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Are you aware of the April 2025 tax changes for Double Cab Pick Ups with payloads exceeding 1 tonne?   The current treatment of Double Cab Pick Up trucks for capital allowance and benefit-in-kind (BIK) purposes, sees these vehicles treated as vans as opposed to cars, provided they have a payload exceeding 1 tonne. In…

As we approach another personal tax year end, we turn our thoughts to tax planning opportunities and actions that should be considered before 5 April. The list below is not exhaustive; however, it should provide some food for thought.   Pension Contributions Higher rate and additional rate tax can be saved on pension contributions. However,…

Have you checked your State Pension gaps?   State pension has changed for those who will reach State Pension age from 6th April 2016. This covers men born on or after 6th April 1951 and women born on or after 6th April 1953 who could be eligible for the new State Pension.   The new…

This time last month we shared a post warning about Self Assessment Scams – Now we are finding that VAT Returns are also being targeted by criminals.   Keep an eye out for phishing emails pretending to be HMRC – an example below showing a likeness to HMRC emails. HMRC will never ask you to…

Why Outsource Your Payroll? As employers approach the new tax year, those who do not have the administrative capabilities or expertise to run a payroll function may wish to consider outsourcing. Payroll outsourcing involves the hiring of an external individual, or company, usually in the form of an accountant/bookkeeper, or via a specialist bureau to…

Have you ever considered buying a business, to rapidly expand the size and profitability of your business? Perhaps you have thought about such a ‘buy and build’ strategy as part of your growth plans, but you were nervous about the risk or the process.   As members of The Corporate Finance Network, we can support…

In the world of small and medium-sized enterprises (SMEs), maintaining robust internal controls is crucial. One of the most effective internal control processes is the Segregation of Duties (SOD). This principle involves dividing responsibilities among different individuals to reduce the risk of errors, fraud, and conflicts of interest.   What is Segregation of Duties? Segregation…

Do you have a 31st January 2025 payment on account liability still to pay? Do you know whether you can reduce your 31st January tax payment?   If you are still due to make your 31st January 2025 tax liability payment then there are several payment methods you can use, these are all available to…

They say that time passes quicker as you get older. Speaking from experience I can wholly endorse this saying.   In March 2024, HMRC confirmed that it will be compulsory for all benefits to be payrolled from April 2026. At the time of the announcement there was still an issue concerning preferential loans and accommodation.…

When it comes to running a subsidiary company in the UK, understanding the audit requirements is crucial. While some companies may qualify for audit exemption, many UK subsidiaries still find themselves needing an audit. Here’s why:-   Legal Requirements Under the Companies Act 2006, most UK companies are required to have their annual accounts audited…