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How Easy is it to Change Accountants?
Whether your business is just starting out or on the verge of scaling to new heights, having the right accountant by your side can make all the difference in the world. But what happens when your current accountant no longer feels like the right fit? You might be wondering how easy it is to switch…
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I Have a VAT Inspection—Help, What Do I Do?
A VAT inspection might seem like a nightmare scenario for many businesses, but with the right preparation, it doesn’t have to be! If HMRC has notified you of an upcoming VAT inspection, don’t panic—take a deep breath and follow our guide to help you navigate this process smoothly. As a UK accountancy practice specialising in…
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How much interest do HMRC charge?
HMRC expect everything you owe them to be paid on time and in full – but you already know that! Less well known though is they’re willing to help both personal and corporate tax payers if they’re unable to meet their obligations by the date due but, and this is important, you first must apply…
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How to work out VAT
One subject us tax accountants get asked the most is Value Added Tax (‘VAT’). What in theory should be quite a simple tax is actually really hard for many business owners to administer in practice. In this article, we’ll cover everything from how to work out VAT to when you need to add VAT to…
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How to close a limited company
Around 10% of businesses close each year for a variety of different reasons. It could be that the owners want to retire, a company is bought out and merged into another, or a business runs into financial difficulty and it can’t meet its creditors’ bills. Unfortunately for directors and shareholders, closing a limited company is…
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What is HMRC Time to Pay (TTP)?
In the ten years and more since the financial crisis of 2008-2009, HM Revenue & Customs (HMRC) have agreed many more late payment plans to help out individuals and companies who temporarily do not have the money needed to settle their forthcoming tax bills in full. Self-employed individuals and directors can spread the cost of…
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Cash versus accrual accounting
Cash vs accrual accounting – which should you choose for your business? Before you can answer that properly, you’ll need to know exactly what the accrual accounting method and the cash method of accounting are and what the advantages and disadvantages are of the two different approaches to financial recordkeeping.
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How to register as a Sole Trader
Welcome to the next stage of your career – welcome to the world of the self-employed. One of the first things anyone becoming self-employed on their own has to do is to tell HM Revenue and Customs and, in this article, we’ll tell you everything you need to know about how to register as a…
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Spring Budget 2021- Q1 Newsletter
After Rishi Sunak, the Chancellor of the Exchequer set out the Government’s tax and spending plan in the 2021 Budget last week, we wanted to keep you updated with all the key information you need to know for the year ahead. Most of the changes announced last week, will not impact the current tax year,…
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Budget 2021 – Quick Summary
With the economy shrinking by 10% in 2020 with it forecast to rebound in 2021 by 4% and 7% in 2022. 700,000 people have lost their jobs during the pandemic, despite all the Coronavirus Support Schemes and unemployment is expected to hit 7.3% next year, although this is significantly less than the previous 11.9% predicted.…