Key takeaways Short answer: Yes, if you have 50%+ gross margin, surplus, or fast-moving stock and spare hands; perhaps not, if any one of those is missing. A 20% discount on a 50% margin product means you need 67% more sales just to stand still. You don’t have to discount at all. Bundles, loyalty-only offers, … [Read more…]
Key takeaways Allowable expenses reduce taxable profit; they don’t make a purchase free. The purpose of a purchase matters more than which account you pay from. For costs with separable business and personal use, claim only the business share. Everyday clothing, ordinary meals and client entertaining are generally not allowable. Keep evidence and check uncertain … [Read more…]
Key takeaways Financial information, when it arrives in good time, gives small business owners more options before they need to act. Moving from paper-based administration to connected digital records can make useful financial information available sooner. Earlier information can give owners more time to prepare for liabilities and assess investment or hiring decisions. Sharing routine … [Read more…]
Key takeaways Book a recurring finance appointment during your working week. Save receipts and send invoices as they happen, then use the weekly session to check for gaps. Track money received separately from invoices still awaiting payment. Record business costs and flag anything with uncertain tax treatment. Clear any backlog one period at a time … [Read more…]
Key takeaways Hybrid working remains a challenge: 73% say adapting to remote and hybrid working models is a top challenge. Fairness is the central issue: 59% say ensuring consistency and fairness across working practices is a challenge. HR is increasingly focused on hybrid working: 68% report greater emphasis on supporting hybrid and flexible working than … [Read more…]
Under Making Tax Digital (MTD) for VAT, your VAT Return is due one calendar month and seven days after the end of each VAT period, and you must file it using MTD-compatible software. The rules have applied to all VAT-registered businesses since April 2022. Key takeaways Your VAT Return is due one calendar month and … [Read more…]
Key takeaways MTD for Income Tax is live. It became law for sole traders and landlords with qualifying income over £50,000 on 6 April 2026. It’s had a difficult history since its inception in 2015, with several postponements and rescoping of who/what is included. But that’s all history now. The £30,000 threshold applies from 6 … [Read more…]
Making Tax Digital (MTD) for VAT requires VAT-registered businesses to keep prescribed VAT records digitally and to file VAT Returns through compatible software. You don’t usually need to sign up yourself. HM Revenue and Customs (HMRC) automatically signs up newly VAT-registered businesses unless they’re exempt or awaiting an exemption decision. Key takeaways You don’t usually … [Read more…]
The UK government is understandably keen for businesses and consumers to use recycled materials wherever possible. Plastic Packaging Tax (PPT) has applied since April 2022 to certain plastic packaging components manufactured in or imported into the UK. It’s being updated in 2027 in some key ways that businesses subject to the tax need to know. … [Read more…]
Key takeaways Accountants’ hidden hours include the advice, reassurance and coordination surrounding their core services. The Hidden Hours of Accountancy research from Sage found that 81% of accountants work outside their scope, highlighting how widely support extends beyond the agreed brief. Accountants can discuss current figures with clients without waiting for records to arrive. But … [Read more…]