HMRC is reminding businesses that they will no longer be able to use their existing Value Added Tax (VAT) online account to submit VAT returns from 1 November. By law, all VAT-registered businesses must now sign up to Making Tax Digital (MTD) and use compatible software to keep their VAT records and file their returns.… Read more…

Wholesale energy prices for businesses will be capped at ‘less than half’ of the anticipated winter levels under the government’s support package. The Energy Bill Relief Scheme offers discounts for all firms for six months from 1 October. Hospitals, schools and other settings such as community halls and churches will also get help. Under the… Read more…

The International Monetary Fund (IMF) warned the UK government against ‘large and untargeted fiscal packages’ following the Mini Budget. The IMF stated that tax measures announced by Chancellor Kwasi Kwarteng in the recent Mini Budget are likely to increase inequality. On 23 September, the Chancellor used the Mini Budget to announce tax cuts worth over… Read more…

The government has abandoned its plan to abolish the 45% top rate of income tax due to the negative reaction it has received. Chancellor Kwasi Kwarteng first announced the policy in the Mini Budget on 23 September. He has now confirmed that it will not go ahead in a statement on the social media platform… Read more…

Chancellor Kwasi Kwarteng used the 2022 Mini Budget to announce a series of tax cuts for businesses and individuals. The Chancellor confirmed that the 1.25% rise in national insurance contributions (NICs) that came in this year will be reversed from 6 November, while the Health and Social Care Levy has been cancelled. The planned rise… Read more…

We are very proud to announce that we are celebrating our 20th Birthday on 7th October 2022! From the very beginning it has been our vision to serve other businesses, by offering our expertise to help them flourish. Along the way it has been a great satisfaction to work with our clients, to watch them… Read more…

Chancellor reveals his plan for growth The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy announcements. Before Mr Kwarteng stood up to make his statement on ‘The Growth Plan’ much… Read more…

When making the decision to start your own business, there are many factors to consider. One of the first choices that you will face is the business type. Whether you become a sole trader, create a limited company or go into partnership with another person, there are advantages and disadvantages to each option. Whilst you’re… Read more…

HMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000. The new income tax framework for MTD for IT will be mandatory from 6 April 2024. HMRC is now asking for users to sign up for… Read more…

Average household energy bills will rise to £3,549 in October following the decision of energy regulator Ofgem to raise the price cap. The record 80% hike will see a typical default tariff customer paying an extra £1,578. The rise follows a 54% increase in April, which saw average bills surge to £1,971 a year. Ofgem… Read more…