HM Revenue & Customs (HMRC) expects you to pay your taxes on time. But if you’re finding it difficult to pay in full, HMRC can be approached to allow a Time to Pay arrangement. A Time to Pay arrangement will allow you to pay your debt off in pre-agreed installments, reducing the impact of a large tax…
We’re always here to keep you up to date with the latest accounting, tax and compliance deadlines. Here are the forthcoming deadlines and cut-off points for Q3 of 2023 to add to your diary. NOTE: If your company’s accounting period is longer than 12 months, the first tax payment deadline is normally 21 months and…
Founding, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn’t always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to…
Incurring expenses is an unavoidable fact of running a business. But there are ways to reduce the impact of these expenses, by claiming the relevant costs against your tax bill. Here’s our lowdown of which common expenses are tax deductible, and the advantages of claiming these costs to cut down your operational and personal expenses.…
Sorting out your tax registrations is one of the first things to tick off your to-do list as a new business owner. But knowing when (and how) to register for things like value-added tax (VAT) can be a confusing process for new entrepreneurs. Here’s a straightforward breakdown of the VAT registration process. Why does my…
When you set up a new company, there are certain business taxes you’ll be liable for as a business. But have you also planned for the personal taxes you must pay as a director? As a company director, it’s not just the company’s corporation tax that you have to pay. You also need to pay…
We were dismayed to see that HM Revenue & Customs (HMRC) shut down their VAT Registration Hotline as of 22 May 2023. This leaves businesses that have a VAT registration query without a direct HMRC team to communicate with. Don’t worry, though, there are ways for you to get your VAT queries to HMRC, as…
Making Tax Digital is changing how we submit tax returns. And with Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) coming into force from April 2026, it’s time to start planning how you’ll meet the compliance requirements for MTD for ITSA. We’ve highlighted the four main areas where you need to take…
When your managers and employees have their own budgets to utilise and spend, it’s important to keep in control of these staff expenses. It used to be standard practice to have a firm-wide company credit card that staff could use to make ad-hoc and recurring payments. But a company card can easily be misused and…
Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products etc. So, how do you keep your finances in check, while…