HMRC is preparing to make greater use of information supplied by banks, payment providers and other third parties. Under new requirements due to take effect from April 2028, merchant acquirers and payment facilitators will have to collect, verify and report more consistent information about card sales. HMRC intends to use this information to match payments […]
Running a small or medium sized business means there are a number of priorities to juggle. Between looking after customers, managing staff and keeping day-to-day operations moving, it can be difficult to find the time to review the bigger financial picture. The summer can be a useful opportunity to review how your business is performing, […]
The way small companies file their annual accounts is set to change from April 2028. To follow is an overview of what’s coming and what it could mean for your business. Profit and loss accounts – what’s changing? One of the biggest changes is that small companies will need to file profit and loss accounts […]
As the self assessment deadline fast approaches, and with AI growing in use, it’s inevitable that many taxpayers are considering whether AI can offer a shortcut for this year’s submission. So are you tempted to use AI – and should you even try? It’s clear that AI is creeping into many aspects of our lives. […]
A business loan can be a useful tool for SMEs, offering access to capital which can help with growth, stability and resilience. Loans can facilitate investment in new locations, staff or equipment, as well as helping smooth cash flow and build business credit. When managed well, interest on a business loan can be more affordable […]
Setting up a business partnership can be an exciting time. Working with other professionals can offer additional skills, and the ability to steer your company successfully with insight, support and guidance from others. There is no legal requirement to have a written partnership agreement in the UK, but they can be a very helpful tool. […]
Adopting sustainable practices is now an important business exercise for many SMEs. But is there a need to ensure environmental systems are correctly reported on? And how should this be done? Sustainability is now a much more typical part of company operations. A few years ago offering insight into the impact of a company’s sustainable […]
Companies House has launched a voluntary identity verification service for company directors and people with significant control. The move marks the first phase of a wider initiative to tackle corporate fraud and misuse of the companies register. Individuals can now digitally verify their identity either directly through Companies House using the GOV.UK login or through […]
Earlier this year the Government launched a short consultation to gauge how e-invoicing can and should be adopted for business-to-business (B2B) and business-to-government (B2G) transactions. Some of the topics under review include whether e-invoicing should be compulsory or voluntary, and the practicality of real-time digital reporting. Understanding e-invoicing While many UK businesses currently send invoices […]
HMRC has announced that it will be closing its free online service for filing corporation tax returns and company accounts. From next year businesses will now have to pay to file these statutory items. So why the change to these important tax compliance services? Earlier this month, HMRC announced that its online service for filing […]
Xero is a cloud-based accounting software, popular with many SMEs. We began working with Xero in 2022 and recommend it to clients who are keen to use a powerful, affordable software package to help them better manage their financial accounting. Here are a few of the benefits which Xero may be able to offer your […]
Running a business can be a challenging task, especially if you don’t have all the information you need to hand. Creating management accounts which give a clear overview of your business finances can be a helpful tool, enabling you to properly understand how your business is performing and inform any decisions you need to make. […]