If breeding and selling animals has turned into a source of income for you, you need to make sure your earnings are declared correctly to HM Revenue & Customs (HMRC). You can earn up to £1,000 annually from casual trading or self-employment without needing to report it. However, once your income exceeds this threshold, you […]
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Despite repeated calls for reform, the Government has shown little support for tackling chronic late payments, leaving businesses to fend for themselves. One effective solution is to tighten your credit control policies to manage the issue. Strengthening credit control A solid credit control system helps you keep payments on track. Here are some ideas on […]
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No matter how well-prepared you may think you are, things will not always go to plan. It could be a sudden shift in the market, supply chain disruptions, unexpected repairs to your office or equipment, or even a personal emergency. That is why having a budget that accounts for the unknown is essential. How to […]
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In January, the Government unveiled its Artificial Intelligence (AI) Opportunities Plan, outlining how the UK hopes to shape the AI trajectory by driving economic growth, enhancing public services, and creating new job opportunities while ensuring AI benefits society. While there is still a lot we do not know about the full capabilities of AI, we […]
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HM Revenue & Customs (HMRC) has recently issued One to Many (OTM) letters to private equity businesses and estate agents. These letters can be sent to any business and usually highlight HMRC’s focus on compliance, urging you to review your practices. What are One to Many letters? OTM letters are not threatening and do not […]
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From 1 April 2025, the National Minimum Wage will rise to £12.21 per hour (an increase of 6.7 per cent), meaning rising employment costs for businesses. For graduates, higher earnings can trigger student loan repayments, a factor you should consider when managing your payroll. Graduates start repaying their student loans when their income exceeds specific […]
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Tax planning for high-net-worth individuals (HNWIs) in 2025 requires sharper focus as thresholds tighten and new changes take effect after announcements in the Budget. Staying ahead of these developments will help you maximise allowances, minimise exposure, and protect your wealth. Here are some key areas to consider. Capital Gains Tax allowances are lower than ever […]
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Chancellor Rachel Reeves announced substantial changes to the taxation rules surrounding non-UK domiciled individuals (non-doms) in October’s Budget. These changes will have a big impact on how foreign income, gains, and assets are treated. With the abolition of the remittance basis and new rules for Inheritance Tax (IHT), offshore trusts, and Capital Gains Tax (CGT), […]
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For large businesses, managing finances involves more than simply following the rules. It is about staying updated with changing laws, reducing risks, and using financial insights to support growth. The 2024 Autumn Budget introduced changes that have an impact on larger companies, making reliable audit and assurance services more important than ever. We specialise in […]
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This year marks an incredible milestone for MGI Midgley Snelling LLP as we celebrate our 100th anniversary. Since Mr H.A. Snelling first began practising as a Chartered Accountant on 14 May 1925, our firm has grown from humble beginnings at 195 Strand, London, to becoming a founding member of MGI Worldwide, a leading international accounting […]
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