SMEs
Understanding salary and dividend payments for business owners and directors
Jun 29, 2023
As an owner or director, it may be possible for you to pay less tax on your income from your company through dividends. Dividends are a portion of a company’s profits and can be paid out to directors and owners depending ...
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Managing an Overdrawn Director’s Loan Account
Jun 27, 2023
Are you a company director contemplating a loan from your own business? If yes, it's crucial to understand the workings behind the Director's Loan Account (DLA) and the implications of an overdrawn director’s loan account (ODLA). Director’s Loan Account A DLA is ...
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New HMRC service allows businesses to set up online payment plans for VAT owed
Jun 13, 2023
HM Revenue & Customs (HMRC) have recently confirmed that businesses that owe less than VAT £20,000 can now set up a payment plan online. The measure, which came into effect on 31 May 2023, is part of a wider project from ...
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Essential financial metrics every business owner should track
May 30, 2023
Understanding the financial health of a business is integral to its success, regardless of the industry or the size of the operation. By keeping an eye on vital financial metrics, business owners can make data-driven strategic decisions that can drive their ...
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Key factors to consider when starting a business
May 25, 2023
Setting up a new business is not merely about innovative ideas or immense passion. It also demands careful planning and research. Running a thriving business is not without its obstacles, however, the potential for rewards makes it a journey worth undertaking. It ...
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Strategies for SMEs: Surviving the interest rate hike
May 16, 2023
As interest rates in the UK rise, small and medium-sized enterprises (SMEs) will undoubtedly feel the pinch. Interest rate changes can be effectively managed by SMEs by reviewing and altering the financial processes within their organisations to ensure outstanding debts are ...
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Employee expenses and benefits: How to submit a P11D form
Apr 25, 2023
Do not be stung when rewarding employees. Avoid penalties on employee benefits by correctly submitting P11D forms. ‘Benefits in kind’ are great perks for employees and a great way for employers to show their appreciation for hard work and valuable contributions. But ...
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Understanding IR35 and its implications for employers
Apr 20, 2023
If your business engages off-payroll workers, it's essential to be familiar with IR35 and its potential impact on your operations. IR35 – what is it? IR35 is a tax legislation aimed at ensuring that workers pay the appropriate amount of tax and ...
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How can you prepare for the basis period reform?
Apr 14, 2023
We are currently in the transition period for the basis period reform, which is set to come into full effect from the 2024/25 tax year. So, if you run an unincorporated business, you need to be prepared for the upcoming changes. What ...
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Preparing your business for the summer
Apr 11, 2023
If you run a business in a tourist hotspot, you need to get prepared for the summer. As the days get warmer, your business is likely to see a surge in demand. But what can you do to get ready? Recognise the ...
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