Whether you’re legally obliged to complete a statutory audit or have been requested to carry out a non-statutory audit by directors, trustees, or shareholder, the results can have a significant impact on the business. There is no doubt a lot of information to process from an independent auditor’s report, but it’s crucial that you understand the notes and any recommendations made so that you can improve or remedy any internal procedures and safeguards as well as remain legally compliant and adhere to corporate governance. The article will explain the different types of audit reports, how to und ..read more

Childcare is undoubtedly a significant expense for any family. Despite child benefits being readily available to anyone who is responsible for a child up until the age of 20 (so long as they remain in approved education or training), many parents do not claim at all. This is often due to uncertainty as to whether it’s really worth claiming child benefits as a result of the rules that were introduced in 2013, which introduced a high-income benefit charge. This has now since been updated in the most recent Spring 2024 Budget Announcement by the Chancellor. Below, we explain how claiming child be ..read more

In the Spring Budget on 6 March 2024, Chancellor Jeremy Hunt announced significant changes to national insurance (NI) for both employees and the self-employed. Effective from 6th April 2024, these changes aim to lessen the burden of NI contributions on both groups. For employees, the primary NI rate will decrease from 10% to 8%, marking a 2-point reduction from the previous adjustment in January. Additionally, Class 4 NI contributions for the self-employed will drop from 9% to 6%. Furthermore, self-employed individuals will no longer be required to pay Class 2 NI. National Insurance (NI) contr ..read more

Nowadays, finding the ideal workplace is no longer predominantly based on just the salary offered. Many employers will offer additional incentives to attract new employees, as well as keep them in their roles for longer. This is perfectly legal, so long as it is taxed correctly. This is where this article comes in, to explain the tax rules on benefits-in-kind. Continue to read to find out what this means for you, whether you’re an employer or employee. What is a benefit-in-kind? A benefit-in-kind (BIK) can be anything with monetary value given by an employer that is in addition to the employe ..read more

Buying an electric car through your own limited company is becoming the increasingly more popular choice over buying a standard petrol or diesel car. In fact, the Society of Motor Manufacturers and Traders have reported that the majority of electric car sales are made by businesses more so than private individuals. This is largely attributed to the UK government offering generous tax incentives to those businesses that are helping to achieve their net zero goals by 2050. If you’ve been considering buying an electric car through your company as a company car, then you may want to act sooner rat ..read more

Going through a divorce is a turbulent event that brings about a multitude of challenges, both emotionally as well as financially. The legal process itself is complex and gruelling, consisting of many negotiations and difficult agreements. A key discussion point which inevitably comes about is the division of marital assets, but what often gets overlooked in these considerations are the tax implications that can arise as a result of separation and divorce. When it comes to divorce, untangling shared finances and wealth is not as simple as who brought in what to the marriage as many of us know ..read more

Whether you’re simply having fun, testing out the waters on whether you can turn your hobby into your dream job, or just looking for convenient ways to earn some extra money, you should know that you may have to pay tax on your earnings. HMRC are able to receive your financial information through various methods and sources, so they will be able to determine whether you should be declaring any extra income to be taxed on it. This article explains when and how HMRC will seek to tax your hobbies and/or side hustles. What’s the difference between a hobby and a side hustle? A hobby is defined as ..read more

Finding out the different ways you’ll be taxed on using a car for work is one of the most frequently asked questions we get, especially from those who are a director of their own limited company or employees who are presented with different car options from their employer. It is perhaps such a popular question because of the many available options and how each results in different tax treatments for both the business and the potential individual using the car. This article will explain the different ways you’ll be taxed on different types of cars you can use for work. How you’ll be taxed when ..read more

If you didn’t manage to sit through over an hour of heckling, bad jokes, and disputable data, then we don’t blame you. Fortunately, however, we did, and we took notes. We summarise the key highlights from the Chancellor’s 2024 Spring Budget announcement for you, as well as provide our own independent commentary of what we think it really means for us. Starting with duties and levies The freeze on alcohol duties has been extended for a further 6 months until February 2025. The Chancellor claims that this is intended to support all the struggling pubs in the UK, as well as provide relief to t ..read more

The UK has been facing a growing housing crisis since the 1980’s, and today, the trend shows no sign of abating due to various factors ranging from the rising cost of living to soaring interest rates and lack of affordable housing. Nevertheless, for those who are seeking to climb the property ladder, so long as you are well-prepared, it is certainly an achievable goal. If you are self-employed, you may be extra wary of the process due to the common belief that it is much more difficult to secure a mortgage due to your employment status. This article will shed light on how to get a mortgage whe ..read more