Business property relief Business property relief (BPR) is a way for UK businesses to reduce or eliminate inheritance tax on certain business assets. BPR was introduced in 1976 to help family-owned businesses continue trading after the owner’s death. They could do this without having to sell shares or the entire business to pay inheritance tax. […]
At Jack Ross Chartered Accountants, we understand the importance of recognizing and celebrating the hard work and dedication of our employees. That’s why each month, we hold an Employee of the Month award, where we nominate and vote for the team member who has gone above and beyond in their duties. The December votes are in[…]
A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK. Many of these measures were announced by Chancellor of the Exchequer Jeremy Hunt in his Autumn Statement. According to Hunt, these decisions will see everyone pay “a bit more tax” from the 2023/24 tax year onwards.[…]
Effective debt collection is essential for maintaining a healthy cash flow and ensuring the financial stability of a business. Debt collection is a critical process for businesses of all sizes. It involves systematic and organised efforts to recover outstanding debts from clients who have failed to make timely payments. Here are 12 critical elements of[…]
The UK government’s Making Tax Digital (MTD) initiative has been a topic of discussion for many small business owners and self-employed individuals since it was first announced in 2015. The goal of the MTD system is to modernize the tax system. Additionally, it should improve efficiency by requiring businesses to keep digital records and file[…]
Things are getting festive in the Jack Ross office. The tree is up, and the tinsel is out, but our staff are still working hard through our busiest period. We have all been voting for our employee of the month for November. The votes are in, and our winner is…. Jennifer Lovick!!! Jen actually tied[…]
Capital allowances are an expenditure a business may claim against its taxable profit. When a business incurs costs, such as salary payments, it can usually deduct them as expenses from its taxable profits. This reduces the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are HMRC[…]
A new survey from the British Chambers of Commerce (BCC) reveals that business confidence declined significantly in Q3 compared to Q2 of this year. 5,200 firms that took part in the BCC’s quarterly economic survey. 39% of those businesses believe they will see a fall in profits over the next 12 months. Inflationary pressures are[…]
Late September into mid-October has been a turbulent time for the Government. Its been a confusing time (at best) for taxpayers, after former chancellor Kwasi Kwarteng’s fiscal statement. On 17 October, the new chancellor, Jeremy Hunt, reversed around two thirds of the tax cuts in the fiscal statement. This included complicated changes to the controversial[…]
Halloween is over but we still have a treat in this blog for you. Our team have been voting for their employee of the month in October. And our winner is… Wendy Ainsworth! Wendy is our superstar Practice Manager and although this is an award for the month of October, Wendy is a star all[…]