In the dynamic landscape of the UK accounting industry, staying competitive and maintaining high-quality services are essential for long-term success. One key element that has proven to be a game-changer for accounting firms is the adoption of efficient practice management solutions. In this blog post, we’ll explore the significance of these solutions and why they are so important for modern accounting practices. Streamlining Operations Efficiency is at the heart of every successful accounting firm. Efficient practice management solutions are designed to streamline operations...

In today’s rapidly evolving global market, it has become crucial for aspiring entrepreneurs, seasoned professionals, and consumers alike to arm themselves with knowledge and awareness to safeguard their ventures and financial well-being. People spend countless hours in their working life to earn their money that enables them to have a successful living. It is hard enough earning the money on a day to day basis. However, the threat of scams looms large, ready to snatch away our hard-earned money and shatter the foundations of our businesses and lives. Losing money to a scam is not...

The current LTA of £1,073,100 will be abolished from 6 April 2024. In 2023/24, LTA checks still need to be done, but if the allowance is exceeded there won’t be an LTA charge. Effectively, the excess will be charged at 0%. There has always been the ability for an individual to take some of their pension benefits as a tax free lump sum (the pension commencement lump sum), with a general limit of 25% of the amount crystallised, up to a maximum of 25% of the available LTA. Without an ongoing LTA, the current maximum of tax free cash (TFC) of £268,275 (25% of £1,073,100) will be frozen, with...

Tax year end planning 2023 – top 10 checklist The need to ensure clients are making the most of the tax reliefs and allowances that are available to them has possibly never been greater. The impact of double-digit inflation, a five-year freeze on most allowances and tax bands, and cuts to CGT and dividend allowances over the next two years, means that many will be feeling the pinch. It’s therefore important that opportunities to limit the amount of tax payable on their savings aren’t wasted, so we’ve created a checklist of our top 10 tax year end planning tips to explore...

Explore an alternative place of business. Does the allure of Dubai or Cape Vere suit everybody? No, so think about what you will and will not need and whether it is flexible. Draw up a budget if you need help, speak to an accountant, but understand how it is put together and allow for reasonable unknowns. Move marketing online. If you have not, then check it out, it is cheaper and sometimes more effective. Have you considered working with other businesses? Excess equipment could be bartered or shared if it is practical. Not pennies received in an auction. Consider using part-time or freelance...

Many taxpayers keep varying states of records and HMRC has an unwritten goal of making tax digital to improve the record-keeping of their customers. The next stage is to encourage trade bodies to ensure their members tighten their procedures to not only record the information but to take the next step to confirm the information is not just factually correct but is legal. We now have corporate offenses for failing to prevent the criminal facilitation of tax evasion. Many companies are also now being asked to produce a risk assessment and procedures to demonstrate they are addressing prevent facilitation. Professional...