Explaining the ‘side hustle tax’

Digital platforms such as eBay, Etsy, Airbnb, Amazon and Vinted are now required to share seller information with HMRC, as of 1 January 2024.  Under the new rules, HMRC will receive a breakdown of revenue generated by platform users, which HMRC will use to match up against submitted Self-Assessment tax returns to ensure that the […]

Switching your accountant: Why, when and how

Behind every great business is an equally impressive accountant. Having a good relationship with your accountant can be your business’s secret weapon, helping you to manage your financial portfolio and navigate opportunities.  An important part of this relationship is the ability to recognise when it’s working well and when it isn’t. If you’re experiencing the […]

Basis Period Reform: How it impacts you and your business

If you’re a sole trader or partnership that uses an accounting date between 6 April and 30 March, the way HMRC assesses your profits is changing.  From 6 April 2024, you will be required to report your business tax information to HMRC using the tax year running from 6 April to 5 April, regardless of […]

Choosing an effective employee benefits strategy

Employee Benefits has reported that 59% of British workers are unhappy with their benefits packages, with many planning to look for new jobs in the next six months. According to research by the British Business Bank, it costs £3,000 on average to hire a new employee. This is a significant cost, especially for small businesses, […]

Five things you need to know about Self-Assessment tax returns

Filling in your tax return can seem daunting, especially if you haven’t completed one before. With the Self-Assessment tax return deadline looming, we’ve outlined five things you need to know about the all-important tax return to ensure you’re paying correctly and on time. 1. What is Self-Assessment? So, you need to report your taxable income […]

MTD ITSA: What You Need to Know About the Digital Tax Changes

Making Tax Digital (MTD) is a UK government initiative that requires businesses to keep digital records and submit tax returns using MTD-compatible software. MTD aims to simplify tax administration, reduce errors, and improve efficiency.  MTD was originally introduced in 2019 for VAT-registered businesses with a turnover of over £85,000. However, MTD is expanding, and there […]

Our Five Top Tips to prepare for Tax Computations and Returns

Tax computations and returns can seem overwhelming, but as your accountants, we have a few tips to help you tackle the process with ease. Here are our five top tips to help you navigate tax season: The key to success is organisation. Keep all necessary documentation and deadlines in one place and ensure everything is […]

UK businesses set to experience reduced support for energy bills

From April 2023, UK businesses will experience reduced support for their energy bills as the government tries to cut the cost of compensating for soaring gas and electricity prices. We’ve shared our top-line insights below:  The Treasury confirmed that support for businesses will be capped at £5.5 billion over 12 months from April 1, 2023. […]

Using KashFlow to maximise efficiency for clients

As a business owner, managing your bookkeeping and payroll can be a time-consuming task. However, it’s essential to keep your financial records up to date for compliance purposes and to make informed business decisions. Fortunately, we work with KashFlow which helps simplify the process. In this blog post, we’ll explore the benefits of using KashFlow […]