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How outsourcing your accounting can reduce your costs

The UK is facing a cost crunch as wages rise and the price of goods and services increase. A growing number of businesses are finding it harder to meet the everyday costs of operating and they are looking at options to improve their cash flow.Outsourcing...

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Audit fine highlights the importance of choosing the right auditor

The auditors of the collapsed café chain Patisserie Valerie have been fined millions of pounds for their audit failings, which didn’t show the true scale of the crisis at the company.In 2018, Patisserie Valerie went under leading to 900 people losing their jobs and investigations...

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UK corporate tax gap grows – What does this mean for businesses?

It was recently reported that the amount of corporate tax underpaid by UK large businesses increased by 15 per cent before the pandemic.According to HM Revenue & Customs’ (HMRC) latest figures, the tax gap amongst large businesses had grown from £5.3 billion 2018/19 to £6.1...

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What does the upcoming Budget have in store?

There is growing speculation over what the 2021 Autumn Budget may hold for UK taxpayers – especially given the recent announcements made by the Government.With a huge budgetary black hole to fill caused by COVID, the Treasury has already outlined three key changes to policy:A...

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October: the last month to handle CJRS claims

As the Coronavirus Job Retention Scheme (CJRS), otherwise known as the furlough scheme, ended on 30 September 2021, October marks the last month in which employers will need to handle the related claims.What dates shall employers be aware of?14 October 2021 is the last day to...

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PIE – The audit reform that could catch out hundreds of businesses

The Government is currently considering various ways of reforming the UK’s audit system, including definitions for businesses that require a statutory audit.As part of this, the Department for Business, Energy and Industrial Strategy (BEIS) has released a new whitepaper, which asks questions about what organisations...

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More than £30 million of Inheritance Tax saved through gifting

Analysis of the latest Inheritance Tax (IHT) figures produced by HM Revenue & Customs (HMRC) has revealed that more than £30 million was saved last year thanks to gifting.According to the latest IHT receipts received by HMRC in the 2020-21 tax year, over £5.4 billion...

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MTD for Income Tax delayed until April 2024, HMRC confirms

Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed.It means self-employed business owners and landlords will have one more year to prepare for the digitalisation of Self Assessment.According to HM Revenue & Customs (HMRC), the decision to...

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How outsourcing your payroll to an accounts team could benefit your business

Payroll is an important but sometimes overlooked process within some businesses and is often seen as a burden by owners and managers. The ever-changing rules around pensions and rate of pay can make it a minefield for the uninitiated. That is why outsourcing this complex administrative task...

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Companies house ends payment breaks for late filing penalties

New guidance from Companies House has confirmed that it has ended payment breaks for late filing penalties introduced over a year ago to help businesses affected by COVID-19.This change in policy means that automatic penalties will be issued against private companies, public companies, and limited...

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Reforms to Statutory Sick Pay not expected soon

Statutory Sick Pay (SSP) has been in the spotlight in the last year due to the pandemic, with questions being asked about how it could be reformed and whether it could be increased from the current level of £96.35 per week.This led to the launch...

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UK business confidence hits a four-year high

Business confidence in the UK is at the highest level for more than four years according to a new survey, with nine of the 12 UK regions expecting growth.The monthly Lloyds Business Barometer research highlights the performance of businesses with a turnover of £1 million...

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Business leader calls for action on skills to support the recovery

The boss of one of Britain’s most influential business organisations has called on the Government to take action to make sure the UK’s economy does not stall because of labour shortages.The Director-General of the Confederation of British Industry (CBI) says business also has a part...

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Tax-related scams double during coronavirus pandemic, figures reveal

Tax-related scams have almost doubled in the past 12 months, HM Revenue & Customs (HMRC) has revealed.The tax authority said the coronavirus pandemic has created a perfect environment for criminals to operate in.According to the most recent figures available, HMRC received more than one million...

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The rise in Corporation Tax – What do businesses need to know?

The pandemic has had a significant effect on public finances, with the Government spending more than £370 billion on its financial response to COVID-19, which is why Corporation Tax is set to rise. When will Corporation Tax rise and by how much? From April 2023, the Corporation...

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