The scourge of late payments

Outstanding invoices compromise your business’s cashflow When you supply goods and services, you expect to be paid, and promptly, but Britain has a deeply embedded culture of late payments. Indeed, for some businesses, delaying payment is an essential part of the business model. Outstanding payments are problematic for various reasons. First, there’s the basic problem[…]

Tax implications of working from home

Advice for contractors and the self-employed Working from home offers all kinds of benefits, from the opportunity to create the perfect environment in which you can be most productive, to the improvements to work-life balance that come with ditching the commute. There are advantages for businesses, too, assuming they trust their employees to work without[…]

Risk assessment and contingency planning

How to minimise disruption in your business It has been a challenging and eventful three years for UK businesses with a series of high-profile incidents highlighting how situations can change suddenly and often without warning. From the continued pressure of uncertainty relating to Brexit, terrorism, fire, extreme weather and cyber-attacks, how would your business cope[…]

Accounting for charities

An overview of accountancy issues in the third sector If you’re in charge of running a charity, you will know how it differs from operating a business and how its motives and goals vary. Non-profit organisations are treated very differently under the law, and managing a charity’s accounts can offer some unique challenges as a[…]

Registering for Making Tax Digital for VAT

MTD zero-hour is here The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. You probably got a bit fed up of being reminded about the deadline for[…]

The politics of tax breaks

How did we end up with such a complex system of tax reliefs? If there’s one thing accountants love, it’s identifying obscure tax reliefs to which you may be entitled and using them to reduce your tax bills. Tax reliefs, or tax breaks as they are sometimes called, aren’t without controversy, however. There are too[…]

The risks of a tax investigation

Will HMRC come knocking on your door? It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically more likely to harm us, such as unwashed lettuce. The likelihood of HMRC swooping to investigate your business’s[…]