In the ever-changing economic landscape, business owners are constantly faced with challenges that can impact the financial health of their enterprises. During such trying times, management accounting proves to be an invaluable tool, providing crucial insights and strategic advantages that can make the difference between survival and success. Enhanced decision-making Management accounting allows business owners […]
Navigating the challenges of a high-interest rate environment can be tough for businesses, but it's not impossible. While rising interest rates can pose hurdles to financing and operational costs, there are strategies companies can employ to secure the capital they need and maintain financial stability. Review existing debt Start by evaluating your current debt structure. […]
HM Revenue and Customs (HMRC) has revamped its VAT registration process, prioritising digital applications for businesses and agents. Starting from November 13, this change aims to streamline the registration procedure, making it quicker, easier and more secure. HMRC is urging businesses and agents to embrace the digital approach for VAT registration. Unless they fall under […]
The Government has withdrawn draft regulations for company reporting after consultation with businesses raised concerns about imposing additional requirements. Instead, the Government will pursue options to reduce the burden of red tape to ensure the UK is one of the best places in the world to do business. Draft regulations published in July would have […]
If you have ever stopped to ask yourself, why does the tax year start on April 6, you are definitely not alone. The idea that the tax year doesn’t begin until we are a quarter of the way into the year is a somewhat perplexing concept for many. Accountants and taxpayers alike often wonder why […]
When a bank hits the headlines, it isn’t usually for good reasons. Such is the case for Metro Bank which has found itself the talk of the town. Share prices took a massive dip amid concerns for its future, although the news has improved with a £925m investment package preventing it from collapsing. But, while […]
Tougher measures to address late payments to small businesses have been announced by the Government. In 2022, SMEs were owed, on average, an estimated £22,000 in late payments. This can slow down growth with many companies spending disproportionate time chasing payments that can lead to cash flow problems. Small Business Minister Kevin Hollinrake said: “Small […]
Two million people will receive a pay rise next year when the National Living Wage increases to at least £11 an hour. It means the annual earnings of a full-time worker on the National Living Wage – currently set at £10.42 an hour – will rise by more than £1,000. It will be welcome news […]
Hundreds of thousands of young adults have an average of £2,000 sitting unclaimed in Child Trust Funds. The long-term, tax-free savings accounts were set up for every child born between September 2002 and January 2011, with the Government contributing an initial deposit of at least £250. Funds can be withdrawn once the account matures when […]
A raft of money changes comes into play this month which could affect your finances, and as we are approaching the winter season – dark nights and lower temperatures – these support payments to help with energy costs will be gratefully received. These include adjustments to the Ofgem energy price caps, while the latest Cost […]