HM Revenue & Customs (HMRC) has continued to run campaigns to ensure that overseas workers, registered in the UK, are paying the correct taxation rates. Taxpayers that have overseas assets and income may still be obligated to pay UK tax rates under certain circumstances. The first step HMRC will take to determine your tax obligations […]

HM Revenue and Customs (HMRC) has recently reported a significant increase in Corporation Tax receipts for 2022/23. The receipts have risen by £17.3 billion, reaching a record £84.7 billion. This represents a 26 per cent increase on the previous tax year, which is a substantial figure by any measure. This increase occurred in the year […]

HM Revenue & Customs (HMRC) has recently launched a consultation on new rules aimed at simplifying the reporting of salary advances. This change is expected to have a significant impact on employers, streamlining administrative processes and reducing costs. Under existing legislation, salary advances are treated as a payment on account of earnings. Employers are required […]

New research from the #SBS State of the Nation Roundtable report has revealed that 72 per cent of small and medium-sized enterprises (SMEs) feel they are surviving, rather than thriving. Fewer than one-third of small businesses have enough cash in hand to be able to keep their businesses afloat for more than six months, while […]

Exiting a business is a monumental event in the life of an entrepreneur. It is a process that requires meticulous planning and execution to ensure a smooth transition. A recent report found that many business owners are looking to the future with 23 per cent asked stated that they are fast-tracking their plans to either […]

As experts in the field of accountancy, we understand the unique challenges business owners face when it comes to payroll. We’ve put together three essential tips to help you manage maternity and paternity pay, ensuring legal compliance and employee satisfaction. Understand the statutory requirements: In the UK, employees are entitled to Statutory Maternity Pay (SMP) […]

If your company is involved in the creative industry, then it could be eligible for significant tax relief from the Government. These tax reliefs support the Government’s objective of becoming the technological centre of Europe by promoting growth in the digital, creative, and other high-technology areas. Your business can claim creative industry tax relief if […]

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: […]

After the fourteenth consecutive increase in interest rates since 2021, many business owners will be asking themselves the same thing: “When will interest rates finally fall?” The higher the interest rates, the more money you pay on your debts like loans, overdrafts, and credit cards. Equally, many of your customers will also face higher costs […]

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 […]