Latest Business News from Chichester Accountants Evans Weir

July 19, 2021

How can we reduce our corporation tax bill?

Nobody likes paying tax, whether via their business or personally and the question of ‘How can we reduce our corporation tax bill?’ is one we are faced with almost daily. Sadly, the query tends to come when it is either too late to do anything i.e. they are looking at their completed accounts and therefore the corporation tax bill, or they are just weeks away from year end and the magnitude of their tax bill has just hit home. Corporate Tax Planning To avoid turning up late to the... read more

Salary or Dividends? – How do I draw earnings from my company?

Should you take your income as salary or dividends? The question of how to draw earnings from your business when you are an owner director is a perennial one, but in recent years, successive changes in government policy have made the answer slightly more nuanced. There is no ‘one size fits all’ response and there are multiple factors to consider before one can give a concrete answer. However, here are the key criteria we would be looking at when helping a client make that decision. Who... read more

June 17, 2021

How much can I claim for running my business from home?

How much you can claim for running your business from home has always been a hot topic for debate even before we all moved home to work! Historically, the options were simple. You either took an HMRC approved payment of a few pounds for ‘non-exclusive use of home as office’, along with any expenses that were directly incurred; or you took a calculated payment based on the running costs for the entire property and the percentage of floorspace used for business. Working from home... read more

How should I manage my bookkeeping?

The world of bookkeeping has changed significantly over the last few years, leading many to ask the question, how should I manage my bookkeeping? What is bookkeeping? The concept of bookkeeping is simple when you consider the etymology of the word – keeping of the books. The reference to books refers to a time whereby there would have been three actual books (journals or ledgers) that made up the accounts – one for sales, one for purchases and one general ledger. The job of the... read more

How can I diversify my business?

How can I diversify my business is a common question asked by directors, shareholders and business owners for a range of different reasons. It may be the next step on the growth strategy or it may be about balancing risk and in the same way as there are a lot of drivers to diversification, there are multiple routes to achieve it. Spreading the risk Diversification is not just about growing a bigger business or increasing market share. Increasingly it is a route followed by companies and... read more

May 26, 2021

How do I change my accountant?

In the first of a series of question led blog posts, we consider the sometimes-thorny subject of how to change your accountant. Whether its price, quality of work, changing requirements or the odd dispute that causes you to look at changing your accountant, the fact is business owners are now far more willing to move their corporate affairs between firms. Largely spawned by the encouragement to market test or shop around for utilities, insurance and financial products as consumers, the same... read more

Dissolution loophole legislation passes first reading

The Government is working on new legislation to try and stop company Directors using dissolution through strike off as a means of avoiding repayment of liabilities – notably government-backed funding, such as CBILS or Bounce Back Loans. The new law which has had its first reading in Parliament, looks set to become law later this year. Dissolution through strike off Dissolution through strike off is primarily designed as a means for closing down a company that is no longer trading and... read more

Marketing – Small firms most in need of help

As businesses of all sizes seek to recover from the Covid pandemic, research suggests that SMEs in particular need help to market their products and services. In a survey of 500 small business owners, almost half (42%) said that they were not clear on how to market their firm and specifically lacked knowledge and skills around creating online and digital profiles. Digital and web not the obvious choice The survey, which was carried out by marketing platform Adzooma also turned up some... read more

HMRC to reclaim incorrect pandemic support through tax returns

HMRC has announced that self-assessment tax returns for the 2020/21 tax year will contain a question relating to pandemic support as it seeks to recover incorrectly claimed monies. If you are required to complete a self-assessment tax return then you will recently have received a notice reminding you to complete your return for the tax year that ended on 5th April 2021. With the usual deadlines now back in place, your tax return, if submitted online, will need to be filed and paid by the... read more

April 19, 2021

UK Personal Savings Hit Record High

With the latest stage of lockdown restrictions being eased, economists and forecasters are predicting UK consumer spending will help to boost the recovery. The backdrop to the prediction is the record level of personal savings that UK households have squirrelled away during the pandemic. With opportunities to spend restricted, records have been set and broken in 2020 and early 2021 as more and more money has been deposited in UK banks. Record Monthly Personal Savings In the six months... read more