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HMRC service is ‘diabolical’

The Institute of Chartered Accountants in England and Wales (ICAEW) has stated that understaffing at HMRC is causing unacceptable delays and is hindering economic activity for businesses.  It said that obtaining basic tax details is taking months and…

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Do you have to pay tax on your redundancy pay?

The simple answer is no, redundancy pay is tax free up to £30,000. This is because it is not considered income but rather compensation for loss of position, therefore not subject to income tax. Anything over the £30k…

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Autumn Statement 2022

The Chancellor’s Autumn Statement didn’t have much good news for businesses but did reverse almost every previous policy announced by the previous Prime Minister and Chancellor. Many of the announcements affect us all, so below we have picked…

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Business gifts for Christmas

Thinking of giving a business gift for Christmas? Make sure you know the tax implications before it ends up costing you more than you thought. Christmas is not that far away and you might be considering giving a…

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IR35: Are you employed or self-employed?

Are you employed or self-employed? And why does it even matter? Why should I be concerned about IR35? You should be concerned about IR35 because if HMRC take a different view to you on whether you are employed…

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Top Ten Things to consider when choosing a new accountant

Whenever potential new clients approach us, it is often because they are not happy with their existing accountant, or because they are a new business and don’t know how to select an appropriate one that will suit them…

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Do I have to pay tax on my cryptocurrency gains?

Do I have to pay tax on my cryptocurrency gains? Cryptocurrency, particularly Bitcoin, have risen in prominence over the last few years – with companies like Telsa accepting them as payment and countries like China banning them outright. …

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Don’t be caught out by payments on account for personal tax – know what you need to pay!

What are payments on account?  And who has to make them? So many business owners get caught out by payments on account, particularly in their first year of trading. When you become self employed, most of, if not…

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What can HMRC find out about you?

What can HMRC find out about you?  You’ll probably be surprised to find out it’s a lot more than you think. When meeting potential new clients we often hear “Well, HMRC won’t find out about that” – and…

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COMPANY VS SOLE TRADER: BENEFITS AND DRAWBACKS

Should you be a sole trader or a company? We are often asked that question when people are setting up in business, and the truth is it depends on the individual scenario and what you are looking to…

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