What is the difference between tax avoidance and tax evasion?   The simple difference is that avoidance is legal and evasion is illegal.   However, aggressive avoidance schemes can be challenged by HMRC and can result in a legal challenge, penalties and a hefty tax bill.   It is not always clear cut so it is important to […]

CUT TAXES TO BOOST LABOUR MARKET, REED CHAIRMAN URGES. The chairman one of the UK’s biggest recruitment agencies has said high taxes are deterring people from returning to the labour market after the exodus of workers during the pandemic. James Reed, the chairman of Reed, said at an event in London: “For a lot of […]

Many small and medium sized Companies use a traditional approach to taking salaries and dividends from the company.   They look at the profit available and take out what the Company can afford. SALES – EXPENSES = PROFIT They simply look at their sales deduct their expenses and arrive at the profit.  But there is a […]

If you are about to start a business, setting a business plan will help you focus on getting it right.   So why write a business plan?  Firstly and most likely you will need funding.  Investors will want to see that you have the right plan in place to succeed.  They rely on business plans to […]

TAX RATES Below is a resume of applicable tax rates for individuals in the UK.  It is not exhaustive but outlines the main components of tax that will impact on many taxpayers over the years.  As we have emphasised in the past it is very important to tax plan and to use all the allowances […]

Management reporting is essential for businesses to assess their performance, identify areas of improvement, and make informed decisions. Here are some of the key reasons why management reporting is important: Provides insights into business performance: Management reporting provides critical information about how a business is performing. By analysing data, managers can identify trends and patterns, […]

Financial reporting is critical for businesses to provide information about their financial performance to stakeholders, such as investors, lenders, and regulators. Here are some key reasons why financial reporting is important: Provides information for decision-making: Financial reporting provides stakeholders with information about a business’s financial health, allowing them to make informed decisions about investing, lending, […]

Making sure you have a good accountant is essential for being tax and business efficient.  The role of an accountant is to provide financial expertise, guidance, and support to individuals, businesses, organizations, and governments. Here are some of the key responsibilities and tasks of an accountant: Recording financial transactions: The accountant records and tracks financial […]

We have written numerous articles on this subject in the past but just recently new rules and changes in tax legislation, particularly Dividend Tax (DT) and National Insurance (NI), have really impacted on the tax efficiency of limited companies. In the past setting up a limited company was an easy way of saving tax and […]

Inheritance tax is a tax on the ‘estate’ of someone who’s passed away.   Many people in the UK will never need to worry about Inheritance tax (IHT) as the total estate is often below the threshold at which IHT is payable.   However, for many, the record house prices in the UK particularly in the Southeast, […]

We have written a number of articles on this subject in the past.   When setting up a business it is important to consider a number of business factors and you should seek professional advice to work out the optimum business set up.   We can advise whether it is more cost effective to set up as […]

On Wednesday 27 October the Chancellor of the Exchequer delivered his Autumn Budget.  Appropriately close to Halloween was it trick or treat?   We present a summary of the major points and we ask is it good or bad?   We let you decide. National Insurance Contributions Class Tax Year 21/22 Tax Year 22/23 Class 1 Primary […]

Vitally important that small businesses keep up-to-date records and take good care of bookkeeping. So, we are going to offer some tips and advice on how best to do this and avoid future problems. Use the same Accountancy Practice to do all your accountancy, payroll and bookkeeping There are valid reasons for this.   Firstly, your […]

As the tax year comes to an end it is a convenient time to recap on Salary and Dividend strategy for a limited company director to keep your taxes within a tax bracket that you are happy with and reflects how much you earn and how much you pay in tax.   What we will do […]

UK government body has issued ten coronavirus related scams that we should be aware of and how to spot them.   So far, since lockdown began, Action Fraud has logged reports from 2,378 victims across the United Kingdom who have lost a total of more than £7,000,000 to scammers. So be careful.   There are a number […]

It used to be just big businesses that offered apprenticeships but apprenticeships are now a credible option for many small businesses.   It is an opportunity for youngsters who do not go to University or those that are unemployed to gain valuable skills for future career advancement.  For small businesses it is a credible option to […]

Roger Gunning FCMA CGMA With the November budget looming and the Chancellor looking to raid businesses to pay for the Covid-19 business support and furlough schemes there has never been a better time to tax plan and try and save as much tax as you can.   It’s going to get tough for small businesses so […]

THE FACTS A self-invested personal pension (SIPP) is a form of personal private pension that holds your chosen investments until you retire.    It is a type of personal pension and works in a similar way to a standard pension but with the major difference that you choose the funds, investments, stocks that you wish to […]

Prior to this new tax year 2020/21 UK residents making capital gains on UK residential sales had until the following 31st January to declare and pay any capital gains tax (CGT) due.  Prior to this new tax year 2020/21 UK residents making capital gains on UK residential sales had until the following 31st January to […]

Below we will set out the salient points of Rishi Sunak’s what he calls his “Winter Economy Plan” to protect jobs as the UK and the rest of the world continue to fight the Covid-19 pandemic.   The Chancellor unveiled the measures yesterday September 24th. The PM has also warned that the latest Covid-19 restrictions could […]

Young people aged 16-24 who are on universal credit will be offered a six-month work placement with wages paid by the government.  Young people aged 16-24 who are on universal credit will be offered a six-month work placement with wages paid by the government. Young people taking part in the scheme will receive on-the-job training, skills […]

HMRC are inviting self-employed individuals or members of a partnership who have been adversely affected by the pandemic (Coronavirus-19) to claim a second grant HMRC are inviting self-employed individuals or members of a partnership who have been adversely affected by the pandemic (Coronavirus-19) to claim a second grant referred to as the; self-employed income support […]