SMEs are claimed to be responsible for £4.4 billion of unpaid tax as a result of tax evasion, according to a new report from the National Audit Office (NAO). Tax evasion is the practice of deliberately falsifying or omitting information to reduce a tax bill. The research – which focused on the high street […]
HMRC has begun clamping down on new tax reporting rules covering cryptocurrency gains. As part of a steady push over the last 12 months it’s become clear that any crypto gains would see greater attention from the tax authorities. In 2024/25 it’s also likely that crypto assets will need to be fully declared for the […]
Introducing flexible working and condensed hours can be extremely beneficial for both business owners and employees. The 4 Day Week Campaign has picked up pace since the pandemic, based around the idea that a “9-to-5, five-day working week is outdated and no longer fit for purpose.” Reported benefits include increased productivity, higher employee satisfaction and […]
Having an emergency cash pot for your business could help you negotiate cash flow issues and tricky times. But how much should you hold available? Financial advisers often suggest that having an easy to access pot of emergency cash is critical in our personal lives. Yet the same rules should apply for your business, particularly […]
11,000 SMEs across the UK could enjoy a boost to their growth through a new small business loan scheme. Securing finance can be a struggle for new or existing small businesses, so opportunities to access additional funding are always welcome. More details have now been shared about the new Growth Guarantee Scheme, which will replace […]
Client entertainment used to be common practice, even with tax rules hampering what was and wasn’t possible. But the arrival of Covid, and restrictions on gatherings, changed the landscape significantly. Today face to face business meetings are much more infrequent, and the opportunity to gather with clients to eat, drink and be merry is rarer […]
With the new Labour government taking office earlier this month, and after a rather turbulent few years for the Conservatives, there’s a feeling that some certainly is now in the mix. This should help stabilise the economy and the landscape for business. But what should we expect from the new order? It’s fair to say […]
Understanding whether to register your small business for VAT can be confusing. You might need to consider your current revenue, how much you plan to grow, and your customer base. Recent research has shown that 26,000 businesses are delaying their growth plans to avoid hitting the VAT threshold, with concern about increased costs and admin […]
Scenario planning might feel like an unnecessary step in your business strategy, especially if you run a small business. But it can help you prepare for future uncertainties by considering some possible situations and their consequences. If you’re keen to plan ahead for certain events how should you get started? Step 1 – Research Firstly, […]
A new online training course for small business leaders – called Help to Grow: Management Essentials – has been launched by the Government. The free self-guided course has been designed to offer practical advice and resources for small business leaders and is an introductory version of the full Help to Grow: Management course launched in […]
The current VAT system has long been criticised as being too complicated. But with an election looming should this be a focus for Government in the coming years, especially in the light of other overly complex tax regimes such as Inheritance Tax which appear to have been sidelined? VAT, or Value Added Tax, is levied […]
Keeping track of your National Insurance contributions (NIC) is essential. Ensuring your payments are up to date will make sure that you qualify for the full State Pension when you retire, along with a number of other benefits through your working life including Maternity Allowance and Bereavement Support. A new online service has been launched […]