With the UK entering a technical recession at the end of 2023 and a general election on the cards this year, Chancellor Jeremy Hunt was under pressure to deliver a Spring Budget that demonstrated fiscal responsibility and generosity.
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Improving your financial health involves strategic planning, informed decision-making, and constant adjustments. There are many factors to consider – so how do you know where to begin? While everyone’s circumstances are unique, there are steps you can take to enhance your financial well-being. Here are some actions you can employ to boost your financial wellness.
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In today’s economic landscape, where financial acumen plays a pivotal role in the sustainability and growth of any business, the importance of effectively managing business expenses cannot be overstated. Recognising this critical need, we have developed this valuable resource for business owners. This guide aims to simplify business expenses within the UK, shedding light on the strategies essential for optimising financial health and ensuring tax efficiency.
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Many individuals invest in real estate to boost their incomeand gain greater financial security. But while the journey can be rewarding, it also requires committing a significant amount of your own time and money. So, how do you know if property investment is right for you? In this guide, we outline what you need to consider when making your decision, from assessing your personal finances and setting goals for the future to exploring the pros and cons of becoming a property investor
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Value Added Tax (VAT) is a significant part of the UK tax system. If you run a VAT-registered business, you’re required to charge this tax on most goods and services, which you must then report and pay to HMRC. Basically, you are collecting VAT on the Government’s behalf. While this may sound straightforward at first, VAT is known for being complicated, and many small business owners find it difficult to get right. The purpose of this guide is to simplify the VAT process for business owners and provide clear, easy-to-understand instructions for managing VAT responsibilities effectively.
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How will technology impact your business’s financial future?
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How to plan your finances ahead of retirement.
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London’s ultra low emission zone (ULEZ) aims to improve air quality and public health.
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What you need to know about trusts, including how they are taxed.
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How to register for and file your self-assessment tax return.
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How the off-payroll rules will affect you and your business.
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Hunt says changes will unlock £75bn of investment.
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Stand out from the crowd.
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Are you hitting your business goals?
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Protect your savings for the future.
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Reward your staff with a stake in the business.
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In his Budget speech in March earlier this year, Chancellor Jeremy Hunt kicked off the Government’s plan for growth with changes to business tax legislation, a key policy being ‘full expensing’.
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Expanding your property portfolio can help increase your financial security — but is now a good time to buy to let?
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Environmental, social and governance (ESG) is a set of standards that measures how green, socially conscious and well-run a business is.
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In his first Spring Budget as Chancellor, Jeremy Hunt announced a number of ‘investment zones’ across the country. The programme will provide 12 areas, split across England, Wales, Scotland and Northern Ireland, with £80 million in support and “put powers and money in the hands of communities that need it most”.
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Why it pays to save for retirement. Tax relief is one of the best features of using a pension to save for retirement.
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Making Tax Digital for income tax self-assessment (MTD for ITSA) was originally set to roll out in 2018, but the road to personal tax digitalisation has been relatively rocky to date.
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How the April tax rise affects SMEs.
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Businesses at any stage in their life cycle can benefit heavily from creating and implementing a business plan.
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A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK.
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With the rising costs of living affecting every aspect of almost everyone’s finances, there’s no time like the present to start considering your retirement plans.
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With the new year just around the corner and tax season fast-approaching, now’s a good time to get a head start on your self-assessment tax return.
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The Government has u-turned on IR35 reforms.
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Reducing your tax bill when selling property
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How to make savings during the cost-of-living crisis.
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After much anticipation from accountancy bodies and businesses, HMRC has finally updated its guidance on Making Tax Digital (MTD), filling in several blanks.
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An overview of the Government’s seven steps
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Make use of these allowances while they last.
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How to leave your business in good hands.
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Spring Statement changes come into effect.
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The lowdown on this relief for innovation.
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How to prepare and protect your estate. We are all somewhat used to living with economic doom and gloom at present, from sky-high inflation rates to tax rises being splashed across the news headlines. But recent analysis from the Office of Budget Responsibility shows that you may also get stung harder after you are gone.
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Balancing tax perks with desirability. Like most business owners, you have probably experienced the squeeze in recruitment and retention that has been prevalent for the last 12 months or so. It’s been so significant, it has even been dubbed “The Great Resignation”.
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Take control of your business finances
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Tax changes kicking in from 6 April. By the time you’re reading this, the new tax year is either just about to start or has already started.
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How termination payments are taxed. We may only be three months into 2022 but plenty of big employers – both here in the UK and overseas – are making employees redundant for a myriad of reasons.
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HMRC’s evolving approach towards taxing crypto. Cryptocurrencies continue to become more mainstream, and the taxman’s very aware of the gains investors have made in the last five or six years.
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Is it worth only what the buyer wants to pay?
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Tax-efficient advice for limited company directors.
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Delving into recent changes that affect the CIS.
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Despite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible.
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How the third sector is assessed for tax. Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process.
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Increasing house prices raise inheritance tax risk. Soaring house prices coupled with certain thresholds being frozen in the most recent Budget have the potential to drag more estates into the inheritance tax net over the coming years.
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Should employers shift towards greener vehicles?
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An introduction to the main business tax.
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Allowable expenses and allowances in 2021/22.
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How might the big freeze affect you? Traditionally, most people get nowhere near breaching the pensions lifetime allowance, but that’s likely to change over the next five years.
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What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years.
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What’s ahead for companies, from rate rises to MTD.
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Get on track for a comfortable retirement.
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Meeting your obligations amid COVID-19 disruption.
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Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn.
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Reaching international markets in 2021 and beyond.
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Life after mortgage interest relief for landlords. Historically, landlords have enjoyed generous income and capital gains tax reliefs which helped make residential property an attractive investment for those looking to add to their monthly incomes or provide for retirement. But over the years the Treasury has eroded these reliefs, both income and capital.
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There are many ways to reduce or eliminate the inheritance tax payable on your estate without using trusts. But for some, especially if you are very wealthy, they may not be enough. For others, the control that trusts give over who benefits from your wealth, and how, is vital for estate planning.
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How termination payments are taxed. With redundancies on the rise due to the coronavirus, is it time you understood how termination payments work in 2020?
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How it works and interacts with capital allowances. The VAT capital goods scheme affects input VAT recovery relating to high-value capital assets. Input VAT is a tax incurred on most purchases made by VAT-registered firms, and they can usually reclaim it from HMRC in full.
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What to consider during the COVID-19 lockdown. Coronavirus has many people reflecting on their own mortality. So if you have more time on your hands during the lockdown, planning your estate may be a wise way to spend it.
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Can employees reclaim any expenses?
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HMRC updates tax guidance for digital currencies.
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Policy success, but headache for employers?
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Does it pay off to provide low or zero-emission cars? Offering a company car as a benefit can be a valuable and attractive perk to any valued employee.
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Tax breaks for innovative businesses. The UK tax system is complicated but research and development (R&D) tax credits can be especially tricky to understand.
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Tax changes to private residences for 2020/21.
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With low interest rates, property remains attractive.
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Insight into VAT’s barnacles of complexity.
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How your status affects how much UK tax you pay.
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Few sectors have such an impact in the UK as the construction industry. It not only provides the fabric of our nation – the places where we live and work – but also underpins our entire economy.
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How it affects high net-worth individuals.
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Advice for contractors and the self-employed.
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An overview of accountancy issues in the third sector. If you’re in charge of running a charity, you’ll know how it differs from operating a business and how its motives and goals vary.
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With the Brexit process rumbling on, Making Tax Digital finally coming into force, and Easter around the corner, now is the time to put your financial plans in place for 2019/20.
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The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software.
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What can your firm do before 29 March 2019?
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Controversial fee increase set to take place from April.
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Obligations and opportunities.
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When and how to begin the process of deregistration.
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People run businesses for a variety of reasons from passion to pride, but making a living is high up the list for most people. How do you go about drawing profit from your business, and doing so efficiently?
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If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates.
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How can you reduce your capital gains tax bill in 2018/19?
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Although the Making Tax Digital (MTD) regime has suffered several setbacks and delays, MTD for VAT remains on course to take effect from its planned implementation date of 1 April 2019.
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Nobody wants the taxman to take more than his fair share, and planning your finances early on can ensure you adopt the most tax-efficient strategy for the months and years ahead.
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The default basis for landlords’ accounts.
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A guide to the tax relief available to innovative SMEs.
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Selling goods and services overseas for beginners.
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A guide to making sure that your estate goes to the right people when you die
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A guide to setting up a company car scheme and the tax implications of doing so
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A guide to reducing an individual’s tax liability
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Research has found that only a third of family businesses are successfully transferred to the second generation of a family. While the reasons behind this are unclear, the Department of Business, Innovation and Skills has identified that only a third of family businesses have a formal succession plan in place. Read our helpful guide to transferring a business to a family member.
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A large part of a person’s legal identity is based upon where they live at any one time and how long they will be staying there. If you stay in the UK for a prolonged period of time, you are going to be liable for tax at some point. The exact point and how much tax you will have to pay will depend in large part on whether residence or domicile applies to you. Read this guide to understanding the terms residence and domicile as well as their legal and tax implications.
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Owner-managers and contractors often pay themselves in a combination of salaries, bonuses and dividends. A common strategy is to draw a salary of around £8,000 while also extracting profits from the business as a dividend. Others opt for a higher salary to make better use of the personal allowance and, in doing so, help lower company profits which are liable for corporation tax. What's the most tax-efficient way to pay yourself in 2016/17? Read this guide to find out.
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What do you want your life to be like when you pass retirement age? Are you looking forward to the end of your working life as a time to take on new projects or to simply relax after 40 plus years of work? The kind of retirement you have will be determined by the decisions you make today about how you organise your money. This is the central idea driving retirement planning: how are you going to ensure that you get the retirement you want? Read this introduction to using your resources to help ensure you get the retirement you want.
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Switching your business’s structure is one such way of changing the way you do business. Sole traders, having recently struck up a good relationship with another like-minded individual, might be thinking about entering a partnership. Having eyed up the potential tax advantages, existing partnerships may be looking into the process of incorporation. Read this introduction to the most common types of businesses: sole-traders, limited companies and partnerships.
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At the end of the year, most people have other things on their minds than tax returns. It would be a stretch to say it’s an enjoyable experience, but getting self-assessment done and dusted as early as possible removes the stress of a last-minute submission and certainly makes the process more bearable. This guide will give you the tools you need to submit your self-assessment tax return on time and error-free. The what, when, how and why of completing your self-assessment tax return.
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We all like to think that our nearest and dearest will lament our passing with fond memories. It would be sad to think that after the initial period of mourning has passed, kind words turn to bewilderment when your beneficiaries realise your estate has a large inheritance tax (IHT) bill? Read this guide to find out more about the changes to the inheritance tax nil-rate band and strategies to reduce your liability.
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When the Chancellor George Osborne announced that he was curbing tax breaks for landlords in Summer Budget 2015, there was speculation that it would result in thousands of landlords selling up and getting out of the property business. This was because the changes would alter 2 extremely valuable reliefs which landlords have been able to claim. Read our full guide to tax when buying, renting out and selling property to find out more.
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The number of businesses that offer employee share schemes has doubled since 2000, according to HMRC. Giving employees the chance to invest in their company can help an employer improve retention, attract staff and raise funds. For employees, there’s the opportunity to save money in a tax-efficient way. If you are thinking about joining the 12,000 other employers who offer a scheme to their staff, read our guide to the advantages, potential problems and types of share schemes available.
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The threshold for compulsory filing of audited financial statements rose on 6 April 2015 to those businesses with a turnover of £10.2 million or more for periods commencing from 1 January 2016. This means that most small and medium-sized private limited companies are no longer required to have their accounts audited. There are exceptions though, with some limited companies still being required to carry out an audit even if they do not exceed the threshold. Read this article to find out more about the accounts that companies need to keep.
No link assigned to this resource: Accounting for change: audits and annual accounts
The chancellor George Osborne wasn’t exaggerating when he said he was undertaking a “major and long overdue reform to simplify the taxation of dividends” in his Summer Budget speech. The “complex and archaic system” of tax dividends will be overhauled in April 2016 with ‘a simplified structure and different tax rates. The final rules are still subject to legislation but HMRC released a factsheet of how it envisages the rules will apply on 17 August 2015. Read this guide to find out more about the changes to dividend taxation from April 2016.
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Setting up a business and funding it while it takes its first, unsteady steps in the world can be an expensive proposition. As it grows and becomes more resilient, a successful company will begin to be able to stand tall on its own 2 feet, but the initial infancy can be resource intensive. Read our guide to alternative business finance to find out about alternative financing routes.
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Anyone who has experienced the difficulty of trying to get through to the HMRC helpline may think that it is an organisation too large and complex to do anything quickly. However, while it may seemingly lack the ability to answer phone calls and emails in a timely manner, HMRC is now a force to be reckoned with when it comes to investigating those who they believe may not be paying the right amount of tax. Read our guide to understand what to expect if you are the subject of an investigation by HMRC.
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People often have a slightly misjudged opinion of their savings as a sedentary block of assets that only creeps forward at a glacial pace due to the interest it generates. But if you are thinking about maximising the amount of resources you will have for retirement, or you simply want to start making your money work a little harder, there are a range of strategies for getting more out of your savings. Read this useful guide on how to use your savings to improve your financial position.
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There are many ways that an employer can go about rewarding their staff, from gifts and bonuses to parties. While it may at first seem like the only factors that need to be factored in are whether or not your employees actually deserve to be rewarded and how much money you are willing to spend, as with most things there are tax obligations to consider too. So what are the options and how do they weigh up against each other? This article outlines some of the different ways employers can reward their staff and the tax implications of each approach.
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Running payroll is one of the less glamorous aspects of being an employer. However, it is often the mundane tasks that are the most crucial. Failing to pay your staff would quickly lead to a very unhappy workforce. While neglecting your responsibilities towards HMRC could result in penalties and investigations. This guide looks at some of the common payroll problems and choosing payroll software.
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The rules governing accounting standards are undergoing the biggest change in 30 years. And, while accountants have been bracing themselves for a potentially seismic change for a while now, many businesses could be forgiven for being unaware that anything was changing at all. So what is changing and how should businesses begin to get ready for the transition? Read our guide to the new accountancy standards to find out more.
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