There is an inherent degree of risk in any business growth strategy – but keeping this risk to a minimum can help you grow your business without sacrificing your hard work. Growing your business hinges on your ability to take calculated risks, whether that be by investing in innovation or by taking on a new member of staff. This risk is not a negative thing – in fact, it is indicative of a strong growth strategy. However, it is important to understand how risk mitigation fits into your business growth strategy rather than viewing it as an isolated consideration. This way, you can grow your bus ..read more

A survey by the Bank of England (BoE) and the Department of Business and Trade has identified a potentially significant challenge facing SMEs on their journey towards growth. The survey’s findings indicate that investment is crucial to sustaining growth for SMEs, but that many businesses faced barriers to accessing finance to make sufficient investment in areas, such as research and development, operational improvements and recruitment. Most significantly: Half of businesses reported using only internal funds for investment 20 per cent said that they had underinvested 70 per cent preferred sl ..read more

New research by Marktlink suggests that around 33 per cent of UK business owners are unaware of the value of their company – only slightly lower than the European average figure of 40 per cent. While you are not alone if this applies to you, you must know what your business is worth. Why? Let us show you. Know your worth The value of your business is not just a number, it is a measure of growth and what you have achieved since founding your company. For this reason, the total value of your business is an important metric by which growth and future potential can be measured. There are many scen ..read more

HM Revenue & Customs (HMRC) recently reported a £2 billion increase in income tax receipts, reflecting a strong self-assessment period and an evolving dynamic within the tax landscape. The Government’s recent changes, including adjustments to National Insurance Contributions (NICs), have both mitigated and exacerbated the overall NIC burden. This is because they encompass rate reductions for certain income brackets, aimed at reducing financial strain and boosting disposable income to stimulate economic activity, and the introduction of higher thresholds for others, which, by freezing or ra ..read more

From 6 April 2024, UK redundancy rules will change, particularly surrounding pregnant employees and those on family-related leave. The new legislation extends the ‘protected period’ for redundancy to 18 months after the birth or adoption placement, requiring employers to prioritise these employees for suitable alternative employment in case of redundancies. The financial impact on your business, because of these changes, could be significant too if you must consider making redundancies. You will likely face higher operational costs as you must now retain staff or find them alternative roles in ..read more

With the start of the new tax year, taxpayers can expect significant changes that will directly impact their finances in the next tax year (2024/25). If you haven’t already, it’s time to closely examine your financial planning, including savings, investments, and tax compliance. So, what changes should you be aware of from 6 April 2024? Employee National Insurance contributions (NICs): Primary Class 1 NICs for employees will be reduced from 10 per cent to eight per cent, aligning with the Government’s efforts to lower the tax burden and simplify the tax code. Self-employed National Insurance ..read more

A Preston-based accountancy firm, Rotherham Taylor, has urged caution over the tax treatment of those “highly mobile individuals” currently classed under non-domiciled tax rules as election fever turns its attention to so-called ‘non-doms’. The Chancellor’s 2024 Spring Budget saw the announcement that the non-dom tax regime, allowing individuals who reside but are not domiciled in the UK to enjoy certain tax benefits, would be abolished and gradually replaced with a residency-based system. Additionally, said the firm, as a general election approaches and further fiscal policies are revealed, n ..read more

The HM Revenue & Customs (HMRC) app was launched in 2023 and has quickly become a key tool for many, with over 80 million interactions. Designed for convenience and efficiency, the app stands as a crucial resource for managing tax affairs. Upon completing the initial setup with your Government Gateway information, the app offers secure login options including facial recognition technology, fingerprint authentication and a personalised six-digit PIN. The app offers its users numerous benefits. Monitor your tax payments and stay updated on legislation The app helps with tracking your Self-As ..read more

Happy new tax year! We entered the 2024/25 fiscal year on 6 April and now is the perfect opportunity to take advantage of the allowances, reliefs, and exemptions that your business can claim within the next 12 months.  “These can give you a distinct tax advantage over your competitors and reduce your overall expenses significantly,” says Rebecca Bradshaw, Director. “The best way to manage and apply for these is through your accountant and tax adviser – we can streamline the process considerably and guide you on which ones to apply for and when.” However, if you are yet to engage an accoun ..read more

In a new initiative designed to reduce paper use and unnecessary confusion, HM Revenue & Customs (HMRC) has announced a significant change to the way that taxpayers are notified of a repayment. From 8 April 2024, HMRC will no longer send out a letter notifying individuals or their agent that a repayment has been made for Corporation Tax or Income Tax Self-Assessment (ITSA). Repayments will be made as normal and will be visible via HMRC online services for both agents and taxpayers – you don’t need to do anything extra to ensure repayments are made. Explaining the reasoning behind the decis ..read more