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UK employers are facing a significant change in how benefits-in-kind (BiKs) and taxable employment expenses are reported and taxed. The government is moving towards a real-time payroll reporting system, and from 6 April 2027, this will become mandatory for most employers. If your business provides employee benefits such as company cars, private medical insurance, or…
Recently, many company directors have contacted their accountants after receiving an unexpected email from Companies House stating: “There’s been a change in who is digitally authorised to file for your company…” If you’ve received one of these messages, there’s usually no cause for concern. This is a normal notification linked to a recent security update…
Cash flow management is one of the biggest challenges facing small and medium-sized enterprises (SMEs). A business can look profitable on paper, but if cash isn’t available when bills fall due, it can quickly lead to stress, stalled growth, or serious financial difficulty. This is why cash flow forecasting for SMEs is such an important…
For small businesses, cash flow is often the biggest challenge. You can be profitable on paper, but if customers don’t pay invoices on time, pressure quickly builds. Late payments remain one of the most common reasons small businesses experience financial stress, struggle to grow, or even fail. With tighter late payment rules and increasing costs…
When you first start a business, it’s normal to do everything yourself. From winning work and delivering services to handling admin, finances, and customer enquiries, wearing multiple hats keeps costs low and gives you full control. However, as your business grows, there often comes a point where doing everything alone becomes a limitation rather than…
If your limited company pays interest on loans or makes certain annual payments, you may be required to submit a CT61 return to HMRC. This obligation often comes as a surprise to directors and small business owners, particularly where loans are informal or where interest is paid only occasionally. However, failing to file a CT61…
From April 2026, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will significantly change how sole traders report their income to HMRC. If your annual turnover from self-employment or property income exceeds £50,000, you’ll be required to keep digital records and submit quarterly updates using MTD-compatible software. Those earning over £30,000 will follow…
Side hustles have never been more popular. From online shops and consulting work to creative services, trades, and coaching, thousands of people now earn extra income outside of traditional employment. In the early stages, operating as a sole trader is often the simplest and most flexible way to get started. It allows you to test…
The 2025/26 tax year brought significant changes to VAT thresholds for the first time in several years. While the adjustments may seem small at first glance, they have already begun to influence pricing decisions, cash flow, and compliance responsibilities for small businesses across the UK. If your turnover is close to the VAT line, understanding…
One of the most common challenges small business owners face is knowing how to price their products or services properly. It’s easy to fall into the trap of setting low prices in an attempt to win more work or stay competitive. But what often happens is that turnover increases while profit doesn’t. You may find…
The festive season is a great opportunity for business owners to thank staff, celebrate another year of hard work, and enjoy some well-deserved downtime. But for directors, especially those running small “close companies,” it’s essential to understand how HMRC applies tax rules to Christmas gifts, entertainment, and perks. Getting it right means you can enjoy…
Running a small business is a rewarding journey, but it’s rarely a smooth one. From economic fluctuations and rising costs to shifts in customer demand, unexpected challenges can arise at any time. For small and medium-sized enterprises (SMEs), these pressures can quickly impact confidence, profitability, and cash flow. The key to long-term success lies in…
Running a small business often means juggling everything, from sales and marketing to admin and finance. Managing accounts can quickly eat into the time you’d rather spend growing your business. That’s where Xero accounting software can make a real difference. Xero isn’t just another bookkeeping platform; it’s a cloud-based accounting tool designed to help small…
The festive season is one of the best times of the year to reward your team, thank your clients, and celebrate another year in business. But before you start planning your Christmas party or sending out gifts, it’s important to understand how HMRC treats these festive expenses. There are plenty of tax exemptions available for…
When people hear the word “budget”, they often picture complex spreadsheets, endless data, and corporate jargon. But the truth is, a business budget doesn’t need to be complicated to be effective. At its core, it’s simply a plan for your money, helping you manage cash flow, prepare for unexpected costs, and make confident financial decisions.…
From April 2026, Making Tax Digital (MTD) for Income Tax will transform the way sole traders record and report their earnings to HMRC. While that might sound like a big change, getting prepared early can make the transition much smoother, and even bring new efficiency to how you manage your finances. Here’s how to get…
It’s a story many business owners have heard before: a company is growing, sales are strong, the profit and loss statement looks healthy, yet somehow, it still runs out of money. This paradox of being “profitable but broke” is more common than you might think, and it can put even the most promising businesses at…
Managing tax payments can be one of the more stressful aspects of running a business. With deadlines scattered across the year, it’s all too easy to miss one and end up facing penalties. Fortunately, HMRC offers Direct Debit facilities that make paying your taxes easier, more secure, and far less stressful. Whether you’re paying Self-Assessment,…
If you’re preparing to sell your business, wind it down, or even pass it on to the next generation, there’s a major change you can’t afford to overlook. New Capital Gains Tax (CGT) rules came into effect from 6th April 2025. These changes are already influencing how much tax business owners pay when exiting, and…
If you’re running a limited company or managing business accounts, keeping on top of deadlines has always been important, but in 2025 it has become critical. Both Companies House and HMRC are tightening their penalty systems, meaning even small delays could lead to larger and more frequent fines. These changes are designed to improve compliance,…
Running a small business is an exciting journey, but it also comes with plenty of challenges, especially when it comes to managing your finances. Accounting mistakes don’t just cause headaches; they can cost you time, money, and even your peace of mind. Here are 7 of the most common mistakes small business owners make and…
If you operate a limited company, there’s an important deadline coming up. On 31 March 2026, the government will shut down its free joint filing service for both HMRC and Companies House submissions. After this date, you’ll need to use commercial filing software to file annual accounts and Company Tax Returns (CT600). What’s Changing? Currently,…
Starting a business is a bold and exciting step, but it can also be a little overwhelming. From the moment you commit to going out on your own, there’s a lot to think about. The good news? Getting a few key foundations in place early can make the whole journey much smoother. Whether you’re launching…
Making Tax Digital for Income Tax Self Assessment (MTD ITSA) is a big change coming to many sole traders and landlords, but it’s also a fantastic opportunity to modernise how you manage your finances. Rather than seeing it as just another requirement, we believe it’s a chance to take control, get more visibility, and work…
Being self-employed gives you a lot of flexibility, but summer can still bring its own set of challenges. Whether you’re juggling school holidays, facing a seasonal dip in income, or just trying to stay on top of your accounts when you’d rather be enjoying the sunshine, planning ahead can make a big difference. Juggling Kids…
If you’re self-employed, a landlord, or have other income that isn’t taxed at source, you may have heard of payments on account. It’s a part of the UK tax system that often causes confusion, but don’t worry, it’s actually quite straightforward once you break it down. Let’s take a quick look at what it means,…
It’s common for directors of small limited companies to take money out of the business through a director’s loan account (DLA), especially when drawing funds ahead of dividends or during tight cash flow periods. But if this account becomes overdrawn, there are tax consequences that both the company and the director need to be aware…
Selling a second property in the UK involves understanding the Capital Gains Tax (CGT) implications to ensure compliance and effective financial planning. As of 1st April 2025, several changes to CGT rates and allowances will affected how much tax you may owe upon disposal of such properties. Understanding Capital Gains Tax on Second Properties When…
At Greystone Advisory, we believe that running a tax-efficient business is one of the easiest ways to boost your bottom line without working harder. It’s about being smart, organised, and making the most of the reliefs and allowances available to you. Here are 10 simple yet powerful ways to improve your business’s tax efficiency: 1.…
Gifting a property in the UK involves several tax considerations, which can vary depending on whether the property has an outstanding mortgage. Here’s an updated overview reflecting changes effective from 1 April 2025: 1. Stamp Duty Land Tax (SDLT) Without a Mortgage: • Transferring property as a gift without any consideration (payment) typically does not…
Running a business in the UK means juggling many responsibilities, taxes being one of the big ones. Missing a deadline can lead to penalties, interest charges, or unnecessary stress. To keep things simple, here are five key tax deadlines that every UK business owner should have in their calendar. 1. 31st January: Self Assessment Tax…
Keeping an eye on your business’s financial health isn’t just for accountants, it’s essential for making smart, confident decisions. Whether you’re looking to grow, improve profitability, or simply stay on top of cash flow, tracking the right financial KPIs (Key Performance Indicators) will give you the clarity you need. Here are the top financial KPIs…
If you’re self-employed or submit your tax return yourself, mortgage lenders will usually ask for your SA302s and Tax Year Overviews to verify your income. These documents come directly from HMRC and are quick to access if you know where to look. Here’s a simple guide to finding them via your personal Government Gateway account.…
As of 6 April 2025, a number of tax and employment law changes officially came into force, and they directly affected small businesses across the UK that employed staff. If you’re an employer, these changes likely increased your wage costs, added new HR responsibilities, and introduced fresh compliance risks. Here’s a clear, practical breakdown of…
If your business owns or plans to purchase a pickup truck, significant tax changes came into effect from 1st April 2025. These changes will impact both existing company-owned pickups and new ones purchased after this date. Understanding how these changes affect your tax position is crucial to making informed decisions for your business. What’s Changed?…
As of April 2025, a wide range of tax increases and regulatory changes took effect across the UK, impacting businesses, property owners, and individuals. These changes brought rising costs, reduced tax reliefs, and significant shifts in how various assets and activities are taxed. Here’s a summary of what changed, how it affected different sectors, and…
When HMRC comes knocking, it can feel daunting. Whether it’s a full tax enquiry or a quick question about your VAT return, dealing with HMRC can be time-consuming, stressful and costly. That’s where Fee Protection comes in. What is Fee Protection? Fee Protection is a type of insurance that covers the professional fees incurred if…
The UK government’s Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to change the way many self-employed individuals and landlords report their income tax. If you fall within the scope of these changes, now is the time to prepare. In this blog, we’ll outline who must comply, what it means for you,…
Running a small business isn’t always easy, but it is always worth it. And despite the constant challenges, there’s never been a better time to be a small business owner. Here’s why we think 2025 is full of opportunity: 1. Agility is Your Superpower Small businesses can pivot quickly. Whether it’s adapting to new tech,…
With hybrid working now a long-term reality, many business owners are exploring ways to create dedicated workspace at home. Garden rooms, stylish, detached offices in the back garden, are increasingly popular. But if you’re thinking of having your company pay for one, it’s crucial to understand the tax consequences before you commit. Unfortunately, it’s rarely…
As a business owner, you’ve probably heard the phrase “know your numbers” more times than you can count. But what does it really mean? More importantly, which numbers should you focus on to ensure your business thrives? Understanding your business’s key metrics is crucial to making informed decisions, staying competitive, and driving growth. Whether you’re…
Cash flow is the lifeblood of any small business. Without proper management, even a profitable business can face financial difficulties. Many small businesses struggle with balancing incoming revenue and outgoing expenses, especially in fluctuating markets. However, with some proactive steps, business owners can navigate these challenges effectively. Here are 5 tips to help you manage…
In today’s fast-paced business world, having a trusted accountant by your side can be the key to unlocking growth and success. Whether you’re running a small business or a growing enterprise, working closely with your accountant offers more than just number-crunching. At Greystone Advisory, we believe in partnering with our clients to provide value beyond…
Navigating the financial landscape can be complex and overwhelming for both individuals and businesses. At Greystone Advisory, we often encounter clients who are unsure about the differences between our services as an accountancy practice and those offered by an independent financial advisor (IFA). Understanding these distinctions is crucial for making informed decisions about your financial…
In an increasingly digital world, protecting your financial data from cyber threats is more critical than ever. Cyberattacks can result in severe financial losses, disrupt operations, and tarnish your business’s reputation. Here are six practical cybersecurity tips designed to protect your financial information and keep your business secure. 1. Use Strong Passwords Create Complex Passwords:…
Effective financial planning is the cornerstone of a successful business. For small business owners, managing finances efficiently can mean the difference between thriving and merely surviving. Here are some essential financial planning tips to help you keep your business on a solid financial footing. Create a Comprehensive Budget Start with Detailed Projections Begin by estimating…
The UK government’s initiative, Making Tax Digital (MTD), aims to simplify tax processes and ensure accurate record-keeping through digital means. For businesses and individuals alike, staying compliant with MTD is crucial. Here’s an easy-to-understand breakdown of the current HMRC status on Making Tax Digital for Income Tax, with a focus on key dates you need…
In today’s fast-paced business environment, managing your company’s finances can be a daunting task. For many business owners, handling the books, filing taxes, and ensuring compliance with financial regulations can take precious time away from focusing on growing their business. This is where outsourcing your financial work to a professional accountant can make a significant…
Preparing your books for an accountant is a crucial step for any business owner, ensuring that your financial statements accurately reflect your business’s health. Whether it’s for tax preparation, financial analysis, or compliance purposes, having your books in order can significantly ease the process. Here’s a concise and friendly guide on how to make your…
Cash flow is the lifeblood of any business. Managing it effectively can make the difference between staying afloat and sinking. Whether you are a startup, a small business, or a growing company, understanding the intricacies of cash flow management is crucial. In this blog, we’ll delve into some of the most important things to consider…
From April 1st, 2024, businesses across the UK will need to adjust their payroll systems to accommodate the latest changes to the National Minimum Wage (NMW). This update is crucial for both employers and employees to understand, ensuring compliance and fairness in the workplace. Here’s a breakdown of the changes from the old rates to…
Navigating New Changes at Companies House: The Essential Update for Limited Companies In a world where digital communication reigns supreme, staying abreast of regulatory changes is crucial for businesses. Companies House, the United Kingdom’s registrar of companies, has recently announced significant updates that impact limited companies directly, emphasizing the importance of an accessible email…
Introduction As part of its ongoing efforts to streamline services and ensure sustainability, Companies House has announced forthcoming changes to its pricing structure for various filing services. For businesses across the UK, understanding these changes is crucial to ensure compliance and effective financial planning. This blog post will delve into the specifics of the upcoming…
Title: Understanding 2023 Tax Changes: A Case Study for Limited Companies 2023 brought some important updates for Limited companies, especially regarding associated companies and corporate tax. This will impact those businesses where the control relationship is the same for multiple businesses owned or managed by the same individual or company. 1. Refined Definition…
A quick summary of the 2024 Spring Budget – not as impactful as the media had promised, small changes to the VAT Registration and De-registration thresholds, and changes to the National Insurance rates for employees. We have to bear in mind that there is likely to be a General Election at some point in…
Pension planning is often seen as an essential aspect of personal finance but is frequently overlooked by individuals and sole traders. However, with rising living costs and an uncertain economic landscape, it’s more important than ever to secure one’s financial future. One key incentive to contribute to a pension scheme is its array of tax…
In today’s competitive business landscape, understanding the intricacies of finance is not just the accountant’s responsibility— it’s everyone’s. Small business owners, especially, cannot afford to ignore the numbers that drive their operations. This might sound daunting, but knowing your numbers is an essential skill that can make or break a small business. The following article…
The backbone of every successful small business is effective financial management, and at the heart of this is routine bookkeeping. While the idea of managing accounts and finances may sound tedious to some, the reality is that maintaining a regular bookkeeping routine can simplify your business operations and set you on the path to long-term…
In the ever-changing landscape of business, understanding seasonality is crucial for effective management and planning. While seasonality might seem like a concern only for certain types of businesses—such as retail or tourism—its impacts are more universal than one might think. From an accountancy standpoint, comprehending the seasonal fluctuations in revenue, expenses, and cash flow can…
Running a small business is an exciting but challenging endeavor. While revenue generation is a priority, it’s equally important to manage and reduce expenses efficiently. One way to alleviate the financial burden is by claiming allowable expenses, which can significantly reduce your tax bill. Below are the top 10 expenses you can claim when running…
The Autumn Statement 2023, delivered by Chancellor Jeremy Hunt on November 22, outlines significant tax and spending plans set to impact businesses and individuals across the UK. Here are the essential points: Tax Measures: A notable 2% reduction in employees’ National Insurance contributions, effective from January 6, 2024. Self-employed individuals will see Class 2 National…
Tax planning is an essential, yet often underappreciated, part of running a small business. While many entrepreneurs focus on revenue generation and operational efficiency, effective tax planning can make a significant difference in your bottom line. Believe it or not, your accountant can be a powerful ally in navigating the labyrinthine world of tax codes,…
Running a business is a bit like juggling. You’re always keeping several balls in the air – client needs daily tasks, hitting those financial targets. But every now and then, it’s essential to put the juggling balls down and take a good look at the bigger picture. This is where Business Development Days come in…
The COVID-19 pandemic transformed the way we work, forcing many businesses to adapt to remote working setups. While some companies returned to the office, others made the decision to maintain a remote or hybrid work model. While working from home offers various advantages, it also comes with certain tax implications that both employers and employees…
In today’s fast-paced business environment, company directors play a critical role in steering an organisation towards success. However, with power comes responsibility. Being a director entails an array of legal and ethical obligations that can’t be overlooked. This blog aims to shed light on the different responsibilities that directors have, particularly in the context of…
The subject of Value Added Tax (VAT) is one that every small business owner should have on their radar. While VAT registration might seem like an additional layer of complexity for your small business, it offers certain advantages that can be instrumental in your growth strategy. Let’s explore the nitty-gritty of VAT registration, its requirements,…
The festive season is fast approaching, and businesses are busy preparing for Christmas celebrations and gift exchanges. It’s a time of year that can bring joy to your employees and clients, but as a small to medium-sized business owner, it’s also important to be aware of the tax implications associated with these festivities. In this…
In a business landscape that is ever-changing, the role of an accountant goes far beyond simply crunching numbers and filling out tax returns. An accountant can be your most trusted financial advisor, someone who can guide your business through various phases of growth. One way to maximise the benefits of having an accountant is by…
If you’re running a small or medium-sized business there are a number of benefits to outsourcing your VAT and payroll requirements to an accountant. Not only will it save you time and money, but it will also free up valuable resources that can be better spent elsewhere within your business. Here are just a few…
Timing can be important when deciding to switch accountants, as certain factors can influence the process and make the transition smoother. While there is no specific “best” time to switch, considering the following aspects can help ensure a successful transition: End of the Tax Year: It can be beneficial to time your switch around your…
As we start a new tax year, with the recent tax changes that have come into force from the start of April 2023, many business owners are now looking at their budgets and revisiting their plans to ensure that they are taking proactive action to achieve the best results. See our blog here for…
The payment of National Insurance contributions entitles people to certain state benefits such as the state pension, maternity allowance and bereavement benefits. NICs are payable if you are: aged over 16; an employee earning more than £190 a week (2022/23); self-employed with profits over £6,725 (2022/23). In order to get a full state pension, you…
As expected, the Chancellor, Jeremy Hunt, resisted pressure to reduce taxes in any significant way, and the majority of his announced changes were already in the public domain. According to the Chancellor, the UK economy is on track to grow in the coming year with inflation halving. We have listed any new variations in the…
A quick list of the changes to taxes and related legislation from April 2023 – These have been in the pipeline for a few years now, the impending March 2023 budget may alter some of these. ** Now updated for March 2023 budget** £900 Cost of Living Payment for households on means-tested benefits in 2023-24…
If you live in the UK, you will be very aware of the current economic and political situation that we’re currently being faced with. The announcement on the 6th of September of the new Prime Minister and Chancellor of the Exchequer’s appointment, Liz Truss and Kwasi Kwarteng respectively signalled the start of a new…
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…
In business, cash is king. If you don’t have enough cash on hand, it can be difficult to meet your obligations and keep your business running smoothly. That’s why it’s important to take steps to increase your business’s cashflow. Here are ten tips to do just that. Increase your prices Increasing your prices for your…
Key measures the Chancellor announced yesterday include: • a one-off non-taxable Cost of Living Payment of £650, made in two instalments, from the Department for Work and Pensions (and HMRC for Tax Credits customers) to provide additional support to more than 8 million people in receipt of income-related benefits. DWP will make a separate additional…
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…
During the Covid 19 Pandemic Bounce Back loans were designed to enable businesses to access finance quicker than traditional business loans. The application process was very simple and allowed businesses to apply for loans from £2,000 to 25% of their turnover, to a maximum loan of £50,000, at a fixed low interest…
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…
HMRC require you to register for VAT when your sales are over £85,000, based on a rolling 12 month period, or that you expect them to be more than £85,000 in the next 30 days. When you register for VAT, you’ll be sent a VAT certificate, which confirms your VAT registration number, when your…
The current Chancellor of Exchequer Rishi Sunak announced his third budget on Wednesday 27th October 2021, with a lead up of interesting “leaked proposals”. This was a budget of expectations, following the recent Covid 19 pandemic, where it was expected that it would acknowledge issues such as increased inflation. and the increase in the cost…
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…
The Bounce Back Loan Scheme (BBLS) was launched to support small and medium businesses to access emergency finance quickly during the coronavirus outbreak, enabling them to borrow between £2,000 and £50,000 with no repayments in the first year, and the interest accrued being covered by the government. For loans larger than £50,000, the Coronavirus Business…
Following on from the closing of the Bounceback and Cbil loan schemes on the 31st March 2021, the replacement to these has been announced. From the 6th April 2021, applications for the new Recovery Loan Scheme will open, allowing businesses to access loans between £25,000 and £19 million, with 80% of this being guaranteed to…
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…
Back in March 2021 as part of the spring budget, the chancellor announced a new enhanced allowance for Limited companies that were considering investing in new assets, as a way of generating business stimulus as they come out of the global covid pandemic. The new allowance in effect increases the value of the equipment…
So it begins again. From the 6th April, a new tax year has begun. This means that Personal Tax returns can now be completed and submitted to HMRC, notifying them of your income for the previous tax year, 6th April 2020 to 5th April 2021. Why submit now? Surely the deadline is 31st January…
The long-awaited 2021 Budget announcement from the chancellor had lots of professionals wondering whether it was going to be a compassionate and sympathetic budget, with additional support to continue to help individuals and businesses as we are still currently within a national lockdown, or whether the road to recovery and payback was due to start,…
If you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full, on or before 31 March 2021 join the VAT deferral new payment scheme – the online service is open between 23 February 2021 and 21 June 2021…
HMRC announced this year that you could set up a payment plan with them if you were unable to pay your 2019/2020 personal tax liability by the 31st January 2021. You can set up a payment plan to spread the cost of your latest Self Assessment bill if all the following apply: you owe…