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 ...

Blog, Business, SMEs, Tax

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 ...

Blog, Tax

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, Business, Cash Flow, SMEs

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 ...

Blog, Business Advice, SMEs

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 ...

Blog, Business, Self-assessment, SMEs

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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Blog, Loans, SMEs

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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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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