Blog

Have your say on Capital Allowances

Posted 1st June 2022 at 6:53 am

capital allowances

HM Treasury is inviting businesses to share their thoughts on how the UK’s capital allowances regime could be reformed, in the hope of fostering a new culture of enterprise and growth in the UK. The UK has a long-standing issue with productivity, and one of the key underlying causes is a lack of capital investment. According to OECD data, companies invest just 10% of GDP each year, compared with 14% in our competitor countries – and one of the reasons is that our tax system doesn’t reward investment as much as other countries do. The Spring Statement set out some... Read more

Cash is King

Posted 23rd May 2022 at 2:39 pm

cash flow

Uncertainty has been the buzz word for the last couple of years, and in economic terms that doesn’t look like it will be changing any time soon! In uncertain times, cash is king and therefore managing your cash flow is more important than ever. It is now vitally important for all businesses to take some time to plan ahead for a range of scenarios. The ongoing impact of Brexit is still unclear, and it is far from certain what will happen in terms of pandemic measures as we move into the Autumn flu season. On top of that the impact... Read more

Understanding High Income Child Benefit

Posted 16th May 2022 at 12:11 pm

High Income Child Benefit

HMRC are asking employers to help their employees understand the High Income Child Benefit Charge. In this issue of our blog, we break down what it is that you and your employees need to know.   What is the High Income Child Benefit Charge? The High Income Child Benefit Charge applies where an individual receives child benefit and either they, or their partner, have total taxable income of £50,000 or more. The charge is 1% of the benefit received for every £100 income by which taxable income exceeds £50,000. If the individual or their partner has taxable income of over... Read more

Brilliant books for business brains!

Posted 10th May 2022 at 7:10 pm

book

We all know that reading can be one of the best tools for self-improvement, but busy people often lack the time to find the right book to read, let alone read it! Our guide below rounds up some of the most useful business books out there, to get you one step closer to finding the book that you need.   Personal Development: The 7 Habits of Highly Effective People by Stephen R. Covey This book has taken the world by storm, selling over 25 million copies! It charts a 7 step journey to personal growth, including topics such as motivation,... Read more

Make a habit of motivation

Posted 3rd May 2022 at 7:41 pm

motivation

We’ve all described ourselves – or maybe even a colleague or friend – as lacking the motivation to do something at one time or another. Motivation is the force which drives us to act; if we’re standing in the road and a bus is coming, our motivation for stepping out of the way is the fear of getting run over! Most people don’t struggle with short term motivation for imperative action, but our motivation can wane when the action is not ‘life or death’ or just takes place over a longer time period. Motivation is important for business leaders, and... Read more

Take control of your business

Posted 25th April 2022 at 1:44 pm

strategic plan

The pandemic put many businesses off-track in the short and medium term, and with the additional uncertainty created by Brexit during the same timeframe, and now the Russian invasion of Ukraine adding to the mix, it is not surprising to learn that economic growth has slowed and that the UK economy is now only 1.5% above its February 2020 level. While the situation in Ukraine is still cause for concern in humanitarian and political terms, the ongoing economic impact is as yet unknown. At least with the pandemic now losing momentum, and the Brexit situation more stable, there are fewer... Read more

Changes you need to know about to VAT

Posted 20th April 2022 at 6:53 am

VAT

On 1st April two major changes to VAT were implemented. One or both of these may affect your business, so read on to find out more.   Making Tax Digital is now mandatory for all VAT-registered businesses  Making Tax Digital (MTD) became mandatory for all VAT registered businesses on the 1 April 2022. The government states that MTD helps taxpayers get their tax returns right by reducing common mistakes as well as saving time managing their tax affairs and is a key part of the overall digitalisation of UK tax. VAT-registered businesses that have not yet signed up to MTD for VAT should do so... Read more

Tap into the Jubilee spirit!

Posted 13th April 2022 at 6:27 am

jubilee

Her Majesty the Queen celebrates her Platinum Jubilee this year, with events planned across the country during the four-day Bank Holiday weekend from Thursday 2nd to Sunday 5th June. There is huge potential for businesses to tap into the feelgood factor brought about by the festivities, but you do need to take care not to look too opportunistic, or even fall foul of the law!   The movement of the May bank holiday to the end of the week, with the addition of the extra day is something that hopefully all businesses are by now aware of. Employers and employees... Read more

Spring Statement summary

Posted 4th April 2022 at 1:30 pm

spring

With inflation rising and households facing the largest ever recorded cost-of-living squeeze, Chancellor Rishi Sunak recently delivered the government’s Spring Statement. This blog summarises some of the key points that you should be aware of.   The treasury predicts that inflation is likely to average 7.4% for the rest of the year, a rise from the current level of 6.2%. This will put further significant pressure on household budgets as the cost of living continues to increase. Local Authorities are to be given a further £500m of funding for the Household Support Fund, which is designed to help the most... Read more

Fraudsters attack personal tax accounts

Posted 31st March 2022 at 10:36 am

fraud

Last month, HMRC made coordinated arrests of several individuals in locations across England as part of an investigation into suspected Self Assessment repayment fraud and money laundering offences. As a result, HMRC is warning individuals not to share their personal information online to avoid their identities being used to commit tax fraud. In the cases seen so far, individuals are being targeted on social media platforms and offered the opportunity to ‘lend’ their identities to a fraudster, who promises a cut of the tax refund in a fraud that they claim is ‘risk free’. However, handing over sensitive personal information... Read more