What is a contractor? Contractors provide services to a client and bill that client for those services. The client pays the contractor and the Contractor is responsible for their own Tax and NI Contributions. What are the rules on IR35? Legislation was passed in April 2017 which meant that for those working in the public sector many categories of …
Chancellor Jeremy Hunt presented his 2023 autumn statement on Wednesday 22nd November 2023. The key announcements are summarised below; Salary from 1 April 2024, the national living wage will increase by 9.8% to £11.44 an hour, with the age threshold lowered from 23 to 21 years old; from 1 April 2024, the national minimum wage will be increased to £8.60 …
For any business owner, having a clear and accurate view of the financial health of their company is crucial. Management accounts play a vital role in providing valuable insights into the financial performance and overall well-being of a business. In this comprehensive guide, we will explore the key components that should be included in your management accounts. Whether you’re a …
Gone are the days of accountants solely focused on financial reporting. The rise of data analytics has transformed their role into that of strategic advisors, driving business growth and innovation. Let’s explore some more examples and numbers that illustrate the impact of data analytics for accountants in the UK: Fraud Detection: The National Crime Agency reported …
In today’s fast-paced and interconnected business landscape, the threat of fraud looms large over organisations of all sizes. While external threats often grab the headlines, businesses must also address the alarming reality of internal fraud committed by employees. With the government ramping up efforts to tackle this issue, it is crucial for businesses to proactively address and mitigate the risks …
Introduction: HM Revenue and Customs (HMRC) plays a critical role in ensuring tax compliance and collecting revenue for the UK government. However, concerns have been raised regarding potential overreach in HMRC’s powers during civil inspections. In this week’s blog, we will delve into the debate surrounding HMRC’s authority, examine instances of alleged overreach, and explore the importance of striking a …
1. Introduction: In a recent report by PFP, it has come to light that over 11,000 landlords have been caught by HMRC for underpaying their taxes. This alarming revelation serves as a wake-up call to all landlords and property owners, highlighting the importance of tax compliance in the real estate sector. In this blog post, we delve into the details …
Embracing the Cloud: Unleashing the Benefits of Cloud-Based Accounting Introduction: In today’s fast-paced digital world, businesses are continuously seeking innovative ways to streamline their operations and maximise efficiency. One area that has undergone a significant transformation is accounting. Traditional accounting practices are being revolutionised by the adoption of cloud-based accounting systems, providing numerous benefits for businesses of all sizes. In …
As businesses continue to innovate and push the boundaries of technology, Research and Development (R&D) activities have become integral to driving growth and staying competitive. The good news is that governments around the world, including the UK, incentivise R&D efforts by offering tax credits to eligible businesses. In this blog, we will explore ten essential tips to help you maximise …
Introduction: Welcome to this week’s blog! In today’s fast-paced world, managing your finances can be quite challenging. Whether you’re planning for retirement, buying a house, or simply trying to get your household finances in order, having a well-thought-out financial plan is crucial. This blog aims to provide you with insights into whether you need a financial adviser and the benefits …
