The VAT Flat Rate scheme was introduced in 2002 to simplify VAT reporting for small traders, reducing the time taken to calculate VAT and prepare returns compared to normal VAT accounting. The thresholds for using (£150,000 pa) and exiting the scheme (£230,000 pa) have not changed since 2003. With the extension of Making Tax Digital […]
In the Spring Budget the Chancellor announced that “full expensing” – 100% relief for new, eligible plant and machinery – would replace the 130% super-deduction from 1 April 2023 for limited companies. This is in addition to the £1 million annual investment allowance (AIA) and will be available for expenditure incurred up to 31 March […]
With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate as a result of the “triple lock” being restored. […]
From tax year 2023 to 2024 onwards, the Self-Assessment threshold for taxpayers taxed through PAYE only will change from £100,000 to £150,000. Affected individuals do not need to do anything now as the Self-Assessment threshold for 2022 to 2023 tax returns remains at £100,000. They will receive a Self-Assessment exit letter if they submit a 2022 […]
With the ongoing economic uncertainty, managing your business’s cash and understanding the flow are now vital tools in maintaining resilience and being able to adopt flexible strategies for success. Cash flows reflect all the cash that is flowing in and out of a business. Owners can look at the direction of the cash flows for […]
The Health and Safety Executive (HSE) has updated its guidance on managing health and safety for employers. Employers are responsible for managing health and safety in their business. This includes managing risks and taking practical steps to protect workers and others from harm. Managing risk is just one part of health and safety management. You […]
The truth is, it depends on a range of factors and any valuation is only useful as a guide for planning froward. The ultimate value of a business is the price a willing buyer is prepared to pay for it. The prevailing economic climate and state of the business’ sector can affect company valuation for […]
A company might have a great product or service but without a business growth strategy to help it define, articulate, and communicate where it is going, it may not grow at all! A growth strategy starts with identifying and accessing opportunities within your market. The strategy addresses how your company is going to evolve to […]
The table below sets out the HMRC advisory fuel rates that apply from 1 June 2023. These are published quarterly now due to the volatility in petrol and diesel prices in recent years. Where the employer provides an employee with a company car there may be an additional benefit in kind on the provision of […]
Making Tax Digital (MTD) for Income Tax will require businesses to keep digital accounting records and submit quarterly returns to HMRC. These changes will apply to businesses, self-employed individuals and landlords with turnover over £50,000 from 6 April 2026. Those with turnover above £30,000 will be mandated to comply from 6 April 2027 and other […]
