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 […]

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 […]

Empowering Your Future Through Technology

At NRB, we’re dedicated to using cutting-edge technology innovations to provide you with the strategic insights and planning tools you need, to chart a path toward success.  Planning Your Future Success  In business, foresight is your greatest asset. Management accounts offer more than just financial data—they provide a roadmap for your business’s journey ahead. The […]

Audit 2.0: The Digital Revolution in Statutory Audits

In the realm of finance, a seismic shift is occurring as auditors move from manual processes to a tech-driven future known as Audit 2.0. At its core is the infusion of artificial intelligence (AI) and data analytics, transforming how audits are conducted and the insights they yield. The Tech Leap Gone are the days of […]