Category: SME

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…




Coronavirus Updates for Accountants

17 April 2020 HMRC emails two million eligible businesses login details for furlough portal Government extends furlough end date to 30 June at £50bn cost Confusion over private school fees and covid-19 lockdown closures 16 April Top tips: furlough and the Coronavirus Job Retention Scheme FCA remodels business plan to address coronavirus challenge Higher rate…




Bookkeeping: Capturing and organising receipts

Keep your business receipts tidy and organised using the tips in this blog to make completing your tax return a cinch. Here are our top tips for quickly and efficiently compiling, organising, and storing your business receipts. Make notes – Get into the habit of writing a quick note on receipts about what they are…




Bookkeeping tasks to complete in January

January is a great time to review your bookkeeping processes and get your business’ finances organised for the new year. For many businesses, January is a quiet time of year that is best used to review performance and processes and plan and prepare for the year ahead. Complete the following bookkeeping tasks in January to…




Plans to cut corporation tax put on hold

Prime Minister Boris Johnson has announced that the planned cuts to corporation tax are to be put on hold. On 1st April 2020, corporation tax was due to fall from 19% to 17%. However, in the run up to the December general election, Conservative party leader Boris Johnson has announced that this cut to corporation…




IR35 rules to be rolled out to private sector in April 2020

Organisations in the private sector must plan and prepare now for changes to IR35 in April 2020 to avoid problems with contractors negatively affecting their performance. Changes are to be made to IR35 rules for the private sector in April 2020 to bring them in line with public sector rules. In April 2017, IR35 was…




What changes are being made to capital gains tax on property in April 2020?

From April 2020 the rules surrounding capital gains tax on the sale of residential property will be changing, are you prepared? The proposed changes were announced by former Chancellor Phillip Hammond in the 2018 Budget and are due to come into effect on 6th April 2020. The main changes relate to: Timescale for payment of…




Is your business’ payroll affecting retention rates?

Mistakes or inefficiencies in your company payroll could be having a negative effect on retention rates and employee wellbeing. A recent study conducted by an independent research firm and commissioned by Zellis, found that 21% of Brits have changed jobs after being paid late or inaccurately by their employer. The research found that a shocking…




Tax incentives for running electric commercial vehicles

Did you know that switching from petrol or diesel to electric commercial vehicles could help to save your business money? Businesses are under increasing pressure to find ways to work more sustainably and reduce their carbon emissions to help protect our planet. If your business runs commercial vehicles, making the switch to electric models can…