Cash flow vs profits: a guide for small business owners

Aug 29, 2023

As a small business owner, you've likely heard the terms "cash flow" and "profits" used interchangeably. However, mixing these financial metrics up can cause severe consequences for your business. The distinction between the two can significantly impact your business's financial health ...

Three things to consider when forecasting your finances as a small business owner

Three things to consider when forecasting your finances as a small business owner

Aug 24, 2023

Forecasting is the act of looking at past and present financial data to predict future costs, expenses, and profits. Small businesses do this to tailor their business model more effectively.   Forecasting allows you to determine how much you will need to ...

Self-assessment benefits for small businesses

Self-Assessment benefits for small businesses

Aug 22, 2023

As a small business owner, you are probably familiar with the term ‘Self-Assessment’. While many entrepreneurs link Self-Assessment primarily with the yearly tax ritual, it offers a lot more. Beyond its regulatory nature, Self-Assessment can be an invaluable tool for evaluating ...


Understanding Director’s Loan Account (DLA) and the risks involved

Aug 16, 2023

Directors might opt to either lend money to or borrow from their own company. This type of transaction is called a director's loans, and they are recorded in the Director’s Loan Account. Engaging in loans between the director and the company, ...


What tax implications can come with depreciation?

Aug 15, 2023

For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently. Depreciation represents the reduction in the value of an asset over time, primarily due to wear and tear. Businesses use various methods to calculate ...


Staying up to date with MTD for ITSA

Aug 10, 2023

In December 2022, the plans for Making Tax Digital for Income Tax Self-Assessment changed again, as the Government announced that instead, MTD ITSA would be introduced in mandatory phases from 6 April 2026, as opposed to 2024. What are the phases? Self-employed ...


Capital Gains Tax for SMEs – Recent trends and compliance

Aug 08, 2023

Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year's £14.3 billion. CGT has always been a significant consideration for small and medium-sized enterprises (SMEs) who should note ...


Top tips for being a successful business owner amid financial challenges

Aug 03, 2023

Running a successful business in the UK is a challenging yet rewarding endeavour.   As a business owner, you face unique opportunities and obstacles in this diverse and competitive market.   The current financial climate is also very turbulent which could be causing you ...


How businesses can navigate and avoid tax disputes with HMRC

Aug 01, 2023

Tax disputes can be a significant drain on resources for any business, and with recent data suggesting that over 60 per cent of businesses are currently embroiled in a tax dispute with HM Revenue & Customs (HMRC) that has lasted ...


Beneficiaries could see inherited pensions taxed as new proposals by HMRC are published

Jul 27, 2023

Currently, if someone dies before the age of 75, their pension can be drawn out by beneficiaries’ tax-free, as it is exempt from Inheritance Tax and Income Tax if it is under the Lifetime Allowance (LTA). But HM Revenue & Customs ...


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