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  • Tax Planning for Property Owners: Mid-Year Updates and Strategy for 2025
    As we reach the midpoint of 2025, UK property owners face a complex tax environment shaped by reduced allowances, evolving rates, and important legislative freezes. Mid-year is an ideal time to review your tax strategy, optimize your position, and prepare for changes ahead. This article outlines key updates and practical strategies tailored for UK property… Read more: Tax Planning for Property Owners: Mid-Year Updates and Strategy for 2025
  • Is Your Pension Plan Tax-Efficient? July Review Tips for 2025
    Is Your Pension Plan Tax-Efficient? July Review Tips for 2025 (UK) As we reach July 2025, reviewing your pension plan for tax efficiency is more important than ever. With evolving UK pension rules, frozen tax thresholds, and new policy reforms, a mid-year check can help you maximise your retirement savings and minimise unnecessary tax liabilities.… Read more: Is Your Pension Plan Tax-Efficient? July Review Tips for 2025
  • How to Minimize Your Capital Gains Tax Liability in the UK for 2025 and 2026
    Capital Gains Tax (CGT) in the UK has undergone significant changes effective from late 2024 and into the 2025 and 2026 tax years. The Latest Capital Gains Tax Updates 2025 UK include increased rates, reduced allowances, and new relief provisions that impact how much tax you pay on gains from asset disposals. These updates affect the rates,… Read more: How to Minimize Your Capital Gains Tax Liability in the UK for 2025 and 2026
  • Is Your Business Fully HMRC Compliant?
    Ensuring full compliance with HM Revenue and Customs (HMRC) is a fundamental responsibility for every UK business. Failure to meet HMRC’s standards can result in penalties, legal action, and reputational damage. In 2025, new regulatory changes and increased scrutiny mean that business owners must be more vigilant than ever. Here’s what you need to know… Read more: Is Your Business Fully HMRC Compliant?
  • Tax Planning for High-Income Earners in the UK: Navigating New Rates in 2025
    As the UK tax landscape evolves in 2025, high-income earners face increasing challenges. Rising tax rates, frozen allowances, and tighter thresholds make effective tax planning essential. By planning carefully, you can preserve wealth, optimize income, and stay compliant with HMRC regulations. This article outlines key strategies and considerations for high earners navigating the new tax… Read more: Tax Planning for High-Income Earners in the UK: Navigating New Rates in 2025
  • Preparing for HMRC’s July 31 Payment on Account Deadline: Tax Years 2025 and 2026
    Who Needs to Pay? For the 2025/26 tax year, individuals registered for Self Assessment—typically the self-employed or those with significant untaxed income—must make payments on account if their previous year’s tax bill exceeded £1,000 and less than 80% of their tax was collected at source (such as via PAYE). Notably, from April 6, 2025, the threshold… Read more: Preparing for HMRC’s July 31 Payment on Account Deadline: Tax Years 2025 and 2026
  • 10 Ways to Reduce Your Tax Bill in the UK
    Paying tax is part of life, but there are many ways to make sure you aren’t paying more than you need to. Here are ten simple and legal strategies to help you keep more of your money. 1. Make the Most of Your Tax-Free Allowance Every individual is entitled to a tax-free personal allowance (£12,570 for… Read more: 10 Ways to Reduce Your Tax Bill in the UK
  • How to Handle HMRC Penalties and Appeals
    How to Handle HMRC Penalties and Appeals: A Comprehensive Guide Handling HMRC penalties and appeals can be a daunting task, but understanding the process and your rights can significantly improve your chances of resolving disputes effectively. This article provides a step-by-step guide on how to navigate the system, from understanding the types of penalties to… Read more: How to Handle HMRC Penalties and Appeals
  • Understanding National Insurance Contributions in the UK: Changes and Implications
    Understanding National Insurance Contributions National Insurance Contributions (NICs) play a vital role in the UK’s social security system, funding essential state benefits such as retirement pensions, unemployment benefits, and maternity allowances. Recently, policymakers have introduced changes to employer NICs, which will impact businesses and employees. To understand these changes, it is essential to first grasp… Read more: Understanding National Insurance Contributions in the UK: Changes and Implications
  • How Do I Know How Much Tax I Owe?
    Ever wondered, “How Do I Know How Much Tax I Owe?” You’re not Do you ever wonder, “How Do I Know How Much Tax I Owe?” You’re not alone—taxes can feel confusing, but they don’t have to be! Whether you’re working a regular job, self-employed, or earning extra income, it’s important to know how much… Read more: How Do I Know How Much Tax I Owe?
  • Do I Need to Fill in a Tax Return?
    Understanding whether you need to complete a tax return in the UK can be complex, especially with recent changes in tax regulations. This article provides an updated guide for the 2024/25 and 2025/26 tax years to help you determine your obligations. Who Needs to File a Tax Return? You are required to file a Self… Read more: Do I Need to Fill in a Tax Return?
  • Tax Planning Strategies Business Owners Should Know
    The year 2025 brings significant changes to the UK tax landscape, requiring business owners to adopt proactive and informed approaches to tax planning. To navigate these changes effectively, implementing robust Tax Planning Strategies 2025 UK is essential. Below are key strategies that can help businesses optimize their tax positions while ensuring compliance with evolving regulations. 1. Navigating… Read more: Tax Planning Strategies Business Owners Should Know
  • UK Tax Changes 2025: What Individuals and Businesses Need to Know
    The year 2025 brings a wave of significant tax reforms in the UK, impacting both individuals and businesses. UK Tax Changes 2025 introduces adjustments to capital gains tax, frozen thresholds, employer contributions, and more. Understanding these changes is essential for effective financial planning and compliance. Whether you’re a homeowner, investor, or business owner, here’s a… Read more: UK Tax Changes 2025: What Individuals and Businesses Need to Know
  • ISA 600: A New Era for Group Audits
    ISA 600 (Revised): A Proactive, Risk-Based Approach to Group Audits The Financial Reporting Council issued the revised ISA 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) in September 2022. This revised standard, effective for group audits for periods commencing on or after December 15, 2023, introduces significant changes to enhance the quality… Read more: ISA 600: A New Era for Group Audits
  • Master Your Tax Return: Avoid These Key Mistakes
    Completing a self-assessment tax return can be daunting, even for experienced taxpayers. As the January 31 deadline approaches, many individuals find themselves rushing to submit their returns, which often leads to common mistakes. Understanding these pitfalls and how to avoid them can save you from penalties and stress. Common Tax Return Mistakes 1. Not Realizing You… Read more: Master Your Tax Return: Avoid These Key Mistakes
  • Understanding UK Tax Rates and Thresholds for Businesses
    Navigating the complexities of the UK tax system can be daunting for business owners. Given the various types of taxes, rates, and thresholds that apply based on business structure and employment status, understanding these nuances is crucial. This article provides an overview of the key tax components affecting individuals and businesses in the UK for… Read more: Understanding UK Tax Rates and Thresholds for Businesses
  • How to Choose the Right Accountant for Your Business in 2025
    When selecting the right accountant for your business in 2025, it is important to consider several key factors to ensure they effectively meet your needs. To help guide your decision, here are the main considerations: 1. Services OfferedTo start, identify your specific needs; for example, you might require bookkeeping, tax preparation, financial forecasting, or business… Read more: How to Choose the Right Accountant for Your Business in 2025
  • UK Corporate Tax Rates 2025: What Businesses Need to Know
    Tax Rate Overview Corporation Tax in the United Kingdom for 2025 follows a structured approach designed to accommodate businesses of different sizes and profit levels. The tax system is straightforward yet nuanced, ensuring fair taxation across various business scales. Corporation Tax Rate Breakdown Profit Level Tax Rate Profits under £50,000 19% (Small Profits Rate) Profits… Read more: UK Corporate Tax Rates 2025: What Businesses Need to Know
  • Common Accounting Mistakes and How to Avoid Them in 2025
    Managing business finances effectively is crucial for long-term success, yet many entrepreneurs make avoidable errors. In this guide on Common Accounting Mistakes and How to Avoid Them, we highlight frequent financial missteps that can hurt your business. From mixing personal and business finances to ignoring cash flow, learn practical solutions to stay organized, maintain accuracy,… Read more: Common Accounting Mistakes and How to Avoid Them in 2025
  • Understanding HMRC Deadlines: A Comprehensive Guide for 2025
    As we step into February 2025, it is essential to understand HMRC deadlines for 2025. This knowledge is crucial for individuals and businesses in the UK to ensure compliance with tax regulations. Moreover, missing these deadlines can lead to penalties and unnecessary stress, which is why it’s vital to stay informed and organized. In this guide, we will outline… Read more: Understanding HMRC Deadlines: A Comprehensive Guide for 2025
  • How to Prepare Your Business for a Successful Audit
    Preparing your business for a successful audit is a vital process that can significantly impact your organization’s financial health and reputation. Whether you are facing an internal or external audit, understanding the necessary steps to take can alleviate stress and ensure compliance with regulatory standards. This guide will provide you with essential strategies to effectively… Read more: How to Prepare Your Business for a Successful Audit
  • How to Register and Manage VAT Online with HMRC
    Registering for VAT is an essential process for businesses in the UK that either meet the taxable turnover threshold or choose to register voluntarily. With the advent of digital platforms, you can now register VAT online with HMRC, making the process more efficient and user-friendly. This article serves as a comprehensive guide to assist you… Read more: How to Register and Manage VAT Online with HMRC
  • The Importance of Accurate Bookkeeping for Growing Businesses
    Accurate bookkeeping is essential for the success and growth of any business. It forms the backbone of effective financial management, empowering business owners to make informed decisions, adhere to regulatory requirements, and promote long-term growth. In this article, we will explore the importance of accurate bookkeeping for growing businesses and outline best practices that can… Read more: The Importance of Accurate Bookkeeping for Growing Businesses
  • Tax-Saving Tips for Small Business Owners in 2025
    Tax-Saving Tips As we enter 2025, small business owners in the UK are facing an increasingly complex tax environment. To stay ahead, it’s crucial to leverage effective Tax-Saving Tips for Small Business Owners in 2025. By understanding and implementing these strategies, you can significantly reduce your tax liability while enhancing overall financial performance. Here are some… Read more: Tax-Saving Tips for Small Business Owners in 2025
  • The Role of Chartered Accountants in Business Growth
    In today’s fast-paced business landscape, where financial acumen and strategic planning are paramount, chartered accountants have evolved from being mere number-crunchers to pivotal partners in driving business growth. Their expertise spans a wide range of critical areas, including financial planning, tax management, auditing services, and strategic advice. This article delves into the multifaceted roles that… Read more: The Role of Chartered Accountants in Business Growth
  • Tax Efficient Director Salary and Dividends for the 2024/25 Tax Year
    As we enter the 2024/25 tax year, understanding the most tax-efficient methods for extracting income is crucial for directors of limited companies in the UK. This article focuses on Tax Efficient Director Salary and Dividends 2024/25, outlining key tax rules and strategies that can help you optimize your financial outcomes while minimizing tax liabilities. Whether you’re… Read more: Tax Efficient Director Salary and Dividends for the 2024/25 Tax Year
  • Tax Efficient Director Salary and Dividends for 2023/24
    As of the 2023/24 tax year, there have been adjustments to the tax landscape for directors in the UK. Tax Efficient Director Salary and Dividends remains a crucial strategy to ensure that directors extract income while minimizing tax liabilities. In this article, we will explore key strategies for balancing salaries and dividends to remain within… Read more: Tax Efficient Director Salary and Dividends for 2023/24
  • Exploring AQSE
    In this post we explore the Aquis Stock Exchange (“AQSE”) in more detail. We act as auditors to small cap plcs listed on AQSE, AIM and Euronext and also as reporting accountants on IPOs.
  • Demergers
    What is a demerger? Demergers or spin outs involve a company being separated from the rest of the group/business so that it can receive investment, list on a stock market or be sold. This is a very wide and complex topic so we’ll mainly focus on the scenarios which we normally come across and this… Read more: Demergers
  • Reduction of capital
    Companies may need to reduce their capital, for example to: repay excess cash to shareholders create distributable reserves to be able to pay dividends help with a demerger or spin out of a subsidiary In this article we consider the following key issues: legal process accounting treatment tax treatment (this article is a summary only,… Read more: Reduction of capital
  • The main requirements of a strategic report
    The main strategic report must contain the following sections as per the Companies Act 2006 s414C: (a) a fair review of the company’s business; (b) a description of the principal risks and uncertainties facing the company; (c) the review required is a balanced and comprehensive analysis, consistent with the size and complexity of the business,… Read more: The main requirements of a strategic report
  • How to audit going concern under ISA 570
    To audit going concern under ISA 570, the auditor should follow the principles and procedures of auditing going concern, which are the principles and procedures that govern the assessment of an entity’s ability to continue as a going concern. The key steps in auditing going concern under ISA 570 are as follows: Understand the entity… Read more: How to audit going concern under ISA 570
  • Provisions & contingent liabilities and assets
    IAS 37 and FRS 102 s21 apply to provisions, contingent liabilities, and contingent assets. They establishe the principles and rules for the recognition, measurement, and disclosure of provisions, contingent liabilities, and contingent assets in the financial statements. Provisions Provisions are liabilities that are recognized in the financial statements when it is probable that an outflow… Read more: Provisions & contingent liabilities and assets
  • Related parties
    Related parties are entities or persons that are related to the entity preparing the financial statements. Related parties may include the entity’s parent, subsidiaries, associates, joint ventures, and directors, key management personnel, and their immediate families. Related parties may also include entities or persons that have the ability to exercise significant influence over the entity,… Read more: Related parties
  • How to account for leases under IFRS 16
    To account for leases under IFRS 16, the entity should follow the principles and rules of accounting for leases, which are the principles and rules that govern the recognition, measurement, and disclosure of leases in the financial statements. IFRS 16 is the International Financial Reporting Standard that applies to leases. IFRS 16 replaces the previous… Read more: How to account for leases under IFRS 16
  • How to account for an associate
    To account for an associate, the entity should follow the principles and rules of accounting for associates, which are the principles and rules that govern the recognition, measurement, and disclosure of associates in the financial statements. The key steps in accounting for an associate are as follows: Identify the associate: The first step in accounting… Read more: How to account for an associate
  • How to prepare group accounts
    Consolidated accounts are financial statements that present the financial position, performance, and cash flows of a group of entities as if they were a single entity. Consolidated accounts are prepared in accordance with the principles and rules of consolidation, which are the principles and rules that govern the combination of the financial statements of the… Read more: How to prepare group accounts
  • How to audit trade payables
    To audit trade payables, the auditor should perform the following steps: Understand the entity’s trade payables and the related business processes: The auditor should obtain an understanding of the entity’s trade payables, including the nature, timing, and amount of the payables, and the related business processes, such as the purchasing and payment processes. Assess the… Read more: How to audit trade payables
  • How to audit trade receivables
    To audit trade receivables, the auditor should perform the following steps: Understand the entity’s trade receivables and the related business processes: The auditor should obtain an understanding of the entity’s trade receivables, including the nature, timing, and amount of the receivables, and the related business processes, such as the sales and billing processes. Assess the… Read more: How to audit trade receivables
  • Sampling in audits
    In auditing, sampling is the process of selecting a subset of items or transactions from a population for the purpose of testing and evaluating the population. Sampling is used in auditing to provide the auditor with sufficient appropriate audit evidence to support the audit opinion, while avoiding the need to test and evaluate the entire… Read more: Sampling in audits
  • Trivial errors
    In auditing, the concept of trivial refers to an item or matter that is insignificant or immaterial, and therefore does not require further attention or audit procedures. An item or matter is considered trivial if it is small in relation to the overall size and nature of the financial statements, and if it does not… Read more: Trivial errors
  • Materiality
    Materiality and performance materiality are important concepts in auditing and financial reporting, as they help to determine the nature, timing, and extent of the audit procedures and the disclosures in the financial statements. Materiality refers to the significance of an item or matter to the financial statements. An item or matter is material if its… Read more: Materiality
  • Audit assertions under the ISAs
    Audit assertions are the statements made by the management of an entity about the financial statements, and are the basis for the auditor’s audit procedures and conclusions. The International Standards on Auditing (ISAs) specify certain audit assertions that the auditor should consider when planning and performing the audit, in order to obtain sufficient appropriate audit… Read more: Audit assertions under the ISAs
  • Intangible assets (IAS 38)
    International Accounting Standard (IAS) 38, “Intangible Assets,” provides guidance on the recognition, measurement, and disclosure of intangible assets. IAS 38 applies to all intangible assets, except for certain intangible assets that are specifically excluded from the scope of the standard, such as financial instruments, deferred tax assets, and assets arising from employee benefits. IAS 38… Read more: Intangible assets (IAS 38)
  • Share issue transaction costs
    Share issue transaction costs are costs incurred by a company in connection with issuing new shares. Share issue transaction costs can include costs such as legal fees, accounting fees, printing costs, and broker fees. Share issue transaction costs are usually required to be recognized as a deduction from equity (FRS 102 s22.9 and IAS 32… Read more: Share issue transaction costs
  • Goodwill
    Goodwill is an intangible asset that arises when one entity acquires another entity and pays more than the fair value of the acquired entity’s net assets. Goodwill is typically assigned to a cash-generating unit (CGU), which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows… Read more: Goodwill
  • Restrospective correction of prior period errors
    A retrospective correction of prior period errors is a correction of errors that occurred in a previous period, but were not discovered until a subsequent period. Retrospective correction of prior period errors is required by IAS 8 and also FRS 102 s10.21 which state that errors should be corrected retrospectively by adjusting the opening balance… Read more: Restrospective correction of prior period errors
  • Estimating fair value of unlisted shares
    The fair value of unlisted shares is the price at which the shares would be bought or sold between knowledgeable, willing parties in an arm’s length transaction. Estimating the fair value of unlisted shares can be challenging, as there is no readily available market price for the shares and the fair value must be determined… Read more: Estimating fair value of unlisted shares
  • Accounting for a convertible loan
    A convertible loan is a type of loan that can be converted into shares of the borrower’s common stock at the option of the lender. In accounting, a convertible loan is typically accounted for as a liability, with the potential conversion option being accounted for as a separate instrument, either as a liability or as… Read more: Accounting for a convertible loan
  • IFRS 15 Revenue recognition
    International Financial Reporting Standard 15 (IFRS 15) is a new accounting standard that provides guidance on how to account for revenue from contracts with customers. IFRS 15 replaces the previous revenue recognition standards, including IAS 18, “Revenue,” and IAS 11, “Construction Contracts,” and is effective for annual periods beginning on or after January 1, 2018.… Read more: IFRS 15 Revenue recognition
  • Accruals concept
    The accruals concept is a fundamental principle of accounting that states that income and expenses should be recognized in the period in which they are earned or incurred, rather than in the period in which they are paid or received. The accruals concept is based on the idea that the financial statements should reflect the… Read more: Accruals concept
  • Useful economic life
    The useful economic life of an asset is the period over which the asset is expected to generate economic benefits for the entity. In other words, it is the period of time during which the asset is expected to be used by the entity to generate revenue or other economic benefits. The useful economic life… Read more: Useful economic life
  • Acquisition with contingent consideration
    Contingent consideration is a type of payment that is dependent on the occurrence of a future event. In accounting, contingent consideration is recognized and measured when it is probable that the event will occur and the amount of the payment can be reasonably estimated. According to International Financial Reporting Standard 3 (IFRS 3), “Business Combinations,”… Read more: Acquisition with contingent consideration
  • Share based payments
    Share-based payment is a method of compensating employees or other parties using the entity’s own equity instruments, such as shares or share options. International Financial Reporting Standard 2 (IFRS 2), “Share-Based Payment,” provides guidance on the accounting treatment of share-based payment transactions. According to IFRS 2, a share-based payment arrangement is a contract between an… Read more: Share based payments
  • Intangible assets (UK)
    Intangible assets are non-physical assets that are identifiable and have a useful life that extends beyond one year. Examples of intangible assets include trademarks, copyrights, patents, and customer relationships. FRS 102, the financial reporting standard that applies in the United Kingdom, includes detailed guidance on the accounting treatment of intangible assets. According to FRS 102,… Read more: Intangible assets (UK)
  • Property, plant and equipment
    Property, plant, and equipment (PP&E) are long-term assets that are used in the production or supply of goods and services. They include a wide range of assets, such as land and buildings, machinery and equipment, and vehicles and other vehicles. FRS 102, the financial reporting standard that applies in the United Kingdom, includes detailed guidance… Read more: Property, plant and equipment
  • Inventories
    Inventory is a term used in accounting to refer to the raw materials, unfinished goods, and finished goods that a business holds for sale or use in the production of other goods. FRS 102, the financial reporting standard that applies in the United Kingdom, includes guidance on the accounting treatment of inventory. According to FRS… Read more: Inventories
  • FRS 102
    FRS 102 is a financial reporting standard that was introduced in the United Kingdom in 2013. It replaces previous UK GAAP and is designed to bring UK accounting standards in line with International Financial Reporting Standards (IFRS). FRS 102 is divided into four parts: The Framework for the Preparation and Presentation of Financial Statements This… Read more: FRS 102
  • Are you recession ready?
    Generally its quite hard to predict whether or not there will be a recession with a high degree of accuracy. For example, whilst its possible some people may have predicted the recessions after credit crisis and Covid-19, they would have been a shock to the vast majority of small and medium sized businesses. However, in… Read more: Are you recession ready?
  • Mileage allowance
    Can directors claim for fuel and motor expenses? We cannot include car repair, fuel and running costs in a limited company’s accounts unless they are for a company car. Directors can claim for 45p per mile for the first 10,000 business miles per year and 25p thereafter. We would normally make an adjustment for this… Read more: Mileage allowance
  • VAT Overview
    What is VAT? Value Added Tax is an indirect tax aimed at consumers. If a business meets certain criteria then it has to charge VAT on its sales of goods and services. In a supply chain there are usually a series of businesses selling to each other until the final product or service reaches the… Read more: VAT Overview
  • IFPR own funds and liquid assets
    Summary of the new IFPR rules in relation to own funds and liquid assets IFPR relates to the Investment Firms Prudential Regime. From 1 January 2022, FCA authorised investment firms which are not MiFID exempt will need to comply with the new rules1 for MIFIDPRU investment firms. So this will affect most current EUR50k, EUR125k… Read more: IFPR own funds and liquid assets
  • Gift Aid
    If you give money to charity then you can obtain tax relief if you are a higher rate taxpayer and the donation was made to a registered charity in the EU (plus Norway, Iceland and Liechtenstein). You can also obtain relief for donations made to Community Amateur Sports Clubs (CASCs) that were registered with HMRC… Read more: Gift Aid
  • Are legal and professional fees tax deductible?
    Fees related to a trade are often allowable but it depends on the nature of the fees. Generally, fees related to the purchase or sale of property/assets and to do with raising equity finance are disallowed for tax purposes. “Capital” expenditure: not deductible Legal and professional fees are “capital” if they relate to an asset’s:… Read more: Are legal and professional fees tax deductible?
  • Accounting for invoice finance
    How to account for invoice finance? It may sometimes be important to check if the invoice finance is recourse or non-recourse. Examples of lenders are Market Invoice, Bibby, Lloyds etc. But for smaller businesses, the typical accounting treatment will involve: sales invoice is raised: debit trade debtor and credit sales as normal invoice finance received:… Read more: Accounting for invoice finance
  • Loss relief
    Trading losses If your company makes a loss from its trading operations then it can claim relief against corporation tax. Current year If you make a trading loss, you can offset the loss against profits/gains from other trades or sources in your company in the current year. Carry back against previous year If you can’t… Read more: Loss relief
  • Can tax deductions be claimed for bad debts?
    Bad debts can receive tax deductions if they are: bad debts that definitely cannot be recovered (eg debtor has already closed down) specific bad debts that are doubtful/unlikely to be received debts released by the creditor as part of a statutory insolvency arrangement Bad debts won’t receive tax deductions if they’re general provisions against overall… Read more: Can tax deductions be claimed for bad debts?
  • Is entertaining tax deductible?
    Business entertainment means the provision of free or subsidised hospitality or entertainment. The person being entertained may be a customer, a potential customer or any other person. We’ve broken it down into 3 categories: 1) Clients and potential customers Client entertainment usually isn’t allowable for tax purposes. Examples may include: taking clients out for meals/drinks… Read more: Is entertaining tax deductible?
  • Pension contributions tax savings
    Pension contributions can be a great way to save tax. Disclaimer Decisions about whether or not to make pension contributions should normally be led by investment considerations and our clients generally use financial advisers to decide whether or not to contribute as the money will usually be locked away and there can be various risks… Read more: Pension contributions tax savings
  • Can VAT on entertaining be reclaimed?
    You cannot usually reclaim input VAT on business entertainment however you can sometimes reclaim it for staff entertainment. The notes below primarily come from VAT Notice 700/65 and VIT43200. 1) What is entertainment? Entertainment involves hospitality of any kind, such as: provision of food and drink provision of accommodation (such as in hotels) provision of… Read more: Can VAT on entertaining be reclaimed?
  • Autumn Budget 2021 update
    We have analysed the Autumn Budget 2021 for the key changes relevant to small and medium businesses (SMEs). Please find below the key points which we feel may be of interest to our clients. 1) Payroll taxes / NIC From April 2022 there will be a new employment tax of 1.25% for the Health and… Read more: Autumn Budget 2021 update
  • Tax efficient director salary and dividends 2022/23
    THIS ARTICLE NEEDS TO BE UPDATED FOR THE NEW NIC THRESHOLDS ETC Compared to 2021/22, the personal allowance threshold will not change and will stay at £12,570 per year and the higher rate tax will also still start at £50,270. From 6 April 2022 the dividend tax rates will all increase by 1.25% : First… Read more: Tax efficient director salary and dividends 2022/23
  • Coronavirus: 2nd update on Government support
    We would like to let you know about the latest financial support available for businesses and individuals affected by the Coronavirus. Please do call or email us if you’d like to discuss anything further. JOB RETENTION SCHEME FOR 80% OF SALARIES This was first announced a while ago but the full details were only released… Read more: Coronavirus: 2nd update on Government support
  • 2020 Spring Budget & Coronavirus update
    This is a longer budget update then usual and we’ve put some general notes about cashflow etc as several clients have asked us about this and the recent Government updates. Please also call/email if you’re unsure of anything or need some advice. Also please note that we’ve only tried to put the relevant budget changes… Read more: 2020 Spring Budget & Coronavirus update
  • Startup accountant
    We are startup accountants & can help you setup Setting up a new startup or business can be stressful with what looks like a mountain of paperwork and red tape to deal with. We’re here to help you with the tax and accounting side of things and have advised startups as diverse as a new… Read more: Startup accountant
  • Staff absence is expensive
    Staff absence Studies have shown that staff absences from sickness or holidays can be very expensive for businesses. The cost of annual leave Under UK laws, full time staff are entitled to annual leave of 28 working days. This is more than 1 month! If we take an example of an employee on £25,000 pa and… Read more: Staff absence is expensive
  • How can SMEs prepare for the rise of the robots?
    The robot apocalypse Robot workers and AI… read the papers or turn on the news and its all doom and gloom for the masses. Perhaps one day a robot will be able to smile, converse, think and empathise in a way that makes it indistinguishable from a human. The robot apocalypse is coming, but rather… Read more: How can SMEs prepare for the rise of the robots?
  • Tech startup outsourcing
    Tech startup outsourcing for operations/admin Tech startups will invariably have some processes which are not fully automated and require human input at some stage or another. This is where the operations/admin team comes in, especially for pre Series A startups where staff are multifunctional and systems are not yet fully developed. A few examples may… Read more: Tech startup outsourcing
  • 2018 Autumn Budget Update
    As usual there are many changes to the 2018 Autumn Budget, however they’re not all relevant to our clients. So here we have set out the important changes that may affect our clients. The 2 main issues are IR35 changes for contractors and limits on R&D cash refunds. We’ve also added a reminder about the… Read more: 2018 Autumn Budget Update
  • MiFID II and VAT on Research – still in the dark!
    31 October 2017 Although the MiFID II regulation has been published since 2014 (delayed implementation date – 3rd January  2018), it is surprising that H M Revenue & Customs has not yet provided any firm guidance on the VAT treatment of research work. Recent press states that HMRC is now meeting with industry groups and… Read more: MiFID II and VAT on Research – still in the dark!
  • EMI Schemes (Enterprise Management Incentive)
    EMI schemes (Enterprise Management Incentives) are tax advantaged schemes offered by H M Revenue & Customs to small and medium sized businesses (“SME”) for incentivising the SME’s employees. EMI schemes are share option schemes which fundamentally provide tax savings for both the employee and the SME whilst also providing the facility for the SME to incentivise… Read more: EMI Schemes (Enterprise Management Incentive)
  • Overseas Workday Relief – OWR
    Have you recently started to live and work in the UK but consider your “home” country to be elsewhere? If so, you are likely to be a UK resident but non-domiciled in the UK. If prior to becoming UK resident, you were also non-UK resident for a continuous period of 3 tax years, you are… Read more: Overseas Workday Relief – OWR
  • Case studies with remote workers
    LeanStaff can save you £10-20k per employee by using the power of the internet to work remotely.  
  • Confirmation Statement
    How to complete the Confirmation Statement The Confirmation Statement is required to be filed at Companies House at least annually, normally on the anniversary of incorporation. However, we often have to bring it forward or file an extra one if there is investment or changes to shareholder/director details and this is required to be updated… Read more: Confirmation Statement
  • Public sector contractors
    Public sector This post only applies to off payroll “contractors” (including locums or consultants etc) who are working in the public sector, such as for the NHS, a government agency, university or local authority and use a limited company to raise invoices. Contractors working in the private sector will not currently be affected by these… Read more: Public sector contractors
  • New VAT flat rate scheme limited costs
    Old flat rate scheme Prior to 1 April 2017 the old flat rate scheme was very popular with many of our clients as they could earn an extra income under the scheme. Although they were not able to reclaim input VAT on expenses, they didn’t have to pass on the full 20% VAT charged to… Read more: New VAT flat rate scheme limited costs
  • MAH win British Muslim Award for services to accounting
              MAH, Chartered Accountants are pleased to announce that they have won the prestigious British Muslim Award for services to accounting. The award was announced at a glamorous black tie ceremony held at the Athena in Leicester on 25 January 2017. Thousands of nominations were received from the public for The… Read more: MAH win British Muslim Award for services to accounting
  • 6 ways to legally boost your balance sheet permanently
    We use our expertise to help clients maximise their assets where legally possible in accordance with UK GAAP or IFRS. This is especially useful for companies who need to meet gross asset or capital requirements such as FCA firms or raising bank loans or complying with bank or investor covenants. However, the methods below are… Read more: 6 ways to legally boost your balance sheet permanently
  • Brecession Watch #1
    Could there be a recession? The Bank of England (“BoE”) has sought to calm financial markets and the UK economy by stating that there won’t be a financial crisis. They have also mentioned that UK banks are in much better health compared to the credit crisis of 2007-08 due to the new FCA/PRA regulations and… Read more: Brecession Watch #1
  • BREXIT: A GUIDE FOR SMALL BUSINESSES
    DOWNLOAD THE FULL BREXIT REPORT HERE Background As readers are no doubt aware the UK voted to leave the EU in June 2016. We were shocked that Brexit actually happened and were worried about the impact on our clients. The long lasting effects are unknown and much will depend on the negotiation of trade agreements… Read more: BREXIT: A GUIDE FOR SMALL BUSINESSES
  • New tax on dividends
    this post is now on our secondary website for contractors: http://vipcontractor.co.uk/new-tax-dividends/
  • Re-register as a plc
    How to Re-register as a plc A plc status can be beneficial for privately held companies as they will improve the credit status for a business and also makes it look more prestigious. A plc can be privately owned and doesn’t have to be listed on a stock exchange. If you currently have a limited… Read more: Re-register as a plc
  • Setting up company structure
    Factors involved in setting up company structure There are different factors involved in setting up company structure and it depends on the type of business, circumstances of the shareholders and their aims for the business.   Shareholders: if you may sell the company and re-invest the profits a holding company may be useful otherwise, the co-founders can… Read more: Setting up company structure
  • VAT for non-EU sellers
    Is registration required for VAT for non-EU sellers using Fulfilment by Amazon in the UK? This has been in the news recently and HMRC may have lost £2bn in recent times from non-EU sellers who have illegal evaded VAT and have recently announced methods of enforcing the VAT. This is a tricky subject and can get… Read more: VAT for non-EU sellers
  • How does the flat rate VAT scheme work?
    If your business doesn’t have to pay much input VAT on its purchases, then it could make an extra profit using the flat rate VAT scheme. So even if it isn’t compelled to register as turnover is below £81,000 it could still be a good idea to register voluntarily. Please refer to the free pdf… Read more: How does the flat rate VAT scheme work?
  • Diverted Profits Tax
    Draft legislation has just been released  for the diverted profits tax, which was recently announced in the Autumn Statement 2014 https://www.gov.uk/government/publications/finance-bill-2015-draft-legislation-overview-documents Effective date The new rules will be effective in respect of profits arising on or after 1 April 2015. 1st Rule The first rule is designed to address arrangements which avoid a UK permanent establishment… Read more: Diverted Profits Tax
  • Is tax evasion haram?
    Download the full report here Tax evasion has a significant impact on the economy and has greatly contributed towards the £35bn UK tax gap between what should be collected in tax and what is actually paid for. As a result HMRC is stepping up its campaign against this criminal activity; prosecutions rose by 29 percent… Read more: Is tax evasion haram?
  • Bitcoin audit
    Why would a Bitcoin audit be required? The New York State Department of Financial Services have proposed Bitlicense regulations which would require licensees to submit audited annual financial statements. If these regulations are passed it is possible that authorities in other jurisdictions would implement similar requirements. For example, we note that online gambling was initially illegal in… Read more: Bitcoin audit
  • Xero Accountants
    We are certified as Xero Accountants As Xero accountants we specialise in tech startups but also have experience of many other types of businesses from creative agencies to contractors to restaurants. What is Xero? Xero makes it very easy for businesses to do their bookkeeping, for example by automatically feeding in transactions from your bank and using… Read more: Xero Accountants
  • VAT and financial services
    VAT and financial services: Are you losing out on VAT? VAT and financial services is a very tricky area and this video presentation gives a brief overview: https://www.youtube.com/watch?v=IaYzGej4p0c The main points covered are: 1) VAT and financial services exemptions under VAT Act 1994 Schedule 9 Group 5 (eg money, loans, securities, advising collective investment scheme)… Read more: VAT and financial services