Understanding VAT for limited companies and unincorporated businesses

For both limited companies and unincorporated businesses, managing Value Added Tax (VAT) can be a significant challenge, affecting a broad…

HMRC U-turns on its double cab pickups tax decision

HMRC surprised all taxpayers who own a double cab pickup as a company vehicle on 12 February by announcing that…

UK company law is changing – Get ready now!

There is a series of impending changes to UK company law as a result of the enactment of the Economic…

Employee benefits and mandatory payroll reporting

Starting in April 2026, UK employers will have to include the benefits they give to their employees, like company cars…

National Insurance credit scheme will be introduced to tackle child benefit gaps

The Government plans to introduce new legislation to help parents who earn more money than others with their future pensions.…

Please leave a message – HMRC dispute resolution hotline restricted to answerphone

HM Revenue & Customs (HMRC) has made a significant change to the way that some taxpayers access its alternative dispute…

Putting the brakes on excessive National Insurance payments through car allowances

Businesses may be able to reclaim significant amounts of National Insurance Contributions (NICs) and plan for future savings because of…

Tax basis – Getting ready for the end of the transitional year

Are you a sole trader or a member of a partnership? Here is what you need to know about the…

Working remotely – What are the tax implications?

Working remotely has increased since the Covid pandemic, with 12.7 per cent of employees now working full-time from home in…

Savings interest for self-assessment – The impact of rising interest rates

In the current climate of rising inflation rates, many savers are seeing significant returns on their savings and investments. However,…

Solicitors need to give careful consideration to client interest increase

The Bank of England’s decision to raise interest rates in the first half of 2023 might not have been well-received…

Are you ready for changes to the Self-Assessment tax return criteria?

Recent developments in the Self-Assessment tax return criteria have brought significant changes that everyone who files an Income Tax Self-Assessment…

How Big Data is changing tax compliance and investigations

Similar to many sectors that value innovation and staying up to date, the landscape of tax compliance has seen a…

Crypto assets don’t have to be cryptic – HMRC launch new campaign

With the rapid growth of the cryptocurrency and crypto asset sector, traditional tax reporting and enforcement have been struggling to…

Demystifying VAT on international transactions

Understanding and managing Value Added Tax (VAT) is crucial for businesses that operate internationally – increasingly common in today’s business…

What is Capital Gains Tax (CGT) and how can it be offset?

These are critical questions for business owners and individuals with high-value assets to understand to maximise tax reliefs and avoid…

Cracking down on the side hustle – new rules from HMRC

HM Revenue & Customs (HMRC) have been awarded new powers by the Government in a bid to cut off a…

What changes to National Insurance mean for self-employment

Recent changes in National Insurance Contributions (NICs) have significant implications for self-employed individuals. Any self-employed person must understand what their…

Don’t forget about your ISA allowances

Individual Savings Accounts (ISAs) are a popular method of personal financial planning, offering a tax-efficient way to save and invest…

Going green – The financial benefits of investing in a cleaner future

As a small business owner, embracing environmentally friendly practices not only supports a sustainable planet but can also unlock significant…

Scaling up – How you can grow your business in 2024

In 2024, small and medium-sized enterprises (SMEs) will face a brand-new set of challenges and opportunities. As the economy continues…

10 steps to prevent insolvency

Despite many owners’ fears, insolvency is avoidable through well-thought-out financial strategies and careful planning. There are several practical strategies for…

Can you afford to miss your Companies House deadline?

For limited companies registered and operating in the UK, one of the requirements that directors must meet is filing annual…

HMRC sets its sights on unpaid crypto tax

As the crypto asset sector grows, with an annual growth rate predicted to reach around 12 per cent, taxpayers with…

Trivial benefits in kind: A quick guide for employers

Making employees feel valued is critical for their morale, engagement, and overall well-being. Often, it’s the smaller gestures that have…

Navigating the challenge of late payments

In the world of business, cash flow is king and, for small business owners, it is a lifeline that keeps…

Four new investment zones unveiled and how they could help your business

During the 2023 Autumn Statement, Chancellor Jeremy Hunt made a significant announcement about investment zones that could impact numerous businesses…

The future of payments – Cards, cashless and beyond

Alongside measures designed to support growing businesses and workers, the Chancellor’s 2023 Autumn Statement saw the publication of the Future…

An essential financial opportunity maximising your State Pension

In retirement planning, you may encounter a multitude of options and strategies to increase your pot, but some have a…

Making Tax Digital for Income Tax – Government kills off confusing year-end statement

Designed to reduce the tax gap and simplify tax management for individuals and businesses, the Government’s Tax Administration Strategy is…

R&D tax relief schemes to merge in 2024 – What it means for future claims

Chancellor Jeremy Hunt has announced a number of reforms to policies concerning businesses and innovation, in a bid to enhance…

Watson Buckle urges caution for SMEs over qualified success of Autumn Statement

Based in Bradford, John Kinsella, Tax Director at Watson Buckle Chartered Accountancy firm says that small and medium-sized enterprises (SMEs)…

Autumn Statement 2023

With a General Election looming on the horizon, Jeremy Hunt rose to deliver his second Autumn Statement as Chancellor in…

Becoming a freelancer – setting up a limited company

When making the decision to become a freelancer, you have two options. You can either set up as a sole…

Brexit’s next chapter: EU announces new Green Tax and VAT rules

The recent survey by the British Chambers of Commerce (BCC) reveals a concerning lack of preparedness among UK small and…

Watt’s up with HMRC? Understanding the new electric car charging rules

The recent update to HM Revenue & Customs’ (HMRC) Employment Income Manual is a significant development for businesses and employees…

How to deal with the rising impact of Inheritance Tax on family homes

Inheritance tax (IHT) can be a sore subject for some taxpayers, especially when it comes to passing on the family…

Exiting the slow lane – Sustaining growth in uncertain times

Recent years have held a lot of uncertainty for small and medium-sized enterprises (SMEs) and independent businesses. While there are…

Funded and thriving: Understanding financing

Financial initiatives to support business growth are continually being announced by the Government, local authorities, individuals and private-sector companies. Funding…

Your quick guide to paying tax on your pensions

Making sure you’re paying the right amount of tax can be taxing! If you receive a State Pension or other…

How can SMEs learn to thrive, rather than just survive?

New research from the #SBS State of the Nation Roundtable report has revealed that 72 per cent of small and…

The benefits of HMRC’s salary advance reporting changes

HM Revenue & Customs (HMRC) has recently launched a consultation on new rules aimed at simplifying the reporting of salary…

The impact of increased Corporation Tax receipts for business owners

HM Revenue and Customs (HMRC) has recently reported a significant increase in Corporation Tax receipts for 2022/23. The receipts have…

HMRC targets overseas taxpayers

HM Revenue & Customs (HMRC) has continued to run campaigns to ensure that overseas workers, registered in the UK, are…

What’s on the horizon for taxation?

Businesses are holding their breath as the upcoming Autumn Statement threatens to change the tax landscape of the UK. Chancellor…

Almost 50 per cent of businesses forget vital R&D forms

Research and development (R&D) tax relief claims are a vital way to offset your business costs against profits and promote…

The rise of the machines – How AI can elevate your SME to new heights

In a world where technological advancements are reshaping industries, small and medium-sized enterprises (SMEs) cannot afford to be left behind.…

Can you afford a £7,300 fine from Companies House?

You must file your company accounts, to avoid late filing penalties, Companies House is warning. All companies must file annual…

When are interest rates likely to fall and why does it matter to you?

After the fourteenth consecutive increase in interest rates since 2021, many business owners will be asking themselves the same thing:…

Chief UK economist warns of period of stagnation – How will this affect your SME?

Stagnation is a prolonged period of little or no growth in the economy and it can have a serious impact…

Could you enjoy a slice of the £1.6bn creative industry tax reliefs?

If your company is involved in the creative industry, then it could be eligible for significant tax relief from the…

Three tips for managing maternity and paternity pay for small businesses

As experts in the field of accountancy, we understand the unique challenges business owners face when it comes to payroll.…

New R&D supplementary information form in effect

As of 8 August 2023, all Research and Development (R&D) Tax Credit claims require the submission of an online Additional…

£56 million overpaid in pension tax

In the second quarter of 2023, overpayments on pension tax in the UK reached £56 million. This was an increase…

The benefits of Employee Ownership Trusts

Introduced in 2014, Employee Ownership Trusts (EOTs) provide an attractive alternative to traditional business succession strategies, offering a series of…

Eight ways your accountant can boost the success of your business

Accountants are often seen as guardians of tax and compliance. However, their expertise extends far beyond these areas. They can…

What you need to know about the High-Income Child Benefit charge and the upcoming changes

The High-Income Child Benefit Charge (HICBC) is a tax that affects households where at least one person with parental responsibility…

Why companies fail to pay the National Minimum Wage and how to avoid the same mistakes

The Government recently named over 200 companies for failing to pay the national minimum wage (NMW). The list includes firms…

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…

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…

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…

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…

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…

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 –…

The ins and outs of pre-notification of R&D claims

The UK Government has long encouraged businesses to invest in Research & Development (R&D) projects, believing it to be at…

Constantly asked for pay rises? Here is what you need to know about pay in the UK

As an employer, you will likely face the delicate situation of employees asking for pay rises. With the cost-of-living crisis…

Changes to free childcare, but higher earners will still miss out

In the Spring 2023 Budget, the Government laid out plans to shake up the current free childcare system – but…

Trivial benefits in kind and the advantages they give to employers

It is important for employees to feel valued in the workplace. A lot of the time, it is the little…

Late interest penalties hit 1.4 million taxpayers – and it could get worse

The 2020/21 tax year saw 1.4 million people charged interest on overdue tax payments – a 15 per cent increase…

Roadside charging – How to account for credit card payments

With a growing number of company car owners using electric vehicles, many are deciding or being permitted to use company…

Car vs Van – Tax treatment of electric vehicles

There have been several important tax decisions previously regarding the difference between vans and cars, but how do the different…

Government announces shakeup in the payment of Benefits in Kind

The Government has announced a shake-up in how Benefits in Kind (BIK) are paid. The move will allow tax agents…

Be prepared for business rate changes as rateable value update takes effect

The Valuation Office Agency (VOA) has updated the rateable values of all businesses, and other non-domestic, properties in England and…

How do changes in Corporation Tax affect my business?

Changes to the amount of Corporation Tax (CT) businesses pay came into effect on 1 April. From that date, the…

Crypto transactions to become part of Self-Assessment under new regulations

The Government has announced there will be greater scrutiny on the reporting of all crypto transactions, including for cryptocurrencies and…

How does Full Expensing work?

Chancellor Jeremy Hunt has announced a partial replacement for the Super Deduction that allows companies to write off 100 per…

Chancellor abolishes Lifetime Allowance pensions shake-up

The abolition of the pensions Lifetime Allowance, (LTA) which was announced in the Spring Budget, releases people to save as…

SMEs to benefit from Chancellor’s change to the Research & Development tax credits schemes

Chancellor Jeremy Hunt announced a partial reversal to the SME Research & Development (R&D) tax credit cuts in the recent Spring…

Capital allowance – Changes for plant and machinery expenditure

Capital allowances are a form of tax relief for businesses. They allow you to subtract some or all of the…

Spring Budget 2023

Just a few days short of the third anniversary of the first Covid lockdown, Chancellor Jeremy Hunt rose to the…

How you can improve your business performance

You are an established business and doing well, but you are still ambitious and looking to improve and expand.

Think about the support you need for your business

Your business may be sailing along quite nicely, or it may be struggling with the effects of shortages, rising prices…

Taxation planning should be an ongoing process, not just pre-Budget

With the Spring Budget looming in March, it is easy to be tempted to delay tax planning until afterwards in…

How can you achieve taxation ‘quick wins’ before the end of the tax year

With the end of the tax year fast approaching on 5 April, it makes sense to assess your tax situation…

MTD for ITSA is delayed. Should you still go ahead with cloud accounting?

Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now come into effect in April 2026 for businesses, self-employed individuals, and…

What you should include in a business plan

Business plans provide goals to work towards, help identify potential problems, give insight into competitors, and highlight potential opportunities. A…

Avoid these costly VAT mistakes

Small business owners need to take measures to avoid costly mistakes when it comes to calculating, reporting and paying Value…

Implementation of MTD for ITSA delayed for two years

The Government has announced a two-year delay and further changes to the rollout of its Making Tax Digital for Income…

Take advantage of the super deduction allowance – before it’s gone

Businesses are being advised that time is running out to be able to take advantage of the Corporation Tax super-deduction…

Improving your business finances in 2023 and beyond

Every business needs sound financial planning and oversight in order to thrive. With the new tax year just around the…

Tax considerations for gifting to grandchildren in the UK

For many individuals in the UK, gifting to grandchildren can be a great way to reduce their tax burden. But…

Should I take a salary or dividends as a small business owner?

If you own a small business and are also a shareholder director, you may be wondering whether to take a…

Understanding and improving your balance sheet

Keeping on top of your business’s financial health is critical to its success. A great place to start is by…

A new VAT penalty system is now in effect

A major overhaul of VAT penalties came into effect on 1 January 2023. This new approach changes how penalties are…

Be prepared for changes to Capital Gains Tax thresholds 

The exemption for paying Capital Gains Tax (CGT) is changing. The CGT annual exemption will fall from £12,300 to £6,000…

Companies House goes fully digital

Companies House has gone fully digital after the announcement of the closure of its office in London and all filing…

R&D relief slashed – Time to plan

Chancellor Jeremy Hunt has announced a series of changes to the UK research and development (R&D) tax credit regime, including…

What is the ultimate goal of your business?

Planning for the future is essential when running a business and, ideally, you should have a perspective of where you…

Income tax thresholds freeze – What it means for you

Millions of new taxpayers will be created by the extended freeze on the income tax thresholds.   In the Autumn…

Autumn Statement 2022

The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House…

Time to rethink your property portfolio? What you need to consider

Investing in property can still provide a strong return, but it needs careful planning to achieve the best outcomes. Just…

When can you take a dividend from your business?

If you are an owner of a limited company, taking money out of your business using dividends is a mainstay…

New rules to address the soaring cost of card payment fees

Card payments rocketed during the pandemic and that trend has continued since then. According to figures from the British Retail…

IR35 rules – What they are and why they matter

The status of IR35 or off-payroll working has caused some confusion since the repeals to reforms put forward by former…

How to keep workplace gifts tax-free this Christmas

The season of goodwill is just around the corner as Christmas approaches. It is a time of year when employers…

How to protect your business from inflation

Inflation has been described as paying £15 for the £10 haircut you used to get for £5 when you had…

Announcements by the Chancellor – 17 October 2022

Announcements by the Chancellor – 17 October 2022 The markets have experienced considerable volatility as a result of the ‘Growth…

Corporation Tax to rise in April 2023: what you need to know

Corporation Tax to rise in April 2023: what you need to know The Prime Minister has announced that the Corporation…

What does Sterling’s historic value against the dollar mean for investment?

Sterling’s fall to close to parity with the dollar means that the cost of investing in UK businesses is lower…

The rate of late tax payments interest rates continues to rise

From 11 October, the interest rates on late tax payments rise again in line with the Bank of England’s (BoE)…

Are you ready for changes to R&D tax reliefs in 2023?

R&D tax reliefs have supported hundreds of thousands of businesses to invest in innovation by cutting the amount of tax…

What does the repeal of IR35 mean for businesses and contractors?

The IR35 and off-payroll working rules, which affect how contractors operating through a personal service company (PSC) are classed and…

Tax-Free Investment Zones – How could they support your growth?

In his mini-Budget, Chancellor Kwasi Kwarteng announced plans for Tax-Free Investment Zones across England. The Government says these new economic…

Fiscal Statement

With a new King at the Palace and a new Prime Minister at Number 10, it was no surprise that…

What do you need to know about the Energy Bill Relief Scheme?

The Government has outlined a new Energy Bill Relief Scheme to support households, businesses and public sector organisations tackling soaring…

Furnished Holiday Lets – What tax reliefs are available?

The UK has seen a boom in the ownership of Furnished Holiday Lets thanks to the increase in staycations. As…

MPs support move to crackdown on unqualified accountants

The Government could move to crack down on anyone providing accountancy services who is not professionally qualified. As the law…

Top tips for securing finance for new businesses

There were stunning figures released in a new survey about business start-ups recently. Data from small business lender iwoca showed that…

Companies House service goes digital

The march of the digital age and the effects of the pandemic have led to a Government institution closing its…

Back to basics: Job expenses

Expenses incurred by employees are generally the responsibility of the employer. Quite often, however, employees have to bear the cost…

New law delivers even-handed treatment for separating couples

New measures have been introduced for the even-handed treatment of spouses and civil partners who are in the process of…

Government increases interest rate on late tax payments

HM Revenue & Customs (HMRC) has increased the interest rate applied to late tax payments following the latest hike in…