Liz Truss spoke her positive mindset to the people of Britain after getting the position of Prime Minister. She talked about Truss tax cuts, energy bills, and so on. Let’s know more about her campaign pronouncements for the country, its advisers, and taxpayers.

Accountants manage your taxes, find discounts, and develop your firm. Yes, they’ll return your weekends. Use them correctly to get your money’s worth. There are various services an accountant and bookkeeper can provide for you, but the following are some crucial areas where hiring one will benefit your company immediately.

A new Income Tax Self-Assessment system called Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) will take effect on April 6, 2023. What does MTD for ITSA mean, how will it affect you, and what action will you need to take?

The IR35 remains controversial for many self-employed people, especially after introducing new changes in April 2021. Many contractors are concerned about this issue, but it cannot be easy to understand and follow, so we also understand if this law affects your sanity.

With the pandemic streaming at its height, the UK’s economy was adequately locked down to protect the NHS, and there was no other option than to be digital. So millions worked from home, shopped online, and got socialised more virtually, and it became a new normal. Moreover, now the tax processes are being modernised with the help of making tax digital.

Freelancing comes with multiple perks, and one of them is freedom. But, like other things, freelancing also has its pros and cons. Thus, anyone looking to start their career as a freelancer should know what these may be. For example, one of the prime concerns for freelancers is tax management because there is not always a steady flow of income.

There can be reasons why even a startup business feels that it’s the right time to Change Accountants. To give your business the right direction, switching to a new Accountant can be the first step. The process of switching your Accountant can be simple. The entire process of changing your accountants can be achieved with the least fuss, effort, and distraction to your business.

The pandemic brought uncertainty and despair to the whole world. As businesses shut down and people had no means of income, it became clear that the government had to intervene to save further economic collapse. In England, Chancellor Rishi Sunak introduced the furlough scheme when the pandemic began. The idea behind the scheme was to save jobs during the pandemic.

On September 16, the HMRC released the figures for the pre=pandemic period of 2019/20. It shows a UK 2bn rise in the estimated tax gap. The reason behind this is the persistent increase in the VAT gap. The annual data evaluates a contrast between the total tax expected to be paid and the amount paid. The figures for the 2019/20 period of UK pound 35bn correspond to 5.3% of tax liabilities – an increase from the previous 5% tax liabilities.

With more and more people in the UK opting to work on a contractual basis, umbrella companies have gained popularity. And while it is an excellent option for people who want to avoid the administrative burden, some things about working through an umbrella company could be confusing and downright annoying.

When it comes to claiming expenses, it can become a tedious task for the contractors. If you have been working through an umbrella company, you must have heard about claiming expenses. It is one of the most talked-about topics among contractors. So, how does it work?

The UK government rolled out the new changes in IR35 in April this year. Unfortunately for the contractors, it made it even more challenging to pick the right umbrella company. However, the contractors currently inside IR35 or those unsure how long they will be contracting might feel that PAYE umbrella companies are great options. Even though it is not as tax efficient as a limited contractor company, a good umbrella company can provide quick contracting solutions to those unsure contractors.

The UK’s IR35 has bothered the business community and tax experts since the year it was passed. Her Majesty’s Revenue and Customs introduced IR35 in 2000 with a reform implementation in 2017 and again this year in April. The new reform aims to bring the private sector in line with the public sector.

The SEIS Scheme for Startup investment is a scheme that offers substantial tax benefits to investors. The Seed Enterprise Investment Scheme (SEIS) is intended to help the financial growth in the UK by promoting enterprise and small-scale businesses.

An organisation or company is termed an umbrella company that contractors choose to work through as an alternative in setting up their own limited company business. The umbrella company acts as their employers and is the intermediary between a contractor and their recruitment agency.

During this pandemic, the UK government has been spending an enormous amount on COVID-19 management. These spendings include support for health services, relief funds for those without income and keeping the local business alive. According to the International Monetary Fund, governments of better economies should spend more to keep their economies afloat during the pandemic and prepare for post-COVID recovery.

Are you thinking of investing in a payroll service for your small business? Every company that has a hiring process requires a payroll process to pay its staff. With times changing, companies today prefer a payroll service for its process simplification and convenience over processing it themselves or outsourcing the job. Let’s try to understand a bit more about payroll services and how you can pick one for your small business.

When you talk about a business organization, management accounting is vital for its efficient functioning. Unfortunately, small business owners and entrepreneurs fail to recognize the importance due to management accounting’s understated role.

Over the years, I have noticed that there is a lot of confusion in matters on how properties should be purchased between two individuals; should the property be purchased on joint names as ’joint tenants’, or ‘tenants in common’ and what are the tax implications if you decide to let the property out?

The Budget on 3 March was a much-anticipated one as Chancellor Rushi Sunak announced the government’s stand on corporation taxes.