Welcome to the May 2026 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. MAKING TAX DIGITAL FOR INCOME TAX IS NOW LIVE Making Tax Digital (MTD) for Income Tax is now live – most self-employed individuals and landlords with turnover above £50,000 in 2024/25 were mandated into the regime from 6 April 2026. Under… Read more
Welcome to the April 2026 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. MAKING TAX DIGITAL FOR INCOME TAX – GO LIVE! The commencement of Making Tax Digital (MTD) for income tax is now live! This is the new 2026/27 tax year regime for self-employed individuals and landlords if they have business and/or property… Read more
Welcome to the March 2026 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. SPRING FORECAST During a week dominated by news of the Middle East conflict, on 3 March 2026, Chancellor Rachel Reeves presented the Spring Forecast to Parliament. The Chancellor told MPs she had “restored economic stability” as she presented the Office for… Read more
Welcome to the February 2026 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. THERE’S STILL TIME FOR SOME YEAR END TAX PLANNING! With the tax/financial year end approaching, now is a good time to check that you’re making the most of the available reliefs and allowances available to you. Please talk to us if… Read more
Welcome to the January 2026 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. MAKING TAX DIGITAL FOR INCOME TAX – AN UPDATE Making Tax Digital (MTD) for income tax will be mandated for a large group of self assessment taxpayers from 6 April 2026, with even more individuals being mandated in 2027 and 2028.… Read more
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 increases have been announced and these will affect the vast majority of households. Headlines included:… Read more
The Autumn Budget 2024, delivered by Chancellor Rachel Reeves, is stirring conversations across the UK. With a focus on tax increases and economic reforms, it’s crucial for small business owners to grasp the implications of these changes. In this article, we break down some of the significant aspects of the budget and what they mean for you. £40 billion tax increase This year’s budget introduces a significant £40 billion tax… Read more
For small businesses in today’s competitive market, outsourcing can offer a range of advantages. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. By working with external professionals or firms who work in certain areas, small businesses have the opportunity to streamline operations, increase productivity and… Read more
If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as attractive as possible. Step… Read more
When you run your small business, you have a lot on your plate. That makes it tempting to let some tasks slide, especially tasks that are related to finances, which can be challenging and is often outside your preferred skill set or experience. There are some tips you can follow that keep your finances healthy and enable you to thrive. Here are some financial best practices for managing your business,… Read more
In the world of small businesses, positive cash flow is king. It’s the driving force that keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your business. These cash flow problems can originate from a variety of sources including macroeconomic issues like recessions, natural disasters, and wars, as well as microeconomic issues… Read more
On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out. Headlines included further cuts in National Insurance… Read more
Happy New Year and welcome to the January edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters 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 of the tax year on 5th… Read more
In the unpredictable world of business, finding a little certainty can make all the difference. While the future remains a mystery, tools such as budgeting and cash flow forecasting can significantly reduce the level of uncertainty, allowing you to anticipate challenges, learn from past events, and enhance your ability to navigate your business. Budget vs. Cash Flow: the crucial distinction A common misconception is that a budget and cash flow… Read more
As a small business owner, it can be incredibly difficult to maintain a healthy work-life balance. The obligations and responsibilities of running your own business often take priority over any personal pursuits, no matter how important they may be for your overall well-being. But, with the right strategies and mindset in place, it is possible to strike an effective balance between working hard on your business and making time for… Read more
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. Fueled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting tax and rewarding hard work. Headlines included generous National Insurance Contribution (NIC) cuts for workers and the self-employed and the ‘biggest… Read more
Welcome to the November edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. SALARY OR DIVIDEND BEST IN 2023/24? In recent years many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from their family company was to pay themselves a low salary, at or around the £12,570 personal… Read more
Welcome to the October edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. IT’S IMPORTANT TO HAVE UP TO DATE PROFIT FORECASTS FOR TAX In order that we can help predict your taxable profits and tax liabilities we need up to date profit figures and projections. One of the advantages of keeping your business accounts… Read more
Good personal finance skills are important in life, but this seemingly simple concept can be difficult to master. Without having a good grasp of how to manage your money effectively, you run the risk of making financial mistakes that could significantly impact your life. Avoid money traps and manage your finances better with the following common sense financial tips. 1. Not all ‘tax-effective’ investments are good investments. The term ‘tax-effective’… Read more
Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite easily and can have costly consequences to your business. Below are five of the most common DIY accounting errors that you should avoid. Unorganised Records It takes excellent… Read more