Tax and finance insights

Our take on the accounting issues that matter to you, including guidance on what tax rules mean in the real world and practical tips on running your business.

Brexit and tax: what we know so far

In October 2016, we published a blog post on the possible tax implications of leaving the European Union. Timing and circumstance dictated that the analysis of Brexit’s potential effects on direct and indirect taxes was largely theoretical. Written just 4 months after the referendum on 23 June...

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Abolishing class 2 national insurance

From April 2018, class 2 national insurance contributions (NICs) will be abolished. Class 2 NICs are a flat-rate charge of £2.85 a week and are paid by self-employed individuals generating net profits above the small profits threshold – currently £6,025. Individuals earning below this threshold...

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Auto-enrolment for micro businesses

It’s not beyond the stretch of the imagination to suggest most micro-business owners probably don’t have first-hand experience of managing pension schemes.  With auto-enrolment now compulsory for all but a few businesses, it is imperative business owners of all sizes get to grips with their...

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Writing a will

There are several options available to people wanting to write their will. You can use a will writing service, pay for the services of a professional (for example, an accountant) or write it yourself. Will writing services, while cost-effective, can sometimes be risky. There’s no guarantee the...

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The advantages of becoming a sole trader

The advantages of becoming a sole trader One of the most important decisions to make when setting up a business is what structure it will have. When choosing a suitable business structure it’s important to understand the advantages and disadvantages of different types of business – whether limited...

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A basic guide to dividend tax planning

A basic guide to dividend tax planning Dividends, as with other types of investment income, are taxable by the government. This system of dividend taxation was overhauled by the previous government in 2015. Investors now receive a tax-free allowance instead of the old dividend tax credit, and...

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The VAT flat rate scheme: is it still useful?

The VAT flat rate scheme: is it still useful? The government announced a new restriction on the use of the VAT flat rate scheme in the Autumn Statement 2016. In response to what chancellor Phillip Hammond called the “inappropriate use” of the scheme, businesses with limited costs are now paying a...

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General election: what’s next for businesses?

General election: what’s next for businesses? More than a week on from the general election and the dust is beginning to settle in Westminster. Following the outcome of a hung parliament, prime minister Theresa May faces the realistic prospect of having to dilute the Conservative Party’s key...

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The national minimum wage: new rates and legal responsibilities

  The national minimum wage: new rates and legal responsibilities The government’s phasing in of the new national living wage between 2016 and 2020 will substantially increase the wage bill faced by small businesses. Whatever the national minimum wage (NWM), as a business owner it’s vitally...

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