Category: <span>Auditing</span>

New tariff suspension scheme for the UK

To reduce costs for UK firms that import certain goods from abroad, the Department for International Trade (DIT) has announced a new tariff suspension scheme. The aim, according to a recent press release, is designed to make UK companies more competitive. The published details of the scheme are reproduced below: From next month, firms based…




Money laundering: do you fully understand the risks?

Essential due diligence  Accountants play an essential role in preventing money laundering by understanding risks, meeting regulatory obligations and encouraging compliance and good practices to mitigate these risks. Reviewing firm-wide risk assessments of money laundering threats on a regular basis is imperative for accountancy firms to make sure they have identified all the areas relevant…




Tax reliefs and allowances your business could benefit from

Having a team of accountants and tax advisors available can ensure you explore and apply all legal avenues of tax saving. This process won’t happen overnight. It takes planning and analysis to understand what a business qualifies for. By working closely with the right accountant, you can ensure that your business is operating as tax…




Do KPIs guarantee success?

Matching the right KPIs to your business strategy; keep it relevant!  If you have a good grip on what makes your business tick then it’s useful to be able to ‘glance’ at the business and its performance against plan by way of a brief set of business measures; Key performance Indicators (KPIs). KPIs typically track…




What can contractors do to avoid falling inside of IR35?

Contractors can use the tips and advice in this blog to prevent their contracts from falling inside of the IR35 legislation. IR35 is a tax legislation that was introduced to tackle tax avoidance by contractors acting as ‘disguised employees’. Contractors deemed to be outside of IR35 receive limited company tax benefits, whereas those deemed to…




Who can claim Entrepreneur’s Relief?

Claiming Entrepreneur’s Relief could save you a substantial amount of money in capital gains tax. Entrepreneur’s Relief is a government scheme that was introduced in 2008 as an incentive to encourage entrepreneurship. The scheme reduces the amount of Capital Gains Tax paid by individuals disposing of business assets to just 10%. Individuals that meet the…




Common self-assessment tax return errors to avoid

Making errors with your self-assessment tax return can result in wasted time, unnecessary stress and costly penalties. Before you hit the submit button, read this blog and check that you’re not making any of these common errors on your self-assessment tax return. Not registering in time Those filling out a self-assessment tax return for the…




Personal Savings Allowance: What is it and how does it work?

The Personal Savings Allowance allows most individuals to earn up to £1,000 of income from their savings tax-free. Introduced on April 6th2016, The Personal Savings Allowance benefits those earning income from money in savings. Before this date, any income earned from savings was liable to income tax. As a result of the allowance, most people…




What are the benefits of using accounting software?

Even if you’ve hired an accountant, accounting software is an invaluable tool for every business, no matter its size. Whether you’re a freelancer or an e-commerce business, accounting software will help you to record, manage, and analyse your business’ finances and performance. Having all your financial information stored in one organised, digital place makes your…




How To Keep Your Best Employees

In today’s tight labour market, it can be difficult to keep hold of your most talented employees capable of helping to take your business to the next level. Perks are one way of keeping staff motivated and happy but they need to be carefully thought out to avoid such schemes falling flat. Most business owners…