Generated by All in One SEO v4.9.4.1, this is an llms.txt file, used by LLMs to index the site. # DUA Accountancy & Business Consultancy ## Sitemaps - [XML Sitemap](https://www.dua.co.uk/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [Tax E-Newsletter - February 2026](https://www.dua.co.uk/dua-tax-e-newsletter-february-2026/) - Welcome to the February 2026 edition of our Tax News. This month, we look at year-end tax planning, inheritance tax reliefs, employment expenses, and much more. - [Backtrack on Digital ID Requirements](https://www.dua.co.uk/backtrack-on-digital-id-requirements/) - Backtrack on Digital ID Requirements Digital right to work checks will be mandatory, ID optional It appears that the government has backtracked on plans to require workers to register with its new digital ID programme to prove their right to work in the UK. While right-to-work checks will still be carried out digitally - [Spring Forecast Scheduled for 3 March 2026](https://www.dua.co.uk/spring-forecast-scheduled-for-3-march-2026/) - Spring Forecast Scheduled for 3 March 2026 Will there be any changes to tax policy? The Chancellor, Rachel Reeves, has requested the Office for Budget Responsibility (OBR) to publish an economic and fiscal forecast on 3 March 2026. This will be accompanied by a statement to Parliament. As set out in the Budget, - [Chancellor Increases Agricultural and Business Property Relief Allowance to £2.5 Million](https://www.dua.co.uk/chancellor-increases-agricultural-and-business-property-relief-allowance-to-2-5-million/) - Chancellor Increases Agricultural and Business Property Relief Allowance to £2.5 Million Surprise amendment to IHT proposals The government has announced a major change to the agricultural property relief (APR) and business property relief (BPR) reforms that will take effect from 6 April 2026. The full 100% relief from inheritance tax will now apply - [Getting Ready for Making Tax Digital](https://www.dua.co.uk/getting-ready-for-making-tax-digital/) - Getting Ready for Making Tax Digital What you need to know before MTD begins With just a few weeks to go until the new tax year, many businesses are preparing for the changes that Making Tax Digital (MTD) will bring. From April, sole traders and landlords with an income of over £50,000 will need to - [VAT Risk Areas HMRC Is Targeting in 2026](https://www.dua.co.uk/vat-risk-areas-hmrc-is-targeting-in-2026/) - HMRC activity in January has confirmed that VAT remains a major compliance focus in 2026. Updated guidance and professional commentary point to several recurring risk areas that SMEs should address early in the year. Common issues include partial exemption calculations, incorrect zero-rating, and errors around international services. With Making Tax Digital data now giving - [Cash Flow Pressure in Early 2026 – Why Profitable Businesses Still Struggle](https://www.dua.co.uk/cash-flow-pressure-in-early-2026-why-profitable-businesses-still-struggle/) - Despite improving inflation figures, many UK SMEs are entering 2026 under sust ained cash flow pressure. Recent commentary from the Federation of Small Businesses and British Chambers of Commerce highlights a recurring theme: profitability does not guarantee liquidity. Late payments remain a key issue. Larger customers continue to extend payment terms, while SMEs absorb rising - [Employment Law Updates for 2026 – What Employers Must Prepare for Now](https://www.dua.co.uk/employment-law-updates-for-2026-what-employers-must-prepare-for-now/) - Employment compliance should remain a concern for UK businesses, particularly following guidance updates from ACAS and the Health and Safety Executive. While no single reform dominates headlines, the cumulative effect of incremental regulatory change is increasing risk for employers who fail to stay current. One area under scrutiny is flexible working. Updated ACAS - [Corporation Tax Planning in 2026 – What SMEs Should Review Before the New Financial Year](https://www.dua.co.uk/corporation-tax-planning-in-2026-what-smes-should-review-before-the-new-financial-year/) - At this time of year, many UK businesses are entering a crucial planning window for corporation tax. While the headline corporation tax rate has remained stable following the Autumn Budget 2025, HMRC guidance issued over the past month has reinforced how effective tax planning, rather than rate changes, will define tax outcomes in the coming - [The First of the DUA Mayfair Talks Series](https://www.dua.co.uk/the-first-of-the-dua-mayfair-talks-series/) - This year at DUA Accountancy and Business Consultancy, we will be meeting like-minded business professionals every month at the Mandeville Hotel in London. Our DUA Mayfair Talks started this Wednesday with a deep dive into Cyber Risk, Resilience and Insurance for SMEs. Led by Paul Dukes from DUA, our event brought together Oliver Leyens from - [The Customs Cliff: Preparing for the End of Low-Value Import Relief](https://www.dua.co.uk/the-customs-cliff-preparing-for-the-end-of-low-value-import-relief/) - UK importers and e-commerce platforms must urgently rethink their supply chain strategies following the 2025 Budget decision to abolish the £135 customs duty relief for low-value imports. Currently, goods imported into the UK with a value of £135 or less are exempt from customs duty—a relief that has contributed to a surge in small parcel - [The Employment Rights Act 2025: Navigating Post-Royal Assent Compliance](https://www.dua.co.uk/the-employment-rights-act-2025-navigating-post-royal-assent-compliance/) - The UK employment landscape has been fundamentally reshaped by the Employment Rights Act 2025, which received Royal Assent on 18 December 2025. While the Act paves the way for a two-year implementation period, January 2026 is a critical month for HR departments to engage with final consultations that will define the practicalities of day-to-one rights - [Capital Allowances Overhaul: Unlocking the New 40% First-Year Allowance](https://www.dua.co.uk/capital-allowances-overhaul-unlocking-the-new-40-first-year-allowance/) - The start of 2026 brings a fundamental change to the UK’s capital allowances regime, offering a significant "front-loading" of tax relief for businesses that have historically been excluded from the most generous incentives. From 1 January 2026, a new permanent 40% First-Year Allowance (FYA) for main rate expenditure is now live, specifically targeting unincorporated businesses - [The January 31 Tax Deadline: Self-Assessment Meets the MTD "Soft Landing"](https://www.dua.co.uk/the-january-31-tax-deadline-self-assessment-meets-the-mtd-soft-landing/) - As the January 31, 2026, deadline for 2024/25 Self-Assessment approaches, UK sole traders and landlords are facing a pivotal transition. Beyond the immediate requirement to file returns and pay tax liabilities, this month marks the final straight before the mandatory introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) in April 2026. For - [High-Value Council Tax Surcharge](https://www.dua.co.uk/high-value-council-tax-surcharge/) - Targeted valuation exercise to be carried out in 2026 The government has announced plans to introduce a new levy, the High-Value Council Tax Surcharge (HVCTS), for owners of residential properties in England valued at £2 million or more. The surcharge is expected to come into effect in April 2028. A public consultation on the - [Self Assessment Deadline Approaching](https://www.dua.co.uk/lself-assessment-deadline-approaching/) - Are You Ready? The deadline for filing your 2024/25 Self Assessment tax return is fast approaching. You must submit your return and pay any tax due by 31 January 2026 to avoid penalties and interest. To meet the deadline, you will need to make sure you have: All income details, including any employment, pension, - [Dividend Tax Rates Rising in April 2026](https://www.dua.co.uk/dividend-tax-rates-rising-in-april-2026/) - What Does It Mean for Profit Extraction? The recent Budget confirmed that dividend tax rates will increase from April 2026. The ordinary and upper rates of dividend tax will both rise by 2%. For many small and medium-sized companies, dividends are central to how owners pay themselves. With the tax rates rising, your pay - [Looking ahead to 2026](https://www.dua.co.uk/looking-ahead-to-2026/) - Reflections for business owners With 2025 coming to a close, you may already be starting to reflect on how the year unfolded in your business. Your expectations may have been exceeded in some areas. Perhaps you found a new source of revenue that grew faster than you anticipated, or you had a new customer - [Tax E-Newsletter - January 2026](https://www.dua.co.uk/dua-tax-e-newsletter-january-2026/) - Welcome to the January edition of our Tax News. This month, we look at MTD For Income, Working From Home Expenses, E-invoicing and much more... - [FSCS Deposit Protection Limit Rises to £120,000 from December](https://www.dua.co.uk/fscs-deposit-protection-limit-rises-to-120000-from-december/) - Is it time to review your business’s cash reserves? The Prudential Regulation Authority (PRA) has confirmed that the Financial Services Compensation Scheme (FSCS) deposit protection limit increases from £85,000 to £120,000 from the start of December. The new threshold applies per depositor, per PRA-authorised bank, building society or credit union. The PRA have confirmed - [NCSC Launches Free Cyber Action Toolkit](https://www.dua.co.uk/ncsc-launches-free-cyber-action-toolkit/) - Practical actions to help businesses boost security The National Cyber Security Centre (NCSC) has launched a new free Cyber Action Toolkit to help small businesses strengthen their cyber defences in a simple and affordable way. The toolkit has been designed for businesses that may not have in-house IT expertise or large security budgets, offering clear, - [New National Minimum Wage Rates Confirmed](https://www.dua.co.uk/new-national-minimum-wage-rates-confirmed/) - Payroll costs to increase again in April 2026 The government has announced the new minimum wage rates that will come into force from 1 April 2026. The new rates are as follows: Current rate New rate Aged 21 and over £12.21 £12.71 Aged 18 to 20 £10.00 £10.85 Aged under 18 £7.55 - [Business Energy & Net-Zero Update — New Support and Planning Triggers](https://www.dua.co.uk/business-energy-net-zero-update-new-support-and-planning-triggers-2/) - What Employers Must Prepare For Now Several employment law updates are scheduled or expected for 2026 following government consultations, ACAS guidance updates, and upcoming legislative changes. Employers should begin planning now to avoid compliance issues and unexpected HR costs. Here are the key areas expected to impact UK businesses: Strengthened Flexible Working RequestsFollowing changes implemented - [Energy Costs & Business Energy Contracts](https://www.dua.co.uk/energy-costs-business-energy-contracts/) - How 2026 Deals Could Impact Your SME Budget As businesses head into winter 2025–26, rising global energy prices and shifting UK energy policy are creating challenges and opportunities for SMEs. While large industrial firms await long-term relief mechanisms, smaller operators must take immediate action to control costs and manage cashflow risk. What’s the Energy Picture - [Cyber-Security in 2026:](https://www.dua.co.uk/cyber-security-in-2026/) - Closing the Skills Gap and Protecting UK SMEs Against Rising Threats Cyber-security remains one of the most critical risks facing UK businesses — and the latest government labour market report shows that 49% of UK businesses lack basic cyber-security skills, while 30% lack advanced skills such as incident response and vulnerability assessment. As cyber-attacks rise - [Business Rates Overhaul 2026:](https://www.dua.co.uk/business-rates-overhaul-2026/) - What the Latest Government Review Means for SMEs Business rates remain one of the most significant fixed costs for UK businesses, and 2026 will bring major structural changes following the government’s ongoing review into the business rates system. With rate revaluations, digitalisation of the valuation process, and sector-specific adjustments expected, SMEs need to prepare now - [Post-Budget Reality Check:](https://www.dua.co.uk/post-budget-reality-check/) - How the New Fiscal Rules Are Reshaping SME Tax Planning for 2026 The Autumn Budget 2025—delivered on 26 November by Chancellor Rachel Reeves—set out one of the most significant fiscal recalibrations since 2010. While headline measures focused on growth, productivity investment, and targeted tax reform, it is the new fiscal rules and post-Budget implementation detail - [Tax E-Newsletter - December 2025](https://www.dua.co.uk/dua-tax-e-newsletter-december-2025/) - Welcome to the Budget 2025 edition of Tax E-News. On 26 November 2025, Chancellor Rachel Reeves presented her second Budget to Parliament. After the tax-raising budget of 2024, it had been hoped by the government that widely applicable tax increases would not be required again in 2025. However, with economic pressures continuing to apply, tax - [The Autumn Budget 2025](https://www.dua.co.uk/the-autumn-budget-2025/) - The Autumn Budget 2025 Rachel Reeves, the Chancellor of the Exchequer, yesterday, rolled out the Labour Government’s second Budget since coming into power. The Chancellor’s stated aim with this Budget was “Cutting the cost of living, cutting NHS waiting lists and cutting the cost of debt”. For Individuals The changes impacting on - [Tax E-Newsletter - November 2025](https://www.dua.co.uk/dua-tax-e-newsletter-november-2025/) - Welcome to the November edition of our Tax News. This month, we look at the Inheritance Tax Relief, MTD, Biscuits - ‘Chocolate Covered or Not’? and much more... - [Business Energy & Net-Zero Update — New Support and Planning Triggers](https://www.dua.co.uk/business-energy-net-zero-update-new-support-and-planning-triggers/) - Business Energy & Net-Zero Update: Support and Planning Triggers Are you still wrestling with high utility bills? You’re not alone. With energy prices remaining volatile, the government is acknowledging the financial pressure on businesses. As a result, new or extended support measures are being signalled, aimed particularly at energy-intensive firms, alongside expanded grant schemes designed - [Cash Flow Crisis: How New Reforms Are Tackling UK Late Payments](https://www.dua.co.uk/cash-flow-crisis-how-new-reforms-are-tackling-uk-late-payments/) - Late payment remains arguably the single biggest threat to the survival and growth of UK Small and Medium-sized Enterprises (SMEs). For a small business, a 90-day wait for a large invoice can be the difference between meeting payroll and insolvency. Cash flow is the lifeblood of any successful company, and when the circulatory system is - [ONS Business Population Update — More VAT / PAYE Firms](https://www.dua.co.uk/ons-business-population-update-more-vat-paye-firms/) - Why New Business Owners Need Expert Help Now Great news for the UK business landscape: more people are turning their ideas into formal businesses! The latest data from the Office for National Statistics (ONS) confirms that the number of VAT and/or PAYE-registered businesses has risen to 2.73 million as of March 2025, continuing a modest - [VAT in the Digital Age (ViDA): What the EU Plan Means for UK Cross-Border Traders and Platforms](https://www.dua.co.uk/vat-in-the-digital-age-vida-what-the-eu-plan-means-for-uk-cross-border-traders-and-platforms/) - On 24 September 2025, the European Commission moved its VAT in the Digital Age (ViDA) initiative into full implementation, confirming timelines and structures for one of the EU’s most significant tax modernisation drives in decades. While the UK is no longer part of the EU VAT regime, thousands of UK businesses trade with EU consumers - [The New “Failure to Prevent Fraud” Offence Is Live – What Businesses Must Do Now](https://www.dua.co.uk/business-banking-trends-for-smes-2/) - From 1 September 2025, the UK’s new corporate criminal offence of Failure to Prevent Fraud (FTPF) under the Economic Crime and Corporate Transparency Act (ECCTA) came into force. This landmark change means businesses can face prosecution—and potentially unlimited fines—if they fail to put in place adequate procedures to stop fraud committed by employees or associated - [Tax E-Newsletter - October 2025](https://www.dua.co.uk/dua-tax-e-newsletter-october-2025/) - Welcome you to the October 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. BUDGET 2025 DATE - 26 NOVEMBER The Chancellor will deliver Autumn Budget 2025 on 26 November 2025. The content of - [Business Banking: Trends for SMEs](https://www.dua.co.uk/business-banking-trends-for-smes/) - Who are the top-rated banks in 2025? The latest Business Banking Service Quality survey organised by the Competition and Markets Authority shows a shift in the way UK businesses are choosing their banking partners. Challenger banks are steadily gaining popularity, while it seems that some traditional high street banks are losing ground. Who came - [Work Starts on Setting Minimum Wage Hourly Rates for 2026](https://www.dua.co.uk/work-starts-on-setting-minimum-wage-hourly-rates-for-2026/) - Prepare for potential increases The Government has published the official remit for the Low Pay Commission (LPC) to begin its work on setting the National Minimum Wage (NMW) and National Living Wage (NLW) rates that will apply from April 2026. While the final figures won’t be confirmed until later in 2025, the direction of - [Making Tax Digital for Income Tax - Are You Ready?](https://www.dua.co.uk/making-tax-digital-for-income-tax-are-you-ready/) - 2.9 million individuals will be affected The government is pressing ahead with Making Tax Digital (MTD) for Income Tax - and it will affect many sole traders and landlords over the next few years. Here’s what’s changing, when it’s changing, and how to get ready. What is MTD for Income Tax? Under MTD, - [Government Unveils Small Business Plan](https://www.dua.co.uk/government-unveils-small-business-plan/) - Will it help your business? The government launched its Small Business Plan in August which it believes will help small businesses grow and encourage entrepreneurs to start businesses. The plan recognises that small businesses make a vital contribution to the economy, employing 60% of the UK’s workforce and generating £2.8 trillion in turnover. - [New Legal Requirement: Directors and PSCs Must Verify Their Identity from November 2025](https://www.dua.co.uk/new-legal-requirement-directors-and-pscs-must-verify-their-identity-from-november-2025/) - What do you need to know? As of 18 November 2025, identity verification will become a legal requirement for all company directors and People with Significant Control (PSCs). This is part of a wider reform under the Economic Crime and Corporate Transparency Act 2023, and it’s set to impact millions of individuals connected to UK - [Tax & Treasury: Decoding the Autumn Budget and IHT Reforms](https://www.dua.co.uk/tax-treasury-decoding-the-autumn-budget-and-iht-reforms/) - Heads up, business owners and landowners. The government is getting ready for the Autumn Budget, and with a huge fiscal gap of £51 billion to fill, all eyes are on potential tax changes. But while we wait, some major tax reforms that are definitely coming into play need your immediate attention, especially when it comes - [HMRC late-payment interest is falling after August base-rate cut — what businesses need to do now](https://www.dua.co.uk/hmrc-late-payment-interest-is-falling-after-august-base-rate-cut-what-businesses-need-to-do-now/) - HMRC has confirmed that statutory interest rates for late payment and repayment are reducing in August following the Bank of England’s base-rate cut. The change bites on 18 August 2025 for quarterly instalment payments and 27 August 2025 for non-quarterly payments. If your business has time-to-pay arrangements, upcoming liabilities or historic arrears, this directly affects - [Rates down, risks remain: planning after the Bank Rate cut and into autumn data](https://www.dua.co.uk/rates-down-risks-remain-planning-after-the-bank-rate-cut-and-into-autumn-data/) - With Bank Rate now at 4%, financing conditions have eased compared with last year—but the Bank of England is clear that the journey back to its 2% inflation target won’t be a straight line. The Bank’s explainer sets out the rationale for recent cuts and why future moves will likely be cautious. For business owners, - [Tax E-Newsletter - September 2025](https://www.dua.co.uk/dua-tax-e-newsletter-september-2025/) - Welcome you to the September 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. ADJUSTMENTS FOR PRIVATE USE HMRC will be running a digital campaign aimed at encouraging accurate private use adjustments of business - [Tax E-Newsletter - August 2025](https://www.dua.co.uk/dua-tax-e-newsletter-august-2025/) - Welcome to the August edition of our Tax News. This month we look at Legislation Day 2025; HMRC's transformational roadmap and more... - [Windows 10 Is Ending: Are You Ready?](https://www.dua.co.uk/from-digital-safety-to-data-access-how-new-uk-laws-are-shaping-business-responsibilities-2-2-2-2/) - Advice From NCSC on Upgrading The UK’s National Cyber Security Centre (NCSC) is urging businesses to prepare for the fact that Windows 10 will no longer be supported from 14 October 2025. If your business still uses Windows 10 on its computers, it’s time to start planning your next steps. Why does this - [HMRC Releases Transformation Roadmap](https://www.dua.co.uk/from-digital-safety-to-data-access-how-new-uk-laws-are-shaping-business-responsibilities-2-2-2/) - Increased Automation Coming to Tax Services July seems to have been a month of ‘roadmaps.’ In addition to the roadmap for the Employment Rights Bill covered above, HM Revenue & Customs (HMRC) announced its Transformation Roadmap – a plan to modernise the UK’s tax and customs systems by 2030. HMRC have said that the - [UK Economy: Growth Falters, Inflation Rises](https://www.dua.co.uk/from-digital-safety-to-data-access-how-new-uk-laws-are-shaping-business-responsibilities-2-2/) - Practical Takeaways for Business Owners Business owners across the UK are facing an increasingly complex economic picture. Inflation has crept up again and recent figures show the economy has contracted for two months in a row. So, what’s really going on - and what should you be doing as a business owner? Inflation rises - [Government Unveils Roadmap for Employment Rights Bill](https://www.dua.co.uk/from-digital-safety-to-data-access-how-new-uk-laws-are-shaping-business-responsibilities-2/) - What are the implications for your business? Following publication of the Employment Rights Bill in October 2024, the government has published a comprehensive implementation roadmap. The roadmap outlines a phased timeline for one of the most significant overhauls of UK employment law in decades. Aimed at raising living standards and strengthening workplace protections, it’s - [From Digital Safety to Data Access: How New UK Laws Are Shaping Business Responsibilities](https://www.dua.co.uk/from-digital-safety-to-data-access-how-new-uk-laws-are-shaping-business-responsibilities/) - In June–July 2025, two landmark pieces of legislation were enacted that significantly affect UK businesses handling data and online operations The Online Safety Act, enforced from 25 July 2025, mandates platforms implement safety measures, age verification, and content oversight. The Data (Use and Access) Act 2025, receiving Royal Assent on 19 June 2025, enables new - [Employment Rights Bill & Off Payroll IR35 Changes: Business Implications for UK SMEs](https://www.dua.co.uk/employment-rights-bill-off-payroll-ir35-changes-business-implications-for-uk-smes/) - In April 2025, new Companies Act size thresholds came into effect, altering how IR35 off payroll and compliance rules apply—a move impacting up to 132,000 companies by shifting responsibilities from clients to contractors in many cases rayneressex.com. Meanwhile, the government is pushing forward the Employment Rights Bill, raising concerns over unintended burdens for UK businesses. - [Navigating the Landfill Tax Reform: What UK Businesses Should Prepare For](https://www.dua.co.uk/navigating-the-landfill-tax-reform-what-uk-businesses-should-prepare-for/) - A Treasury consultation launched in July 2025 proposed eliminatingexisting reduced-rate or exempt status on around 7.5 million tonnes of waste currently enjoying landfill tax relief, potentially raising up to £1 billion per year. Sectors particularly exposed—construction, steel, property development, and manufacturing—are watching closely, warning of cost spikes and disruption. Rising Costs and Industry Impact Currently, landfill tax - [How the Non Dom Abolition and Golden Visa Revival Affect UK Businesses](https://www.dua.co.uk/how-the-non-dom-abolition-and-golden-visa-revival-affect-uk-businesses/) - Since 6 April 2025, the UK has dismantled the historic non dom tax status, ushering in a residence based regime: wealthy individuals residing over four years now face UK tax on worldwide income, capital gains, and inheritance Financial This shake up has triggered a wave of departures among high net worth individuals (HNWIs) - with - [No Change for the Bank of England Base Rate](https://www.dua.co.uk/no-change-for-the-bank-of-england-base-rate/) - Inflation Still a Concern The Monetary Policy Committee (MPC) decided to keep the Bank of England base rate at 4.25% following its latest review on 19 June 2025. Their decision was not a great surprise. While inflation had reduced in the earlier part of the year, the current figures show that inflationary pressures continue to - [Government Targets £7.5 Billion in Unpaid Tax](https://www.dua.co.uk/government-targets-7-5-billion-in-unpaid-tax/) - Focus on Business Compliance The government has announced plans to raise an additional £7.5 billion by stepping up efforts to close the tax gap - the difference between the tax HMRC expects to collect and what is actually paid. Figures published on 19 June show that £46.8 billion in tax went unpaid in the 2023-24 - [Chancellor Releases 2025 Spending Review](https://www.dua.co.uk/chancellor-releases-2025-spending-review/) - Takeaway Points for Your Business The Chancellor unveiled her Spending Review in June setting out how government departments will allocate money over the coming years. While much of the focus was on large-scale public services like the NHS and schools, there are some important signals here for businesses to take note of - both in - [How to Protect Sensitive Personal Information](https://www.dua.co.uk/how-to-protect-sensitive-personal-information/) - New guidance published by NCSC The National Cyber Security Centre (NCSC) has published new guidance to help businesses identify and protect against the risks of holding sensitive personal information. The guidance can help you to understand what sensitive personal information is and identify any that your business holds. It also provides some principles that, if - [FSB Updates Guidance on Employers’ Liability Insurance](https://www.dua.co.uk/fsb-updates-guidance-on-employers-liability-insurance/) - Help in checking your insurance arrangements The Federation of Small Businesses (FSB) has recently updated its guidance on Employers’ Liability insurance – a useful reminder of the rules and risks around a business insurance that is legally required in the UK. The guidance explains that if you employ anyone – including part-time, temporary, or even - [Spending Review June 2025: What It Means for UK Businesses](https://www.dua.co.uk/spending-review-june-2025-what-it-means-for-uk-businesses/) - HM Treasury published the Spending Review on 18 June 2025, highlighting key public spending priorities across health, defence, and—crucially—tax compliance. While not a full multi-year fiscal plan, this review signals HMRC’s growing focus on efficiency and digital transformation. UK businesses must understand how these shifts affect compliance costs and the broader operating environment. Key Announcements Affecting Business - [UK Parental Leave Review:Impact on Businesses & Future Policies](https://www.dua.co.uk/uk-parental-leave-reviewimpact-on-businesses-future-policies/) - In a significant announcement on July 1, 2025, the UK government launched a "landmark" review into the amount of time off and pay new parents can get after the birth or adoption of a child. This comprehensive review aims to modernise the existing system, which has been widely criticised as complex, inadequate, and out of - [Autumn 2025 CGT Hike: What UK Businesses Must Plan Now](https://www.dua.co.uk/autumn-2025-cgt-hike-what-uk-businesses-must-plan-now/) - Following recent consultations and political signals, there’s growing expectation that the Autumn 2025 Budget will include increases to Capital Gains Tax (CGT). The potential rise adds urgency for business owners, particularly those considering asset disposals or restructuring. Here’s what UK businesses need to know to respond effectively. Why CGT May Rise in Autumn 2025 With - [HMRC Seeks £7.5 billion from Unpaid Tax What UK Businesses Must Know](https://www.dua.co.uk/hmrc-seeks-7-5-billion-from-unpaid-tax-what-uk-businesses-must-know/) - In June 2025, HM Revenue & Customs (HMRC) revealed a plan to recover an additional £7.5 billion per year by 2029–30 as part of a broader effort to close the UK tax gap. This initiative is central to the government’s Spending Review 2025, which provides funding to boost HMRC’s compliance capacity. With a widening tax gap—5.3% - [Farmers Take Government to Court Over Inheritance Tax Reform](https://www.dua.co.uk/farmers-take-government-to-court-over-inheritance-tax-reform/) - A growing number of UK farmers are gearing up to challenge the government in court over proposed changes to inheritance tax (IHT) reliefs that, they argue, could threaten the survival of family farms. The controversy centres on Agricultural Property Relief (APR), a key tax benefit that has allowed farming families to pass on land and - [Tax E-Newsletter - July 2025](https://www.dua.co.uk/dua-tax-e-newsletter-july-2025/) - Welcome to the July edition of our Tax News. This month look at Extracting cash from an owner managed firm; MTD Taxing Income from joint property and more... - [What Should You Do If You’re the Victim of a Data Breach](https://www.dua.co.uk/what-should-you-do-if-youre-the-victim-of-a-data-breach/) - Review of NCSC data breach guidance Media attention has been focused recently on the cyber-attacks affecting high street retailers. If you or your business is a customer of these businesses, you may have received communications alerting you to the fact that your data was included in the breach. If so, you may be wondering what - [Are you thinking of starting a business?](https://www.dua.co.uk/are-you-thinking-of-starting-a-business/) - Free New Business Kit for 2025-26 If you're considering starting a business, there’s a lot to think about - especially when it comes to finances, tax and compliance. From choosing the right structure (sole trader, partnership or limited company) to registering with HM Revenue and Customs (HMRC), keeping proper records and understanding your tax responsibilities, - [What’s Making Employees Angry at Work](https://www.dua.co.uk/whats-making-employees-angry-at-work/) - What Employers Can Do About It A recent Acas survey has revealed what’s really getting under employees’ skin at work – and the results may strike a chord with many business owners. Top of the list? Nearly half of workers (49%) said the thing that angers them most is seeing colleagues who aren’t doing their - [Interest Rates Cut, Trade Talks Shift](https://www.dua.co.uk/interest-rates-cut-trade-talks-shift/) - What It Means for Your Business In recent weeks, the Bank of England have cut interest rates from 4.5% to 4.25% and the government has announced new trade deals with India, the US and the EU. Let’s see what these news items can tell us about the latest developments in the economy. Split opinions At - [Raft of tax administration measures announced](https://www.dua.co.uk/raft-of-tax-administration-measures-announced/) - How will these affect businesses and employers? James Murray, the Exchequer Secretary to the Treasury, made a Written Ministerial Statement last week that included a total of 39 tax simplification, administration and reform measures. Many measures are intended to reduce burdens on employers and small businesses, whereas others are designed to modernise H M Revenue - [Tax E-Newsletter - June 2025](https://www.dua.co.uk/dua-tax-e-newsletter-june-2025/) - Welcome to the June edition of our Tax Newsletter. This month cover topics including HMRC's Spring Update, VAT groups and anti-avoidance and much more... - [Tax E-Newsletter - May 2025](https://www.dua.co.uk/dua-tax-e-newsletter-may-2025/) - Welcome to the May edition of our Tax Newsletter. This month cover topics including MTD for Income Tax - FAQs, Holiday Lettings and Property and much more... - [Tax E-Newsletter - April 2025](https://www.dua.co.uk/dua-tax-e-newsletter-april-2025/) - Welcome to the April edition of our Tax Newsletter. This month cover topics focus on The Spring Statement and more... - [Tax E-Newsletter - August 2024](https://www.dua.co.uk/dua-tax-newsletter-august-2024/) - Welcome to the August edition of our Tax newsletter. We hope you find this informative. Please contact us if you wish to discuss any item in more detail... - [Tax E-Newsletter - September 2024](https://www.dua.co.uk/dua-tax-newsletter-september-2024/) - In the September edition of our Tax newsletter. we anticipate possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October... - [Tax E-Newsletter - October 2024](https://www.dua.co.uk/dua-tax-newsletter-october-2024/) - Welcome to the October edition of our Tax newsletter. We hope that you find this newsletter informative. Please contact us to discuss any points in more detail. - [Tax E-Newsletter - The Budget 2024](https://www.dua.co.uk/dua-tax-news-the-budget-30-oct-2024/) - Welcome to The Budget 2024 - autumn edition of our Tax Newsletter. We hope that you find this informative. Download the full summary report here: DUA Tax News - The Budget - Autumn 2024 Please contact us if you wish to discuss in more detail any of the points highlighted. THE BUDGET 2024 - - [Tax E-Newsletter - December 2024](https://www.dua.co.uk/dua-tax-newsletter-december-2024/) - Welcome to the December edition of our Tax newsletter. The announcement about restrictions to inheritance tax (IHT) agricultural and business property relief... - [Tax E-Newsletter - January 2025](https://www.dua.co.uk/dua-tax-e-newsletter-january-2025/) - May we wish you a healthy and prosperous New Year. Welcome to the first edition of our Tax newsletter for 2025. We hope that you find this informative. Please contact us if you wish to discuss in more detail any of the points highlighted. SCOTTISH AND WELSH BUDGETS Scotland The key tax takeaways from - [Tax E-Newsletter - February 2025](https://www.dua.co.uk/dua-tax-e-newsletter-february-2025/) - Welcome you to the February 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. THERE’S STILL TIME FOR SOME YEAR END TAX PLANNING! With the tax/financial year end approaching, now is a good time to - [Tax E-Newsletter - March 2025](https://www.dua.co.uk/dua-tax-e-newsletter-march-2025/) - Welcome to the March edition of our Tax Newsletter. This month cover topics including MTD FOR INCOME TAX, CGT, ATED and what constitutes income from trading. - [Navigating Global Headwinds: IMF Raises UK Growth Forecast Amid Trade Tensions](https://www.dua.co.uk/navigating-global-headwinds-imf-raises-uk-growth-forecast-amid-trade-tensions/) - While the IMF has slightly upgraded its growth projection for the UK economy to 1.2% in 2025, a nudge up from their previous 1.1% estimate, rising to 1.4% in 2026. However, this positive adjustment comes with a significant caveat: the looming shadow of global trade tensions. Specifically, the IMF highlighted that U.S. tariffs are expected - [Tax Transparency and Digitalisation: HMRC's Latest Push for Businesses](https://www.dua.co.uk/tax-transparency-and-digitalisation-hmrcs-latest-push-for-businesses/) - The landscape of UK tax administration continues its march towards full digitalisation, with HMRC consistently introducing updates aimed at streamlining processes, reducing paper waste, and enhancing efficiency. For UK businesses, this means a continuous need to adapt internal systems and communication channels to remain compliant and avoid missing crucial information. The latest announcements from HMRC - [The Future of Work: Navigating AI, ESG, and Employment Law Shifts](https://www.dua.co.uk/the-future-of-work-navigating-ai-esg-and-employment-law-shifts/) - The UK workplace is in a dynamic phase of transformation, driven by technological advancements, evolving societal expectations, and a raft of new regulatory updates. For businesses, staying ahead of these shifts is not merely about compliance but also about fostering a productive, ethical, and resilient workforce. The future points towards increasing integration of Artificial Intelligence - [Strengthening UK-EU Trade Relations: A New Era for Businesses](https://www.dua.co.uk/strengthening-uk-eu-trade-relations-a-new-era-for-businesses/) - For many UK businesses, particularly those engaged in international trade, the relationship with the European Union remains a critical determinant of success. Recent signals from both sides of the English Channel suggest a potential "reset" in UK-EU relations, aiming to put trade at the forefront of the relationship. This development offers some hope for businesses - [Strengthening HMRC's Reminder on P11D Loan Reporting](https://www.dua.co.uk/strengthening-hmrcs-reminder-on-p11d-loan-reporting/) - HMRC has issued a reminder to UK employers regarding the reporting of loans to directors and employees exceeding £10,000 on Form P11D for the 2024/25 tax year. This move underscores HMRC's focus on tax transparency and compliance. Understanding the Requirement Employers are obligated to report interest-free or low-interest loans provided to employees or directors as - [The Importance of Robust Cyber Security for UK SMEs](https://www.dua.co.uk/the-importance-of-robust-cyber-security-for-uk-smes/) - Cybersecurity is no longer just a concern for large corporations. Small and medium-sized enterprises (SMEs) in the UK are becoming increasingly targeted by cybercriminals, and the consequences of a successful attack can be devastating, ranging from financial losses and reputational damage to legal repercussions and business closure. Implementing robust cyber security measures is therefore a - [New neonatal care law now in force](https://www.dua.co.uk/new-neonatal-care-law-now-in-force/) - Are you ready to respond to requests? The Neonatal Care (Leave and Pay) Act 2023 came into force on 6 April 2025. This law provides a new leave and pay entitlement for parents with a baby in neonatal care. Depending on how long their baby is in neonatal care, parents will now have the right - [Simplification of the VAT Capital Goods Scheme](https://www.dua.co.uk/simplification-of-the-vat-capital-goods-scheme/) - The UK government has introduced simplification measures to the VAT Capital Goods Scheme (CGS), aiming to reduce administrative burdens for businesses. Key Changes Removal of Computers: Computers will no longer be included in the CGS, simplifying VAT adjustments for these assets. Increased Threshold: The capital expenditure threshold for land, buildings, and civil engineering works will - [Streamlining Operations: Embracing Digital Transformation](https://www.dua.co.uk/streamlining-operations-embracing-digital-transformation/) - In today's fast-paced business environment, digital transformation is no longer a luxury but a necessity for UK businesses of all sizes. Embracing technology can streamline operations, enhance efficiency, improve customer engagement, and ultimately drive growth. Recent advancements in cloud computing, artificial intelligence (AI), and automation offer unprecedented opportunities for businesses to optimise their processes and - [Navigating the Evolving Landscape of Employment Costs](https://www.dua.co.uk/navigating-the-evolving-landscape-of-employment-costs/) - The costs associated with employing individuals are a significant factor for all UK businesses, and recent developments continue to shape this landscape. From changes in National Insurance thresholds to ongoing discussions around the National Minimum Wage and the complexities of employee benefits, staying informed is crucial for effective financial planning and compliance. Understanding these nuances - [4 Strategies to Help You Weather the US Tariff Increases](https://www.dua.co.uk/4-strategies-to-help-you-weather-the-us-tariff-increases/) - There may be opportunities ahead The US tariff saga has caused turmoil across global financial markets. Even though the UK’s main rate is a relatively low 10% (25% on British cars), many are concerned about what the effects will be on global supply chains, pricing and business confidence. What could this all mean for your - [New Companies House ID Checks](https://www.dua.co.uk/new-companies-house-id-checks/) - What they mean for you From 8 April 2025, Companies House has launched a new identity verification system as part of changes under the Economic Crime and Corporate Transparency Act 2023. If you’re a director, person with significant control (PSC), or someone who files on behalf of a company, this applies to you. - [MTD for Income Tax: Less Than a Year to Go](https://www.dua.co.uk/mtd-for-income-tax-less-than-a-year-to-go/) - If you're a sole trader or landlord with annual income over £50,000, a major change is coming your way. From 6 April 2026, you may be required to keep digital business records and submit quarterly updates to HM Revenue and Customs (HMRC) under Making Tax Digital (MTD) for Income Tax. This is one of the - [Do You Employ Workers in the Gig Economy?](https://www.dua.co.uk/do-you-employ-workers-in-the-gig-economy/) - Right to work checks now required There are new legal requirements to carry out checks confirming that anyone working in their name is eligible to work in the UK. Previously, these requirements did not apply to ‘gig economy’ and zero-hour workers. The gig economy refers to short-term, flexible or freelance jobs where workers are - [Should you be paying tax on your side hustle?](https://www.dua.co.uk/tax-savings-by-giving-money-away-3-2-2/) - Make sure you avoid any nasty surprises Conventional approaches to work and earning an income are changing and with the cost of living ever rising, many now use various ways to make some extra cash outside of their main job. If that’s true of you then you may wonder whether you need to pay tax - [Maximize your State Pension](https://www.dua.co.uk/tax-savings-by-giving-money-away-3/) - From 6 April 2025, it will no longer be possible to make voluntary contributions in respect of the tax years from 6 April 2006 to 5 April 2019. The previous government extended the deadline to pay voluntary NI contributions to 5 April 2025 for those affected by the new state pension transitional arrangements. It is - [An update on economic growth measures](https://www.dua.co.uk/tax-savings-by-giving-money-away-3-2-3/) - Key speech from the Chancellor The Chancellor of the Exchequer, Rachel Reeves, delivered a key speech recently that served as an update on the government’s plans for delivering economic growth. The plan largely focused on developments proposed around Oxford and Cambridge as well as a third runway at Heathrow. Here are some of the highlights - [Is a tax return still required to be filed?](https://www.dua.co.uk/what-size-of-company-are-you-2/) - HMRC has raised the income threshold for submission of tax returns from £100,000 to £150,000 and they are writing to individuals saying that tax returns are no longer required. However, this is, unfortunately, sometimes incorrect. If you have rental income, untaxed income such as dividends, interest etc, or if you receive child benefit, - [The Spring Statement – is there yet more bad news on the horizon?](https://www.dua.co.uk/three-business-rates-agents-suspended-by-voa-2/) - The Chancellor Rachel Reeves will present her Spring Statement on 26 March 2025. Unfortunately, the current economic climate is not good with the economy slowing down and job vacancies falling, and along with all the announced changes coming in from April 2025, there is a real risk there will be more tax raising announcements. The - [Are gloomy predictions getting you and your team down?](https://www.dua.co.uk/tax-savings-by-giving-money-away-3-2-4/) - How to stay positive According to a survey of 2,000 businesses carried out by the Chartered Institute of Personnel and Development (CIPD), just over a third are planning redundancies or to recruit fewer people ahead of National Insurance and Minimum Wage rises this April. 42% of those surveyed have said they will increase prices to - [31 March year end? How soon after that date will your accounting figures be available?](https://www.dua.co.uk/three-business-rates-agents-suspended-by-voa-3/) - Running a successful business involves keeping a close eye on the financials. Unfortunately, far too many businesses regard this as an unnecessary evil. Being VAT registered and having to have the figures available for VAT Returns can help this process, but it is not the be all and end all. Believe it or not, there - [Spring Statement and OBR Forecasts](https://www.dua.co.uk/spring-statement-and-obr-forecasts/) - How is your business affected? The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances. What did the statement tell us about public finances and the economy? The Statement came - [Making Tax Digital for Income Tax regime extended to smaller businesses](https://www.dua.co.uk/making-tax-digital-for-income-tax-regime-extended-to-smaller-businesses/) - How will the changes affect you? The Spring Statement announced that the Making Tax Digital for Income Tax (MTD for IT) regime will be further extended to smaller businesses. Read on to see how and when your business might be affected. What is MTD for IT? Making Tax Digital for Income Tax (MTD for IT) - [How the VAT Threshold Rise Could Impact Small UK Businesses](https://www.dua.co.uk/how-the-vat-threshold-rise-could-impact-small-uk-businesses/) - In a move welcomed by many small business owners, the VAT registration threshold in the UK is set to increase from £85,000 to £90,000 from April 2024. While this change may sound relatively minor, it could have significant implications for thousands of UK businesses—particularly sole traders and SMEs operating just below or above the existing - [Shake up, Wake up, Scale up
SME conference is back for 2025](https://www.dua.co.uk/shake-up-wake-up-scale-upsme-conference-is-back-for-2025/) - The Hertfordshire SME only conference is back bigger and better The SME event is returning on 2nd July 2025 at Pendley Manor, Tring, Hertfordshire HP23 5QY The shake up, wake up, scale up conference brings together SME’s at different stages who need to plan their future with mentors, insights and advice that can help them - [Public Procurement Act comes into force](https://www.dua.co.uk/public-procurement-act-comes-into-force/) - More opportunities for small businesses The Public Procurement Act 2023, originally set for implementation on 28 October 2024, has now officially come into force. This legislation introduces new rules designed to make it easier for smaller businesses to compete for and win public sector contracts. Key changes under the Act The Act establishes clear - [Managing Cash Flow During High-Interest Rate Conditions](https://www.dua.co.uk/managing-cash-flow-during-high-interest-rate-conditions/) - A Guide for UK SMEs In the last two years, UK businesses have faced rising interest rates as the Bank of England battles inflation. For small and medium-sized enterprises (SMEs), the era of cheap borrowing is over, and many are now facing higher costs to finance working capital, loans, and investments. Effective cash flow management - [Proposals on new energy saving requirements for landlords](https://www.dua.co.uk/proposals-on-new-energy-saving-requirements-for-landlords/) - Costs to implement could be as much as £15,000 The UK government is consulting on changes that will require private landlords in England and Wales to meet higher energy performance ratings by 2030. Currently, 48% of all private rented homes have an Energy Performance Certificate (EPC) of C or above. However, under new plans the - [Are You Prepared for the End of Paper Self-Assessment Tax Returns?](https://www.dua.co.uk/are-you-prepared-for-the-end-of-paper-self-assessment-tax-returns/) - Making Tax Digital for Income Tax is Coming The tax landscape for self-employed individuals and landlords is changing—again. HMRC’s Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is scheduled to come into effect from April 2026. While that may sound distant, businesses and individuals affected by the changes need to start preparing now. The - [Are you ready for April 2025](https://www.dua.co.uk/are-you-ready-for-april-2025/) - Employers National Insurance and National Minimum Wage increases to take effect While some may have hoped for some backtracking in the 2025 Spring Statement, the new National Minimum Wage and Employers National Insurance increases will come into force from April 2025 as planned. For many businesses, the April payroll will represent a sizeable step - [Why Every Small Business Needs a Succession Plan](https://www.dua.co.uk/why-every-small-business-needs-a-succession-plan/) - and How to Start One Many small business owners spend years building their business — but few spend enough time planning how they will eventually exit it. A succession plan isn’t just for large corporations or family-run dynasties. It’s an essential part of business risk management and future-proofing, especially for SMEs where the owner is - [Base rate cut to 4.5%](https://www.dua.co.uk/tax-savings-by-giving-money-away-3-2/) - Is this the start of a run of cuts? The Bank of England reduced their base rate to 4.5% last month, as had been widely expected in the days leading up to the decision. The decision was made by a 7-2 majority. The minority of two members were looking for the rate to be reduced - [Pensions, tax relief and the High Income Child Benefit Charge](https://www.dua.co.uk/tax-savings-by-giving-money-away-2/) - You may be making pension contributions but in certain circumstances you may be eligible to claim additional tax relief. Many pension providers operate a RAS (Relief at source) scheme. Your employee contributions are made to the pension company net of 20% tax relief. There are statutory bands with upper and lower monthly earnings limits. Someone - [What size of company are you?](https://www.dua.co.uk/what-size-of-company-are-you/) - From 6 April 2025 the monetary thresholds to define the size of a company are changing. The table below sets out the new size thresholds that will be met for... - [Three business rates agents suspended by VOA](https://www.dua.co.uk/three-business-rates-agents-suspended-by-voa/) - Businesses urged to be cautious The Valuation Office Agency (VOA) have announced the suspension of three business rates agents. The suspension of Rateable Value Experts and Re-Rates UK was announced on January 2nd. Rate Masters Limited trading as ‘My Rates’ were suspended on January 22nd. The VOA have not specified the exact - [Why you should prioritise tax planning before the tax year ends](https://www.dua.co.uk/why-you-should-prioritise-tax-planning-before-the-tax-year-ends/) - Save tax and improve your cash flow As the UK tax year-end approaches on 5 April, it’s an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed. Tax planning can help you to reduce tax liabilities, boost your cash flow and put you - [Crackdown on right to work checks](https://www.dua.co.uk/crackdown-on-right-to-work-checks/) - Are you compliant? Recent immigration enforcement activity has highlighted the need for employers to ensure their workers have the right to work in the UK. With thousands of enforcement visits, arrests, and hefty fines being issued, businesses that neglect their responsibilities risk serious consequences. Crackdown on illegal working Immigration Enforcement teams - [New safety and security declaration requirements](https://www.dua.co.uk/new-safety-and-security-declaration-requirements/) - Are you ready? Beginning 31 January 2025, entry summary declarations are now required for goods imported into Great Britain (GB) from the EU. This extends the already existing requirements to submit entry summary declarations for imports into GB from countries outside the EU and exit summary declarations for exports to the EU. To - [Inflation falls to 2.5%](https://www.dua.co.uk/inflation-falls-to-2-5/) - What this means for your business Official figures released in January reveal that UK inflation fell slightly in December, down to 2.5% from 2.6% in November. While the drop is marginal, it has sparked discussion in the press as to whether this easing of inflation might prompt the Bank of England to consider - [Tax savings by giving money away?](https://www.dua.co.uk/tax-savings-by-giving-money-away/) - Do you make payments under “gift aid”? You may make regular direct debits to your favourite charity, or you may do one-off sponsorships e.g. a charity walk or parachute jump. You will probably be asked If you want to make the payment under Gift Aid. By doing so, the charity can benefit by more than - [Has your Christmas party exceeded HMRC rules? Check now!!](https://www.dua.co.uk/has-your-christmas-party-exceeded-hmrc-rules-check-now-2/) - A limited company is a separate legal entity from the individuals that own the shares. Any trading receipts belong to the company and directors should not just “help themselves” to the funds, in the same way as is possible if trading as a sole proprietor or partnership. There are various methods of extracting the funds, - [What reports and business data insights would you like to see?](https://www.dua.co.uk/what-reports-and-business-data-insights-would-you-like-to-see/) - Every business produces data – accounting records being a prime example. Business owners will often have different ideas as to what information is, or might be, useful to them. Seeing the data in graphical, dashboard or picture form often helps too. Which do you prefer? A management reports pack full of pages and pages of - [Planning for the future](https://www.dua.co.uk/planning-for-the-future/) - Whatever your plans are in the future, you will need an income. How far will just the state pension of £221.20 per week take you? And do you (or can you) wait until age 66 for this to be paid? Many business owners consider their business to be their pension fund. However, not all businesses - [New reporting requirements for online platforms](https://www.dua.co.uk/new-reporting-requirements-for-online-platforms/) - HMRC confirm there is no change to tax rules New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC). Although these reporting requirements have caused concern, HMRC have confirmed that there are no changes - [Coffee bean prices at record high](https://www.dua.co.uk/coffee-bean-prices-at-record-high/) - Will our morning caffeine fix cost more? Those of us that rely on a coffee-fix to get the day started may see this get more expensive. Coffee prices on international commodity markets soared to their highest level on record in December. The price for Arabica beans, the most used beans in global production, increased to - [New Fair Payments Code launched](https://www.dua.co.uk/new-fair-payments-code-launched/) - Will it help you get paid quicker? The government’s promised new Fair Payments Code was launched last month to try and tackle late payment problems that can be particularly harmful to small businesses. How will the Fair Payment Code help? The code introduces a gold, silver, and bronze system that smaller firms can use to - [Be wary of Self Assessment scams](https://www.dua.co.uk/be-wary-of-self-assessment-scams/) - Scam attempts on the increase HM Revenue and Customs (HMRC) have issued a reminder to be careful about scam attempts that target people filing Self Assessment tax returns. In the last year, nearly 150,000 scam attempts were referred to HMRC, a 16.7% increase on last year. With the 31 January 2025 filing deadline approaching, fraudsters - [Get Britain Working White Paper](https://www.dua.co.uk/get-britain-working-white-paper/) - Reforms to employment support announced The government has unveiled some significant reforms to employment support, underpinned by a £240 million investment. The measures aim to address deep-rooted issues of unemployment, economic inactivity, and barriers to work, as detailed in the recently published Get Britain Working White Paper. Figures quoted in the government’s announcement made for - [Scottish Budget announcement](https://www.dua.co.uk/scottish-budget-announcement/) - Highlights for businesses from the Budget The Cabinet Secretary for Finance & Local Government, Shona Robinson delivered the 2024/25 Scottish Budget on 4 December. This Budget was centred on the following priorities to: eradicate child poverty; grow the economy; tackle the climate emergency; and ensure high quality and sustainable public services. The following measures will - [Welsh Budget announcement](https://www.dua.co.uk/are-you-declaring-your-rental-income-2/) - Highlights for businesses from the Budget The Welsh budget was announced on 10 December. The key decisions for Welsh businesses and individuals were as follows: Welsh Rates of Income Tax The Welsh rates of income tax for 2025/26 will remain at 10p for the three income tax rates (Basic, higher and additional). This means that - [Has your Christmas party exceeded HMRC rules? Check now!!](https://www.dua.co.uk/has-your-christmas-party-exceeded-hmrc-rules-check-now/) - With the annual Christmas party behind us, now is the time to count the costs to ensure there is no breach of the HMRC rules. What you need to report and pay depends on: if it’s an annual event if it’s open to all of your employees if it costs more than £150 per head - [Why Budgets are important in your business](https://www.dua.co.uk/why-budgets-are-important-in-your-business/) - A budget is crucial for any business as it serves as a financial blueprint, guiding decision-making and resource allocation. It allows businesses to forecast revenues and expenses, ensuring that they can meet their financial obligations and avoid overspending. A well-structured budget provides insights into cash flow, helping business owners identify potential shortfalls and take corrective - [Personal tax liabilities – due 31 January 2025](https://www.dua.co.uk/personal-tax-liabilities-due-31-january-2025/) - If you have any personal tax liabilities due, these will be payable on 31 January. This will not only be a payment of any balance of tax due for the 2023/24 tax year, but also a “payment on account” for the 2024/25 tax year. A simple example: Fred has a tax liability of £25,000 for - [Property – Annual Tax on Enveloped Dwellings](https://www.dua.co.uk/property-annual-tax-on-enveloped-dwellings/) - ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000. You’ll need to complete an ATED if your property: is a dwelling -a property used as a residence for example a house or flat. is in the UK was valued at more than: £2 million (for - [Are you declaring your rental income?](https://www.dua.co.uk/are-you-declaring-your-rental-income/) - There are still cases “coming out of the woodwork” where properties are being let out, but rents are not being declared to HMRC. Some seem to think there is no need to do so as they are not making a “profit” as expenses exceed income. However, in many cases this is after taking into account - [Chancellor pushes for e-invoicing](https://www.dua.co.uk/chancellor-pushes-for-e-invoicing/) - Could that help or hinder your business? As part of a series of announcements made in recent weeks by the Chancellor, the government is making a push for greater use of electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) will soon launch a consultation on encouraging the wider use of e-invoicing, with the goal of - [New tipping laws](https://www.dua.co.uk/new-tipping-laws/) - What employers need to know As of 1st October, the Employment (Allocation of Tips) Act came into force that ensures workers keep 100% of the tips, gratuities, and service charges they earn. While many employers already pass on tips to staff, this new legislation will close loopholes so that all tips go directly to workers. - [Surprising drop in inflation for September](https://www.dua.co.uk/surprising-drop-in-inflation-for-september/) - Will it lead to interest rate cuts? The government published the Employment Rights Bill in October, which is intended to help deliver economic security and growth to businesses, workers and communities across the UK. The Office for National Statistics (ONS) reports each month on inflation and other economic indicators each month. During October they reported - [Employment Rights Bill 2024](https://www.dua.co.uk/employment-rights-bill-2024/) - Significant changes proposed to workers’ rights. The government published the Employment Rights Bill in October, which is intended to help deliver economic security and growth to businesses, workers and communities across the UK. The bill will bring forward 28 individual employment reforms, from ending exploitative zero hours contracts and fire and rehire practices to establishing - [Autumn 2024 Budget speech: History in the making?](https://www.dua.co.uk/autumn-2024-budget-speech-history-in-the-making/) - Good news for workers, but not so much for businesses On October 30 2024, Rachel Reeves delivered her first Budget speech. As the first Budget speech ever delivered by a female Chancellor of the Exchequer, the occasion was bound to be one for the history books regardless of what was said. The Chancellor’s speech lasted - [Businesses count the cost of increases to Employers National Insurance](https://www.dua.co.uk/the-2024-budget-and-changes-to-national-insurance-6/) - What will it mean for your payroll? It’s already been a month since the Autumn Budget, but the significant changes the Chancellor, Rachel Reeves, made to the Employers National Insurance (NI) rate and threshold are still sinking in with businesses across the country. From 1 April 2025, the rate for Employers National Insurance (NI) will - [Stress awareness reminders for employers](https://www.dua.co.uk/the-2024-budget-and-changes-to-national-insurance-5/) - Could more stress awareness lead to productivity gains? During Stress Awareness Week 2024, held during November, the Health and Safety Executive (HSE) used the occasion to remind employers of their need to carry out their legal duty to prevent work-related stress and support good mental health at work. According to HSE figures, 17.1 million working - [Inflation on the rise again](https://www.dua.co.uk/the-2024-budget-and-changes-to-national-insurance-4/) - What the latest figures mean for businesses The latest inflation figures from the Office for National Statistics (ONS) reveal that the Consumer Prices Index (CPI) for October 2024 rose to 2.3%, up from 1.7% in September. This marks the first increase in inflation since July, and it has sparked interest among business owners, economists, and - [Employers must take “reasonable steps” to prevent sexual harassment](https://www.dua.co.uk/the-2024-budget-and-changes-to-national-insurance-3/) - New legal duty in force Employers now have a new legal duty to take “reasonable steps” to prevent sexual harassment of employees. This duty requires employers to anticipate when sexual harassment may occur and take reasonable steps to prevent it. If sexual harassment has already taken place, then an employer would need to take action - [Agricultural and business property relief](https://www.dua.co.uk/the-2024-budget-and-changes-to-national-insurance-2/) - What happened in the Budget? Changes to inheritance tax were announced in the Budget that have caused consternation and resulted in protests by farmers and business owners across the UK. What exactly is changing and what could this mean for you? What are agricultural and business property relief? Agricultural property relief (APR) is a type - [The 2024 Budget and changes to National Insurance](https://www.dua.co.uk/the-2024-budget-and-changes-to-national-insurance/) - The ramifications of the Chancellor’s Budget announcements regarding Employer’s NI changes are now clear. These come into effect from April 2025. For those that employ staff, some businesses will be winners, but there will be many losers too. NI is currently paid on earnings over £9100, but this will drop to earnings over £5000 from - [The annual staff Christmas Party – watch for any tax implications](https://www.dua.co.uk/the-annual-staff-christmas-party-watch-for-any-tax-implications/) - As a business owner, it is only natural to consider things from a financial perspective. One example is planning your Christmas party. While many prioritise the enjoyment of the party itself, understanding these financial implications can help you make the most of your budget and even enhance your festive celebrations. The Christmas party qualifies as - [The effects of cutting prices – do you realise how much more you need to sell to achieve the same level of profit?](https://www.dua.co.uk/the-effects-of-cutting-prices-do-you-realise-how-much-more-you-need-to-sell-to-achieve-the-same-level-of-profit/) - It is very easy to reduce prices, but in doing so, this will affect your gross profit margin. Yes, it might be that you actually increase unit sales, but will this increase your bottom-line profit, or will you make less money? How much harder might you have to work to sell more? To - [Not yet VAT registered? Ensure you keep a rolling 12-month turnover summary!](https://www.dua.co.uk/not-yet-vat-registered-ensure-you-keep-a-rolling-12-month-turnover-summary/) - A business with turnover in the previous 12-month period exceeding £90,000, or turnover is expected to exceed £90,000 in the next 30 days is required to register for VAT. If a trader is already registered for VAT, starting another business means registration has to be immediate. It is essential you monitor the turnover closely. - [Are you still word processing, using a spreadsheet or even handwriting your sales invoices?](https://www.dua.co.uk/are-you-still-word-processing-using-a-spreadsheet-or-even-handwriting-your-sales-invoices/) - There are many cost-effective tools and products to streamline this aspect of your business. Using such products have significant advantages – reducing the risk of errors in calculations, free up time, a more professional look, makes chasing unpaid bills easier…. the list goes on. With software, it is possible to see if or when - [No VAT payable if paying by cash!](https://www.dua.co.uk/hmrc-anti-avoidance-campaigns-6/) - How often have you heard this? How often have you seen someone actually put this on their invoices!!! You may have come across this frequently in the building trade, but there are anecdotal reports of other businesses such as lawyers asking for payment in cash too (which they would collect to save it going to - [Capital Gains and losses?](https://www.dua.co.uk/hmrc-anti-avoidance-campaigns-5/) - The current annual capital gains exempt amount is £3,000. However, we may see this alter in the October budget. Be aware that if you realise gains and losses in the same tax year, losses will be offset against gains before the exempt amount is applied. So if gains are covered by the exemption, losses could - [The 60% tax trap](https://www.dua.co.uk/hmrc-anti-avoidance-campaigns-4/) - Apparently, over half a million taxpayers paid a marginal tax rate of 60% in 2022/23! This 60% tax rate does not appear in tax tables though. For 2024/25 taxpayers in England, the rates shown on the HMRC website are: Band Taxable income Tax rate Personal Allowance Up to £12,570 0% Basic rate £12,570 to £50,270 - [How much repetitive manual input is there into your accounting records?](https://www.dua.co.uk/hmrc-anti-avoidance-campaigns-3/) - Getting information into the accounting records can be done in a variety of ways. Things have moved on over the years with the advent of IT. In the “good old days” this was often laborious and time consuming and prone to error. Nowadays it can be as simple as uploading an electronic invoice and all - [Cash basis or accruals basis?](https://www.dua.co.uk/hmrc-anti-avoidance-campaigns-2/) - From April 2024, cash basis accounting, where income or costs are recorded at the date the money is either received or paid out, is the HMRC recognised default accounting method for self-employed businesses and partnerships with trading income. Accruals method can be used but a box needs to be ticked on the tax return. - [HMRC Anti-avoidance campaigns](https://www.dua.co.uk/hmrc-anti-avoidance-campaigns/) - HMRC is keen to close the “tax gap”, and one of their “tactics” is direct letters to individuals they suspect of having received income from certain sources. The latest is to those suspected of generating income from selling or breeding of animals – particularly dogs and cats – where this has not been disclosed to - [Are you paying at least the National Minimum Wage (NMW)?](https://www.dua.co.uk/resetting-your-approach-after-a-break-2/) - HMRC is cracking down on small and medium-sized businesses in certain regions of the UK for potential non-compliance with the NMW regulations. Companies found guilty will have to reimburse workers for arrears and can be publicly “named and shamed”. Earlier this year, over 500 businesses were listed on the HMRC website, and some of these - [Do parents pay tax on their children’s savings?](https://www.dua.co.uk/do-parents-pay-tax-on-their-childrens-savings/) - If you're a parent and want to put some money into your child's savings account, there are some strict rules in place to stop you using their tax-free allowances as a way of cutting down your own tax bill. If the interest on the savings you put into your child's savings account exceeds £100 a - [Are you being paid on time?](https://www.dua.co.uk/neuromarketing-2-2-2/) - Delays in being paid by your customers can lead to cash flow problems in your business. Your staff and suppliers (and you!) want to be paid on time. Streamline your invoicing processes by billing promptly after completing the work and follow up unpaid bills. Electronic invoicing with “pay now” buttons can make it easy for - [Do you know the amount of your January 2025 self-assessment tax bill?](https://www.dua.co.uk/neuromarketing-2-2/) - Knowing how much needs to be paid gives you time to budget and ensure the funds are in place. Leaving your tax return and/or accounts until the last minute can give rise to a nasty shock as well as cash flow issues. If you have not let us have the information for your returns yet, - [Pre Budget tax planning and actions](https://www.dua.co.uk/neuromarketing-2/) - Care is needed if you are undertaking and actions prior to the budget at the end of October to avoid falling foul of any anti-avoidance legislation. There is speculation that Reeves may adjust Capital Gains Tax (CGT) to help address the gap in public finances, potentially by aligning CGT rates with income tax rates. Whether - [Resetting your approach after a break](https://www.dua.co.uk/resetting-your-approach-after-a-break/) - How do you reset at work after a break or a quieter summer period? Resetting at work after a break or a quieter summer period is crucial for regaining productivity and focus. The process begins with getting organised and prioritising tasks. Reviewing upcoming projects, deadlines, and emails allows you to assess what requires immediate attention. - [Balancing long-term and short-term strategies](https://www.dua.co.uk/balancing-long-term-and-short-term-strategies/) - You can’t grow-long term if you can’t eat in the short-term. Any successful business has to balance two different time horizons -long and short-term. In the short term, a business needs to cover its costs, pay salaries and function on a day-to-day basis. However, if it focuses too much on the present, there is a - [Neuromarketing](https://www.dua.co.uk/neuromarketing/) - What is it and how can it be harnessed by your firm? Neuromarketing is a field of marketing that combines neuroscience and psychology to understand consumers' subconscious reactions to marketing stimuli. Neuromarketing uses knowledge about the way our brains are structured and how they interpret the world around us and make decisions in order to - [Leaders simply can’t aways be right](https://www.dua.co.uk/leaders-simply-cant-aways-be-right/) - Being an effective leader involves recognising it’s impossible to be right all the time. Constructive conflict should be embraced in business. In fact, sometimes “no” is ultimately more useful than ‘yes”. The best managers and leaders in the business world, seek and accept critical feedback from trusted colleagues to maintain a balanced perspective. Recognising - [Research and Development claims](https://www.dua.co.uk/research-and-development-claims/) - Claiming R&D Tax Credits for innovating new products, enhancing processes or improving services can give rise to reductions in corporation tax or even cash repayments. However, there are unscrupulous “advisers” in the marketplace, which have been falsely claiming for all sorts of businesses where there is no such expenditure in the first place. Look up - [IHT - Inheritance Tax](https://www.dua.co.uk/iht-inheritance-tax/) - Nearly £6bn of Inheritance Tax (IHT) was collected in the 2021/22 tax year according to the latest Government figures – a new record for British families. While these figures are from a couple of years ago – it can take time for the official numbers to be fully collated. These latest figures shows a trend - [Strategic alignment](https://www.dua.co.uk/strategic-alignment/) - How to align your team on executing your firm’s strategy. Aligning your team with your firm’s strategy is essential for achieving organisational goals and ensuring cohesive execution. The process begins with clear communication. The management team needs to be able to articulate the strategy in a way that is understandable and relevant to each team - [Paying your tax…](https://www.dua.co.uk/paying-your-tax/) - What happens if you don’t pay your taxes when they become due? It is crucial to contact HMRC as soon as practicable if a tax debt cannot be paid on time. HMRC are receptive to payments by instalments using a “Time to Pay” arrangement. It might also be possible for a PAYE code to be - [Selling On Credit? Keep On Top Of Your Debtors…](https://www.dua.co.uk/selling-on-credit-keep-on-top-of-your-debtors-3/) - As globalisation continues, ordering goods, services, and software from international vendors has become a standard business operation for many companies. Paying for these overseas transactions has been simplified thanks to technological advancements in the financial sector. However, the ease of making international payments often comes at a significant cost, which can quickly add up and - [Situational Leadership](https://www.dua.co.uk/situational-leadership/) - The approach that you take to managing your business often needs to change and adapt to changing circumstances. Situational leadership is a flexible and adaptive approach to managing teams, emphasising that there is no single best way to lead a team of people. The situational leadership model argues that effective leadership depends on the specific - [Keeping business and private payments separate](https://www.dua.co.uk/keeping-business-and-private-payments-separate/) - Many business owners still pay private bills from their business account. This can significantly add to the workload in preparing business accounts in having to identify which is business and which is private and means many more transactions need to be processed than necessary. Yes, funds will be needed to be taken to meet personal - [The power of podcasts](https://www.dua.co.uk/the-power-of-podcasts/) - Podcasts are a powerful tool that can help business leaders and brands to engage with their target audience. Although they have been around for a while, podcasts remain very popular, and businesses can utilise them as an effective marketing tool. The conversational nature of podcasts is their primary strength, and a branded podcast is the - [Building a more sustainable business](https://www.dua.co.uk/building-a-more-sustainable-business/) - What can your business do to help create a more sustainable future? Sustainability remains a key area of focus for businesses and governments around the world. However, driving a more sustainable approach to business is not just something that large corporations do. Small to medium-sized businesses can also contribute to a sustainable future through energy - [Directors Loans](https://www.dua.co.uk/directors-loans/) - All too often, directors treat the company bank account as if it were their own personal funds, and just help themselves to monies as and when required, just as they would have done if they were still a sole trader. However, these funds belong to the company which is a separate legal entity. If the - [Empowering your team to succeed](https://www.dua.co.uk/empowering-your-team-to-succeed/) - Empowering your team is crucial for creating a productive and positive work environment. As a manager, it’s in your interest to empower your team to succeed. It all starts with communication. Maintaining open and transparent communication ensures that your team is always informed about goals, expectations, and any changes within the organisation. Regular meetings and - [Digital lead generation](https://www.dua.co.uk/digital-lead-generation/) - How to build a digital lead generation strategy for your firm. Building a digital lead generation strategy involves several key steps in order to attract, engage, and convert potential customers into leads. Define your target audience Understanding who your ideal customers are will help tailor your marketing efforts. Conduct market research to identify demographics, preferences, - [Managing a restructure](https://www.dua.co.uk/managing-a-restructure/) - Managing a restructure Whether times are good or bad, sometimes a business needs to restructure in order to move forwards. A restructure of any business requires careful planning, transparent communication, and thoughtful implementation to ensure a smooth transition and minimise disruption. To begin with, you and your management team should define the objectives and rationale - [Fear of failure](https://www.dua.co.uk/fear-of-failure/) - How do managers and business leaders get over their fear of failure? Most people have a fear of failure, and this can impede decision-making and stifle innovation. However, addressing this fear is crucial for effective leadership and fostering a healthy organisational culture. Effective managers embrace a growth mindset. This involves viewing failures as opportunities for - [Microsoft Copilot](https://www.dua.co.uk/microsoft-copilot/) - Artificial Intelligence (AI) assistant for Windows and Microsoft Office. Microsoft Copilot is an AI-powered tool that is primarily meant to support Microsoft 365 users with automation features for Word, Excel, PowerPoint, Outlook and Teams. It also works with the Bing search engine and Windows operating system. Copilot leverages the power of Chat GPT-4, enhancing traditional - [Do You Use Accounting Software? Don’t Forget The Mobile Apps](https://www.dua.co.uk/do-you-use-accounting-software-dont-forget-the-mobile-apps/) - You may be using cloud accounting software such as Xero or Quickbooks on your desktop PC. But there are also “apps” that mean you can do a lot of work easily whilst out and about. This is especially useful for example when at a customer – why not raise the invoice there and then - [Selling On Credit? Keep On Top Of Your Debtors…](https://www.dua.co.uk/selling-on-credit-keep-on-top-of-your-debtors/) - Pension auto enrolment was set up in 2012. All employers must provide a workplace pension scheme. This is called ‘automatic enrolment’. When you are selling and offering credit terms to your customers, it is essential to keep the cashflow moving. After all, your suppliers and staff want paying on time – as do you personally! - [Are you paying dividends legally?](https://www.dua.co.uk/are-you-paying-dividends-legally/) - It is common for a limited company to remunerate the directors/shareholders via a combination of dividends and salary. A dividend can only legally be paid however if there are sufficient reserves in the company to be able to do so. Where shareholders have received a distribution (e.g., a dividend) from the company knowing at - [VAT errors…](https://www.dua.co.uk/vat-errors/) - VAT Errors can happen due to a variety of circumstances – and far too many and various to list here. However, in an instance where an error has been identified, there could be an underdeclaration or even overdeclaration of VAT due on sales, or too much or not enough VAT reclaimed on inputs. Whilst accounting software - [The 2024 Election](https://www.dua.co.uk/are-you-monitoring-your-turnover-on-a-regular-basis-for-the-purposes-of-vat-2/) - Now the dust has settled on the election and the new Chancellor, Rachel Reeves, starts to find her feet – (and tries to find some money in the coffers!), there are likely to be changes to the tax regime in the not-too-distant future. Their manifesto intimated that there would be no changes to Corporation - [Tax E-Newsletter - July 2024](https://www.dua.co.uk/dua-tax-newsletter-july-2024/) - Welcome to the July edition of our Tax newsletter. We hope that you find this informative. Please contact us if you wish to discuss any of the subjects covered. - [Are you monitoring your turnover on a regular basis for the purposes of VAT?](https://www.dua.co.uk/are-you-monitoring-your-turnover-on-a-regular-basis-for-the-purposes-of-vat/) - For those smaller businesses, the business must register for VAT where the turnover, on a rolling 12-month basis, exceeds £90,000. The threshold for deregistration is £88,000. HMRC estimate that 28,000 businesses will no longer have to be VAT-registered. However, please be aware there are situations where it might still be beneficial to remain registered – - [Beware the lower tax exemption for Capital Gains](https://www.dua.co.uk/beware-the-lower-tax-exemption-for-capital-gains/) - Capital Gains Tax is a tax on the profit made when you sell certain assets that have increased in value. CGT may be due when you dispose of a range of assets. These can include: Shares that aren’t held in a tax-efficiently Property that isn’t your main home Personal possessions sold for £6,000 or more, - [Started employing staff? Don’t forget the workplace pension…](https://www.dua.co.uk/started-employing-staff-dont-forget-the-workplace-pension/) - Pension auto enrolment was set up in 2012. All employers must provide a workplace pension scheme. This is called ‘automatic enrolment’. UK employers are legally required to set up a workplace pension scheme into which they must enrol their employees and contribute to their savings. if you do not offer one already, you must arrange - [Do you need to register for self–assessment?](https://www.dua.co.uk/do-you-need-to-register-for-self-assessment/) - HMRC provide an online tool to enable you to check if you need to send a SA return. If you need to register, you must do so before 5 October 2024 for the 2023/24 tax year. The above deadline does not apply where HMRC have already asked you to file a tax return for the - [File your tax return early…](https://www.dua.co.uk/file-your-tax-return-early/) - With the July 2024 payment on account approaching, it may be possible to reduce the amount of this payment. Completing the tax return before that date means the figure can be accurately quantified. Even if it cannot be filed due to some “loose ends”, the amount can also be “estimated”, although care is needed. Accounts - [P11D and Class 1A National Insurance](https://www.dua.co.uk/p11d-and-class-1a-national-insurance/) - A reminder about payments relating to benefits in kind and National Insurance. Employers must pay Class 1A National Insurance contributions on work benefits given to their employees, such as a company mobile phone Unless taxed through the payroll, forms P11D detailing the benefits in kind should be given to affected employees by 6 July 2024, - [Tax E-Newsletter - June 2024](https://www.dua.co.uk/dua-tax-newsletter-june-2024/) - In the run up to the general election on July 4, our Tax newsletter highlights important tax information, updates and advice of dates to add to your tax diary. - [Confirmation bias](https://www.dua.co.uk/the-9-box-grid-4/) - Confirmation bias is a cognitive bias where individuals tend to search for, interpret, favour, and recall information that confirms their existing beliefs or hypotheses. Essentially, it's the tendency to selectively perceive information in a way that reinforces one's preconceptions or hypotheses, while disregarding or downplaying contradictory evidence. This bias can influence various aspects - [Re-energise your sales strategy](https://www.dua.co.uk/the-9-box-grid-2/) - In a tough market it takes an innovative sales strategy to succeed. In today’s challenging economic environment with its shifting consumer preferences, intense competition and high costs of doing business, your firm will need an innovative and effective sales strategy in order to succeed. Start by doing some research in order to gain - [The data economy](https://www.dua.co.uk/the-9-box-grid-3/) - The creation, processing and utilisation of data for commercial or societal purposes. Data is a valuable business asset. The data economy represents a fundamental shift in how businesses and societies operate, with data emerging as a critical asset driving economic growth, innovation, and transformation across various sectors and industries. As ever larger volumes - [The 9-box grid](https://www.dua.co.uk/the-9-box-grid/) - The 9-box grid is a tool for talent management and succession planning. The 9 box grid segments employees into 9 groups based on two dimensions – performance and potential. The purpose of the matrix is to align talent management and development initiatives to where they add the most value. When making talent management decisions, it - [2024 General Election](https://www.dua.co.uk/training-education-presentations-3-2/) - We knew it was coming – but we did not know the date – until recently. What will happen on 4 July? Whilst an interest rate cut looks increasingly more likely, the next decision regarding these is due on 20 June, but the Bank of England may delay any cuts to avoid making it “political”. - [Are you claiming the full tax relief on pension contributions?](https://www.dua.co.uk/training-education-presentations-3-2-2/) - A basic rate taxpayer will obtain 20% pension tax relief on contributions up to the earnings in a tax year A higher rate taxpayer can claim 40% pension tax relief, and an additional rate taxpayer can claim 45% pension tax relief. A non-taxpayer can pay £2880 net into a pension scheme, and this is made - [Will you qualify for a full state pension?](https://www.dua.co.uk/training-education-presentations-3-2-2-2/) - There may be gaps in your national insurance contributions due to various circumstances. Career breaks and time out to care for children are common reasons, and women are therefore more likely to have gaps than men. Under current rules 35 qualifying years of NI contributions are required to get the maximum amount on retirement. - [Gift Aid – should you pay more for admissions to properties etc?](https://www.dua.co.uk/training-education-presentations-3-2-2-2-2/) - When you visit a stately home or gardens, you are likely to be asked if you want to use Gift Aid. Under this scheme, for every £1 you donate, the Government gives a further 25 to the charity. You may have noticed though that the price lists for some attractions shows a higher price if - [Are training costs tax deductible for the self-employed?](https://www.dua.co.uk/training-education-presentations-3-2-2-2-2-2/) - HM Revenue & Customs have recently updated and clarified their guidance on training costs paid by the self-employed (March 2024). The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred wholly and exclusively for the purposes of the trade being carried - [Navigating GDPR](https://www.dua.co.uk/contextual-pricing-5/) - The General Data Protection Regulation impacts business worldwide GDPR mandates stringent requirements governing the processing of personal data, emphasising transparency, accountability, and individuals' rights. Businesses must grasp the fundamental principles and obligations outlined by GDPR to align their practices accordingly. Conducting a Data Audit A critical first step for businesses is conducting a - [Square payment processing](https://www.dua.co.uk/contextual-pricing-4/) - Payment processing for small and medium sized businesses. Square Point of Sale (POS) systems have become incredibly popular since they launched in 2017. The ubiquitous little square card reader now appears everywhere from busy restaurants to coffee carts outside train stations and even in taxis. Square’s card reader is a little square gadget - [Empathetic listening](https://www.dua.co.uk/contextual-pricing-3/) - 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 - [Dealing with a cyber-attack](https://www.dua.co.uk/contextual-pricing-2/) - 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 - [Tax E-Newsletter - May 2024](https://www.dua.co.uk/dua-tax-newsletter-may-2024/) - Welcome to the May edition of our Tax newsletter in which we highlight important tax information, updates from HMRC and advice of dates to add to the tax diary. - [Companies House – increased powers](https://www.dua.co.uk/fulfilling-demand-3/) - 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 - [Make use of ISAs to save tax now](https://www.dua.co.uk/fulfilling-demand-2/) - 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 - [Have your self-assessment tax returns prepared now!](https://www.dua.co.uk/training-education-presentations-3/) - Another standard aspect of the tax process commonly put off until the dreaded filing deadline of 31 January is the "Filing of the Self-Assessment Tax Return". Typically, this is considered a behavioural problem and generally left until the last minute because it is often viewed as a chore and a process contributing little benefit. However, - [Second properties and capital gains tax](https://www.dua.co.uk/fulfilling-demand-4/) - There has been recent press speculation around Angela Rayner and her disposal of a property that, purportedly, gave rise to a capital gain of some £48,500 before costs of acquisition and disposal and her failure to pay any capital gains tax We are not aware of the full circumstances by any means. We - [VAT Road Fuel scale charges](https://www.dua.co.uk/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 - [Company reporting](https://www.dua.co.uk/training-education-presentations-2/) - The rules around information to report in company accounts are based on a couple of important factors, notably turnover and balance sheet values. made Proposals have been made for new measures to help reduce the complexity and burdens of the current rules. The new regulations will directly benefit preparers and users of annual reports and - [Contextual Pricing](https://www.dua.co.uk/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 - [Fulfilling demand](https://www.dua.co.uk/fulfilling-demand/) - If the pie’s not big enough, make a bigger pie. Fulfilling customer demand is the primary objective for any business. It involves accurately anticipating customer needs, ensuring product availability, and delivering goods or services in a timely manner. Meeting demand not only enhances customer satisfaction but also contributes to brand loyalty and positive word-of-mouth - [Strategy - choosing what not to do](https://www.dua.co.uk/strategy-choosing-what-not-to-do/) - The essence of a good business strategy is choosing what not to do. Resource allocation is a fundamental consideration in any business strategy. Businesses operate within finite constraints, such as time, finances, or human resources. Choosing what not to do enables a more focused allocation of resources towards activities that align with the overarching - [The value of teamwork](https://www.dua.co.uk/the-value-of-teamwork/) - None of us is as smart as all of us. Way back in the 1920s the Hawthorne Studies, conducted by Elton Mayo, highlighted the importance of groups in affecting the behaviour of individuals at work. Fast forward to today and workplace design has evolved from solo workspaces and closed offices to open layouts that - [Dividend or salary – or both to extract funds from your company](https://www.dua.co.uk/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 - [Pay Now buttons in your accounting software](https://www.dua.co.uk/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 - [DUA Tax Newsletter - April 2024](https://www.dua.co.uk/dua-tax-newsletter-april-2024/) - Welcome to the April edition of our Tax newsletter in which we highlight some of the key tax changes that take effect from the start of the new tax year. - [Training, Education, Presentations](https://www.dua.co.uk/training-education-presentations/) - Do you need a meeting or write down lengthy notes? How do you show someone how to do something on your PC, and do they remember it, or do you need to show them again (and again)? Do you write manuals or instruction guides, perhaps with screenshots? Why not record a video of the screen - [National Living and Minimum Wage](https://www.dua.co.uk/national-living-and-minimum-wage/) - The National Living and Minimum Wage increased on 1 April 2024 for around 3 million workers in the UK. The new rates apply to everyone and are different based on your age, including whether you are in an apprenticeship role. It doesn’t matter if you’re in a full time, part time or - [The Budget and VAT](https://www.dua.co.uk/the-budget-and-vat/) - From 1 April 2024, the VAT registration threshold and deregistration thresholds each increased by £5,000 to £90,000 and £88,000 respectively. The thresholds had previously been frozen at £85,000 and £83,000 since 1 April 2017. According to the government, this will mean 28,000 businesses will no longer be VAT registered in 2024/25. In some - [High-Income Child Benefit Charge](https://www.dua.co.uk/high-income-child-benefit-charge/) - Approximately 180,000 families are encouraged to reconsider claiming child benefit following changes to the high-income child benefit charge (HICBC), which apply from 6 April 2024, when the thresholds will be increased. You may have to pay the HICBC if you are considered to have ‘high income’ and child benefit is being paid in relation to - [Tax E-news - March 2024](https://www.dua.co.uk/dua-tax-e-news-budget-2024/) - On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. Below, we talk more about the Budget and what it means for you. - [Inclusive leadership](https://www.dua.co.uk/setting-objectives-for-2024-2/) - 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 - [Becoming a trusted advisor](https://www.dua.co.uk/setting-objectives-for-2024-2-2/) - 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 - [Creating sustainable growth](https://www.dua.co.uk/setting-objectives-for-2024-2-2-2/) - We live in uncertain times, but it’s still possible to grow your business in a sustainable way. Globally, 2024 could be a year that is full of economic uncertainty. It’s an election year in the UK and the USA. Interest rates remain high, and inflation is still high too. Creating sustainable business growth during times - [Managing hybrid teams](https://www.dua.co.uk/setting-objectives-for-2024-2-2-2-2/) - As hybrid working has become more mainstream, managers have had to adapt. The emergence of hybrid teams – a blend of remote and in-office workers – has ushered in a new era of workplace dynamics. The challenge lies in effectively managing these diverse teams, balancing flexibility with structure and fostering collaboration amidst physical separation. - [DUA Tax newsletter - March 2023](https://www.dua.co.uk/tax-news-may-2023/) - Welcome to our monthly tax newswire. We hope find the newsletter informative! Please contact us if you wish to discuss any issues in more detail. WILL THE SPRING BUDGET STIMULATE ECONOMIC GROWTH? With the UK economy flat lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to - [DUA Tax newsletter - February 2023](https://www.dua.co.uk/tax-news-february-2023/) - Welcome to our monthly tax newswire. We hope find the newsletter informative! Please contact us if you wish to discuss any issues in more detail. MAKING TAX DIGITAL FOR INCOME TAX DELAYED AGAIN Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 - [DUA Tax newsletter - January 2023](https://www.dua.co.uk/tax-news-january-2023/) - Welcome to our monthly tax newswire. We hope find the newsletter informative! Please contact us if you wish to discuss any issues in more detail. NEW YEAR RESOLUTIONS TO SAVE TAX At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end - [DUA Tax newsletter - May 2023](https://www.dua.co.uk/tax-e-news-may-2023/) - TAX News - May 2023! Tackling your role in business like a marathon can help you to focus on the big picture. - [DUA Tax newsletter - June 2023](https://www.dua.co.uk/tax-e-news-june-2023/) - TAX News – June 2023: Welcome to our monthly tax newswire. We hope find the newsletter informative! Please contact us if you wish to discuss any issues... - [DUA Tax newsletter - July 2023](https://www.dua.co.uk/tax-e-news-july-2023/) - Content accurate as at 27.06.2023 Welcome to our monthly tax newswire. We hope find the newsletter informative! Please contact us if you wish to discuss any issues in more detail. DEADLINE FOR TOPPING UP NI CONTRIBUTIONS EXTENDED AGAIN TO 5 APRIL 2025 With all of the changes to personal pensions in the Spring Budget, - [DUA Tax newsletter - August 2023](https://www.dua.co.uk/tax-e-news-august-2023/) - Content accurate as at 27.07.2023 Welcome to our monthly tax newswire. We hope find the newsletter informative! Please contact us if you wish to discuss any issues in more detail. PROVIDE ADDITIONAL INFORMATION OF R&D CLAIMS FROM 1 AUGUST 2023 The latest Finance Act includes two changes that will affect all R&D claims: a - [DUA Tax newsletter - September 2023](https://www.dua.co.uk/tax-e-news-september-2023/) - Welcome to our round up of TAX News for September 2023. We hope find the post informative! Please contact us if you wish to discuss any issues in more detail. - [DUA Tax newsletter - October 2023](https://www.dua.co.uk/tax-e-news-october-2023/) - TAX News – October 2023! Welcome to our monthly round up of TAX News. We hope find the post informative! Please contact us if you wish to discuss any issues... - [HMRC service issues](https://www.dua.co.uk/hmrc-service-issues/) - HMRC continues to come under fire for its service levels, and recent surveys rated this as poor, with 94% somewhat or extremely dissatisfied with them. These include long wait times to be connected to an adviser, and the webchat coming in for severe criticism too. The length of time taken to deal with correspondence is - [Leverage the power of apps with your accounting software](https://www.dua.co.uk/leverage-the-power-of-apps-with-your-accounting-software/) - Although core accounting software has the basic functionality required, add-ons, or apps, can significantly enhance its capabilities in many areas. The following examples show how some of these apps can positively impact accounting software. Practically all businesses have to pay suppliers, and there is the ability to process these and make payments without - [Cash basis of accounting – is it right for you?](https://www.dua.co.uk/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 - [What are the tax rates anyway?](https://www.dua.co.uk/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. - [Dividend tax](https://www.dua.co.uk/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. - [March year end approaching?](https://www.dua.co.uk/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 - [TAX News – November 2022](https://www.dua.co.uk/tax-news-november-2022/) - Welcome to our monthly tax newswire. We hope find the newsletter informative! Please contact us if you wish to discuss any issues in more detail. U-TURNS TO STEADY THE FINANCIAL MARKETS In his Fiscal Statement delivered on 23 September 2022, the previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised - [TAX News – December 2022](https://www.dua.co.uk/tax-news-december-2022/) - Welcome to our monthly tax newswire. We hope find the newsletter informative! Please contact us if you wish to discuss any issues in more detail. TAX INCREASES AND PUBLIC SPENDING CUTS The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending - [TAX News -Budget Special 2023](https://www.dua.co.uk/tax-news-budget-special-2023/) - Our Budget summary highlights some of the key points from Chancellor Jeremy Hunt’s first Budget to Parliament on 15 March 2023. Please contact us if you want to talk about how these may affect your business. We are here to support you! On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and - [The benefits of building an internal search engine using AI](https://www.dua.co.uk/the-benefits-of-building-an-internal-search-engine-using-ai/) - AI can help businesses become more efficient by simplifying searches. As businesses big and small grapple with ever larger sets of data, they have begun to utilise artificial intelligence (AI) tools to sift through and make sense of the information they have on file. Employees often have a large number of data sources they - [Cash flow is essential – make it easy for customers to pay](https://www.dua.co.uk/cash-flow-is-essential-make-it-easy-for-customers-to-pay/) - Cash flow is vital for business success and most people are aware of the phrase – Cash is King. Your business both wants and needs to be paid promptly for work you have done, services or goods provided. There are several steps you can take to improve cash flow in the business. Do not offer - [Setting objectives for 2024](https://www.dua.co.uk/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 - [Global mega trends to navigate this year](https://www.dua.co.uk/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 - [Tackling the gender pay gap](https://www.dua.co.uk/tackling-the-gender-pay-gap/) - A multifaceted approach is needed in order to close the gender pay gap. The gender pay gap has been declining slowly over time and in the last decade it has fallen considerably. However, there is more work to be done, to ensure that employees are paid equally for doing the same work, regardless of their - [DUA Tax newsletter - February 2024](https://www.dua.co.uk/dua-tax-newsletter-february-2024/) - The February edition of our Tax newsletter reminds you it’s not too late to undertake some end of year tax planning. We hope you find this edition informative. - [Borrowing from your company – Beware the tax traps!](https://www.dua.co.uk/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 - [Charging electric cars at home](https://www.dua.co.uk/charging-electric-cars-at-home/) - HMRC have recently clarified their view of the tax treatment for the reimbursement of electricity costs where employees charge their electric company cars at home. HMRC now accepts that reimbursing part of a domestic energy bill, which is used to charge a company car or van, is exempt from income tax. Their previous view was that - [2024 Budget - 6 March 2024](https://www.dua.co.uk/2024-budget-6-march-2024/) - The Chancellor of the Exchequer, Jeremy Hunt, has announced a Budget on 6 March 2024. There will obviously be at least one eye on the forthcoming general election, and there may be tax changes afoot to try to win votes. As usual, there will be lots of speculation in the media over the coming weeks - [Are you claiming VAT at the appropriate rate on expenses?](https://www.dua.co.uk/are-you-claiming-vat-at-the-appropriate-rate-on-expenses/) - Many software packages have a “default VAT rate” which can be set for each expense code. This can speed up the processing of invoices and payments considerably. If the default rate is 20%, any payment coded to that account will extract VAT – e.g. post £120 and £100 will be the expense and £20 will be - [Financial Engineering](https://www.dua.co.uk/dua-tax-newsletter-january-2024-2-2-2-2/) - Financial engineering is the use of mathematical techniques to solve financial problems. Financial engineering involves the application of quantitative techniques and engineering principles to create innovative financial solutions. The objective is to address the intricate challenges of financial markets, providing a sophisticated framework for risk management, investment strategies, and the development of new financial instruments. - [How generative AI is already changing how we work](https://www.dua.co.uk/dua-tax-newsletter-january-2024-2-2-2/) - AI is already impacting business, employees and the wider economy. The advent of generative artificial intelligence (AI) has ushered in a new era of efficiency and innovation, fundamentally altering the landscape of how we work. This powerful technology, exemplified by offerings such as Chat GPT, has already begun to revolutionise various industries, reshaping workflows, decision-making - [Customers want experiences](https://www.dua.co.uk/dua-tax-newsletter-january-2024-2-2/) - Online business models are great, but there is a reason why Ikea and Lego are opening physical stores. Traditionally, businesses focused on developing high-quality products to meet customer needs and expectations. However, the modern consumer is not merely seeking a transactional exchange - they crave a holistic experience that goes beyond the tangible features of - [Cultivating curiosity](https://www.dua.co.uk/dua-tax-newsletter-january-2024-2/) - Curiosity is the engine that drives innovation. Businesses that foster a culture of curiosity empower their teams to question, explore, and seek novel solutions, thereby creating an environment conducive to adaptability and creativity. Curiosity prompts individuals to question the status quo, challenge assumptions, and explore uncharted territories. In a business context, this translates to - [DUA Tax newsletter - January 2024](https://www.dua.co.uk/dua-tax-newsletter-january-2024/) - Welcome to the 1st edition of the DUA Tax newsletter in 2024. We hope that you find this informative. Please contact us if you wish to discuss in more detail. - [Infrastructure as a Service](https://www.dua.co.uk/infrastructure-as-a-service/) - IT infrastructure that sits in the cloud. Infrastructure as a Service (IaaS) provides virtual computing resources over the internet, giving businesses essential elements of their IT systems without needing physical hardware. At its core, IaaS is flexible and scalable. It lets businesses rent computing resources as needed, including things like virtual servers, storage, and - [Becoming a more effective manager](https://www.dua.co.uk/becoming-a-more-effective-manager-2/) - Top tips to help you reach your potential as a manager. Effective managers get the best out of their people, develop loyal teams and drive ongoing success in their respective firms. Becoming a more effective manager requires a combination of leadership skills, communication finesse, and a keen understanding of team dynamics. Here are some key - [Leading change](https://www.dua.co.uk/becoming-a-more-effective-manager/) - Change is inevitable in business and change programmes need to be managed effectively. Change programmes must be managed properly if they are to succeed. The management team must lead by example and articulate the vision and strategy for change in order to help employees understand why the change is necessary, how it aligns with the - [Disruptive innovation](https://www.dua.co.uk/disruptive-innovation/) - Disruptive Innovation creates a new market and value proposition that displaces established market leading firms, products or services. Disruption and innovation are terms that are used a lot in business. However, true disruptive innovation is a dynamic force reshaping industries and challenging traditional business models. It's not just about incremental improvements but rather a - [Tax E-news - Autumn Statement 2023](https://www.dua.co.uk/tax-e-news-autumn-statement-2023/) - Welcome to our monthly round up of tax news. We hope find the post informative! On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fuelled by falling inflation and stabilised public finances, - [TAX News - November 2023](https://www.dua.co.uk/tax-e-news-november-2023/) - TAX News – November 2023! Welcome to our monthly round up of tax news. We hope find the post informative! Please contact us if you wish to - [Refurbished technology](https://www.dua.co.uk/refurbished-technology/) - Is buying refurbished technology a viable option for businesses? As society tries to embrace environmentally sustainable business practices, many firms - [Nurturing junior talent](https://www.dua.co.uk/nurturing-junior-talent/) - In the era of remote working, businesses must prioritise the need to nurture junior talent. In an era where remote work is often becoming the norm, businesses - [Targeting underserviced markets](https://www.dua.co.uk/targeting-underserviced-markets/) - Identifying and targeting underserviced markets can be a game-changer. Underserviced markets are groups of customers or potential customers who have unmet - [Managing winter sickness absence](https://www.dua.co.uk/managing-winter-sickness-absence/) - As winter approaches, businesses face the annual challenge of managing sickness absence effectively. Many businesses are encouraging their employees to return.. - [Mayo’s human relations movement theory](https://www.dua.co.uk/mayos-human-relations-movement-theory/) - Applying its principles can foster a more harmonious and productive workplace Mayo's Human Relations Movement, an enduring pillar in management theory, resonates deeply in contemporary business environments. Applying its principles can result in a more productive workplace, as well as a better culture in the firm, overall. At the heart of Mayo's theory is the - [Management shortcuts](https://www.dua.co.uk/management-shortcuts/) - Management shortcuts! How managers can leverage the power of heuristics to speed up decision making processes. - [Be the disrupter](https://www.dua.co.uk/be-the-disrupter/) - In order to become a disrupter in your market, your firm must be prepared to innovate relentlessly, challenge norms and redefine industry standards. - [iPhone 15](https://www.dua.co.uk/iphone-15/) - The new iPhone 15 is here, and it looks pretty much the same as the iPhone 14. There is a standard version and a Pro version. There is the option of a 6.1 - [Employee Financial Wellbeing](https://www.dua.co.uk/employee-financial-wellbeing/) - In the current economic environment, many businesses are acknowledging the profound impact of employee financial wellbeing on overall productivity and job... - [Tableau Desktop](https://www.dua.co.uk/tableau-desktop/) - Tableau Desktop software is a powerful and widely used data visualisation and business intelligence tool that helps users to transform raw data into... - [Successful Managers: IQ versus EQ](https://www.dua.co.uk/successful-managers-iq-versus-eq/) - The most effective managers make good use of their IQ (intelligence quotient) and EQ (emotional quotient). - [Threads](https://www.dua.co.uk/threads/) - Threads went live on both the Apple and Android app stores in 100 countries and signed up more than 100 million users in its first week. - [Managing key person risk](https://www.dua.co.uk/managing-key-person-risk/) - Key person risk entails the potential disruption and uncertainty that can arise when an essential team member, often possessing distinctive skills... - [Exit interviews are a learning opportunity](https://www.dua.co.uk/exit-interviews-are-a-learning-opportunity/) - Exit interviews can help businesses to gain insights. Exit interviews can provide a platform for departing employees to openly share feedback about... - [VUCA 2.0](https://www.dua.co.uk/vuca-2-0/) - The term VUCA stands for Volatility, Uncertainty, Complexity and Ambiguity and was first coined in the early 1990s. - [Christmas gift guide to tax relief](https://www.dua.co.uk/christmas-gift-guide-to-tax-relief/) - Christmas is the time of year when you want to be able to thank your employees for their efforts over the year. It really helps improve morale when they... - [Repurpose your online marketing budget](https://www.dua.co.uk/repurpose-your-online-marketing-budget/) - Businesses can spend a fortune on online advertising, which is all well and good for large international corporations with huge budgets. - [ClickUp](https://www.dua.co.uk/clickup/) - ClickUp is a cloud-based project management tool that strikes a balance between providing the right number of features with affordability. - [Google Pixel Watch](https://www.dua.co.uk/google-pixel-watch/) - So, what’s so special about the Pixel Watch? The Pixel Watch has been designed from the ground up to deliver the best of Google and Fitbit. From a software... - [DUA CEO recognised at Asian Business Awards](https://www.dua.co.uk/dua-ceo-recognised-at-asian-business-awards/) - DUA’s CEO was shortlisted for Business Personality of the Year at the annual Asian Business Awards. Rakesh Dua, the charismatic face of the company... - [Charity partner announced at end-of-year celebrations](https://www.dua.co.uk/charity-partner-announced-at-end-of-year-celebrations/) - Watford’s One YMCA was announced as the charity partner for next year, with last Monday’s event also being used to raise funds for the organisation. - [You Can Book Me](https://www.dua.co.uk/you-can-book-me/) - You Can Book Me has been designed to help people to schedule meetings with minimum fuss. It’s designed to work with external contacts as well as colleagues... - [Consultative Selling](https://www.dua.co.uk/consultative-selling/) - Consultative selling focuses on creating value, building trust with a prospective customer and exploring their needs before offering a solution. - [Rethink your supply chain](https://www.dua.co.uk/rethink-your-supply-chain/) - Now that most parts of the world are open and trying to get back to normal, demand is increasing and supply chain disruption has become a serious problem... - [Optimise your sales funnel](https://www.dua.co.uk/optimise-your-sales-funnel/) - A sales funnel is the process that a prospect goes through from their first interaction with your business right through until they become a paying customer... - [Maximise your income by cutting tax liability](https://www.dua.co.uk/maximise-your-income-by-cutting-tax-liability/) - Maximise your income by cutting tax liability! Taxes are a fact of life and there’s no escaping them. But, you can take action to minimise your liability... - [Employment trends](https://www.dua.co.uk/employment-trends/) - Employment contracts should also clearly state any expectations around attending the office on “connect days”, etc. so that everyone is clear on... - [Growing your business through a recession](https://www.dua.co.uk/growing-your-business-through-a-recession/) - A recession may be a good time to renegotiate deals with your suppliers. Perhaps you could negotiate a cheaper lease on your premises or more favourable... - [Critical Thinking](https://www.dua.co.uk/critical-thinking/) - In business, critical thinking is the ability to solve problems effectively by gathering key information about the issues at hand, generate further ideas... - [Encouraging collaboration](https://www.dua.co.uk/encouraging-collaboration/) - Talented business leaders may often struggle with collaboration. In many cases, being strong, forward-thinking individuals is generally what propelled them... - [NordPass](https://www.dua.co.uk/nordpass/) - If you want to try NordPass, you can sign up for the free version, however this doesn’t allow you to access your passwords on multiple devices simultaneously... - [Developing future leaders](https://www.dua.co.uk/developing-future-leaders/) - Volunteers willing to take ownership! Having the drive to try new things, learn and develop new skills is a great quality to look out for in future leaders. - [Strategic planning for an uncertain year ahead](https://www.dua.co.uk/strategic-planning-for-an-uncertain-year-ahead/) - Businesses are going to have to navigate through an uncertain year in 2023. One thing is certain this year, and that’s uncertainty. Inflation is driving... - [Building an effective sales strategy](https://www.dua.co.uk/building-an-effective-sales-strategy/) - Building an effective sales strategy! Digital technology, combined with fears of a recession, are changing the buying behaviours of customers - [Empathetic leadership](https://www.dua.co.uk/empathetic-leadership/) - Empathetic leadership means having the ability to understand the needs of others and being aware of their feelings and thoughts. - [Reassuring your team in times of uncertainty](https://www.dua.co.uk/reassuring-your-team-in-times-of-uncertainty/) - the business managers need to be willing and able to reassure concerned team members and need to be able to respond to their questions in order to maintain... - [Be prepared for changes coming to corporation tax](https://www.dua.co.uk/be-prepared-for-changes-coming-to-corporation-tax/) - Changes are on the way next month to the rate of corporation tax you will be paying and it is important to be prepared. - [Reducing your business’s energy costs](https://www.dua.co.uk/reducing-your-businesss-energy-costs/) - Energy costs have shot up considerably in the last year. What can you do to reduce your energy costs? Energy prices are soaring; however, you can’t start... - [Closing the deal](https://www.dua.co.uk/closing-the-deal-2/) - Closing the deal is the most important part of the sales process. Every business is a sales organisation. Selling generates the cashflow that is the very... - [Responding to the war for talent](https://www.dua.co.uk/responding-to-the-war-for-talent/) - Responding to the war for talent! For example, if your staff complain that your firm doesn’t offer career development opportunities and your competitors do... - [How to create a premium brand](https://www.dua.co.uk/how-to-create-a-premium-brand/) - Premium brands enjoy a loyal following and can charge higher prices for their products or services. So how do you create a premium brand? - [Asking for referrals](https://www.dua.co.uk/asking-for-referrals/) - Referrals are a key source of new business for many firms. Here’s how to ask for referrals in the right way. Many people (including your competitors) are... - [When and how to increase your prices](https://www.dua.co.uk/when-and-how-to-increase-your-prices/) - Is now a good time to increase your prices? Inflation has been running high for a while, wages are rising and supply chains are still catching up after the... - [Marathon Mindset](https://www.dua.co.uk/marathon-mindset/) - Effective leadership requires more than just short-term thinking and quick fixes. Similar to running a marathon, successful managers need to cultivate - [Chat GPT](https://www.dua.co.uk/chat-gpt/) - What is it and what could it mean for businesses? 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There will be new - [Systems](https://www.dua.co.uk/growth/systems/) - Systems Change Management Checklist Any business is constantly experiencing change. A consistent change management process will help in minimising the impact it has on your business. Download Improving Business Systems for Growth To grow your business you need to have a management structure in place to get things done efficiently and good systems for people - [Planning](https://www.dua.co.uk/growth/planning/) - Planning Growth Strategy A growth strategy starts with identifying and accessing opportunities within your market and addresses how your company is going to evolve to meet the challenges of today and in the future. 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PREPARING FOR THE END OF THE TRANSITION PERIOD Many businesses who - [Improve your business process](https://www.dua.co.uk/new_newsletters/improve-your-business-process/) - [The Autumn Budget - What you need to know](https://www.dua.co.uk/new_newsletters/the-autumn-budget-what-you-need-to-know/) - www.dua.co.uk - [How healthy is your business?](https://www.dua.co.uk/new_newsletters/how-healthy-is-your-business/) - [Learn everything you need to know about Annual Tax](https://www.dua.co.uk/new_newsletters/learn-everything-you-need-to-know-about-annual-tax/) - [Improving your business with Xero](https://www.dua.co.uk/new_newsletters/improving-your-business-with-xero/) - [A beginners guide to Xero](https://www.dua.co.uk/new_newsletters/a-beginners-guide-to-xero/) - [JOB SUPPORT SCHEME (JSS) AMENDED AGAIN](https://www.dua.co.uk/new_newsletters/job-support-scheme-jss-amended-again/) - Before we had even seen full details of the JSS that starts on 1 November the chancellor announced an extension to the scheme on 9 October and further changes on 22 October! 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