Attention UK Taxpayers – do you understand the 500T tax code?
Jan 31, 2024
The 500T tax code in the UK is a temporary, non-cumulative code used by HMRC when they lack information. They use this code to assign a standard tax code, usually in new employment, complex tax situations, or as an emergency measure. HMRC’s ...
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Management accounts – Why SMEs should embrace regular reporting
Jan 30, 2024
Consistent financial reporting needs to be a core part of your financial strategy to ensure sustainable business growth. Naturally, year-end accounts will form the backbone of your reporting – but, for a full picture, don’t stop there. To properly carry out your ...
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New payrolling of Benefits-in-Kind (BIK) system: A guide for SMEs
Jan 25, 2024
From April 2026, small and medium-sized businesses will be required to report and pay taxes on employee benefits like company cars and accommodation directly through their payroll software. This change eliminates the need for separate paperwork and simplifies the process. Ultimately, the ...
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Debt management strategies for SME business owners
Jan 23, 2024
Although it can have negative connotations, debt is inevitable for most businesses. Loans are huge contributors to growth for a lot of small businesses, so it isn’t uncommon for business owners to have to balance repaying loans with investing in their ...
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So, you want an electric company car? The tax perspective
Jan 19, 2024
Environmental consciousness is becoming more and more aligned with business operations, and electric vehicles (EVs) are becoming a popular choice for company cars as a result. This shift is as much about saving the planet as it is about the significant ...
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Payroll tax obligations – Have you got it covered?
Jan 16, 2024
If you employ one or more people for paid work, it’s essential that you have a properly managed payroll. Representing a significant cost to businesses and of high importance to employees, labour costs must be managed correctly – which includes paying ...
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Working remotely – What are the tax implications?
Jan 11, 2024
Working remotely has increased since the Covid pandemic, with 12.7 per cent of employees now working full-time from home in 2023. As an employer, you need to ensure you have a comprehensive and up-to-date remote working policy to address possible tax ...
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VAT deadlines and what businesses should be doing to prepare for them
Jan 09, 2024
Businesses must remain compliant with the requirements for reporting and paying VAT, especially with the regular quarterly for VAT under Making Tax Digital. HMRC's efforts to maximise tax revenues have intensified, with over 3,000 staff added to its customer compliance units ...
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Jan 04, 2024
While the end of 2023 saw inflation slow down, experts have warned that the chances of a recession in the coming months are more likely. A recession, which is usually triggered by an economic decline across two consecutive quarters or more, ...
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Our predictions for the SME business economy in 2024
Jan 02, 2024
Now that we have entered 2024, our accounting team has been making their predictions and discussing how best to advise our clients on preparing for upcoming challenges. Before we make predictions on SME prospects for 2024, however, let’s look back on ...
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