Author: Neil Dando

What you need to know before taking on the responsibility Deciding to become an employer is a significant milestone for any business. It marks a phase of growth and the need for additional support. In this guide, we will explain what becoming an employer entails, the steps required, the key considerations, and the changes that…

Capital gains tax explained Capital gains tax (CGT) is the tax on the profit you make when you sell or ‘dispose of’ an asset that has increased in value during your ownership. It is important to note that the tax is levied only on the gain made from the sale, not the total sale price.…

£46.9 billion was lent during Covid under the scheme. While nearly three-quarters of borrowers are on track to repay, a significant £40.9bn remains outstanding. The amount of bounce-back loans fully repaid is just 13% of the £46.9bn handed out to companies during the pandemic. Despite £46.9bn being handed out in bounce back Loans during the…

A survey by RSM revealed that 40% of media firms had filed an R&D claim in the past year, but only 24% of these were approved without dispute. A recent crackdown on the abuse of the research and development (R&D) tax relief regime has significantly impacted the media sector, with HMRC questioning three out of…

The average cost of a home now stands at £264,249, marking a 1.3% increase year-on-year. The housing market is showing signs of resilience, with Nationwide reporting a 0.4% rise in house prices in May compared to April. The average cost of a home now stands at £264,249, marking a 1.3% increase year-on-year. According to Nationwide’s…

Provisional claimants are urged to make a valid claim by 31 January 2025. HMRC is writing to taxpayers who made a provisional business asset roll-over relief (ROR) claim on asset sales in 2020/21 and haven’t replaced it with a valid claim. The deadline for making a valid claim is 31 January 2025. If a valid…

Essential knowledge for accurate market assessments Understanding your business’s value is more than a number on a balance sheet – it’s a crucial indicator of your company’s health and future potential. Whether considering a sale, seeking investment or planning strategic moves, a precise valuation provides robust information. With this spotlight, we aim to guide you…

The Treasury Committee says confidence among SMEs has fallen. The Treasury Committee has warned about the negative impacts of unfair banking practices and inadequate financial regulation on small and medium-sized enterprises (SMEs). The report, stemming from an inquiry into SME access to finance, highlights the struggles these businesses have faced over the past five years,…

Some SMEs’ costs have risen by more than 1000%. Nearly two-thirds of these businesses cite utility costs as a key factor driving higher expenses. Small businesses in the UK are grappling with significant increases in fixed daily utility costs, escalating regardless of usage. Recent data shows that nearly two-thirds of these businesses cite utility costs…

GDP is expected to rise by only 1% in 2025, below other G7 nations such as Canada, France, Germany, Italy, Japan and the US. The Organisation for Economic Cooperation and Development (OECD) has forecasted that the UK’s gross domestic product (GDP) will increase by only 1% in 2025, placing it below other G7 nations such…

House prices fell by 0.4% in April to £261,962, following a 0.2% drop in March. UK house prices declined for the second consecutive month in April, influenced by uncertainties around interest rates and rising mortgage costs, which impact the traditional spring home buying season. According to the Nationwide Building Society, April’s average house price fell…

Fees of up to £145 will be charged from 30 April. Small imports such as sausages and cheese are included in the charge. Trade groups have warned of potential increases in food prices following the Government’s announcement of new post-Brexit import charges on EU food and plant products. These charges, known as the common user…

There was a significant uplift for families from 6 April as the annual entitlement for one child was raised. Additional child payments also increased. HMRC has announced that, from 6 April 2024, millions of UK families receiving Child Benefit will see their payments increase. In a move to support households, the Government has raised the…

1.6m additional retirees dragged into income tax levy. 8.5m currently paying income tax, up from 4.9m in 2010. New research for the House of Commons has shown that due to the income tax threshold freeze of £12,570 until 2028, an additional 1.6m pensioners will have to pay income tax in the next four years. This…

Higher mortgage rates affect affordability as the cost of buying a home strains budgets. Nationwide has reported a mixed picture of the housing market. On average, property prices increased 1.6% from March 2023, marking the quickest pace of growth since December 2022. However, a slight dip of 0.2% was observed in March compared to February,…

Practical and effective steps to manage debt Managing debt effectively is an increasingly crucial component of personal financial health in today’s economic climate. With rising living costs and the easy availability of credit, it’s easy to find yourself in a situation where debt becomes overwhelming. This guide offers you practical and effective strategies tailored for…

Essential tax compliance for limited companies Managing a limited company requires meticulous attention to regulatory obligations, particularly with regard to tax and accounting. Financial compliance is punctuated by a series of key deadlines and potential penalties for non-compliance, demanding a proactive and informed approach from company directors. This guide delves into the intricacies of these…

Cashflow management advice Managing cashflow effectively is critical for the survival and growth of your small business. It’s about planning, monitoring and controlling the money coming in and going out of your business, which ensures you have enough cash to cover your expenses and avoid insolvency. Given the nature of the economy and evolving business…

Navigating your finances with confidence As we step into the 2024/25 tax year, it’s now more important than ever to take a proactive approach to managing your personal finances. Whether you’re navigating the complexities of income tax, considering investment opportunities or planning for your future, understanding the nuances of the UK tax system can help…

Plans to simplify tax could require other increases. In 2022/23, NICs generated £178bn, with £103bn from employers, £65bn from employees, and around £10bn from the self-employed. The Prime Minister, Rishi Sunak, has suggested the possibility of eliminating National Insurance contributions (NICs) for workers, following another 2% cut announced during the Budget. National Insurance, established in…