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We’ve all been there. Christmas is over and the New Year has just begun… Unfortunately that means the clock really is ticking for you to get your self assessment tax return submitted. Nearly four million of the 10.2 million people in Britain required to fill in a self assessment tax return have not yet sent…

Business Acquisition and Growth If you are looking to grow and develop your business, one of the fastest ways to do so is via the acquisition or purchase of an existing business. Business acquisitions require extensive experience and a thorough understanding of the process, including obtaining financing and conducting due diligence, but can be a…

Inheritance tax planning (IHT) is something we all need to consider at some point in our lives, and there are generally 6 key steps to the process: Step One: Seek out Professional Advice Families should first seek professional advice, as inheritance tax planning can be a complex process. It is also important to consider a…

Management accounts differ from a regular set of accounts in that they provide up-to-date financial data as and when you need it, rather than once a year in your annual accounts. Every limited company must file a set of accounts with companies house following the end of each financial year. This is a statutory requirement,…

Nobody wants to pay tax; we’d all like to pay as little as possible. Whilst it is our job, as advisors, to ensure our clients are fully compliant and pay only what they need to in tax there are some perfectly legal and legitimate ways you can reduce your tax bill. Pay more into your…

Business Partnerships, including limited liability partnership, are a common business type in the UK. It is a kind of middle ground between the sole trade and limited company. Deciding whether a partnership business is the right business model for you can be tricky, but it is worth spending some time researching the advantages and disadvantages…

Understanding if You Have to Pay UK Tax We get asked this question a lot. So often in fact that we decided it’s a subject worth covering in a blog. In most cases, there is a simple answer to this question. If you are not a UK resident, you won’t need to pay tax in…

Many people view paying an accountant as just another outgoing, another necessity that is paid begrudgingly along with utility bills, tax, business rates and the like. This perception is fundamentally wrong as so much of an accountant’s role in small business accounting is geared towards saving businesses money. In most cases, a good accountant will…

VAT (or value-added tax) is a tax imposed on most goods and services in the UK. There are three rates of VAT; standard, reduced and zero-rated. The differences between these rates and their impact on VAT returns are as follows: Goods and services in the UK may fall into one of these 3 different rates…

Boosting Your Business Profitability In today’s competitive business landscape, achieving and maintaining profitability is more crucial than ever. As a business owner or manager, you’re likely always on the lookout for strategies that can help increase your bottom line and improve your profit margin. This article will delve into nine practical and effective ways to…