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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Blog, SMEs, Tax

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 ...

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Blog, SMEs, Tax

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 ...

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Blog, SMEs, Tax

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 ...

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Blog, Tax

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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Blog, Business, Tax

HM Revenue & Customs pledge £5.5 million to support customers

Jul 25, 2023

HM 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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Blog, Tax

An overview of the Construction Industry Scheme and what it means for your business

Jul 05, 2023

The Construction Industry Scheme (CIS) is a Government initiative that allows contractors in the construction industry to deduct money from a subcontractor’s payments and pass it on to HM Revenue & Customs (HMRC). These deductions count as advance payments towards a ...

Blog, Business accounting, Tax

Corporation Tax: Upcoming filing deadlines and reminder about recent amendments

Jun 06, 2023

Recent changes HM Revenue & Customs (HMRC) made to the rate of Corporation Tax mainly affected larger businesses in the UK. As of April 2023, companies that generate a profit of more than £250,000 during their accounting period will pay a ...

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Blog, Tax

Landlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law

May 23, 2023

The Government is looking to introduce the Renters Reform Bill, which if made law, will be the biggest shake-up to housing laws in forty years. Whilst the Bill will have implications for the 11 million renters in the UK, landlords have ...

Blog, Business accounting, Tax

Embracing the future: AI and automation in cloud accounting

Mar 17, 2023

Artificial Intelligence (AI) is becoming increasingly advanced so, as a business owner, you need to get on board or you might get left behind. Cloud accounting has revolutionised how you manage your business’s finances in terms of collaboration, data accuracy, and ...

Tax