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 […]

VAT Registration Estimator

The UK’s tax authority, HM Revenue and Customs (HMRC) has introduced a new digital tool to help businesses estimate the implications of registering for Value Added Tax (VAT). The VAT Registration Estimator was developed in response to feedback from small businesses, who said an online tool would be helpful in determining when their turnover may […]

NRB Currency Converter: Revolutionising International Payments

In today’s interconnected world, managing international transactions is crucial for businesses. That’s why we have teamed up with Crezco to provide our own powerful and user-friendly NRB currency converter which allows you to benchmark your foreign currency transaction. This exchange tool provides an efficient and cost-effective solution for handling cross-border finances, benefiting companies of all […]

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 […]

The Importance of Evaluating Business Processes

In the digital age, business processes are the backbone of organisational operations, ensuring tasks are completed efficiently and effectively. These structured sequences of digital tasks enable businesses to achieve their goals, streamline operations, and maintain competitiveness. However, it is crucial for organisations to periodically pause and scrutinise their processes. Simply taking the time to stop […]

How a Statutory Audit Can Fuel Business Growth

In the business landscape, statutory audits often carry the weight of compliance, but beneath the surface lies a potent driver of growth. Let’s explore how a thorough statutory audit goes beyond mere regulatory adherence to positively impact financial health, operational efficiency, and long-term prosperity. 1. Financial Health Turbocharged: Far from a routine exercise, a statutory […]