Are you dreading filing your UK tax return? Do you find the whole process confusing and overwhelming? If so, you’re not alone. In fact, research shows that nearly 60% of small businesses in the UK don’t use an accountant to file their taxes. While it’s certainly possible to file your own taxes, there are…
With a turbulent start to September 2022, the announcement of a new Prime Minister, and new Chancellor, It was expected that there would be some changes to existing policies as the new government starts to make its claim on the economy of the Nation. There was some delay in this due to the passing…
Earlier today Chancellor Rishi Sunak announced some economic updates and changes following the UK’s current inflation rise at the start of 2022. He also announced the publishing of a “Tax plan”, that ensures the government will take a “Principled approach to cut taxes” which will help the government to achieve their “overarching ambition to reduce…
On the 6th January 2022, HMRC announced that they were waiving late filing and late payment penalties for Self Assessment taxpayers who either hadn’t yet filed their tax returns or paid their personal tax liabilities. HMRC is still encouraging taxpayers to file and pay in time if they can, but they recognised that just over…
Making Tax Digital for Income Tax is a part of the government’s plans to make it easier for businesses and individuals to manage their tax affairs and get their taxes right. Their main element is to move the recording keeping from manual records, over to software, which in HMRC’s eyes will: enable some efficiencies,…
From April 2019 VAT registered businesses with sales of more than £85,000 must follow the rules for Making Tax Digital for VAT. This is currently also an option for those VAT registered businesses with sales of less than £85,000, who can follow the rules voluntarily. (from 1st April 2022 all VAT registered businesses must adhere…
Having an accountant is always more than just them filing your accounts and tax returns with the relevant authorities. Accountants themselves are business owners, so should be able to answer your queries with empathy, but with the added benefit of seeing the nuts and bolts of other businesses, giving them that direct exposure to many…
“Whatever it will be, is whatever it will be” The above statement is said by those who accept their fate, and that they believe nothing can be done about the situation that they are in. And quite often, many taxpayers have the same belief, in that they don’t feel that there was an opportunity…
When running your business, you’re mainly thinking about the here and now, and making most of your opportunities. And planning consists of the next 3 months, the next 12, and potentially up to around 5 years into the future. As such, Pensions are not high on your agenda, but they should be. When we talk…
It’s certainly been an interesting 12 months, with the global covid pandemic that has affected us all. Many staff members may have experienced what it is like to be furloughed, and many business owners have had to review their situation in depth to ensure that they are able to continue. This had led to a…