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Cash flow v customer credit limits
Posted on 23rd Oct 2023If your business grants a customer time to pay – say 30 days – after the services or goods supplied have been delivered, effectively, your money stays in their bank account for 30 days. Further, if you have incurred costs regarding a sale, that have...[more]
New company reporting regulation withdrawn
Posted on 23rd Oct 2023The Government has withdrawn draft regulations after consultation with companies raised concerns about imposing additional reporting requirements. Instead, the Government will pursue options to reduce the burden of red tape to ensure the UK is one of the best places in the world to do...[more]
Who needs an EORI number?
Posted on 19th Oct 2023The Economic Operators' Registration and Identification System (EORI) was setup as a European Union (EU) wide initiative that helps businesses communicate with customs officials when they are importing and exporting goods. The EORI allows businesses to provide pre-arrival/pre-departure information for goods. Businesses in the UK...[more]
How dividends are taxed
Posted on 19th Oct 2023Dividends received are taxed as income but the rates of tax applied are different to the formal Income Tax rates. Also, individuals can receive dividends up to the annual dividend allowance tax free. The annual dividend allowance for 2023-24 is £1,000. The current tax rates...[more]
Accounting periods for Corporation Tax
Posted on 19th Oct 2023Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and for returns sent to HMRC. The accounting periods can be the same but can also differ and a change may need to be made to ‘sync’...[more]
Increase in National Living Wage
Posted on 19th Oct 2023The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2024. The actual wage rate recommendations of the Low Pay Commission are expected to be announced...[more]
Reporting early payment of wages before Christmas
Posted on 19th Oct 2023There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close meaning workers need to be paid earlier than...[more]
Electric charging of company vehicles at home base
Posted on 19th Oct 2023HMRC has published revised guidance concerning the charging of company cars and vans at residential properties. HMRC had previously maintained that the reimbursement of costs in relation to charging a company car or van at a residential property was a taxable benefit. This advice seemed...[more]
Recurring sales
Posted on 17th Oct 2023Most business owners will appreciate the difference between one-off sales, and services that are generally described as recurring. For example, you may sell a laptop (a one-off sale) and then bolt on a support contract (a recurring sale). The advantage of recurring income streams is...[more]
Repeat business
Posted on 17th Oct 2023Once you have secured the attention of a customer that has purchased their initial goods or services from you, you have completed the hard part – converted a prospect into a buying customer – so don’t be afraid to follow up with cross-sales offers. For...[more]