Archive for October 2024

A new Government, a new Chancellor and a new approach to the UK’s fiscal policies. Rachel Reeves entered her first Budget with a strong message that her measures would lead to “an economy that is growing, creating wealth and opportunity for all”. To achieve this, she made it clear that the “only way to drive…

Financial forecasting is an essential part of managing a business. Whether you’re looking to grow, adapt to seasonal fluctuations, or prepare for future challenges, regular forecasting provides the insights needed to make informed decisions. Without a clear financial plan, you might struggle with cash flow, staffing, and resource allocation, which can hinder your success and…

Many business owners aspire to expand, but scaling up brings its own financial challenges. That’s because growth requires thoughtful planning to avoid putting unnecessary strain on your resources. If you make the mistake of moving forward without a strategic approach, it can create cash flow pressures, or worse, cause insolvency. So, how can you grow…

If you are self-employed or a landlord, you have probably heard of Making Tax Digital (MTD).  The upcoming MTD changes to Income Tax Self Assessment (ITSA) will affect how and when you report your income.   Here is a quick rundown of what is coming and how to get ready.  What is MTD for ITSA?  MTD…

As 30 October draws nearer, much of the attention has centred around potential changes to Inheritance Tax (IHT) and Capital Gains Tax (CGT).   Yet, inflation, that ever-present force shaping our daily lives, may also be impacted by what Chancellor Rachel Reeves unveils.  The latest data shows inflation has dropped to 1.7 per cent, its lowest…

The upcoming Budget has everyone talking, and with good reason.   There is a strong sense that changes are coming, and they might not be the kind of changes businesses and farms want to hear.   Tax hikes seem all but certain, with Inheritance Tax (IHT) and Capital Gains Tax (CGT) likely to be in the crosshairs. …

The clock is ticking on your chance to top up your National Insurance (NI) contributions and potentially increase your state pension.   With the final deadline approaching, there is limited time to fill any gaps in your NI record and secure a higher pension payout in retirement.  HM Revenue & Customs (HMRC) has issued a reminder…

Lifetime ISAs (LISAs) are a fantastic tool for saving towards your first home or retirement, offering a 25 per cent Government bonus on contributions.   However, withdrawing funds for anything other than these specific goals can result in hefty penalties from HM Revenue & Customs (HMRC).  In fact, a recent Freedom of Information (FOI) request revealed…

With talk of Capital Gains Tax (CGT) increases in this month’s Budget, it may be advantageous for many business owners considering a sale to do so before any changes come into place.  One option that is gaining attention is the management buyout (MBO), where the existing management team takes ownership of the company.  An MBO…

A PAYE Settlement Agreement (PSA) allows employers to cover the tax and National Insurance contributions (NICs) on certain types of employee benefits.  This eases the administrative burden and offers employees hassle-free perks.   By simplifying how you handle minor, irregular, or impractical expenses, PSAs make tax liabilities less of a headache for both employers and employees. …