Self-employed pension ‘crisis’ to be solved with increased NICs

Published by A recent report that was published this weekend implies that the NICs (National Insurance contributions) must be increased if we plan to solve the self employment pension crisis. The Royal London is of the opinion that the Class four NICSs which are paid by professionals who are... Read More

HMRC requested to change the Flat-Rate VAT policy

Published by HRMC are subject to conversation this week, as the request to change the VAT Flat Rate Policy is in motion. Accountancy Network covered the latest developments in todays article. The ATT (Association of Tax-Technicians) has asked the HMRC to review the VAT flat-rate policy so that business... Read More

UK SMEs losing 9bn a year to fraudsters

Published by Invoice Fraud is the focus of todays article, find out how this scam is run, and how to avoid it. Small businesses in Britain lose more than 9 billion to fraudster who pose as suppliers. The fraudsters pose on phones where they successfully cloak viruses within bills... Read More

HMRC foils 103m of cyber fraud in 2014-15

Published by HMRC are the subject of conversation in todays article, as it has been rebelled that 100's of billions of pounds were generated through "Cyber Fraud" in 2014 - 2015. HM Revenue and Customs (HMRC) have been very active in fighting cybercrime. In 2014-15 it thwarted more than... Read More

HMRC opens corporate tax evasion consultation

Published by A consultation designed to tackle offences related to small business tax evasion has been launched by HM Revenue and Customs (HMRC). The consultation will deal with tax evasion cases in the UK. The proposed ruling is aimed at holding companies liable for criminal offences if they will... Read More

UK SMEs Not Claiming Everything When It Comes to Business Expenses

Published by Why are SME's not claiming all of their business expenses? Find out in todays article below. Is your business missing out on money that you could be claiming? According to a new study, many freelancers and small businesses in the UK could be doing just that. Multiple... Read More

HMRC Recoups additional 489 million in 2014-15 SME Corporation Tax

Published by Heightened HM Revenue and Customs (HMRC) investigations into SME corporation tax raised almost 500 million more for the 2014 to 2015 financial year. United Kingdom, April 26, 2016: Per the tax authority, UHY Hacker Young, investigations into soft target small businesses with a view towards the narrowing... Read More

HMRC estimate that close to 300,000 people will decide to cash in annuities

Published by Is it time to cash in for a lump sum? HMRC estimate that close to 300,000 people will decide to cash in annuities. HMRC anticipates that close to 300,000 people will decide to use the new legalisation that gives them the power to so sell their annuities... Read More

Is Poor Business Forecasting Affecting Your Business?

Published by Fresh studies into forecasting looked at over 80,000 predictions across the social sciences and discovered that, regardless of age, sex or experience, people just aren’t very good at forecasting. Failure to predict the recent worldwide recessions show just how accurate this research to be. Learning that forecasting,... Read More

In-house Vs. External Accountant

Published by One of the first accounting conundrums you’ll face is whether to keep your tax and accounting in-house or whether to outsource your requirements to an external provider. We’ll be honest here, as external providers of accounting services there’s no disguising which side of the fence we come... Read More

Inheritance Tax Myths Exposed

Published by Inheritance Tax Raises Lots of Money for the Government IHT raised a mere £3.7bn in the 2014/15 tax year. This amount accounted for around 0.7% of the total collected by HMRC. In comparison VAT raised £111bn, approximately 30 times as much. 1st Inheritance Tax Myth Exposed IHT... Read More

5 Myths About Auto-enrolment

Published by 1st Myth About Auto-enrolment I Outsource Payroll So I Don’t Have To Worry You may not directly handle your payroll responsibilities but, as an employer, you are legally responsible for making sure that you are prepared for the changes and are compliant with incoming legislation. The Pensions... Read More

10 Tips For Choosing The Right Accountant For Your Business

Published by 1st Tip For Choosing The Right Accountant For Your Business Business Needs Ask yourself what tasks do you want your accountant to perform for you. You may simply want your taxes prepared, or you may also need your business’ bookkeeping, payroll, and accounting dealt with. 2nd Tip... Read More

10 Accounting Mistakes Business Owners Make

Published by As a company owner, it's important to be involved in all aspects of your operation. You needn't be an expert in each area, but you do need more than a cursory knowledge. Business owners wear many hats throughout the day, but none is as alien and troublesome... Read More

10 Questions You Should Ask Your Accountant

Published by While relying on online tools can allow you to tackle your accounting requirements yourself they are likely to take up a lot of your time and are unlikely to help you identify any ‘red flag’ situations in the same way a trained accountant would. If you decide... Read More

5 Top Tips For Doing Your Own Books

Published by 1st Tip For Doing Your Own Books 1. Keep Good Financial Records from the Start Record all your transactions from the off, both costs and sales. You may also incur start-up costs and make sure to document these as they can be deducted from your profits thus... Read More

5 Signs Your Accountant May Be Disreputable

Published by It’s sometimes necessary to ask for outside help for your business. Whether you need somebody to prepare your tax return or some help with payroll, it can save time and help you focus on larger picture issues. That said, not every accountant is as honest or as... Read More