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.

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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Is Managing Payroll Keeping You Awake at Night?

Is managing payroll one of the pain points on your to do list that keeps you awake at night? It’s fair to say the Covid-19 pandemic has changed the way we work, including how businesses manage and process their payroll. When you are tied up running...

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Accounting for Charities and Non-Profits

How the third sector is assessed for tax. Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to...

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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.