up with spiralling living costs.
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Case Studies
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Customer care is top of the list for packaging business
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Child's play with proactive accounts management
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A taste for growth, a thirst for knowledge
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Sometimes a business does exactly as it says on the tin
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A shared passion for architecture and a head for numbers
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Smiles all round for dental practice
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Taxing demands with old school charm
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A modern approach required for music moguls
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Cut above the rest in personal management style