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Reward and retain your staff with trivial Benefits in Kind

Certain types of gifts given to employees could be tax and National Insurance exempt if they meet specific conditions.Known as trivial Benefits in Kind (BiK), these gifts are not counted as employment income and enjoy tax exemption if the following conditions are satisfied:The cost of...

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Businesses can make big tax savings when disposing of assets

With business costs rising as inflation soars, we want to remind companies about the tax incentives that can save businesses thousands of pounds.For example, the Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs Relief, is a type of tax relief which reduces the amount...

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Corporation Tax rise – Keeping cash flow under control with outsourcing

Many businesses face a fundamental change in the 2023/24 tax year, as new rates of Corporation Tax are introduced, which will see the headline rate rise to 25 per cent for the most profitable businesses.Understanding and preparing your business for this change is essential. To...

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Looking to sell your business or pass it on?

Explore the benefits of Employment Ownership TrustsEmployment Ownership Trusts (EOTs) can give business owners an opportunity to sell their shares to an employee-owned trust free from Capital Gains Tax whilst rewarding their team at the same time.Introduced in 2014, EOTs are becoming more common,...

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Reducing business costs with cloud accounting

With businesses experiencing a price squeeze due to record high inflation it is not surprising that many firms are looking at ways to save money.However, unbeknownst to many business owners, they may already have a solution at hand – cloud accounting.All VAT-registered businesses should be...

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Why are businesses outsourcing their accounting and financial functions?

A new survey published by Financial Director has revealed that the primary objective of adopting an outsourced accounting or financial function is to reduce costs.The study showed that 70 per cent of chief financial officers (CFOs) had brought in the services of outsourced accounting services...

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How can the audit process aid business performance?

Many businesses assume that an audit is only really needed where they are required to conduct one by law, or where they are asked to carry one out by a third party – perhaps as part of due diligence during a sale. In reality, an audit...

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Don’t get dragged into a higher rate of tax – plan now!

New research by the House of Commons Library has revealed that an additional 750,000 people in London and the South East soon face paying a higher rate of income tax following a freeze to personal allowances.The new data has revealed that inflation and the ongoing...

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Enterprise investment rebounds strongly after being hit by pandemic

There has been a fall in investment of around 12 per cent in the Enterprise Investment Scheme (EIS), largely caused by the effects of the pandemic.But that figure was slightly offset by a surge in the sister programme, the Seed Enterprise Investment Scheme (SEIS), which...

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2023 Corporation Tax Rise – Follow our steps to manage your tax bill

From April 2023 a new system for Corporation Tax will be introduced that will see the top rate of tax rise to 25 per cent.Despite the headline figure increasing, not every business will pay this higher rate, as the Government is introducing a new tapered...

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Every business has goals, but how can you achieve them?

Without being motivated by business goals, it could be easy for the business to become stagnant.However, simply outlining business goals is not going to instantly ensure the success of your business – it is essential to have a strategy in place.For this reason, we have...

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You might owe Capital Gains Tax on your property sale….

The rules around Capital Gains Tax and property sales are continually changing and many homeowners and their advisers may not be aware that they owe tax on the disposal of a property. Typically, when a main home is sold no CGT is due. However, in some...

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Less than a year left to make use of the super-deduction tax relief

Incorporated businesses now have less than 12 months remaining to make full use of the super-deduction before this temporary tax relief ends on 31 March 2023.This capital allowance scheme, which was launched in 2021, allows businesses investing in qualifying plant and machinery assets to benefit...

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Feeling overwhelmed? Have you tried outsourcing?

With everything that is going on in the world, not least the ongoing changes to taxation and accounting rules as well as inflation, it is easy to feel a little overwhelmed.A recent survey of 1,000 workers found that 77 per cent say they have experienced...

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Starting a new business?  Ensure your accounting systems work for you with our seven steps

According to the latest data, the number of new businesses launched in the UK is skyrocketing. If the latest data is to be believed, then the number of new companies established in 2021 increased by around 14 per cent. In fact, according to a separate study...

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