There have been a lot of political changes in recent months, but the outlook for small and medium-sized enterprises (SMEs) remains gloomy.   According to recent research by Virgin StartUp, half of small business owners are worried their business might not survive the next 12 months.   This is a stark contrast to the mere 11 per cent who felt this way in November 2023.   Concerns and a lack of confidence  The ‘Founder Barometer’ report by Virgin StartUp reveals several critical insights into the challenges faced by SMEs:  Confidence levels – Fewer busine ..read more

The recent Scottish Widows 2024 retirement report highlights a growing pensions crisis, with the number of people not on track for even a minimal retirement lifestyle rising from 35 to 38 per cent over the past year.   The alarming rise in the number of people not saving enough for retirement has implications for individuals and businesses alike.   For businesses, it is a chance to ensure their payroll management practices are efficient enough to secure the financial well-being of their employees.   The retirement report, based on interviews with over 5,000 people ..read more

As a landlord, you’ll know that the rental market is constantly changing and if you don’t keep up, you’ll be left behind. In the last few years, we’ve seen economic fluctuations, changes in housing policies, and the global pandemic all of which have had an impact on the rental sector. Even with all these challenges, renting is still a popular choice in the UK, particularly in big cities like Manchester, London and Birmingham. With the shortage of affordable homes in the UK, more people are being driven towards renting. This strain on the housing market isn’t expected to change anytime soon, wh ..read more

We’re told time and time again that going green can save you money, but did you know it can also increase the value of your property? Green buildings are gaining in popularity with more people looking for ways to save on energy costs, but how does this increase your property value? Well, by making the property more energy efficient it means utility bills will be lower for tenants ultimately making your property more attractive to buyers and renters. Also, green buildings are usually built with higher-quality materials and construction methods, so the property will last longer adding to its val ..read more

To become a successful landlord, there are many factors you need to consider. One of those is tax efficiency which can easily be overlooked. As a landlord, you’re expected to pay income tax on any rental profits you earn from your properties, but there are ways you can make sure that your tax payments are as efficient as possible and avoid paying additional costs. That’s why we’ve put together a few tax-saving tips to help your buy-to-let business thrive in time for next year’s tax return. Maximise deductible expenditures The tax code allows for various expenses to be deducted from your rental ..read more

According to The Longitudinal Small Business Survey (LSBS), 37 per cent of SMEs turn to accountants for information and advice on their finances, especially those operating in the transport and storage sector. The survey highlighted that many of these companies were turning to accountants for advice on tax and national insurance law and payments. This trend shows the growing complexity of running a business in today’s economic climate. So, why are business owners relying on accountants? Compliance SMEs often find it challenging to keep up with the changing laws and regulations that their compa ..read more

Establishing your strategy as early as possible can alleviate the pressures of tax planning. Familiarising yourself with deadlines and thresholds will help you prioritise and reduce the stress associated with the end of the financial year. Additionally, this year’s Spring Budget introduced changes to personal and business taxes that may affect your tax liabilities, such as a reduction in National Insurance for employees. Keeping updated on these changes as they occur will help you manage stress and gain a clearer perspective on your financial planning. Allowances and reliefs available Tax reli ..read more

Business and personal tax can be incredibly complex for small businesses, especially when they’d rather be spending their time focused on other aspects of the business. Using effective corporate tax planning is important if you want to optimise your tax obligations and improve your net profit margin. Here are some strategies to ensure your company remains compliant with HMRC regulations while also making the most of the tax reliefs available. Tax thresholds The threshold for VAT has risen from £85,000 to £90,000 this year as part of the Chancellor’s attempt to support small businesses in the S ..read more

According to data from HM Revenue and Customs (HMRC), the number of Income Taxpayers in the 2024-25 tax year is estimated to be 37.4 million, marking an increase from 33 million in 2021-22. This figure includes the 8.5 million taxpayers who are above state pension age, representing a 26 per cent rise compared to the 6.7 million recorded in 2021-22. The significant increase in pensioners paying tax primarily stems from the freezing of the income tax threshold, specifically the £12,570 personal allowance which has remained unchanged since 2021. The triple lock guarantees that the state pension i ..read more

In the UK, there are various important tax considerations to keep in mind when you decide it’s time to sell your property business. Capital Gains Tax Capital Gains Tax (CGT) applies to the profit made from selling your business, not the entire sale amount received. When you want to sell your property portfolio, you need to carefully plan the sale to ensure you’re not overburdened by any taxes on the profits of your transaction. Starting from the 2024/25 financial year, the CGT Annual Exempt Amount has decreased to a historic low of £3,000. Current CGT rates are as follows: 10 per cent(18 per ..read more