Understanding KPIs: Your Business’s Secret Weapon for Success
Are you steering your business based on instinct alone? While entrepreneurial intuition is valuable, relying solely on gut feelings might mean missing crucial opportunities for growth and improvement. Enter Key Performance Indicators (KPIs) – your compass for navigating the complex world of business management. KPIs are quantifiable measurements that reveal how well your business is […]
Don’t Miss Out: Claim Your Child Benefit Now!
New parents, take note! With September 26th being the most popular birth date in the UK, HM Revenue and Customs (HMRC) is urging all new parents to claim their Child Benefit. The process is quick, easy, and can be completed online, with the first payment potentially arriving within a week of your claim. Why Child […]
Guidelines for Compliance — Assistance with VAT Compliance Controls
HMRC has recently released its ‘Guidelines for Compliance — Assistance with VAT Compliance Controls’. These guidelines are offering businesses valuable advice on maintaining robust VAT processes. Purpose of Guidelines These guidelines are specifically tailored for UK businesses that are registered for VAT and operate under the invoice accounting system. Under this system, VAT is generally […]
Proposed Increases in Company Size Thresholds for UK Audits
As the United Kingdom is no longer within the European Union the government is not tied into the maximum EU thresholds. The Government announced on 18th March 2024 the proposal to increase these thresholds. These proposed changes are part of the ongoing reforms aimed at reducing the regulatory burden on small and medium-sized enterprises (SMEs) […]
Impact of Late Submissions and Payments to HMRC for PAYE
Are you aware of the importance of submitting your payroll data and paying your PAYE bill on time? Late RTI Submissions (Caused by not sending your payroll information on time) When Penalties are Charged: Firstly, you may incur a penalty if: Secondly, HMRC Will Not Charge a Penalty If: Penalty Amounts The amount you pay […]
Labour’s First Budget: Potential Tax Changes and Implications
Keir Starmer yesterday announced that Labour’s first budget in over 14 years could be “painful” and prompted fears of that unpopular tax rises will be amongst the announcements. Chancellor, Rachel Reeves, has already confirmed that her statement will bring fresh tax rises as she says more needs to be done to fill the Government’s shortfall […]
Preparing for the Unexpected: Enhance Risk Management
In today’s dynamic business environment, uncertainties are unavoidable. However, statutory audits, once seen as routine, have evolved into powerful tools for businesses to bolster their risk management strategies. This exploration delves into how statutory audits significantly enhance risk management, providing companies with resilience and strategic foresight to navigate the unpredictable. 1. Identifying Risks: Statutory audits […]
Proposed ID Verification at Companies House
One of the proposed amendments to the Companies Act 2006 aim to implement rigorous ID verification measures. This is for individuals establishing, managing, or controlling companies, to eradicate money laundering through the use of false identities. Registrar Regulations In May, a draft Statutory Instrument titled the Registrar (Identity Verification and Authorised Corporate Service Providers) Regulations […]
Reporting Profits on a Tax Year Basis
Starting with the Self-Assessment return due by 31 January 2025, all sole trader and partnership businesses must report their profits on a tax year basis. What is the Basis Period Reform? The Basis Period Reform represents a major change in how self-employed individuals and partnerships calculate their taxable profits. Previously, the basis period was tied […]
Inheritance Tax Implications Regarding the General Election
Following on from the webinar we hosted earlier this month on the basics of Inheritance Tax (IHT), we thought it would be useful to tie this in with our latest tax article ahead of the upcoming General Election. As the general election approaches, the issue of IHT is once again at the forefront of political […]
