Blog
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.
Making Tax Digital for VAT: re-examining the key points
Making Tax Digital for VAT (MTD for VAT) is up and running. Most VAT-registered businesses with taxable annual turnover above £85,000 will now be signed up to HMRC’s new system. This requires digital records to be kept, and VAT returns to be filed...
Tax Tip – Minimising your National Insurance Contribution (NIC) Liability
NICs are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions....
The Case of the Missing Budget
Introduction It’s been an eventful few years in British politics, but 2019 has been something else again with one jolt after another. The 29 March deadline for the UK to leave the EU was extended to 31 October and then again until 31 January 2020....
Record Number of Estates Paying Inheritance Tax
A record amount of estates paid inheritance tax in 2016/17, according to government figures. More than 28,100 estates were liable for death duties in 2016/17 – a new high for the number of estates charged. The latest figure represented a 15% rise...
Protecting Your Business from Fraud
Steps to shield your firm from threats. Fraud costs the UK around £190 billion a year, with businesses bearing almost three quarters – £140bn – of those losses. This worrying picture is backed up by the 2019 Fraudscape report compiled by anti-fraud...
Capital Gains Tax Planning – tax changes to private residences for 2020/21
From 6 April 2020, HMRC is proposing three significant changes which will potentially increase the capital gains tax paid on the disposal of any residential property by an individual. These changes seek to raise extra revenue from the disposal of...
Small Employers Risk Losing the Employment Allowance in 2020
Plans to remove the employment allowance for large employers from April 2020 could impact on smaller firms. This allowance provides employers with a reduction to their national insurance contributions (NICs) bill of up to £3,000. Employers that...
Most VAT-Registered Businesses are Signed up for VAT
Almost three quarters (74%) of VAT-registered firms signed up for Making Tax Digital (MTD) before the second stagger deadline last month. HMRC’s figures showed that over 230,000 mandated businesses joined the scheme before the 7 September 2019...
IR35 in the Private Sector – key considerations for contractors before April 2020
Large and medium-sized organisations have just six months left to prepare for changes to off-payroll working rules, which are due to extend to the private sector next spring. From 6 April 2020, firms that engage private-sector contractors will be...
How Can ‘What if’ Scenarios Improve Business Performance?
Planning for and analysis of different scenarios is essential for all businesses to ensure their future success – performing ‘what if’ scenarios can help business owners to better understand each financial decision or investment. ‘What if’...
Why Cash Flow Projections Are Essential for SMEs
Cash flow is a major headache for many businesses– if a business runs out of cash and is unable to get any funding, it will become insolvent. A business owner that focuses on profit and ignores cash flow is at higher risk of failure – by...
Buying or Selling a Business? How to Stay Compliant with GDPR
With just over a year since the EU General Data Protection Regulation (GDPR) came into force, there are still many in the dark as to what they can and can’t do with data, especially with those who are buying and selling businesses – it is becoming...
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