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…Read More
Back to Tax Basics: How does VAT work?
Value-added tax (VAT) is a consumption tax that’s levied on goods that have had value added at each stage of the supply chain. Most businesses with annual sales of £85,000 or more have to register for VAT. And even if your sales are below that level, you can register on a voluntary basis. VAT can…Read More
Could you be eligible for the Self-Employment Income Support Scheme?
The pandemic has proved to be a tough time for the UK’s freelancers. But there is help at hand still in the form of the Self-Employment Income Support Scheme (SEISS). The fifth tranche of the SEISS is now available to freelancers, contractors and people running self-employed businesses. If you meet the eligibility criteria, you may be…Read More
Planning your 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…Read More
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…Read More
What to do with surplus cash in the company
Do you have surplus cash sitting in your business bank account? Your cash is ‘surplus’ when it exceeds the amount of money the company needs for its usual everyday operations. If you’re able to buy stock, fund your work in progress, pay your bills and buy replacement fixed assets and assets for expansion – and…Read More
The value of cashflow forecasting during a crisis
Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position. Plus, when you have access…Read More
Why building a customer database is good for business
As more and more business moves online, you need an efficient way to contact customers. An online database helps you reach out to your customers at different stages in the purchase cycle, convert searches into sales and build understanding about their behaviour. Where to start? To build an effective database, you need a way to…Read More
HMRC’s new late submission points system: here’s how it works
HM Revenue & Customs may be looking into overhauling a number of tax areas post the Covid 19 pandemic. Tax penalties are no exception. The new system aims to punish repeat offenders and be more lenient towards those who make the odd mistake. Penalties will be points-based rather than automatic. This means that those who…Read More
Are loans to directors and employees tax free?
If you’re a director then taking out a director’s loan against the cash in your limited company might seem like a sensible thing to do. But the reality is that overdrawn loans to directors can lead to unintended tax consequences if they’re not properly managed. There are three main impacts: The loan may result in…Read More
What is the Recovery Loan Scheme?
It’s been a tough time financially for many UK businesses over the past year. So, as we gradually begin to ease out of the pandemic, there’s likely to be an increasing need for extra funding to get your business operations back off the ground and on the road to recovery. The new Recovery Loan Scheme replaces the…Read More
Welcoming employees back to the workplace
Covid restrictions are gradually being eased in the UK between April and June 2021. So, it’s time to start thinking about the return to the workplace and how you’ll welcome your home-working and furloughed staff back into the office. After months of working from home during lockdown, it’s a big cultural shift to move back…Read More
Research & Development Tax Credits
Research and Development is one of the UK Governments key drivers for productivity growth. High levels of R&D supports strong and stable growth. To qualify, R & D must be part of a project or planned objective, it must seek to increase the overall stock of knowledge or capability in a particular field, it must…Read More
Inspirational podcasts for your business
Podcasts are often on our list of things to do, but for many business owners, there are often not enough hours in the day. The current crisis has challenged normal business activity. It is a stressful time. But it may provide an opportunity to think about where you want your business to head. Are there…Read More
What is depreciation? And why it’s important.
Depreciation is what happens when business assets lose value over time. It’s an often-forgotten cost of doing business – but it shouldn’t be. Here’s why depreciation is so important: It costs you money – Depreciation accounting involves working out how much value your assets lose each year, so it can be listed as a loss and…Read More