Category: <span>Auditing</span>

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…




How Much is Your Business Worth?

As business owners we all value our businesses highly, however not every business owner can put a cash value on their business. This is because valuing a business is not as simple as it sounds. Even the great investor Warren Buffet described as much of an art as it is a science. The average small…




How Much Do You Really Save By Doing Your Own Tax Returns?

According to the most recent government statistics 750,000 people failed to complete their self- assessment tax return by the January 31 deadline. This is despite the £100 late filing penalty being applied after this date. It is reasonable to assume that a good proportion of these late payers were late due to difficulties completing the…




How to handle Invoicing

Invoicing tends to be considered by most small business owners as an additional chore often done when there is spare time to complete the relevant admin activity. This often means rushing through invoices on evenings or even at weekends so it doesn’t take away from the time spent getting the work done. Invoicing, however, demands…




How SME Businesses Should Prepare for An Interest Rate Rise

The Governor of the Bank of England recently warned that a no deal Brexit could result in an interest rate rise. This would result from if the pound plunged in value in the aftermath and emergency measures were needed to prop up its value. While nobody is suggesting this worst case scenario is going to…