Business news and opinion from Evans Weir

Newly proposed changes to Inheritance Tax would see 150,000 grieving families hit with higher tax bills. The plans, announced late last year by Chancellor Rachel Reeves, mean that pension wealth could be taken into account when calculating the size of an estate. The changes would take affect from April 2027. According to data from a […]

The 31 January is deadline day for self-assessment tax returns. And despite the efforts of accountants and individuals the month of January typically involves a last minute scramble for records and receipts.   This year, according to data from HMRC, 1.1 million individuals missed the 2023/24 deadline; the same number as last year. The tax […]

HMRC has introduced a new interactive online business tool, alongside clearer guidance for self-employed individuals and those exploring self-employment opportunities. Designed to support new and established sole traders, the free tool provides detailed insights into record-keeping requirements, relevant business taxes and other essential information, such as how to pay tax bills. This could help whether […]

Effective cash flow management is crucial for SMEs to ensure business stability, growth and resilience against unexpected financial challenges. So with a new year ahead here are some useful steps to consider when considering cash flow: 1. Create a cash flow forecast Creating a detailed forecast allows cash inflows and outflows to be predicted over […]

The start of a year is always good time to look ahead at what tax and financial changes will take effect over the coming months. For SMEs there are a number of changes in 2025 which could have an impact on operations and which it makes sense to plan for. Increase in National Minimum Wage […]

Managing a SME can be very challenging, but new research has shown that using an accountant can help small firms enjoy higher revenues. The survey, which asked 4,000 small businesses about their use of professional accountancy services, concluded that those with expert help are achieving 11.5% more in revenue than those who don’t. Almost three-quarters […]

The new Labour government has confirmed that the Making Tax Digital (MTD) initiative will go ahead. It had been unclear whether the policy introduced by the Conservatives would be followed in the same way and to the same timeline. However, the Autumn budget appeared to support the programme’s existing timeline.  What is Making Tax Digital?Making […]

The Fair Payment Code has been launched to help better tackle SMEs who are paid late. The burden of not being paid on time, and chasing payments, is weighing heavy on small firms with more than ever declaring insolvency. And with SMEs owed, on average, £22,000 a year the Code aims to help with the […]

New rules are being introduced for claiming employment expenses. To help reduce ineligible claims and tax abuse employees now need to use a P87 form and provide supporting evidence. The new rules took effect on 14th October 2024. The new process to “check first, pay layer” follows feedback that more ineligible claims were being made. […]

With the Christmas period approaching you may be considering you might like to reward your employees. So what are the tax rules when it comes to Christmas gifts or extending festive bonuses to your team? This time of year can be a good opportunity to recognise hard work and commitment from your team. But ahead […]

With time to consider the detail of the Autumn Budget it’s useful to reflect on the main changes impacting SMEs. Small businesses will be affected by many of the changes announced, particularly with regards to National Insurance contributions, fuel duty, and business rates. Employer’s National Insurance Contributions The main impact of the Autumn Budget on […]

Following our at-a-glance review of the key budget announcements, here is your downloadable guide with more detailed analysis of the measures that formed the 2024 Autumn Budget.