Cash basis of accounting – is it right for you?
HMRC are removing many of the restrictions on the use of the cash basis, reducing the complexity of tax returns and making tax simpler for small businesses (apparently!). The cash basis is a method that businesses can use to calculate trading profits for income tax purposes, as an alternative to using traditional ‘accruals’ accounting. The […]
Becoming a trusted advisor
Becoming a trusted advisor to your clients involves building relationships and taking the time to understand their world. Becoming a trusted advisor instead of “just another supplier” takes time and necessitates providing value to your clients by focusing on helping them to solve problems. Becoming a trusted advisor involves building long term relationships which are based […]
What are the tax rates anyway?
The headline income tax rates for England and Wales are 20%, 40% and 45%, and this gets more complex when dividends are taxed, with headline rates of 0%, 8.75%, 33.75% and 39.35%. If you think that is bad enough, pity those in Scotland who have rates of 19%, 20%, 21%, 42%, 45% and 48% to contend with. […]
Tax E-news – March 2024
Welcome to the March edition of our Tax newsletter Budget Special Edition. We hope that you find this informative. Please contact us if you wish to discuss in more detail any of the points highlighted. BUDGET 2024 On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that […]
Dividend tax
Currently, £1,000 can be taken as tax free dividend income in the current tax year 2023-24. It was £2,000 prior to that. However, come 6 April, the £1,000 is cut again and the tax-free amount will be £500 only. This is estimated to affect nearly £4.5m people and raise significant sums for the treasury. […]
Inclusive leadership
Modern businesses are expected to be diverse and inclusive,and managers must lead the way on this. Inclusive leadership is the combination of working inclusively towards a common goal, making decisions collaboratively, and ensuring that both managers and those being managed understand the wider framework and support structures of inclusivity in the firm. Diversity and inclusion […]
March year end approaching?
Tax planning in arrears when the accounting date has passed is severely limited; please consider the opportunities that arise within the accounting period. There are many areas to consider, which can impact both your business and personal circumstances. A few of the areas which are worthy of consideration are highlighted below: Directors/staff bonuses/dividends? Capital expenditure […]
Setting objectives for 2024
Set your firm up for success in the year ahead. The beginning of the year is a natural point in time to take a step back from the day-to-day aspects of running your business and spend some time thinking about what success looks like in 12 months’ time. What do you want your business to […]
Borrowing from your company – Beware the tax traps!
Whilst it may be “your” company, it is a separate legal entity from you, and you cannot just “help yourself” to the cash without considering the tax ramifications. A director, employee or shareholder can borrow up to £10,000 interest free without any tax or NI charges applying. If the borrowing goes above that the whole […]
Global mega trends to navigate this year
The world is constantly evolving, and this creates opportunities and challenges. Some of the key trends that businesses will have to navigate this year include economic volatility, the continued importance of environmental sustainability, geopolitical uncertainty and AI moving into the mainstream. Economic volatility will remain a risk in 2024. The higher interest rate environment […]