Getting Ready for HMRC’s New Penalty Regime

  Please note that as of  13th January some dates have changed. VAT penalties will be introduced on 1st January 2023 instead of 1st April 2022. Points do not mean prizes with the new Penalty Regime… Paying your tax bill on time can be a struggle. The HM Revenue & Customs’ (HMRC’s) penalty regime exists, […]

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The Impact of the New National Insurance Changes

You’ll no doubt have seen the news of a rise in both employees’ and employers’ National Insurance contributions (NICs). It’s been a contentious move by the Government, with some people seeing the policy as a necessary way of generating extra revenue for the NHS and social care, and others questioning if a tax on workers […]

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VAT, how does it work?

Value-Added Tax (VAT) is a consumption tax that is levied on goods that have had value added at each stage of the supply chain. Businesses with turnover of £85,000 in a rolling 12 month period or more have to register for VAT. But even if your sales are below that level, you can register on […]

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Proposed Change for Sole Traders Accounting Period

Are you self-employed? Or are you a partner in a trading partnership? If you are, you should be aware of the proposed changes to the accounting period for unincorporated businesses. HM Revenue & Customs (HMRC) is proposing to change the way that unincorporated businesses (Partnerships and Sole Trades) are taxed, moving from a ‘current year’ […]

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Are Staff Social Events Tax-Free?

If the rules around social functions are followed, staff events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff. This means you can claim back some of the expenses you incur when putting on a social event for your team, while also helping to […]

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Don’t Neglect Your Balance Sheet

Business owners tend to focus on increasing profit and driving down costs. While this is important, you must not neglect your Balance Sheet. Profitable businesses can and do go broke; your Balance Sheet is a key indicator of how solvent your business is. Here are four key areas of your Balance Sheet to focus on: […]

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The Dangers of Discounting

You might think that offering discounts is a great strategy to use when sales are falling. In reality, you’re likely to be more profitable by holding your price and accepting the reduction in sales volume than discounting a product.   Let’s look at an example to show the difference in your gross profit if you […]

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Shortening Your Working Capital Cycle to Free Up Your Cash

The impact of Covid-19 has shown us that even profitable businesses can go broke if they run out of cash. Understanding and managing your working capital cycle frees up your cash and helps you build a cash war chest to get you through tougher times. Your working capital cycle is the number of days your […]

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Planning your Company Filing and Payment Deadlines for the Year

Keeping on top of the deadlines for your company filing and tax payments can be hard work. With so many elements to coordinate and keep track of, it’s easy for deadlines to occasionally slip through the cracks – but that can lead to fines, penalties and other issues. The key is to stay fully in […]

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What Home Office Expenses are Deductible for your Business?

With greater use of home-working now the norm for many UK businesses, it’s important to think about the deductible expenses that you may be able to claim when working from a home office. Working from home results in us using more power, more broadband and more heating than when working from an office space, or […]

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