VAT Road Fuel scale charges
If VAT is reclaimed on road fuel and the vehicle has any element of private usage, an adjustment is needed in each VAT return The VAT fuel scale charge is the method businesses in the UK use to calculate the VAT they owe on fuel for business vehicles used for private purposes. This allows […]
Empathetic listening
As a manager, how can you become a more empathetic listener? Effective leadership in business requires more than just giving orders or making decisions. It involves understanding and connecting with employees on a deeper level, which is where empathetic listening comes into play. As a manager, developing empathetic listening skills is essential for […]
Company reporting
Please note the following changes if these are adopted: Micro entity thresholds will move from not more than £632,000 turnover to not more than £1m. For small, it will increase to not more than £15m turnover, from £10.2m. The upper medium threshold will move to not more than £54m. Everything above that would classify as […]
Companies House – increased powers
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) was passed in October 2023 It represents a significant effort to combat economic crime and enhance corporate accountability. A part of this was a reform within Companies House. Companies House has long been criticised for its deficiencies, illustrated by instances of companies being registered under the […]
Dealing with a cyber-attack
Most businesses have exposure to cyber risk Almost every modern business relies on computer networks for day-to-day operations, and this means that most firms are exposed to cyber risk. A cyber-attack is any attempt to steal data, damage or disrupt a computer system. In the event of a cyber-attack, it’s important to […]
Make use of ISAs to save tax now
Individual Savings Accounts (ISAs) are tax-efficient savings and investment accounts that offer a range of advantages to individuals who wish to grow their wealth ISA allowances are an important aspect of managing how you use these accounts. Therefore, a reminder to utilise ISA Allowances is often issued in February or March to coincide with […]
Tax E-Newsletter – May 2024
Welcome to the May edition of our Tax newsletter. We hope that you find this informative. Please contact us if you wish to discuss in more detail any of the points highlighted. WANT TO BE PART OF BETA TESTING OF MTD FOR INCOME TAX? Although making tax digital income tax self assessment (MTD ITSA) is […]
Dividend or salary – or both to extract funds from your company
What is the most efficient method of extracting funds from your company? As a director of your limited company, you are not allowed to simply keep the profits in the same way that a sole trader does. Instead, you will need to decide how much to pay yourself. The choice between drawing a salary or […]
Contextual Pricing
A variable pricing model can help to strengthen customer relationships. Contextual pricing involves adjusting the prices of your products or services depending on specific variables which are often external to the business. These external variables could include customer demographics, purchasing behaviour, economic conditions or competitive landscapes. Unlike static pricing models, which set fixed […]
Pay Now buttons in your accounting software
It is possible to add Pay Now buttons to your invoices from many accounting software packages to give customers a quick and easy option to make payment. You can accept online payments by credit card, debit card or direct debit straight from the invoice, reducing the time spent chasing payments and increasing the likelihood of […]