Archive for February 2024

Value Added Tax (VAT) impacts how businesses price their products and services, manage their cash flow, and comply with legal obligations. However, some business owners fail to realise that the VAT reporting requirements for different business structures vary and that there are significant reliefs available to them. Correctly managing and paying your VAT, mitigating against…

The UK economy is built on SMEs and innovative entrepreneurs.  In 2022/23, over 800,000 new businesses were registered nationwide, which is a 6.4 per cent increase on the previous period. SMEs are crucial contributors to wider economic health and their continued existence and growth is evidence of a thriving, innovative society.    This means (in practice)…

Dividends can be a great way to earn supplementary money to your normal salary and, on top of this, they can also be highly tax efficient when compared with Income Taxable earnings. But what is dividend income and when should you pay tax on it? Essentially, when a company earns a profit, it can choose…

Apprenticeships offer a great opportunity for individuals to gain lifelong skills, but the benefits for businesses can be overlooked. In the spirit of National Apprenticeship Week, we’re sharing how taking on an apprentice can support your business goals. Improved staff retention Did you know that 80 per cent of employers have a higher retention rate…

Payroll is a complicated subject at the best of times, but when it comes to paying apprentices, maintaining compliance with Government policy is absolutely vital to avoid fines, penalties and potential disputes. In short, if you are running an apprenticeship scheme (employing apprentices), you need to understand how much to pay them and the extra…