News

Starting a business can be a challenging experience, especially when it comes to managing your numbers and staying on top of your financial management. Unless you’ve got some experience in finance, the bookkeeping and accounting requirements can be quite daunting. And even with today’s helpful cloud accounting platforms and fintech apps, there’s always the possibility…

If you’re managing a small business, the chances are that you’re using one of the current crop of cloud accounting platforms. Whether your chosen software is Xero,  QuickBooks or MYOB, these online accounting tools are now the standard for business accounting. But are you exploring the full benefits of your cloud system? The basic benefits…

Everything you ever wanted to know about PAYE codes Pay As You Earn (PAYE) is an integral part of the UK income tax system. But what do the PAYE codes issued by HMRC to you and your employees actually mean? Here’s our lowdown on PAYE codes and how they help you understand your tax allowance…

In today’s digital times, you’re probably used to having unrivalled access to your financial numbers, key performance indicators (KPIs) and cashflow metrics. Without good bookkeeping, the speed and quality of your reporting can quickly fall down. So, why is fast and accurate bookkeeping so important? And what are the main bookkeeping tasks that your business…

The Chancellor, Jeremy Hunt, delivered his second Spring Budget on 6 March 2024. This Budget aimed to appeal to the taxpaying masses, with cuts to National Insurance and a rise to the threshold for VAT registration. But was it too little, too late for the UK economy? We’ve summarized the main points, so you can…

The days of deciding on a tax strategy at the start of the year and then forgetting about it are gone. As taxpayers and tax advisers, we both have to be nimble, flexible and aware of changes. That’s why regular tax-planning sessions are so important. – Is your business meeting the right tax compliance goals?…

It takes a lot to start a business. Few business owners start with exit in mind. You start with a dream and the tenacity to make it real, and make it grow. When do you start thinking about what you want to happen when you retire? Some business owners talk about funding a lifestyle but…

The rapid technological advancements we’re seeing are a double-edged sword for many business owners, presenting both great opportunities and potential challenges. Adopting and integrating these new technologies is essential if you want to remain competitive, but it requires careful navigation and a clear strategic plan for your tech stack. 5 key steps for transforming your…

Tired of paying rent for your commercial premises and considering buying a premises for your business? Owning a building works best if your business is well-established, you have money to invest, and you’re taking a long-term approach – it can take many years for this decision to pay for itself. The advantages of owning a…

The new year is a new beginning. If you are a business owner, this is often the time of year when you reflect on where you are at and think about your business goals for the year ahead. Setting goals is an essential part of personal and professional growth. These could be lofty goals, or…

Although inflation is now on a downward trend, the sharp cost rises over the last 18 months are baked in. Energy prices are increasing again and the overall economic outlook isn’t very encouraging. The good news is that by acting now to manage these increases you can stay on top of these costs. And with…

With a combination of low growth and high inflation, the 2022/23 tax year has been a tough time, financially speaking, for many of us. So it’s no surprise that many owners, directors and self-employed individuals are concerned about having enough funds to pay their self-assessment income tax bill. The good news is that HM Revenue…

The VAT domestic reverse charge came into operation in March 2021, introducing significant changes around how VAT is collected and paid within the construction industry. So, how does the domestic reverse charge work?: The domestic reverse charge applies to construction services in the UK, together with related materials, but not to materials supplied separately from…

Are you heading away for a break from the business this year? This time of year can be hard on small business. Your expenses continue and your cashflow can suffer when your debtors go on holiday. Leading up to the holiday period, is your business cash flow in good health to carry you through? With…

Budgeting is about estimating your revenues, projecting your expenses and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling. How does budgeting affect your business? Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor…

Here’s our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money…

Do you know what your business credit score is, and how it can impact your finances? Your business credit score is a numerical representation of the company’s creditworthiness. In other words, how financially reliable the big credit agencies believe your company to be. In essence your credit score is a measure of your risk to…

If the rules around social functions are followed, staff events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff. This means you can claim back some of the expenses you incur when putting on a social event for your team, while also helping to build better…

Buying an established business is a great way to enter into the business world, or to expand your existing business empire. But purchasing a company isn’t something to enter into lightly. Becoming the prospective owner of a new business means doing your homework, researching the business you plan to acquire and working closely with a…

Selling your business is a big move for any owner. You’ve built this company up, scaled it and put years of hard work into making the business a success story. So, when the time comes to sell, you’ll want to know that you’re getting the best price, and the best future for your legacy. We’ve…

Giving gifts to your employees can be a great way to increase engagement and raise the overall morale of your team. But how much can you give before there are tax implications? And how do the rules differ if you’re giving gifts to your directors? The good news is that you can give gifts that…

In tough economic times, small businesses can struggle. Big multinational chains often have the scale to undercut local competitors and survive even when times get tough. What can small businesses do to retain and attract customers in a competitive market? Identify your business’s advantages Think about what your business can offer that a multinational operator…

As a business owner, you probably want to leave a lasting legacy behind when you finally get to the end of the journey and decide to exit the business. One way to achieve this is by disposing of all, or part, of the company to an Employee Ownership Trust (EOT). This EOT structure is available to…

Generally speaking, the business expenses you incur are allowable against your profits. But when it comes to fixed asset purchases (things like machinery, equipment or vehicles), these purchases are treated slightly differently. To reduce your tax bill when purchasing fixed assets, it’s important to know what capital allowances are available and how you can use…

Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, we’ve created a plain-english guide to depreciation and the impact this accounting term can have on your assets, tax, cash-flow and company accounts. What is depreciation? Depreciation is an accounting term that you’ll hear…

Why is cashflow so central to good financial management? Here’s our plain English guide. What is cashflow? Cashflow refers to the movement of money into and out of your business over a specific period. In the most basic terms, cashflow is the process of cash moving out of the business (cash outflows), and cash coming…

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a…

Having the use of a company car is a great perk. But are you aware of the tax impact of a company car and how having this vehicle may affect your company benefits? Two of the key tax considerations related to company cars are the benefits in kind (BIK) tax charges incurred by the driver,…

Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, we’re starting a new Plain English guide to business. This time, we’ll be looking at Value-Added Tax, or VAT as it’s generally known. What is Value-Added Tax (VAT)? Value-added tax (VAT) is a consumption…

Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, here is our plain english guide to corporation tax, one of the key business taxes you’ll need to understand as a limited company. What is Corporation Tax? Corporation tax (CT) is a direct business…

No-one wants to spend too much time thinking about their own mortality. But the reality is that forward planning removes a lot of the uncertainty for your loved ones in the event of your death. The following guidance may also be useful to help you guide others. Passing on without any clear legal instructions regarding…

Purchasing an existing company is a great way to expand your business empire. You can buy out a close competitor, or dip a toe into a new industry and expand your reach as a business group. But whatever the reason for the acquisition, you need to ensure you’re not buying a lemon! Doing your research…

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…

Worrying whether customers will pay you on time is a continual concern for business owners. Late payment can lead to cashflow issues, unpaid supplier bills and the need to dip into your own pocket to cover your operational expenses. If you can improve the speed and likelihood of customers paying on time, that’s good news…

Paying capital gains tax (CGT) on the sale of a property asset can be a necessary but expensive liability. The good news is that Principal Private Residence Relief (PPR)is available and may help you reduce (or in some cases eliminate) that CGT cost. Let’s take a look at the rules around PPR and how you…

Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things. Knowing the difference – and how cash and profit contribute to your success story – is a vital skill if you want your business to…

Owning a business can be brilliant, but you might not want to do it forever. Whether you’re ready to retire, want to cash up, or you just need a break, at some point you will probably want to move on from your business. Even before that time comes, you’ll need a plan for stepping back.…

A common question we get asked is which Entertaining costs are allowable expenses for tax? We have detailed the main types of costs which can be incurred below and would recommend setting up a different code in your accounting software for each of them to split out the analysis (And keep your accountant happy! 🙂…

Keeping up-to-date records of your business transactions isn’t the most glamorous part of being an entrepreneur, that’s for sure. But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control Digital bookkeeping is the future of your finance The digital age has…

As the tax year draws to a close, it’s important to think about your own personal tax situation and to make sure you’re maximising any potential allowances and reliefs. Various annual allowances and tax bands will expire on 5 April each year. By taking advantage of these different tax brackets, tax-free allowances and concessions –…

Did you know that the UK corporation tax rates are changed from April 2023? From 1 April 2023, the rate of corporation tax changes from 19% to a variable rate between 19% to 25%, depending on the profits made by your business. This could mean a change to what you will owe in tax for the…

Rising business costs are still a worry in 2023. Supply chain costs are high, energy prices are still expensive and labour costs are on the rise. These increasing costs mean higher expenditure and lower margins on your products and/or services. If left unchecked, that could mean a dip in your predicted profits for the year.…

Teignbridge Businesses can apply for Green Business Grant Funding to help fund Green energy saving property improvements such as LED Lighting, low energy heat pumps, double/triple glazed windows and doors or thermal insulations. £165,000 is available for applications as part of £1.6m Government allocation through the UK Shared Prosperity Fund (UKSPF). Full details of the…

Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable. With so many digital tools for managing your bookkeeping, accounting and management reporting, it’s never been easier to manage, track and forecast your financial position. But what are the main tools you…

Are you undercharging for your services? It can be hard to tell, particularly if you’re in a niche industry or you’re a contractor. Costs have been rising, so it may be time to rethink your own pricing. Here are five signs that you might be undercharging: Nobody ever questions your quotes – Do all your new…

If you cannot afford to pay your tax due by the 31st January you need to contact HMRC before 31st January to arrange a Time to Pay Agreement. Tax should be paid by the due dates, being 31st January for personal taxes due, even if you receive no demand from HM Revenue & Customs.  You…

Great news from Xero to say their Xero Bank Feed 90 Day Re-Consent Process Now Live. This means no more having to re connect to online banking every 90 days and you or your advisor can just confirm you want the connection to remain! In short, this is great news and will save a bit…

12 Tax Saving Tips for your Limited Company Use Of Home As Office Claim If you do any work from home, your company can repay you for some of the costs associated with running the business from home. Contact us for full details on what can be claimed. There are two options: Fixed Basic Allowance…

What are self-assessment ‘payments on account’? If your only income is from employment, your tax payments are pretty straightforward. But if you have other sources of income – things like dividends, self-employment or property rental – your tax affairs can get a bit more complicated. Under the self-assessment system, you’ll have to make ‘payments on account’…

Are employee parties tax-free? If the rules around social functions are followed, staff events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff. This means you can claim back some of the expenses you incur when putting on a social event for your team, while…

As a business owner, you’ll be looking for every opportunity to claim back expenses and minimise your tax liability. But not everything that falls under expenses is tax-deductible. Why are some expenses not allowed for tax? To give you a better understanding of which costs are allowed and which are not allowed, we’ve highlighted the…

Reversal on Emergency Budget 2022 Chancellor brings forward further medium-term fiscal plan measures As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’. Three weeks later, after huge turmoil, a…

Tax Free Childcare During the school holidays, many parents face having to organise extra school holiday childcare over the summer months. Working families can use the Tax-Free Childcare (TFC) scheme (Tax-Free Childcare – GOV.UK (www.gov.uk) to help if they have children aged up to 11 years old (17 for those with certain disabilities). The TFC…

Extension to the Coronavirus Job Retention Scheme (Furlough) The Coronavirus Job Retention Scheme (CJRS) has been extended until the end of September 2021. The UK Government will continue to pay 80% of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, up to the end of June 2021.…

Self-Employment Income Support Scheme – future grants confirmed The UK Government has announced that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant. The fourth and fifth grants will take into account submitted 2019-20 tax returns. This means you may be able to claim, even if they were…

Government support update lockdown 2.0 The Government have issued further guidance on the support packages available during Lockdown 2.0. The continually changing guidance has proved challenging, however, we are dedicated to supporting you.  We have therefore summarised the details of the updated guidance for you… ✅ Extension to the Coronavirus Jobs Retention Scheme (CJRS) The CJRS…

Making Tax Digital update HMRC have released a Making Tax Digital (MTD) Update, releasing revised proposed dates for its full implementation. They have released details on their 10 year strategy here. What is Making Tax Digital? Making Tax Digital is HMRC initiative to move businesses to keeping digital records and to report their financial information…

Self Employment Income Support Scheme (SEISS) Tax Treatment HMRC have released draft legislation for the tax treatment of Self Employment Income Support Scheme (SEISS) grant payments. It has always been stated the the Grant payments will be classed as taxable income. A question was always whether the March element of the payment should be included…

Self-Employment Income Support Scheme Update on 2nd payment HMRC have updated the guidance relating to the second Self-employment Income Support Scheme Grant, which will be available to claim in August. This will be the final grant. You must make your claim for the 1st grant on or before the 13th July 2020, if you have…

Flexible Furlough – Coronavirus Job Retention Scheme Update On Friday 12th June HMRC updated the guidance relating to how the new “Flexible Furlough” Scheme will operate, as of the 1st July 2020. As of the 1st July 2020, employers are able to bring staff who have previously been furloughed back to work, for any amount…

Furlough Scheme Update – Important Date to note – 10th June  The Chancellor has recently updated us with the changes to the Furlough scheme, which are detailed in full below. Included in this is a very important date to note being the 10th June. This is the date employees must be on the furlough scheme by,…

Furlough support and SEISS (Self Employment Income support) update The Chancellor has been speaking at tonight’s government update to provide further information on Furlough and SEISS support measures. Here is a summary of the changes announced; Self Employment Income Support A Further payment will be made in August based on the same calculation as the…