2024 Spring Budget
IAB | International Association of Bookkeepers
by tomsal
3w ago
Today’s Spring Budget delivered by Chancellor Jeremy Hunt was short on surprises and short on any specific measures which would help the SME sector. Overall, it seemed to be more about preparing the ground for the next General Election which is expected later on this year. From the IAB’s point of view, what was more important were the measures that were NOT announced including tackling the skills gap, Apprenticeship Levy reform, a cut in Corporation Tax or energy bills support for SMEs. The Chancellor started off by stating that according to the Office for Budget Responsibility (OBR), the UK e ..read more
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Equality, Diversity and Inclusion – What every SME needs to know
IAB | International Association of Bookkeepers
by tomsal
3w ago
How relevant is equality, diversity and inclusion (EDI) to SMEs? Do you view it as something small businesses, urgently need to consider? Read on to find out just how crucial EDI is. Let’s start with a few stats: A huge 72% of women have encountered inappropriate behaviour from a male colleague at work. More than a quarter of minority ethnic workers face racist jokes at work. 64% of businesses struggle to retain employees from diverse communities. 67% of job seekers consider workplace diversity to be important. Ethnically diverse and gender-diverse companies ar ..read more
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Specialist Advisory Services
IAB | International Association of Bookkeepers
by tomsal
1M ago
Accountancy and bookkeeping, like many other professions, are not immune to the march of technology. Smart programmes, apps and the use of Artificial Intelligence are streamlining the way we offer support to our clients. While this use of tech may be seen as a threat, and understandably many of you may be anxious about the impact on your practices, it offers so many advantages that it simply cannot be overlooked. Gone are the days of poring over spreadsheets or manually inputting receipts and invoices. The likes of Xero and Dext have replaced these time-consuming activities, while a number of ..read more
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How will 2024 National Insurance and Income Tax changes impact you?
IAB | International Association of Bookkeepers
by Tom Saltmarsh
1M ago
Significant changes to National Insurance were among the attention-grabbing announcements in Chancellor Jeremy Hunt’s Autumn Statement, which he made in November 2023. And what was perhaps even more notable is one would be introduced in January 2024, rather than April when the new UK tax year begins. So, what National Insurance and Income Tax changes are being introduced in 2024 and what implications do they have for you? Let’s begin with changes in England, Wales and Northern Ireland, before looking at those planned for Income Tax in Scotland for 2024/25. Main rate Class 1 National Insurance ..read more
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Updates to employment legislation that could impact your small business
IAB | International Association of Bookkeepers
by tomsal
2M ago
Our insurance brokers work with small business owners every day, that’s why we understand the pressures that small business owners face. Keeping on top of changing laws and legislation is yet another task that owners of SME’s need to keep track of. Whilst larger companies may employ entire legal teams to keep up with these changes, for many small businesses this simply isn’t cost effective and therefore the responsibility to remain up to date falls to them. In this guide, we aim to take away some of the stress by highlighting some of the major changes that could impact your small business in 2 ..read more
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The UKFIU Accountancy Sector Podcast
IAB | International Association of Bookkeepers
by tomsal
2M ago
IAB Head of Compliance Jody Newman joined this latest episode of the UKFIU podcast series along with panellists from the The Institute of Financial Accountants and ICAEW. The podcast provides great insight into the sector and perspectives on Suspicious Activity Reports. Click here to listen to the podcast on Spotify here! For more details about the UKFIU, visit their website – www.nationalcrimeagency.gov.uk  ..read more
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Beware! Six classic sole trader Self Assessment tax return mistakes to avoid
IAB | International Association of Bookkeepers
by anna
2M ago
According to HMRC, 11.7m taxpayers filed their 2021-22 Self Assessment tax return before the midnight 31 January 2023 deadline. About 800,000 filed on deadline day, with 36,000 doing so within the final hour. Talk about leaving it late. Some will no doubt have been surprised to later find out that their Self Assessment tax return contained mistakes that needed correcting. The same thing happens every year. Why do people make Self Assessment tax return mistakes? Self Assessment tax return mistakes are understandable, especially if you’re battling the deadline and juggling other things. Stress m ..read more
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Six top tips to help you file your sole trader Self Assessment tax return quickly
IAB | International Association of Bookkeepers
by tomsal
3M ago
Like most other sole traders, your life is probably busy and stressful enough without having to worry about something else. However, there’s no avoiding the fast-approaching Self Assessment tax return online filing deadline, which each year is midnight on 31 January. Gulp. Despite having good intentions, many UK sole traders leave completing their Self Assessment tax return until January. There really is no need. You can file your Self Assessment tax return any time after the tax year ends on 5 April. But,  in the real world, sole traders have so many other things to do. Plus – who enjoys ..read more
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Busy landlord? Here’s how to complete your Self Assessment tax return quicker
IAB | International Association of Bookkeepers
by tomsal
3M ago
Life can be busy when you’re a landlord. Leaving aside managing your property and tenants, many landlords must also cope with the demands of a job or running a business. Then there’s your own domestic and family responsibilities. The last thing you need hanging over you is a tax return to complete, but we’re steadily approaching that time of year again, when the midnight 31 January online filing deadline for Self Assessment tax return begins to loom in the near distance.   Time to sort out your Self Assessment tax return Few landlords look forward to doing their Self Assessment tax return ..read more
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Pricing, Your Role, What You Deserve.
IAB | International Association of Bookkeepers
by anna
4M ago
Pricing is a topic that attracts much debate and the shift away from charging by the hour to a fixed-fee model has made pricing effectively quite a skill. Fixed-fee arrangements offer clients clarity and predictability, and positively enable the closing a sale but there is often confusion around the methodology. To help we have broken this down into distinct categories. Fixed fee Fixed fee services are easy to understand for clients, as they create certainty around the business overheads. Typically fixed fees will be for one-off or annual services, by spreading out the associated client cost o ..read more
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