The Economic Crime and Corporate Transparency Act introduces significant reforms to UK company law, particularly concerning the submission of financial statements. These changes aim to enhance transparency, streamline processes, and align the UK with international best practices. Mandatory Digital Submission of Accounts To improve efficiency and security, Companies House is transitioning to exclusive digital submission […]

Introduction If you run a small business in the UK, VAT can be a major administrative burden. The Flat Rate VAT Scheme (FRS) was introduced by HMRC to simplify VAT reporting, but is it the right option for your business? In this guide, we will compare the Flat Rate VAT Scheme vs Regular VAT Scheme, […]

Dealing with unpaid invoices can be one of the most frustrating aspects of running a business. Not only are you left chasing payments, but you might also feel the sting of having paid VAT to HMRC on income you never received. The good news? HMRC allows you to reclaim VAT on bad debts under certain […]

Gift Aid is a scheme available to charities and Community Amateur Sports Clubs (CASCs). Under this scheme, charities can claim an extra 25p for every £1 donated, allowing you to support the causes you care about even more. What Are the Tax Benefits for the Donor? Basic Rate Taxpayers (20%) If you pay tax to […]

If you previously lived in the UK and had a UK workplace or personal pension fund, you may wish to start withdrawing money from these funds. As a non-UK resident, you should generally not be paying UK tax on this income but rather paying tax in your country of residence. However, the UK will only […]

A season ticket loan is an interest-free loan provided to employees to help cover the cost of commuting to and from work using public transport, such as trams, rail, or buses. The loan is repaid monthly through deductions from the employee’s net pay over a set period. Paying for a season ticket directly through a […]

The Companies Act 2006 and Financial Statements The Companies Act 2006 requires companies to prepare financial statements (accounts) annually, including the balance sheet and profit and loss account (P&L). These must be provided to both shareholders and Companies House. Objectives of Financial Statements The primary objectives of financial statements are: Key Qualities of Financial Statements […]

The National Minimum Wage is the minimum pay per hour almost all workers are entitled to. National Living Wage is for individuals above 21 and National Minimum Wage is for individuals below 21. Current Rates The rates change on 1 April every year – Calculating the minimum wage On average, an employee or worker must […]

The surge in e-commerce following the pandemic has transformed global trade, enabling businesses to sell across borders with unprecedented ease. However, international e-commerce growth hasn’t been without challenges, particularly with VAT compliance for imported goods. To address these hurdles, the EU introduced the Import One Stop Shop (IOSS) scheme. This streamlined approach simplifies VAT compliance […]

The Chancellor has announced that the favourable tax treatment furnished holiday lettings (FHLs) currently benefit from will be abolished with effect from 6 April 2025.  Background Definition of holiday home – A holiday home is a property rented out for short-term stays, typically for holidaymakers or tourists. It is not the tenant’s main residence, and […]