Recently, many pensioners received surprising news: a tax bill for the first time. This stems from HM Revenue & Customs (HMRC) decision to send letters to over 140,000 pensioners, who have taxable income but are not filing Self-Assessment. In total, 560,000 pensioners will receive letters, covering the 2023/24 tax year. Why is this happening? The […]

Recently, there has been a significant increase in company closures due to petitions from creditors, particularly HM Revenue & Customs (HMRC). In 2023, forced closures rose by 63 per cent compared to 2022. This spike is mainly due to high interest rates making Covid-era debts hard to manage, along with HMRC’s backlog of cases. Many […]

The issue of late payments has become a growing concern for small businesses. Recent data from Xero Small Business Insights reveals that, on average, payments were made 7.3 days late between April and June 2024. This is an increase of 1.8 days from the previous quarter. This marks the largest quarterly increase in late payments […]

HMRC has launched a new digital tool to help businesses estimate the potential impact of their VAT registration. This will be useful for established business owners and those planning to start a business. VAT registration Registration for VAT is required if a business’s taxable turnover (including zero-rated sales) exceeds £90,000 for the previous 12 months […]

Private equity investment has been a significant force in the financial world for some time. However, the nature of private equity has changed considerably in the last few years and it’s worth knowing how this may affect your business. Background                              Traditionally, private equity involved investment firms raising funds from investors to acquire stakes in companies. […]

The new UK Government has been formed. Despite the Labour Party’s campaign and pledges around keeping tax rises to a minimum, expert opinion suggests that future rises are inevitable. The inevitability of higher taxes For the foreseeable future, the freeze on most tax thresholds is likely to remain in place. The thresholds’ freeze means that […]

Invoice fraud, affecting one in three companies, involves deceptive practices that trick businesses into making payments to fraudulent accounts. As fraudsters’ techniques become more sophisticated, businesses must understand their tactics and the potential impact on operations. Here are some common techniques used by fraudsters: Fake invoices: Fraudsters create counterfeit invoices that appear legitimate. They might […]

HM Treasury has taken £77.2 billion in Income Tax and National Insurance (NI) since April 2024 – signalling the effect of the freeze in the Personal Allowance and Income Tax bands and thresholds. Taxpayers have seen two landmark cuts to employee NI payments, falling from 12 per cent to 10 per cent after the 2023 […]

Whether the hot weather lasts or not, summer is here to stay, bringing with it seasonal challenges and opportunities for business owners. You may think summer is business as usual, but many companies face disruption and delays due to: More people taking holiday than at other times The heat disrupting transport or the supply chain […]

When developing your business exit and succession strategy, you must consider all possible avenues, including those which might not seem so obvious. A management buyout (MBO) is one such approach that has gained traction for its flexibility and the ability to leave your business knowing that an experienced team is in place to run it. […]