If you run your own business, it’s likely that at some point you’re going to come across a customer who doesn’t pay you on time. So what do you do when you need to chase payment from them? Here are some suggestions on how to work with five types of late-paying...
As a business owner, the thought of an HMRC tax investigation can be quite daunting. However, our article below outlines what is involved in the process should you ever need to prepare your business for an HMRC tax investigation. It also explains some of our processes and the information we request...
The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It was replaced with full expensing. As with the super-deduction, unincorporated businesses cannot benefit from full expensing (although the Annual Investment Allowance (AIA) will secure a 100%...
We have taken this article from the FreeAgent website as it is a bit light-hearted, but also has a serious message and gives a couple of tips which can really help us to help you! These are their top five tips on how to become our favourite client….. failing that biscuits...
If you have a personal or family company, taking dividends is a popular and tax-efficient way to extract profits. However, while they remain tax efficient, recent tax changes have eroded some of the advantages, so what do you need to know when planning your dividend extraction strategy for 2023/24? Impact of corporation...
High inflation can put the squeeze on small businesses as costs rise and customers think twice before spending. You might already be feeling the pinch, but with planning and smart tactics, you can position your business to come out the other side happy and (hopefully) profitable. What is inflation? Inflation is the...
Following on from our article last month on what expenses you can and can’t claim, we thought we would give you some advice on receipt tracking. As we explored previously, tracking your expenses is a vital part of managing your company’s finances. It monitors your incomings, outgoings and provides the...
It is important to keep good records of business expenses so that any expenses that can be deducted are not overlooked. The general rule… The general rule is that a deduction is allowed for expenses incurred wholly and exclusively for the purpose of the trade, profession or occupation. Unlike the equivalent rule...
Running your own small business is hard work – you will find yourself trying to develop and grow your business, alongside managing the day-to-day operations acting as the finance, marketing, HR and sales departments – often all in the space of a few hours! To help you manage and keep on...
What are they? Payments on account are HMRC’s way of ensuring you at least pay some tax upfront ready for the following years tax liability. Who needs to make payments on account? You will need to make payments on account for 2021/22 if your tax and Class 4 National Insurance liability for 2020/21...
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