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Academies Accounts Direction and related documents – 2022 Update

The “Academies accounts direction 2021-2022” was released in March alongside the “Academies model accounts” and “Framework and guide for external auditors and reporting accountants of academy trusts”.

18 May 2022 Read more
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Will your director and shareholder dividends be hit by the NIC increase?

Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax. 

17 May 2022 Read more
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What are the rules when using a private vehicle for business journeys?

Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business.

17 May 2022 Read more
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What is the Employment Allowance increase for small businesses?

The Employment Allowance has risen from £4,000 to £5,000. This means that businesses and charities whose NIC liabilities were under £100,000 will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bill.

17 May 2022 Read more
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Gift Aid – What to do if your income has dropped

Gift Aid is a government scheme available to charities and community amateur sports clubs that allows them to claim extra money from HMRC off the back of a donation by a UK taxpayer.

17 May 2022 Read more
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Are you aware of the tax implications of extracting your property portfolio from company to private ownership?E OWNERSHIP?

Many investment properties are acquired through a limited company for a variety of reasons.   Complications arise when this structure is no longer appropriate, for example, there may be a desire to gift to a child, and extracting a property from a company back into private beneficial ownership can be a costly affair. Tax costs arise both for the company disposing of the property and for the purchasing connected party.

16 May 2022 Read more
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Onwards and upwards - could digital transformation be the key to business recovery?

Our latest Owner Managed Business (OMB) survey shows that although the proportion of businesses saying they are highly confident in the overall outlook has more than doubled over the past 12 months, business owners are not out of the woods yet. Could technology be the key to business recovery post-pandemic?

10 May 2022 Read more
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What is the difference between your domicile and residence tax status?

Domicile is a historical legal concept that is relevant to far more than an individual’s tax position.  

29 Apr 2022 Read more
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How will the basis period reform affect your business cash flow from the 2024-25 tax year?

The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that  business profits will be calculated for the tax year rather than for the period of account ending in the tax year. 

19 Apr 2022 Read more
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Will your unincorporated business be affected for basis period changes in 2023/24 – Transitional year?

The basis period rules for unincorporated businesses are being changed from the 6 April 2024, with a transitional year of the 2023/24 tax year.

19 Apr 2022 Read more
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Why business owners should consider a Business Lasting Power of Attorney

As a business owner, it’s important to consider who would look after your business if you were unable or unavailable to make decisions.  

8 Apr 2022 Read more
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Important Year-End Processes for Cloud Software Users

Unlike traditional desktop accounting systems, cloud software packages (including QuickBooks Online, Xero and Sage Cloud) do not have a separate and structured year-end process. There are however, a couple of important steps that we recommend you take once your year-end has passed and all transactions relating to that year have been posted.  

29 Mar 2022 Read more
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