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 ...
READ MOREAs 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 ...
READ MOREDirectors 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, ...
READ MOREFor 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 ...
READ MOREIn 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 ...
READ MORECollections 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 ...
READ MORERunning 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 ...
READ MORETax 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 ...
READ MORECurrently, 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 ...
READ MOREHM Revenue & Customs (HMRC) has recently stated that they will pledge £5.5 million to organisations who are in the voluntary and community sectors to help support customers organise their taxes. The last voluntary or community sector organisation (VCS) grant was ...
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