18-year-olds to be included in auto-enrolment expansion
Sep 21, 2023
A recently approved Bill proposing an extension to the auto-enrolment (AE) scheme will facilitate "earlier and increased savings" for millions of young people across the UK. Whilst this is undoubtedly a positive thing for the pension savings of young people and ...
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Closing on the inaugural Economic Crime Levy payment – What you need to know
Sep 19, 2023
As we approach the end of September, businesses across the UK are gearing up to meet the inaugural deadline for the Economic Crime Levy (ECL) payment. HM Revenue & Customs (HMRC) has enabled this process by launching an online payment service, ...
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Three steps to simplify your accounting
Sep 14, 2023
Accounting doesn't have to be a time-consuming and complicated task. By breaking down the accounting process into manageable steps, you can simplify your accounting and have a clearer view of your business’s financial health. Below are three steps to get you started: Utilise ...
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Have your employees claimed their pensions? What business owners need to know
Sep 12, 2023
The issue of unclaimed pensions is a growing concern, with numerous individuals unaware of the pensions that are rightfully theirs. Recent data reveals that unclaimed pensions amount to a staggering £28,000 per person. As an employer, you have a pivotal role ...
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Planning for Inheritance Tax challenges as penalties surge in 2022/23 tax year
Sep 05, 2023
While Inheritance Tax (IHT) is a topic that many find uncomfortable to discuss, it is an unavoidable aspect of estate planning. With HM Revenue & Customs (HMRC) collecting a significant £2.28 million in IHT penalties in the last tax year, it ...
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How to save £2,000 in taxes on your childcare costs
Aug 31, 2023
A Government scheme could help parents save up to £2,000 on their childcare costs through tax reliefs aimed at working parents. The reliefs come in the form of a Tax-free Childcare account, from which you directly pay for your childcare needs. With ...
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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 ...
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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 ...
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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 ...
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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, ...
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