The recent rises in energy costs are no doubt worrying for households and businesses alike. There is little wiggle room in the energy market to seek cheaper suppliers. However there are some other ways to strengthen your business and manage business energy costs. What Caused the High Energy Costs? There are a number of factors that have led to the rise in energy costs. An...
If you have ever given a donation to charity, you’ve probably been asked if you want to add Gift Aid to it. But it’s not always clear at the point of sale what this means, who is eligible and how exactly does this type of giving work? There are a few available ways to claim tax relief which we cover here. In this article we...
Changes to divorce law mean it’s crucial that complex tax rules are followed carefully to avoid a heavy tax bill. The new ‘no fault’ divorce which came into effect for separating couples from April 2022 has seen the number of divorce applications nearly double compared to the same period last year. New No Fault Divorce Triggers Tax Issues From April 2022, the Divorce, Dissolution and...
A profit and loss statement is a precise document that outlines the income and expenditure of your business over a set period. Often produced quarterly and at the end of the financial year, your profit and loss is a clear statement of the financial health of your business. It can be used to analyse the performance of your business activities. What is a Profit and...
A sole trader is the exclusive owner of a business, entitled to keep all profits after tax has been paid, but liable for all losses. A sole trader also takes on some financial responsibilities, from filing your self assessment income and tax return with HMRC, managing invoices and keeping a record of all your business related transactions. This can be easily managed by opening a...
May 2022 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Corporation tax due – 1 May for accounting periods ended 31 July 2021 where not payable by instalments Corporation tax due – 1 June for accounting periods ended 31 August 2021 where not payable by instalments...
UTR stands for Unique Taxpayer Reference. A UTR number is a ten-digit code issued by HMRC which uniquely identifies you, or your company, for tax purposes. HMRC (HM Revenue & Customs) uses this unique identity number to track your tax obligations. Your UTR number remains your unique tax identity usually throughout your life, just like your National Insurance (NI) Number. Do I Need a UTR...
Bookkeeping is the most basic foundation of accounting. This is a record of every business transaction. Embedding good record keeping into your daily running processes will help you maintain good records and efficiency and will help keep you compliant. You should be keeping a record of all documents that you have received, or copies of those which you have prepared. These records will be from...
April 2022 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Corporation tax due – 1 May for accounting periods ended 31 July 2021 where not payable by instalments P46 (car) forms due – 3 May for the quarter ended 5 April 2022 (where benefits not payrolled)...
Starting a new business can be daunting. Beyond your great ideas there is paperwork, legal responsibilities, marketing, operations and hiring staff and you want to get it all just right. Striking this balance can be a challenge, especially in the early days. It might surprise you to know that one of the most supportive partners you can have on your team will be your accountant,...
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