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 […]
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 […]
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 […]
HMRC New Tool for Voluntary National Insurance Contributions
In the UK, the National Insurance (NI) system serves as a fundamental pillar of the welfare state, providing financial support and services to individuals throughout their lives. National Insurance Contributions (NICs) require mandatory payments made by most employees, employers, and self-employed individuals to fund state benefits, including the State Pension, statutory sick pay, and unemployment […]
Annual Accounts & Company Tax Return: Benefits of Early Filing
Filing your Annual Accounts early offers several advantages: it helps avoid penalties, enhances cash flow management, allows for proactive tax planning, ensures compliance, and supports strategic financial decisions. Early filing can speed up tax refunds! Looking for a more organised approach to filing your tax return and company accounts, avoiding last-minute stress? At NRB, we […]
Xero Training – self-taught or professional training?
Navigating bookkeeping on Xero poses a crucial decision: one can either embark on a self-guided journey with the help of some online tutorials or opt for structured, professional training. In this article, we dissect the disparities between these approaches, to help individuals make informed decisions. Whether you’re a business owner seeking to streamline operations or […]