An Employer Payroll Checklist – Things To Check At The End Of The Tax Year
With the end of the tax year sweeping us by, it’s more important than ever to make sure your financial and tax affairs are in order. The previous year has seen businesses struggle with the severity of the pandemic and lockdown periods, which has no doubt caused disruptions both professionally and personally. Whilst the government have introduced multiple incentive schemes, grants and loans due to the major uncertainty caused by COVID-19, the national deficit is at a monumental peacetime high.…
Inheritance Tax Planning – All You Need To Know
Inheritance Tax (IHT) is a touchy subject for many families and individuals. Once a person passes away who owns a large sum of estate, then that estate will be taxed by the government in order to redistribute back out to the state. Inheritance Tax can often be a very confusing topic of discussion, and also controversial, due to the fact that despite tax being paid by the deceased person throughout their life, the government still demands an additional tax on…
Business Turnaround Strategy – How To Transform Your Business
A business recovery or turnaround strategy is extremely common in business, particularly when a company or firm is aiming to restructure in light of potential failures. If a company is struggling to meet its long-term financial commitments, in other words the solvency, then a business turnaround strategy will need to be set in place in order to continue operating. Turnaround strategies are also applicable to an individual, region or nation facing economic uncertainty or a financial crisis and are typically…
The Apprenticeship Scheme Update – All You Need To Know
An update to the Apprenticeship Hiring Scheme was announced by the Chancellor in the UK Budget on Wednesday 3rd March 2021. The original incentive scheme was previously extended up to March 31st 2021, however this was then further updated and extended up until 30th September 2021. The Apprenticeship Incentive Scheme will see employers receive £3000 of government funding for every apprenticeship that is carried out after 1st April 2021. This is on top of the £1000 payment already provided for…
The VAT Deferral Payment Scheme – All You Need To Know
The VAT Deferral Payment Scheme was announced by HMRC on the 23rd February 2021. Rather than the traditional form for a business to pay their annual VAT bill in one large sum, it is now possible for businesses to pay in equal monthly instalments through the online VAT Deferral New Payment Scheme. Businesses will need to opt-in to the VAT Deferral New Payment Scheme, which can be done via the online service that opens on 23 February 2021 and closes…
Exit Strategy – Why Stepping Away Could Be The Right Thing To Do?
With lockdown and a global pandemic initiating a huge economic downturn, many business owners have had to reshape and rethink their business strategy. We’ve seen numerous business models adapt to the changing landscape by offering a different service to their normal offering. Many companies have also completely re-evaluated their products, thereby shifting their industry and the market from what was first traditionally conceived. Unfortunately, there have been plenty of businesses that, as a result of COVID-19, have been forced to…
The Self-Assessment Payment Plan – All You Need To Know
The Self-Assessment Payment Plan is an online scheme set up by HMRC to pay any outstanding tax liabilities in full or to set up an online payment plan to avoid a 5% late payment penalty. The scheme was announced on the 25th January 2021, with the deadline later extended to midnight on the 1st April 2021. The scheme is said to have attracted over 117,000 taxpayers to set up a self-serve Time to Pay arrangement online, totalling more than £437…
How To Make Sure Your Workplace Is COVID-Secure?
It’s fair to say that returning to the office environment seems like it will be slightly surreal, with remote and hybrid working becoming normalised over the past year since the pandemic began. A lot has been made out about going back to office-based working come June 21st when lockdown is scheduled to lift entirely and whether or not offices are ready to take on the responsibility to protect staff members. As well as the safety aspect, many office staff are…
Cutting Costs – How To Maximise Your Profit As A Business
With it now being over a year since the first lockdown was enforced, the world as we know has completely changed from what we first conceived as ’normal’. The economy, and businesses in general, have taken a hit with many companies and firms having had to close up temporarily and, in some cases, permanently during the pandemic. Whilst government support through schemes and grants have helped somewhat, many businesses and owners have struggled to adjust to the quickly changing landscape…
