The challenge of increasing energy costs for UK businesses is a significant concern, particularly in the context of ongoing efforts to reduce greenhouse gas emissions and tackle climate change. The current Chancellor, Jeremy Hunt, pledged in his November statement that the government would continue to support those businesses that need it the most. However, the […]
Steps have been taken to simplify VAT guidance for overseas sellers that sell goods online into the United Kingdom to help reduce the tax gap. The guidance published by HMRC, Selling goods using an online marketplace or direct to customers in the UK, has also been translated into simplified Mandarin to support sellers exporting goods […]
The biting cost of living crisis and yet another rise in interest rates means families need all the financial help they can get. With the Easter school holidays nearly here, HMRC is reminding mums and dads not to miss out on Government help to pay for childcare to help lift some of the burden. Tax-Free […]
As a new tax year approaches, business owners need to prepare their payroll and ensure compliance with the latest tax laws and regulations. April is also an excellent time for businesses to review their financial situation, identify areas for improvement, and plan ahead. Here are some essential tasks for the start of the new tax […]
A £27 billion tax cut for business to drive investment and growth featured among the headlines of Jeremy Hunt’s Spring Budget. A ‘full expensing’ policy introduced from 1 April 2023 until 31 March 2026 and an extension to the 50 per cent first-year allowance in the same period is a transformation in capital allowances which […]
As expected, the Chancellor, Jeremy Hunt, resisted pressure to reduce taxes in any significant way, and the majority of his announced changes were already in the public domain. According to the Chancellor, the UK economy is on track to grow in the coming year with inflation halving. We have listed any new variations in the […]
Retirement may be a long way off, but when it does come time to leave your business, you want to ensure it is in the best shape it can be. And that requires some forward planning. What is an exit strategy? As a business owner in the UK, it’s essential to have a plan for […]
Starting up your own business may be the dream, but is it right for you? We look at some of the pros and cons of going it alone. Making a change Self-employment and traditional employment have their benefits and drawbacks. Choosing between them requires careful consideration of individual circumstances and preferences, including financial implications. Taxation […]
There are a number of reasons why you may look to close your limited company. This could be because the limited company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the agreement of all the company’s directors and shareholders to close down […]
The changes to VAT penalties from 1 January 2023 will affect everyone who submits VAT returns, including nil or repayment return. The default surcharge regime has been replaced by a new penalty system with different penalties for late submission of VAT returns and late payment of VAT. It’s also changing the way interest is calculated […]