Latest Business News
HMRC sets its sights on SMEs over UK tax gap
The tax gap in the UK – the difference between the amount of tax owed and the amount that has been paid – remains wider than anticipated due to SMEs, according to HM Revenue & Customs (HMRC). The tax authority’s
The hidden economy: What income should you declare?
The number of individuals participating in the UK’s ‘hidden economy’ is increasing according to recent research. A surge in additional income streams, from moonlighting to online trading, has led to millions of taxpayers failing to declare additional earnings to HM
Management accounts: The importance of having a clear view of your business during uncertain times
In times of economic uncertainty, businesses should have a clear plan to ensure that they can navigate any potential financial pitfalls. One of the best ways businesses can do this is with the use of management accounts. What are management
Time to exit: New research shows many business owners are planning ahead
New research from wealth management firm Evelyn Partners has revealed that the majority of business owners with companies that earn more than £5 million annually are preparing for an exit. With 65 per cent of UK business owners contemplating the
Are banks supportive of SMEs and willing to assist their growth?
Small and medium-sized businesses (SMEs) have struggled to access finance from banks for a while, with many having to turn to alternative lenders and sources to secure much-needed funding for investment. However, the scale of this issue has not previously
Car vs Van – Tax treatment of electric vehicles
There have been several important tax decisions previously regarding the difference between vans and cars, but how do the different rules regarding electric vans affect their tax treatment? Let’s use a hypothetical: A Ltd has acquired a new electric company
Roadside charging – How to account for credit card payments
With a growing number of company car owners using electric vehicles, many are deciding or being permitted to use company credit cards to pay for roadside charging. However, what are the implications of this for the employee and business alike?
Late interest penalties hit 1.4 million taxpayers – and it could get worse
The 2020/21 tax year saw 1.4 million people charged interest on overdue tax payments – a 15 per cent increase on pre-pandemic figures. The data was released after a Freedom of Information request by investment platform, AJ Bell, but this
Trivial benefits in kind and the advantages they give to employers
It is important for employees to feel valued in the workplace. A lot of the time, it is the little things that employers can provide to their staff that have the most substantial impact. One such ‘little thing’ is the
Changes to free childcare, but higher earners will still miss out
In the Spring 2023 Budget, the Government laid out plans to shake up the current free childcare system – but many higher earners will be disappointed to find that the changes keep them excluded from the scheme. The existing childcare