Archives for Updates

HMRC fuel rates September 2023

New rates. Updated advisory fuel rates (AFRs) from 1 September 2023 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 13p 10p – 1,401cc to2,000cc – 16p 12p – Over 2,000cc – 25p 19p   1,600cc or less – – – 12p 1,601cc to 2,000cc – – – 14p Over 2,000cc – – – 19p Hybrid cars are treated as either petrol or diesel
Read More

The Benefits of Outsourcing Your Payroll Duties

Introduction Payroll management is a critical aspect of running a business, but it can also be time-consuming and complex. Many companies are opting to outsource their payroll duties to specialised service providers. Outsourcing payroll not only saves valuable time and resources but also offers a range of benefits that can contribute to the overall success of a business. We explore some of the key advantages of outsourcing your payroll duties. Cost Savings One of the primary reasons businesses choose to outsource their payroll is the cost savings it can bring. Hiring and maintaining an in-house payroll team can be expensive,
Read More

The Benefits of Outsourcing Your Accounting Duties

Introduction In today’s fast-paced business environment, managing accounting duties can be a time-consuming and complex task. Many businesses, both small and large, are recognising the advantages of outsourcing their accounting functions to specialised firms. Outsourcing accounting duties not only helps businesses streamline their financial processes but also enables them to focus on core activities and strategic decision-making. In this blog, we will explore the key benefits of outsourcing your accounting duties. Cost Savings One of the primary reasons businesses choose to outsource their accounting duties is the potential for cost savings. By outsourcing, businesses can avoid the expenses associated with
Read More

LGBTQ+ Pride: How does it benefit your business?

Introduction LGBTQ+ Pride celebrations have become a vibrant and essential part of the cultural fabric in the United Kingdom. Beyond their significance in promoting equality and inclusivity, these events offer numerous financial benefits to both businesses and the economy as a whole. By fostering a supportive environment and attracting diverse audiences, Pride festivals and related activities generate substantial economic opportunities while contributing to the country’s social progress. In this blog, we explore the financial advantages of celebrating LGBTQ+ Pride in the UK. Tourism and Hospitality Industry Boost Pride events attract visitors from across the globe, making them a powerful driver
Read More

HMRC fuel rates June 2023

New rates. Updated advisory fuel rates (AFRs) from 1 June 2023 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 13p 10p – 1,401cc to2,000cc – 15p 12p – Over 2,000cc – 23p 18p   1,600cc or less – – – 12p 1,601cc to 2,000cc – – – 14p Over 2,000cc – – – 18p Hybrid cars are treated as either petrol or diesel
Read More

Navigating Upfront Costs for Businesses with Compulsory Making Tax Digital

Introduction: In an increasingly digitised world, governments worldwide are embracing digitalisation in tax systems to streamline processes and enhance compliance. Here in the UK, the Making Tax Digital (MTD) initiative was introduced to revolutionise the way businesses maintain and submit their tax records. While MTD offers numerous benefits, such as reduced errors and improved efficiency, it’s essential for businesses to understand and prepare for the upfront costs associated with this mandatory transition. In this blog post, we’ll explore the upfront costs businesses may encounter when Making Tax Digital becomes compulsory and provide some practical tips for managing these expenses, which
Read More

World Environment Day: the financial benefits

Introduction World Environment Day is a global event that takes place annually on June 5th. It serves as a reminder of the importance of environmental sustainability and encourages individuals, communities, and businesses to take action towards preserving and protecting our planet. While the primary focus of World Environment Day is environmental stewardship, businesses can also reap significant financial benefits by actively participating in and celebrating this meaningful day. This blog explores how embracing World Environment Day can lead to financial gains for businesses while simultaneously promoting a greener and more sustainable future. 1. Enhancing Brand Reputation In today’s socially conscious
Read More

A Comprehensive Guide to Tax Returns for Subcontractors in the UK Construction Industry

Introduction: The UK construction industry is a thriving sector that relies heavily on subcontractors. If you’re a subcontractor in the construction industry, it’s important to have a good understanding of tax returns to ensure compliance with HM Revenue and Customs (HMRC) regulations. In this blog, we will provide a comprehensive guide to tax returns for subcontractors, helping you navigate the complexities of the UK tax system. Understanding the Construction Industry Scheme (CIS): The Construction Industry Scheme (CIS) is a tax scheme specific to the construction industry in the UK. As a subcontractor, you must register with the CIS if you
Read More

Company-paid medical care

As a director of a company in the UK, your health is a critical factor in your ability to effectively manage your organization. To ensure that you remain in good health, it is important to have access to quality medical care. Fortunately, there are several ways that your company can help you access medical care in the UK. One option is to provide you with private medical insurance as part of your employee benefits package. Private medical insurance is a type of health insurance that covers the cost of private medical treatment. It can include a range of services such
Read More

Why spend money on an accountant when times are tough?

As a self-employed individual in the UK, it can be tempting to try and handle your own tax affairs, especially when Financial Times are tough. However, there are several benefits to using an accountant for your self-assessment tax return. Save time and reduce stress Preparing a self-assessment tax return can be a time-consuming and stressful process, especially if you haven’t kept on top of it all year. An accountant can take care of all the paperwork, including calculating your tax liability, completing the necessary forms, and submitting your return on time. This frees up your time to focus on running
Read More