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Help to Grow: Management scheme now open

The Government’s landmark Help to Grow: Management scheme is now open for applications.The initiative offers businesses free or subsidised training to level up in the wake of the coronavirus pandemic.Here’s what you need to know.What is the Help to Grow: Management scheme?The initiative will offer...

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Pension savers hit hard by lifetime allowance taxation

Pension savers have been hit hard by tax charges, according to the latest Government figures.The amount of tax charged for people breaching the lifetime allowance (LTA) and annual allowance (AA) limits rose to an eye-watering £283m for the tax year 2018 to 2019.The Lifetime Allowance is...

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Have you claimed from the SEISS scheme? Make sure to record it on your next tax return

Beneficiaries of grants from the Self-Employment Income Support Scheme (SEISS) are being reminded that they must include income from the scheme on their next tax returns to HM Revenue & Customs (HMRC), as it is subject to Income Tax and National Insurance.This scheme was set...

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Going green – The benefits of electric company cars

Company cars have remained a popular employee benefit for many years to retain and reward hard-working employees.Given the complexity of the tax regulations and incentives surrounding company cars in more recent years, companies and employees are finding them less enticing.However, the new rules surrounding electric...

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UK Export Finance records “record” year thanks to success of General Export Facility

UK Export Finance has recorded a “record” year thanks to the success of the General Export Facility (GEF), it has been revealed.The figures, published by the Government’s export credit agency, also show that more than 100,000 jobs were supported throughout the coronavirus pandemic through export...

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The P11D deadline – Are you ready?

If you run a business, you might provide benefits, or non-exempt expenses, to some or all of your employees. If you do, it is important to be aware of the annual P11D form that needs to be completed and sent to HM Revenue & Customs (HMRC)...

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Leaving your business in capable hands – Succession planning for the next generation

Many individuals who have spent their livelihoods building, running, and maintaining a successful business, often intend to pass on their accomplishments to a family member. close relative or trusted employee.The process of succession planning is one all businesses will eventually face, and it will not...

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Outsourcing a Financial Director: How this can boost your business

The COVID-19 pandemic has pushed many firms and small businesses to cut back on staffing and reduce their hours.Because of this, the skills shortage has left many practices in a difficult position, and some cannot afford a full-time Financial Director at their current stage of...

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Sunshine, football and good news for business

Businesses in the UK, hit by months of lockdown, can see light at the end of the tunnel, with good news on the jobs front and an economic boost from the good weather and European football.The jobs market is "showing signs of recovery", official figures...

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What is RTI for Payroll?

Whether you employ one worker or one thousand, Real Time Information (RTI) for payroll helps businesses stay on top of compliance and ensures employees pay the correct amount of tax.But despite launching in 2013, some businesses still do not fully understand how to use the...

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Workplace childcare vouchers – get the best out this scheme during COVID-19

As many employees began working from home during the height of the coronavirus pandemic, they used less paid childcare, as many before school clubs and nurseries were closed.Therefore, employees who use the childcare voucher scheme will most likely have unspent vouchers in their related accounts...

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HMRC letters remind businesses of VAT payments change

Reminder letters are being sent out to tens of thousands of UK companies explaining changes in the Making Tax Digital (MTD) system and how it affects them.HM Revenue & Customs (HMRC) is writing to more than 150,000 VAT-registered businesses who don’t hold a valid email...

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Government confirms the extension of working from home allowance

Due to the ongoing restrictions of the Government’s Coronavirus response, millions of UK workers continue to work from home. Many may not be aware that they can claim tax relief for additional household costs if they are required to work from home regularly, either for all...

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Cash basis versus accruals basis

If you manage a business and record its expenses and revenue, you need to find a recording system that suits you. While cash basis accounting has its benefits, accrual accounting can be a more powerful tool for operating your business. So what is the difference?This...

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The Personal Tax Freeze – What you need to know

Although the latest Budget did not see any policies introduced that would result in an immediate, significant rise in personal taxation, the Chancellor’s decision to freeze many of the allowance offered to taxpayers could have a big impact in years to come.Under the Government’s decision,...

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