Ian Piper (Accountants Ely)

It has been a long established principal that SME companies can avoid publishing all of their financials at Companies House, by filing abbreviated, filleted or abridged accounts instead of full accounts. This enables them to keep details about business turnover, gross margin, profitability and dividends confidential.   However, the Government have just announced plans to…

[Data Source] Now that we are well into preparing 2023 year end accounts for our business client, we are getting are a proper feel of what is happening out there growth wise.  As can be seen from the above, SME’s had a strong 2022, growing by 11%, as they caught up lost sales from the…

The HMRC Nudge Unit, previously called the Behavioural Insights Team, was a team within the Cabinet Office that was tasked with improving government services and saving money by employing a blend of behavioural economics and psychology.  An example of this in practice is the so-called “nudge” letters HMRC issue on the back of using their…

The government has launched a web database for organisations to search and apply for government grants:   https://www.find-government-grants.service.gov.uk/   There are currently 69 government grants on the database, but it is expected that this will grow over time. Business grants, for this region of the country, that immediately catch my eye, include:   Woodland Creation…

As today is GCSE results day, parents whose child is staying in education or training have only until 31 August to re-register with HMRC if they wish to continue receiving child benefit. Such re-registration will continue entitlement to receive this benefit until the child reaches 18.   If relevant to you, you should have already…

Although it has been with us since 1999, IR35 tax rules will probably be unfamiliar to most readers. These anti avoidance rules were introduced to stop workers reducing their taxes by structuring their affairs to get paid via their own personal service company. Where ‘caught’ by IR35, such arrangements would then collect the same amount…

With the UK tax system as complicated as ever, there are certain rules which we come across that can very easily give a particularly unexpected (and unpleasant) consequence. Income Tax When either parent has taxable earnings over £50k (after personal pension contributions), entitlement to child benefit is reduced. As higher rate income tax starts at…

(data source)   When we started to emerge from the depths of Covid lockdown, there was much talking up about the hoped for ‘revenge spending’. Now that we have a good sized population of SME client accounts with 2022 years ends to look at, thankfully, this sales growth did materialise (see above). Although the 16%…

If you run an SME business based within the Ely area and you have a success story to share, why not enter the 2023 SME Ely Business Awards. Timetable: 1 March 2023         Entries close 25 May 2023          Black tie awards ceremony, The Maltings, Ely As well as a…

Many workers who partly or wholly work from home (WFH) can, either, be reimbursed for this tax free (if their employer permits) or claim a valid tax deduction for this expense. HMRC have now amended the special rules that they introduced during Covid for the maximum WFH deduction that can be claimed. For employees (including…