Commentary and insight

Our team of experts keeps a close eye on developments in tax law and financial regulation. Our blog is where they interpret the ever-changing statutory landscape in plain English, highlighting what’s important and offering practical advice on what businesses can do to avoid pitfalls or seize the opportunities presented.

Which Capital Gains Are Tax Free in the UK?

Did you know that some capital gains are free of capital gains tax (CGT)? Talk to us to find out more about how to maximise your tax efficiency. Although you will pay CGT on most capital gains, there are some gains that are not subject to capital...

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Should I Employ Family Members in My Business?

If you run your own business, it’s tempting to bring in your own family into the company. But it’s important to think through both the positive and negative implications of employing your family. Employing your own family members can help to reduce...

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Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the Statement of Financial Position. Together with the Profit and Loss Statement, and possibly other...

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Residence and Domicile After Brexit

How your status affects the amount of tax you pay. For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident. Anyone domiciled and...

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2020/21 Income Tax Returns & the SEISS

Three grants worth up to £21,570 are taxable. A chunk of time has passed since the Self-Employed Income Support Scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic. The first taxable grant, worth up to £7,500 in...

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How Can You Improve the Cash Flow Health of Your Business?

Are you struggling with late payments? All business owners know that cash is the lifeblood of any business. The key to improving your cash flow is to monitor your outgoings as well as your incomings – this means you need to manage your expenses as...

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The Impact of the New National Insurance Changes

Increases to National Insurance Contributions (NICs) are on the way. But do you know the full implications for you and your business? We’ve got the lowdown. You’ll no doubt have seen the news of a rise in both employees’ and employers’ National...

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What we can do for you

Find out more about the full range of business and tax advisory services Horsfield & Smith offers to businesses and individuals across Greater Manchester and the North West of England and see how we can help you achieve your goals for growth.