In the Autumn of 2024, the newly appointed Labour government laid out their plans for 2025 in their first budget as government. Here are some key points as we tumble through Q1 and into Q2 2025. VAT for Private Schools Private schools in England will start being subject to VAT from January 2025, and charitable …
Key Financial Changes To Keep In Mind For 2025 | Autumn Budget Read More »
Credit control can be an important pillar of running your business. It’s important to keep an eye on your business’s financial health and ensure everything is running as it should. This is where credit control comes in! Keep reading to find out the benefits of credit control for your business. Improves Cash Flow By managing …
Introduction to Bookkeeping Bookkeeping is an essential part of any business, regardless of its size or industry. It involves the recording and organising of financial transactions, including purchases, sales, receipts, and payments. A bookkeeper’s role is crucial in maintaining accurate financial records that can help a business thrive. But what exactly does a bookkeeper do? …
What Does a Bookkeeper Do? (The Importance of Bookkeeping) Read More »
Late payments continue to be a major challenge for small business owners and freelancers across the UK. In the 12 months leading up to June 2024, nearly half (49%) of all invoices were paid late, an increase from 43% the previous year and even worse than the 46% recorded in 2020. The situation is particularly …
UK SMEs Face Growing Challenges with Late Payments Read More »
The Labour Party has taken office for the first time in 14 years, promising significant changes to employment law. With an ambitious agenda to improve workers’ rights, businesses may need to prepare for a potential shift in the regulatory landscape. This article outlines the key changes that might be on the horizon and what employers …
The Labour Government’s Potential New Employment Laws: What We Could Expect Read More »
After a period of steady increase, inflation in the UK has taken a welcome turn. The cost of living surged notably throughout 2021 and 2022, but recent data from the Office for National Statistics reveals a significant decline, with inflation now resting at 3.2% for the year up to March. This marks the lowest rate …
Millions of families in the UK will soon benefit from higher Child Benefit payments, announced by HMRC for implementation from April 6, 2024. In an effort to boost household finances, the Government has raised the yearly entitlement for families with one child to £1,331 – a rise of £83.20. Families with additional children will receive …
Enhanced Child Benefit payments commencing from April 6 Read More »
Tax Refund Scams have become common in recent years. For example, HMRC received more than 130,000 reports about tax scams in September 2023, whilst almost 60,000 people were approached and offered fake tax rebates from fraudulent sources. Avoid falling for these scheming fraudsters’s tricks by being aware of these 3 clear signs. In conclusion, If …
Jeremy Hunt’s recent Budget announcement unveiled several changes impacting taxpayers, businesses, and households alike. From tax cuts to adjustments in benefits and investments, here’s a breakdown of what these updates mean for you: Taxation: ● National Insurance, a payroll tax, cut by 2p in the pound for employees and the self-employed● Salary thresholds for income …
Unpacking the Spring Budget 2024: What You Need to Know Read More »
Payroll year end is not to be confused with PAYE. Every year, after your last pay run but before 19 April, you’ll need to send specific information to HMRC. Here’s a step-by-step guide to ensure a smooth transition and avoid common pitfalls. 1. Check The End Date of Your Payroll. Payroll may extend beyond week …
Are You Prepared for Payroll Year-End? (Payroll Deadlines) Read More »
