News | Page 2

June 17, 2021

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

Working From Home – Insurance Risks

People working from home are being warned about the risk of invalidating their home insurance. With the stay-at-home order issued in March 2020, two subsequent national lockdowns and government guidance still recommending people work from home wherever possible, the number of people making adaptations to residential properties to create a long-term workspace is on the increase. Home Workspace Conversions Spare rooms, sheds and garages are rapidly being converted into workshops, offices... read more

Co-Operatives Movement Gets a Covid Boost

Reports show an increase in the number of co-operatives having been established in 2020/21 as businesses search for recovery solutions. Faced with cancelled orders, falling sales and a lack of wholesale trade opportunities, hundreds of smaller enterprises were staring down a bleak future when the Covid pandemic took hold in Spring 2020. Whilst many took advantage of Government support, others such as artisan food producers and craft breweries, needed to find a way to clear through stock... read more

March 30, 2021

Digital Tax Accounts

The long-term ambition of Making Tax Digital is to simplify that tax system, speed up calculation and collection and also close loopholes that are estimated to cost the treasury up to £31bn a year in unpaid taxes. Whilst its phased rollout has been subject to delays and changes due to Covid and Brexit, Chancellor Rishi Sunak is believed to be focussing on the end game with reports suggesting that the Treasury is looking at introducing digital tax accounts that will deliver a pay-as-you-go tax... read more

No Business Rates on Second Home Ownership

The current rules around the treatment of second home ownership from a rates and relief perspective are set to be tightened if new proposals set forward by the Government take effect. Minimum Letting Requirement At present a second/holiday home can be registered for business rates if it is intended to be used as a holiday let business. However, there is no minimum requirement for the percentage of time the property must be available/used for this purpose – allowing many to apply for... read more