Whether you are the owner of a limited company or a sole trader, it is important to understand the expenses you can claim and the tax savings that these expenses bring.
Inflation and increased interest rates – What does it mean for businesses?
Office for National Statistics (ONS) data revealed that the Consumer Price Index (CPI) – the official measure of inflation – only fell to 8.7 per cent in the 12 months to May 2023. While the rate of inflation is not as high compared to previous months, where it peaked at 10.4 per cent in February, […]
HMRC sets its sights on SMEs over UK tax gap
The tax gap in the UK – the difference between the amount of tax owed and the amount that has been paid – remains wider than anticipated due to SMEs, according to HM Revenue & Customs (HMRC). The tax authority’s figures for 2021/22 show that small and medium-sized enterprises (SMEs) contribute significantly to the national […]
The hidden economy: What income should you declare?
The number of individuals participating in the UK’s ‘hidden economy’ is increasing according to recent research. A surge in additional income streams, from moonlighting to online trading, has led to millions of taxpayers failing to declare additional earnings to HM Revenue & Customs (HMRC). HMRC’s latest figures highlight the extent of this issue. They showed […]
Management accounts: The importance of having a clear view of your business during uncertain times
In times of economic uncertainty, businesses should have a clear plan to ensure that they can navigate any potential financial pitfalls. One of the best ways businesses can do this is with the use of management accounts. What are management accounts? Management accounts are financial reports that contain information vital to your business, such as […]
Time to exit: New research shows many business owners are planning ahead
New research from wealth management firm Evelyn Partners has revealed that the majority of business owners with companies that earn more than £5 million annually are preparing for an exit. With 65 per cent of UK business owners contemplating the sale of their company, and almost half intending to do so within the next year, […]
Are banks supportive of SMEs and willing to assist their growth?
Small and medium-sized businesses (SMEs) have struggled to access finance from banks for a while, with many having to turn to alternative lenders and sources to secure much-needed funding for investment. However, the scale of this issue has not previously been explored in significant detail until now. A new study has found that almost three-quarters […]
Exit strategies – What should you consider for when the time comes?
Exiting a business is a significant milestone for any entrepreneur or business owner.
Are you aware of the Government’s Marriage Allowance?
As of February 2023, HM Revenue & Customs (HMRC) estimated that over two million people are unaware of the Marriage Allowance tax relief which could save them up to £252 a year.