Summary of Autumn Statement 2023

Summary of Autumn Statement 2023

Personal & employment taxes As predicted, the Chancellor announced some cuts in relation to the taxes facing individuals: National InsuranceClass 1 employees’ National Insurance contributions (NICs) to be cut by 2% from 6 January 2024 (down to 10%), meaning those...
When Should You Register For VAT?

When Should You Register For VAT?

Understanding VAT (Value Added Tax) and when to register for VAT is crucial for businesses as it has a significant impact on the business finances. The VAT threshold, is currently £85,000 per annum – If your annual turnover approaches this figure, you should...
Self-Assessment Tax Returns – A Quick Guide

Self-Assessment Tax Returns – A Quick Guide

Do I Need To Complete A Self-Assessment Tax Return? Self Assessment is a system HMRC uses to collect Income Tax. For those employed, Tax is usually deducted automatically from wages and pensions. People and businesses with other income (including COVID-19 grants and...
Cash Flow Management

Cash Flow Management

Keeping on top of the financial management of your business can be really difficult. Successful cash flow management is a key element to running a successful business and tackling cash flow problems head on is crucial. It’s possible to have a profitable business...
HMRC new VAT penalty system from 1st January 2023

HMRC new VAT penalty system from 1st January 2023

HMRC are introducing a new VAT Penalty system starting on or after 1st January 2023 which may affect you. Here’s what you need to know: Late Submission Penalities – These work on a points-based system, each VAT return submitted late, customers will receive...