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Discover the latest news and all things tax at our All Numbers blog.
have you missed out on state pension contributions?
Individuals who claimed child benefit prior to May 2000 may have missed out on qualifying state pension contributions due to a nuance within HMRC’s systems. Receiving certain benefits can ensure…
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student Loans – are you overpaying?
HMRC systems are unable to differentiate between certain types of income, which has led to some people overpaying their student loans. However, at present this is only affecting individuals who…
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Expected Changes to Members Voluntary Liquidations
With the recent announcements by The Chancellor of the Exchequer, Rachel Reeves, everyone is poised for sweeping tax rises and changes in the Autumn Budget due to be announced on…
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Changes for non doms: what you need to know
With the recent announcement from the Labour Government in relation the individuals domiciled outside of the UK you’ll need to be up to speed, whether you are already non-domiciled or…
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Accountants vs DIY
When starting out as a small business it is tempting to deal with your accounts yourself. Why would you want to hire a professional accountant and tax advisor and add…
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VAT on Private School Fees
With the recent announcement around VAT on UK private school tuition fees you may have concerns if you have any children enrolled in a private school. The announcement on 29…
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Financial Reports – 6 Reasons to Watch Them
When running a business, it is important to keep track of the business finances, the best way of doing this is to keep track of your financial reports each month.…
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Keeping your tax and expenses in check
Running your own business, either as a self-employed individual or a director of a limited company, requires you to juggle a lot of plates at once. These are not just…
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Setting goals for you and your business in 2024
The dawn of a new year marks a fresh beginning for businesses, prompting business owners to reflect on their current status and contemplate the goals they wish to achieve in…
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Navigating the VAT Domestic Reverse Charge: A Guide for Construction Businesses
The landscape of Value Added Tax (VAT) underwent a seismic shift in March 2021 with the implementation of the VAT domestic reverse charge in the UK's construction industry. This transformative…
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Holiday Cash Flow for Your Small Business
The holiday season, while a time for joy and relaxation, can pose challenges for small businesses. Regular expenses persist, and when debtors take their holiday breaks, your cash flow may…
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Are Employee Parties Tax-Free?
Organising staff events, whether it's an end-of-year celebration, a summer barbecue, or a remote team gathering, not only fosters team spirit but also comes with potential tax benefits for employers.…
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The Strategic Impact of Budgeting on Business Financial Decision-Making
In the dynamic landscape of business, where economic conditions are subject to constant change, having a well-defined budget is crucial for effective financial decision-making. A business budget serves as a…
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An In-Depth Analysis of the Autumn Statement 2023
The Autumn Statement 2023 arrived amid shifting economic landscapes, marked by a surprising dip in inflation and revised growth forecasts. This article delves into the key points unveiled during this…
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A Guide to Crafting an Effective Business Plan
In the intricate world of business, a well-crafted business plan serves as the guiding sat-nav, steering a company in the right direction toward success. This indispensable document not only provides…
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Plain English guide to profit and loss
Understanding the intricacies of financial statements is crucial for any business owner. Among these, the Profit and Loss statement, commonly known as the P&L, serves as a vital tool in…
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Company Year-End Preparations: A Comprehensive Guide to Ensure a Smooth Transition
As the year-end date for your company approaches, it's essential to start planning for various administrative and financial tasks to ensure a well-organised and hassle-free transition. Year-end preparations are crucial…
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Embracing Digital Transformation: Your Comprehensive Guide to Cloud Accounting
In today's fast-paced business landscape, staying competitive and efficient is paramount. One way to achieve this is by adopting cloud accounting, a revolutionary approach that simplifies financial management for businesses.…
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What to look out for when buying a business
Entering the world of entrepreneurship or expanding your existing business empire can be an exciting endeavour, especially when you're considering the acquisition of an established company. However, purchasing a business…
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Strategies for Small Businesses to Thrive and Compete Against Industry Giants
In an era dominated by large, multinational chains, small businesses often find themselves tangled in competition. The economic landscape, especially during challenging times, can be unforgiving for these local enterprises.…
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Plain English guide to depreciation
You may have heard your accountant, or simply another business owner, mention deprecation. It’s a term that is thrown around a fair amount in the accountancy world, but do you…
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5 ways to overcome economic uncertainty
Every business owner, no matter what industry you are in, will have the ongoing worry about the uncertainty of the economy. This is not a new worry, there will always…
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Plain English guide to cashflow
Why is Cashflow Essential for Good Financial Planning and Management? In our plain English guide, we explain the basics of cashflow and why it is so important. What is a…
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Getting in control of your inventory – to unlock efficiency and cashflow
Efficient Stock Management for Manufacturing and Product-Based Industries If you’re in the manufacturing and a product-based industry, efficiently managing your stock is a huge part of running a smooth and…
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Plain English guide to corporation tax
Getting to grips with your corporation tax can be a challenge, especially with the changes that can come through year on year. Our plain English guide to corporation tax aims…
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Understanding Your Profit and Loss Statement
You may have seen your profit and loss statement (P&L), sometimes called an income statement, but do you know how to gain the most out of it? In essence, your…
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New R&D Tax Relief Rules
Are you looking to claim research & development (R&D) tax relief? If so, you will need to be aware of the new requirements that have been in place since last…
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How running a lean business model improves your cashflow and efficiency
Business Model A lean business model is designed to eliminate waste in as many areas of your business as possible, with an emphasis on the operational and production stages. This…
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VAT for Businesses
Most people have heard of value-added tax, or VAT, but how much do you actually know about it? In this plain English guide, we’ll give you a simple run-down of…
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Cloud-based Timesheets
As technology evolves, so does the way that we can use it for business, and it becomes more affordable for small businesses. Time tracking and scheduling are key parts of…
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Tax Impact of using Company Car
When you get use of a company car it’s a great perk of any job, but are you aware of the tax consequences of having a company car? There are…
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Charging interest on a Directors’ Loan Account
When you’re a director of a business it will be very likely that at times you will borrow money from your company or inject your own cash in the business.…
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Can ChatGPT replace your marketing team?
With all the advances of AI in recent years there are now natural language processing tools, such as ChatGPT, that can be used to create AI content. The question that…
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Proving your ongoing business viability through 5 financial reports
Whether you’re looking for new investors, applying for a government subsidy or taking a business loan you will need to be able to show that your business is viable and…
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5 questions to ask if you are buying a business
Are you looking to buy a business? A great way to expand your business empire is to purchase an existing company, either through buying out a close competitor or just…
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HMRC new online tool
HMRC has recently launched a new online tool to help you better understand your tax code and how it is broken down. It’s a straightforward tool that only requires a…
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5 top lead magnets for your marketing
Every business needs effective marketing strategies to bring revenue and help grow the business, but is this the most effective? We’ve listed below what we consider to be the top…
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Spreading your tax costs with Time To Pay
Everyone likes to make sure all their taxes are paid on time, and while HMRC also expects this they do understand that sometimes you just aren’t able to. This could…
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Humour – increase your bottom line
Everyone wants to be taken seriously in business, but sometimes it’s just as important to make your customers laugh! Over 90% of customers prefer companies to have a sense of…
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Rules around buying company assets
There may come a time where you want to purchase an asset from your company, or borrow a piece of equipment for personal use, but before you do you will…
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How to avoid business jargon in your writing
A key part of business is effective communication, but when it comes to writing emails or general communication with customers, it's difficult to get your point across without using too…
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Difference between statutory and management accounts
Statutory Accounts These accounts are a legal requirement for all limited companies or partnerships and must be completed every year. Usually, these accounts contain a profit and loss (a breakdown…
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HMRC Diary deadline dates
Whether it’s accounting, tax or compliance deadlines we are here to help make sure you never miss a beat. We’ve listed below a few deadlines that are coming up and…
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5 challenges for small businesses – and how to beat them!
While it is rewarding as an entrepreneur to start a new business and see it grow it can also be difficult, and the process isn’t always as smooth as you…
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MTD scheme five times over initial budget
making tax digital The Chartered Institute of Taxation (CIOT) has criticised HMRC’s new Making Tax Digital system after a report from National Audit Office (NAO) has stated that MTD project…
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When should I register my business for VAT?
VAT for a new business When starting out as a new business there are a list of things that you need to do, one of the first you will need…
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Deadline to catch up on NI contributions
NI Contributions - Deadline Having any gaps in your national insurance (NI) contributions can have an impact on your state pension entitlement, without enough qualifying years you may not be…
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HMRC online application for time to pay arrangement launched
If you are looking to set up a time to pay to arrange for your VAT liability HMRC has launched a new online application to smooth the process out. You…
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Capital Gains Exposure
Are you looking to sell your buy to let property soon? If so, we have a few tips on how to reduce your capital gains exposure. Gifting to a Spouse…
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Should you move your rental properties into a limited company
When you first start to build and increase your property portfolio you may decide to purchase these properties under your own name, or your spouses. While this does keep everything…
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10 ways to improve business performance
Are you looking for ways to improve your business performance or free up more time? Here are 10 simple ways that can help. Remove distractions: time is one of the…
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Withholding SSP
are you able to withhold Statutory sick pay? In short the answer is ‘no’ you cannot hold statutory sick pay (SSP) from an employee, but there are a few rules…
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When is a car not available for private use?
Don’t fall in the trap of private use of company cars Whenever a company car is ‘available’ for private use by any employee (including directors), their family or household a…
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HMRC services disrupted by strikes
Severe delays in contacting HMRC are expected over the next few weeks. Dates affected: May – 15, 16, 17, 18, 19, 22, 23, 24, 25, 26, 29, 30, 31 June…
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What is Making Tax Digital for Income Tax Self-Assessment?
HMRC are changing how you need to submit tax returns, with new Making Tax Digital for Income Self-Assessment (MTD for ITSA) coming in from 6 April 2026. Coming with this…
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Home-working expenses for your home office
With more of us having the ability to work from home make sure you are claiming the correct expenses back in your business. If your home office is your main…
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Expenses for Staff parties & Social events
It's reaching that time of year where you might be considering a summer barbecue or party for your staff for team building or just to say thank you for all…
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Business mileage and travel costs
Should you use your personal vehicle for business purposes you can claim the travel cost against your profit for the year. HMRC allows two different methods for working out your…
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Offsetting Your Pension Contributions
Are you looking to try to reduce your corporation tax costs? A key area to think about is making pension contributions through the company as a director, as these contributions…
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NIC Employment Allowance
National Insurance Contributions The National Insurance Contribution (NIC) employment allowance allows employers to claim a reduction against their NIC paid across to HMRC for each tax year. The amount that…
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Your Q2 2022 deadlines for the diary
We want to keep you up to date with the latest dates and deadlines for your business diary. Deadlines and cut-off points for Q2 of 2023.NOTE: If your company’s accounting…
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UK Spring Budget 2023 – the key points for business owners
The 15th March 2023 Spring Budget was labelled as a "budget for growth" but has been described as underwhelming. Growth forecast In 2023, it’s now predicted that the UK will…
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UK corporation Tax Changes
On 1 April 2023 the corporation tax rate changes to a variable rate of between 19% and 25% depending on the profits made by your business meaning a possible change…
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MTD (Making Tax Digital) for ITSA (Income Tax Self-Assessment) has been delayed until 2026
HMRC have recently announced that Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) has been delayed until 2026. Originally the roll-out was due to begin in April 2024,…
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A SUMMARY OF THE UK’S AUTUMN BUDGET
The UK economy has been negatively impacted due to a combination of factors such as the Ukraine-Russia War and the pandemic. With almost £30 billion in spending cuts and nearly…
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How to reduce business outgoings
Setting business goals and reducing your overall budget All companies want to avoid overpaying. While trying to reduce expenses, it's crucial to maintain a high standard of customer service. The…
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Keeping track of your business expenses
Keeping track of your business expenses If you have the correct tools, tracking business costs is a lot less painful. These tips will assist in establishing everyday business cost tracking…
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The slow in demand could drive up your revenue
The slow in demand could drive up your revenue Even if a company's goods or services are of high quality, a slowing economy might lead to fewer sales. When this…
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The Construction Industry Scheme
What is the CIS? The aim of the Construction Industry Scheme is to stop self-employed subcontractors from evading taxes. Construction companies have been able to hire full-time personnel as self-employed…
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The tax benefits of Electric company cars
Electric Company Car & the Tax benefit The majority of company car users are aware that using the vehicle for any kind of personal use would result in a hefty…
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The benefits of a good credit score
The benefits of a good credit score The modern day to day economy is credit-based. You will require a lender to issue you a line of credit if you want…
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The Mini-budget and how it will affect the general public
Mini-budget and how it will affect you As chancellor, Rishi Sunak promised to lower the basic rate of income tax by one penny per pound by the conclusion of the…
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National Insurance changes and how it will affect you
National Insurance changes and how it will affect you The rise in national insurance changes that took effect in April will be overturned starting on November 6th, according to the…
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Starting my own business
Why I should start my own business In this day and age, many people have reported being extremely unhappy with their current occupation. Every day, hundreds if not thousands of…
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THE ENERGY CRISIS AND TAX ERA
TAXES AND THE ENERGY CRISIS Energy prices are a major concern for everyone, including families, organisations, and consumers. There is discussion of a "freeze" on energy bills as of this…
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Starting a business in a recession
Starting a business in a recession A recession is approaching, as evidenced by rising inflation, budget cuts, and rising living expenses. The UK economy is expected to expand at such…
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Getting your finances in order
Getting your finances in order Nothing feels better than having control over your finances. In this blog we will be explaining different ways that These ideas can help to assist…
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Accountant for Influencers
Accountant for Influencers In order to maximise your opportunities for digital business success as an influencer, you must be proficient in managing your accounts and finances. Your bookkeeping will be…
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How to open a business bank account – and how to use one.
How to open a business bank account - and how to use one. What is a Business Account? Owners of businesses or sole sole traders utilise a business account to…
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Starter guide to Investing
Starter Guide to Investing Investing is about putting your money to work, personally beating inflation and hopefully, earning some additional returns. Investors attempt to make their money grow more effectively…
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The Difference between a Sole Trader and a Limited Company
The Difference between a Sole Trader and a Limited Company Between sole traders and limited companies, there are a variety of characteristics, including taxes and financial security. But have you…
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The Pros and Cons of Remote Working
Pros and Cons of Remote Working Many businesses across the world are planning to go entirely remote in an attempt to provide their employees a better work-life balance and cut…
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how to reduce your business energy bills
How to reduce your business energy bills There are several methods to save power in a workplace, and some of them only require minor adjustments in employee conduct. Frequently, just…
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Checking my Tax Code
Checking my Tax Code Tax codes are essential to the PAYE system's functionality. The tax code indicates an employee's allowances or 'tax-free pay', if the code is a K-code, or…
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Becoming a Contractor in 2022
Becoming a Contractor in 2022 It's reasonable to assume that if you're reading this, you're either thinking about becoming a contractor or have already taken the plunge. In either regard,…
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