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.
Using KPIs to Improve Your Business Performance
Key Performance Indicators (KPIs) are measurable values that show how effectively a business is realising its key objectives. How you measure the success of your business is vital to ensure you meet your overall strategic plans and objectives....
Summary of Xero and Flowlens for Equipment and Device Manufacturers
Xero Xero has over 3 million subscribers and is one of the most effective accounting software platforms across the globe. Xero allows for third party apps to integrate with the software – currently, there are over 700 apps that can be used for...
What Are the Main Changes to R&D Tax Relief?
The tax relief scheme for Research and Development (R&D) is an important way to cut the costs of investing in R&D, development projects and innovation across your business. However, the Spring Budget 2023 has brought in several changes to...
Full Expensing: The New Corporation Tax Incentive Explained
In his Budget speech in March earlier this year, Chancellor Jeremy Hunt kicked off the Government’s plan for growth with changes to business tax legislation, a key policy being ‘full expensing’. “It is a corporation tax cut worth an average of £9...
What Are the Tax Implications of Selling Your Business?
Whether you’re looking to retire or move on to a new venture, selling your business is a big decision. If you’re incorporated as a limited company, you’ll usually be faced with two choices for how to structure a sale. You can choose between:...
Corporation Tax in 2023 – how the April tax rise affects SMEs
The main rate of corporation tax will rise from 19% to 25% from 1 April 2023, affecting companies with profits of £250,000 and over. The legislation provides that small companies with profits up to £50,000 will continue to pay corporation tax at...
Change of Tax Basis Period for Unincorporated Businesses: are you ready?
Are you self-employed? Or are you a partner in a trading partnership? If you are, you should be aware of the proposed changes to the tax basis period for unincorporated businesses. HM Revenue & Customs (HMRC) is proposing to change the way that...
Pay CGT Within 60 Days of Completion of a Residential Property or Receive a Penalty
If you sell or dispose of a residential property in the UK, you may be liable to pay Capital Gains Tax (CGT) on the profits you make. CGT is only charged on the gain made, not on how much you sell the property for, so it is important to understand...
How to Turn a Side Hustle Into Your Dream Job
The fundamentals of setting up a business. A side hustle is a piece of work or a job that an individual can get paid for in addition to their main job. From driving for a ride sharing company to tutoring online, copywriting and more, a side hustle...
Income Tax: what’s changing?
What to expect from April 2023. A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK. Many of these measures were announced by Chancellor of the Exchequer Jeremy Hunt in his Autumn Statement on 17...
Government Postpones MTD for ITSA Until April 2026
It has been officially reported that Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) has been postponed until April 2026. MTD for ITSA was set to become mandatory from April 2024 where sole traders or landlords with a gross income...
Self-Assessment Tax Returns – why you should submit your return now
With the new year just around the corner and tax season fast approaching, now’s a good time to get a head start on your Self-Assessment Tax Return. Self-assessment is a system HMRC uses to collect tax on income that wasn’t taxed at source. People...
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