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Practice News

Increase to small company thresholds

Posted 26/03/2024 Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium sized business…Read More

Major reforms to apprenticeships announced

Posted 26/03/2024 The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses. With effect from April 1st, the government will pay the full cost of training for anyone up to the age of 21. If you are a…Read More

New Companies House powers come into force

Posted 18/03/2024 The new measures allow Companies House to combat the criminal acts and money laundering being carried by criminals abusing the company registration system.These abuses have been well documented in the news, with many examples of individuals and businesses receiving correspondence and demands addressed to companies that they have no knowledge of. Annual confirmation…Read More

In loving memory of our friend and colleague Colin Higginson

It is with profound sadness and heavy hearts that we announce the death of our colleague, business partner and friend Colin Higginson, who passed away suddenly and unexpectedly on Saturday 20th January. Colin first joined our team as a recent school leaver in 1990 and, apart from a brief stint elsewhere, has been with us…Read More

Autumn Statement 2023

Posted 23/11/2023 On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament. Please find below a summary of the main items announced in the Chancellors speech, but also some of the other items that were not mentioned that may impact you.   Please note that ‘tax years’ run to 5 April each…Read More

HMRC Overlap relief form – Unincorporated businesses

Posted 13/09/2023 Businesses that are sole traders, partners of trading partnerships, and members of LLPs who pay income tax on the profits of their businesses are subject to the new basis period method of taxation. For tax year 2024/25, business owners will be subject to a tax year basis of taxation. This means that they…Read More

Action Fraud warns of remote access scams

Posted 12/09/2023 Action Fraud is the national reporting centre for fraud and cybercrime. It collects reports about fraud on behalf of the police in England, Wales and Northern Ireland. Action Fraud has received over 30 crime reports since June 2023 relating to remote access scams targeting businesses, with victims reporting losses totalling over £3.8 million.…Read More

The importance of a shareholders agreement

Posted 30/08/2023 For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders. Also, if a shareholder(s) owns 75% or more of the shares, they control the company outright and can veto the…Read More

Check what your tax code means

HMRC have released a new online tool to help taxpayers understand what their tax code means. Tax codes are used by HMRC to tell an employer how much income tax to withhold through the “Pay as you earn” (PAYE) system. A person’s tax code can change from time to time, based on their personal circumstances.…Read More

Do you need to complete a Self-Assessment tax return this year?

Posted 18/08/2023 If you have had a change in circumstances, you might need to complete your first Self-Assessment tax return for the 2022 to 2023 tax year. You may need to complete a tax return if you: You can use the free online checking tool on GOV.UK and register with HMRC by 5 October if you…Read More

Additional information required for Research & Development (R&D) claims

Posted 14/08/2023 The latest Finance Act includes two changes that will affect all R&D claims: When a limited company intends to make a claim for research and development (R&D) tax relief, from 8 August 2023 onwards it will need to provide detailed information to HMRC in advance. You will need to set out details of…Read More

The Advantages of Setting up a Personal Tax Account

Posted 26/06/2023 If you have needed to contact HMRC by phone for personal information or to ask them to make changes, you may have either been on hold for a very long time or not be able to get through at all. If you have set up a personal tax account, you may be able…Read More

Steering clear of tax avoidance schemes

Posted 20/06/2023 HMRC is reminding contractors and agency workers that they publish details of tax avoidance schemes and their promoters to help customers steer clear of or exit them. They began publishing information about tax avoidance schemes in April 2022 and the list now contains the details of over 35 schemes. The list is continuously…Read More

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