Debt is not inherently negative. Borrowing can fund growth, smooth seasonal dips or help you bridge large orders. Problems start when visibility slips, costs rise or deadlines are missed. Our guide below sets out the core accounting and cash management practices we encourage clients to follow. Use it as a monthly checklist and adapt it …
Irregular income, no employer sick pay, and responsibility for your own tax bills make cash planning more important when you work for yourself. Yet many people have little to fall back on. The FCA’s 2024 Financial Lives survey found that one in ten UK adults has no cash savings, and a further 21% have less …
Thinking about moving your business into a limited company? Incorporation can offer tax advantages, legal protection and a more professional image, but it also comes with upfront costs, administrative changes and potential tax traps. Below, we look at the key points to consider before making the switch. What does incorporation mean? The term incorporation usually refers to …
Bank of England Reduces Interest Rates to 5%: What This Means for UK Businesses In a significant move announced earlier today, the Bank of England cuts interest rates by 0.25%, bringing the base rate down to 5%. This is the first rate cut since March 2020, marking a shift in the Bank’s approach to managing …
The Chancellor Jeremy Hunt delivered the Autumn Statement 2023 at 12.30pm today. In his statement, the Chancellor stated that following a global crisis he has made difficult decisions to get the UK economy back on track. He advised that this was an Autumn Statement for growth and to reward hard work. A total of 110 …
HMRC announced changes to VAT penalty and interest charges for VAT periods starting on or after 1 January 2023. The changes to penalties and interest for late VAT Return submissions and payments, also apply to businesses that submit nil returns and repayment VAT Returns. Late VAT Return submission Penalties for late VAT Return submissions will …
Today, Thursday 2 February 2023, The Bank of England have again increased interest rates, this time to 4%. Another milestone of the highest rates in 15 years. Chancellor Jeremy Hunt stated, “Inflation is a stealth tax that is the biggest threat to living standards in a generation, so we support the Bank’s action today so …
What has the government announced? Earlier this week, the government announced there will be a new energy discount scheme for businesses, charities, and the public sector ahead of the current scheme ending in March. The new scheme will mean all eligible UK businesses and other non-domestic energy users will receive a discount on high energy …
The Government announced on Monday 19 December 2022, that MTD ITSA would be delayed until April 2026. The Government has realised that the transition to MTD ITSA would be contributing additional pressures to self employed individuals and landlords, during an already uncertain financial future. What is MTD ITSA If you haven’t already heard about MTD …
Today, Thursday 15 December 2022, The Bank of England increased interest rates by 0.5% to 3.5%. Analysts are expecting Interest Rates to peak at 4.5% in 2023, before falling back down to 3%. The Senior Finance Minister responded to the increase by saying, “We are united with the Bank of England in the determination to …
The Chartered Institute of Taxation
The Association of Taxation Technicians
