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How can I overcome the finance skills shortage?

Businesses are facing a skills crisis. Few sectors can avoid the inescapable fact that there simply doesn’t seem to be sufficient workers to meet the needs of businesses.While much of the focus has been on lorry drivers, waiters and bar staff, many companies are...

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R&D Tax Claims on the rise once again

According to the latest HMRC data, UK businesses spent £47 billion on research and development (R&D) in 2019-20 and claimed an incredible £7.4 billion in tax relief as a result. This record amount of R&D tax relief was up more than £1 billion on the previous...

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Businesses that do not use MTD for VAT make more errors than those that do, study reveals

Small and medium-sized enterprises (SMEs) that do not use Making Tax Digital (MTD) for VAT make more errors than those that do, a major study has revealed.The research, published by HM Revenue & Customs (HMRC), comes before the introduction of MTD for VAT for all...

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Avoid these common audit errors

Preparing an audit is a great way to get a better picture of your company or organisation’s financial health, the risks it faces and improvements to processes. While most audits go well, some common barriers can stand in the way of an effective audit, which may...

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Tips and tricks for preparing for year-end

The year-end process can be time-consuming and resource intensive. For limited companies, it is a time to file corporate tax returns with HM Revenue & Customs (HMRC) and deliver annual accounts to Companies House. Although timings and deadlines for year-end accounts and returns vary between companies,...

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Coronavirus: self-certification period temporarily extended

As of 17 December 2021, there has been a temporary shift to the self-certification period regarding Statutory Sick Pay (SSP).The change is another measure taken in response to the emergence of Omicron. It aims to provide temporary relief for GPs, to concentrate their energy on...

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Should SMEs reconsider their approach to employee retention?

Because of the ongoing pandemic, many employees have reassessed what they value in their work life.Recent research conducted by Unum (an employee benefits provider) revealed that 40 per cent of employees would consider pursuing another job offering better employee benefits.On the other side of this,...

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Do I need a Big Four audit?

There seems to be a common misconception in the UK that only the nation’s top accounting firms can handle the audits of large companies. However, the truth is that many businesses rely on the expertise of smaller firms to provide insightful reports. While the UK’s Big...

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Hot tips to help you reduce your Corporation Tax bill

Businesses aiming to get back onto a profitable footing will be looking at how they can cut costs.Corporation Tax (CT) is one area where there are often savings to be made. Here are some quick tax-saving tips to consider. Allowances and reliefsYou can deduct the costs...

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Be prepared – HMRC is ramping up tax and COVID investigations

HM Revenue & Customs (HMRC) is once again increasing its compliance checks and investigation procedures, as it seeks to tackle COVID abuse and other forms of tax avoidance.Having accrued substantial costs during the pandemic, the UK Treasury is under increased scrutiny over the nation's tax...

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Director’s loan accounts – Getting it right

Director’s loan accounts are a tool that records the transactions between a director and their personal or family company. During the pandemic, many business owners have had to rely on loans from their business to boost their income or conversely put money back into the company...

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Deal signed on global corporate tax rate – What does it mean for you?

The majority of nations, including the UK, have agreed to a historic deal on corporate tax that ensures all companies pay their fair share. Under the new rules, 136 countries have agreed to bring in a minimum corporate tax rate of at least 15 per cent,...

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Does technology have a role to play in audits?

The world of accounting has seen a rapid evolution of cloud accounting technology. However, there is also a number of systems that aim to make the audit process simpler and more accurate.Technology has an important role to play in the future of audit and accounting....

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Small businesses call for Government support to tackle climate change

Now the world leaders have departed the stage from the COP26 summit in Glasgow, businesses are looking to adjust to a more sustainable future.According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have...

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Controversial basis period reforms delayed by one year, Government announces

Controversial changes to the basis period rules will be pushed back to 2024, the Government has announced.Critics said the reforms would needlessly burden businesses in the wake of the coronavirus pandemic and ahead of the introduction of Making Tax Digital (MTD) for Income Tax and...

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