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. What is changing? The biggest change that businesses can expect is […]

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. […]

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. We’ll explore how taking salaries versus dividends for shareholder directors of small businesses […]

For many individuals in the UK, gifting to grandchildren can be a great way to reduce their tax burden. But before entering into any gifting arrangement, it is important to understand the various tax considerations that come with it. In this blog post, we will discuss some of the key tax implications of gifting to […]

Every business needs sound financial planning and oversight in order to thrive. With the new tax year just around the corner, now is the perfect time to start thinking about ways you can improve your business’s finances in 2023. Read on to learn some of our top tips for making sure your business’s finances are […]

Businesses are being advised that time is running out to be able to take advantage of the Corporation Tax super-deduction capital allowance scheme. This allows businesses to claim back 130 per cent on investments made in plant or machinery. The scheme runs until 31 March 2023 and with Corporation Tax rates set to rise in […]

The Government has announced a two-year delay and further changes to the rollout of its Making Tax Digital for Income Tax initiative. The delayed implementation of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) means it will now be phased in from April 2026 for a smaller number of taxpayers, rather than the original […]

You could see your Income Tax bill increase significantly in 2022-23 because of a freeze on Income Tax thresholds announced by the Chancellor at the Autumn Statement. While the basic (20 per cent) and higher (40 per cent) thresholds will remain at their current levels for an additional two years until 2028, rising wages will […]

Planning for the future is essential when running a business and you should have a perspective of where you want to be in three to five years. Goals or targets provide a sense of direction, focus, and motivation. However, how do you set aims effectively? You could try the SMART method. This relies on five key […]

Chancellor Jeremy Hunt has announced a series of changes to the UK research and development (R&D) tax credit regime, including a cut to the deduction and credit rates for the SME scheme. The R&D SME scheme enhanced deduction rate will be cut to 86 per cent from the current 130 per cent, and the payable […]