Category: Corporate Accountancy

UK SMEs face complicated recovery

Research for Accountancy Age highlights disparity between SMEs across the UK as they begin to emerge from lockdown. Over one-third of small-to-medium sized businesses (SMEs) have been “completely disrupted” by the pandemic, according to new research by FreeAgent. Overall, 87 percent of surveyed SMEs said their business had suffered due to coronavirus, with further research…




More than 500,000 UK Companies in Significant Financial Distress

509,000 UK companies are in significant financial distress—the highest number ever measured. The coronavirus lockdown has seen the largest quarterly increase in the number of businesses in significant distress since the end of 2017, growing by 15,000 companies. This figure is expected to increase throughout Q2 as COVID-19 restrictions continue. The number of critically distressed…




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…




Can You Claim Your Christmas Party As A Business Expense?

You either love office parties or you hate them but either way they could be tax deductible as long as you follow certain tax rules. Those rules mean that you can spend £150 a head to treat your staff to turkey, all the trimmings and perhaps even a bottle of wine this year. As long…




Third of Britain’s Wealthiest Under Investigation For Unpaid Tax

One statistic which will almost certainly anger anyone who has had to pay their share of tax this past month is the number of Britain’s wealthiest under investigation over tax. A specialist unit has been set up within HMRC which aims to investigate individuals who own assets in excess of £20 million. This wealthy elite…




Don’t Get Caught Out By Tax Refund Scam

Have you ever received one of those emails from HMRC telling you that you are due a refund on the tax you paid? You’re not alone, the independent reports that 50,000 people a day have being targeted by this scam. Fooling people into clicking a link and divulging their tax details is not the technique…




Economic Figures Confusing For Economists And UK Businesses

With the vote on remaining in the EU looming recent figures on economic growth or the lack of it show that the UK faces an uncertain future. Few people if anyone outside of economists and politicians are able to decide whether to vote in or out due to the confusing arguments for and against. This…




Barclays Announces Job Losses

Barclays is to cut 19,000 jobs by 2016, with almost half of those to go in the UK. The investment banking part of the business will lose around 7,000 jobs following a slowdown and Barclays will also set up a ‘bad bank’ with the goal of selling or running down £115bn of non-core operations, including…