News

Chancellor Rishi Sunak delivered his 2021 Autumn Budget at the end of October, presenting a number of financial initiatives and updates that will affect the UK economy. We’ve picked out the key announcements that will impact upon the small business. Recovery Loan Scheme Extended The Recovery Loan Scheme was introduced by the government in response … Autumn Budget 2021 Review for Small Businesses

From April 2022, a new tax on plastic packaging is set to be introduced in the UK. Any business that manufactures or imports plastic packaging will be affected, including those that import packaging containing goods, such as plastic bottles filled with drinks. The Plastic Packaging Tax (PPT) has not been created to earn revenue, rather … Getting Ready for the New Plastic Packaging Tax

The government recently announced an additional tax to fund social care in England which will also help the NHS to get back on its feet following COVID. The new plans will see employees, employers and the self-employed paying 1.25p in the pound for National Insurance (NI) from April 2022. This will equate to an extra … National Insurance and the New Health and Social Care Tax

The Chancellor announced in the March 2021 budget that companies would be allowed to take advantage of a new system by which they can claim 130 per cent capital allowance deduction on most new plan and machinery purchased between 1 April 2021 and 31 March 2023. Read on to learn in more detail how this … How the Capital Allowance Super Deduction Works

Working from home has become one of the most used buzz phrases since the start of the pandemic. If you work for yourself, or run your own business and you were previously office-based, or made use of hot-desking or flexible workspaces, you may have found yourself joining the masses by relocating to home based working. … Claiming Tax Relief on a Garden Office

Financial statements are not the same as bank statements. They are crucial if you are looking for investment and, depending on the structure of your business, you may need to submit one as a legal requirement at the end of your financial year. Here we explore what a financial statement involves, why you might need … All You Need to Know About Financial Statements

A cash flow forecast is an estimate of the money flowing into and out of a business during a set period of time. It covers predicted income and expenses, and helps you to see where you will be financially at any given point in time. Cash flow forecasting can be helpful when making significant business … The Benefits of Cash Flow Forecasting and How to do it

From 6 April 2021, medium and large employers are required to determine the employment status of contractors following major changes to the off-payroll working rules. Here we reveal all about the new rules, known more commonly as IR35. What are the off-payroll working rules? Any contractor who works as if they are an employee, but … The New Off Payroll Working Rules Explained

In his recent ‘budget for the pandemic’ Chancellor of the Exchequer Rishi Sunak set out a number of measures that will affect both businesses and individuals. Here we summarise the key points of the Budget 2021 that are most relevant to business owners and the self-employed. Furlough extension The furlough scheme, officially known as the … Budget 2021 Summary for Businesses

The current tax year 2021/21 comes to an end on 5 April 2021, so the next few weeks are your last chance to save money with some careful tax planning. Read on to learn what tax breaks might be available to you, and how to use them to your advantage. Personal allowance If your spouse … A Guide to End of Year Tax Planning