People are always looking for ways to pay less tax. Tax allowances are one of the most effective and legitimate ways to do it, helping to mitigate against a large tax bill. These allowances are built specifically to reduce the amount of VAT, Income Tax or National Insurance Contributions that you pay. Some are more […]
Read moreAuthor Archive: Midgley Snelling
The stages of business recovery
Business recovery is rarely a straight line. Most companies experiencing financial or operational challenges move through a series of stages before returning to sustainable growth. Recognising the warning signs early and taking decisive action at each stage can make the difference between recovery and failure. Underperformance The first stage tends to be underperformance. Businesses in […]
Read moreBlueCrest loses £200 million tax battle against HMRC
The Supreme Court ruled against BlueCrest Capital Management in a long-running dispute with HMRC, leaving the firm facing tax and National Insurance determinations of nearly £200 million. The ruling follows a wider HMRC focus on how members of limited liability partnerships (LLPs) are classified for tax purposes, and comes as HMRC continues to scrutinise arrangements […]
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The most common cash flow problems that affect a business
Most, if not all, businesses will face cash flow problems at one point or another. This is why understanding some of the most common cash flow problems is important for business owners, so they know what to look out for. More often than not, cash flow problems are solvable if they are found early and […]
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Nearly all law firms face compliance risks from dramatic overhaul of SRA Accounts Rules
Following a number of high-profile law firms going insolvent, which put client funds at risk, a consultation was launched to determine how the Solicitors Regulation Authority (SRA) could better safeguard legal clients. The results of the consultation have now been made public, with an overhaul to the SRA Accounts Rules 2019 scheduled for early 2027. […]
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Invoice financing – Liberating cash tied up in late payments
SMEs in the UK have struggled with late payments for years and cash tied up in unpaid invoices can put pressure on your business’s ability to operate effectively. Invoice financing can release funds locked up in late payments, giving a business an instant cash flow injection until the outstanding balance is settled. Consistent late payments can significantly stunt business growth, especially […]
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I have received a HMRC enquiry letter – What do I do now?
HMRC enquiry letters are sent to individuals to notify them that HMRC has chosen to formally investigate their tax affairs. While some enquiries are carried out randomly, the majority are selected based on a risk assessment of a business. These checks should not be seen as accusatory, as they are often a routine procedure to make sure your business is compliant and the correct […]
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Companies House issues warning over scammers
Companies House has issued warnings to directors after a rise in scam emails following the organisation’s new identity verification processes. The scams are designed to create urgency and encourage directors to hand over personal information or click malicious links. While the changes are intended to help tackle economic crime and improve trust in the UK […]
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Summer season success: Don’t get caught out by the unique payroll requirements of seasonal workers
Seasonal workers are the backbone of many British businesses during the busy summer months. However, employers must understand the unique payroll responsibilities for these workers to ensure that they are being paid correctly. Setting up seasonal workers It can be easy to think of seasonal workers as temporary support, but from a payroll perspective they […]
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Parents with teenagers could lose out on Child Benefit after 31 August
If you or any of your employees have children aged 16 to 19, it is worth noting an important HMRC deadline that could affect household finances. What is changing? Child Benefit automatically stops on 31 August after a child turns 16, unless a parent confirms their teenager is staying in full-time education or approved training. […]
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