Latest news and industry insights

A new policy paper has been released by HM Revenue and Customs (HMRC) on Making Tax Digital for Income Tax Self Assessment for sole traders and landlords.

With the tax year ending on 5 April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money.

Value Added Tax (VAT) is a significant consideration for businesses. It impacts your cash flow, the amount of admin work needed, and even your overall profitability. One option available to businesses - with a VAT exclusive turnover of £150,000 or less - is the VAT Flat Rate Scheme (FRS), which offers a simplified approach to VAT accounting.

The Advisory, Conciliation and Arbitration Service (ACAS) has released a final draft of a new Code of Practice on requests for flexible working. The draft Code received consultation in 2023 and is now awaiting parliamentary approval. If it is approved, then the new Code is expected to come into force in April 2024.

Companies House have reviewed the fees they charge and have released details of the new charges that will apply from 1 May 2024.

When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider. Two popular options are operating as a sole trader or forming a limited company. Each of these options comes with its own set of pros and cons, especially when it comes to tax.

Since the COVID lockdowns, QR codes have become increasingly commonplace as a quick way to direct people to websites, to log into online video services on smart TVs and TV boxes, or to order or pay for goods and services.

HM Revenue and Customs (HMRC) are warning that fraudsters could focus on Self Assessment taxpayers.

Official figures were released last week showing that inflation remains at 4% in the year to January.

In business, staying ahead of, or at least up with, the curve is crucial for success. Over recent years, one of the revolutionary tools that has transformed the way businesses manage their finances is cloud accounting. Cloud accounting offers many benefits over traditional, on-premise accounting systems. Let’s discuss some of them.

The National Cyber Security Centre have issued some new guidance on “Using online services safely.”

HM Revenue and Customs (HMRC) have recently published updated their guidance on how to identify tax scams made by phone, email, or text.

The Bank of England and HM Treasury have published their response to a consultation on a digital pound that was started in February 2023.

The 12% to 10% employees national insurance rate cut first announced in the Autumn Statement came into effect in January. This means that many employees will have seen a boost in their take home pay in their January pay packet.

Begbies Traynor, a firm of business rescue and recovery specialists, have published their latest Red Flag Alert based on financial data from the last quarter of 2023. It makes worrying reading as they estimate that more than 47,000 businesses in the UK are near collapse because of being in critical financial distress.