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.
How Should You Structure Your Business?
Business structures are essential for tax purposes. If you’re looking to join the 4.3 million people in the UK who made the jump into self-employment, you might be wondering how to start your new business. Assuming you’ve weighed up the pros and...
Steering Manufacturing SMEs Towards Digitalisation
Press Release - issued on 11 January 2022 Bury Accountants, Horsfield & Smith, are delighted to have joined forces with Belfast based manufacturing software provider, Flowlens. As partners with Flowlens and manufacturing accounting specialists,...
Remember to Declare Covid-19 Grants on Your Tax Return
HM Revenue and Customs (HMRC) is reminding Self-Assessment tax payers to declare any Covid-19 grant payments on their 2020 to 2021 Tax Return. These grants are taxable, and you should declare them on your 2020 to 2021 Tax Return before the deadline...
What is the Ideal Software Solution for Device and Equipment Manufacturers?
We have recently partnered with Flowlens, who are a MRP, CRM and service software solution to manufacturing SMEs. When integrated with Xero, Flowlens is particularly beneficial to equipment and device manufacturers whereby it streamlines the full...
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...
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...
What Business Tasks Should You Outsource? – how can we make your life easier?
As a business owner, you will find that few things in your line of work are as precious as your time – time that would be better spent doing something other than accounting. Many people come to us asking for help with tasks that usually result in...
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...
The Recovery Loan Scheme Has Been Extended – are you eligible?
With most of the Government’s Covid financial support schemes now closed, the Recovery Loan Scheme (RLS) has been a last route to funding for many Covid-impacted businesses. The RLS was scheduled to end on 31 December, putting a very final full...
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...
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...
Important KPIs You Should be Measuring in Your Manufacturing Business
In any business, it is vital to keep your top and bottom line healthy. This is particularly essential if you are a manufacturing company. As a fast paced industry, you need to be efficient in your manufacturing process – KPIs are necessary to...
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.
