Thursday 11 May saw the Bank of England increase interest rates for the 12 consecutive time in a bid to combat the high inflation we are experiencing in the UK. The increase of 0.25% takes the base rate to 4.5%, its highest level since 2008. In this blog post we look at what this rise means for small businesses.
We’ve all heard the phrase “cash is king” – and the reason we’ve all heard it is that whilst it has been around for many years, it applies as much now as it ever has. For a new or growing business cash can prove a real obstacle to growth, even when you have won that lucrative new contract you have been chasing. In this blog post we take a look at cash management in your business and how to make sure you plan in advance so that growth doesn’t get stunted.
In this blog post we are tackling the tricky subject of the Basis Period Reforms. We say tricky subject as the whole basis period setup that existed was often confusing, and it seems that the Governments’ escape plan also takes a bit of time to get your head around. If you are self-employed or a partner in a partnership and have a year-end that is not either 31 March or 5 April, then strap yourself in and we’ll talk through how the changes will affect you.
If you are a director in a company then chances are you have heard Directors’ Loan Accounts or their acronym “DLA” mentioned. In this blog post we explain what they are, how they can arise, and the implications they can have.
As we’ve made it through another January we thought we would take a look at Self-Assessment Payments on Account. This is a key area of tax planning with sometimes major implications for cash flow. We often find that clients transferring from another advisor have been prompted to do so after getting a nasty surprise on this area so we thought we would run through how it works.
The Christmas break provided the perfect time to reflect on the first four months of Veritons. A couple of these thoughts listed below:
The Treasury has announced that the planned introduction date of Making Tax Digital for Income Tax (MTD ITSA) of 6 April 2024 will now be delayed for 2 years. This was always poised to be the biggest shake up to the tax system since the introduction of self-assessment so it should be no surprise the delay was not the only change announced……..
No-one is going to argue against the increases in the National Living Wage and National Minimum Wage being a socially responsible thing to do. The lowest income households should be given as much assistance as is possible when there are soaring costs for even the basics of food and heating. Back in June, PWC announced that they were going to be giving a 9% pay rise to all staff and at the time ministers criticised this move saying it could fuel inflation further and for longer.
After a slow start the number of R&D claims submitted by companies to HMRC has grown significantly over the last few years. Whilst HMRC are still keen to encourage companies to claim where eligible, there are proposals that would take effect from 1 April 2023 that will tighten a couple of areas and lead to more compulsory disclosure. We take a look at the proposed changes for R & D claims:
On 23 September the then Chancellor Kwasi Kwarteng delivered his first “fiscal update” – Mini Budget 2022 as many have dubbed. The markets did not respond well to the budget and as a result Kwasi was sacked and Jeremy Hunt appointed – who promptly reversed almost all of the announcements. Little remains, but we look at what happened and how the land now lies: