Your guide to surviving a tax investigation

No matter how careful you are with your tax affairs, there’s no escaping the possibility of a tax investigation. You could be the world’s most responsible person when filing your self-assessment, but the fact that HMRC randomly selects individuals to investigate is...

Motor Racing Sponsorship was Tax Deductible

In order for an expense to be deductible against business profits it must be incurred “wholly and exclusively” for the purposes of the trade. In a recent tax case a hotel owner near Silverstone sponsored his grand-daughter’s career as a racing driver by making...

The 7 reasons you’re making profits, but have no cash in the bank

If you’re managing your business’s financial situation by keeping one eye on your bank balance and the other on your outstanding bills, you’re missing out on a huge number of insights into the liquidity of your venture.

You may be reporting year-end profits, but when your everyday cash situation is looking worrying – due to running costs, overheads and tax liabilities – it’s time to delve into the numbers and get a better handle on your cash flow.

Innovation in accounting

The world has gone digital. Unless you’ve been hiding under a rock, you’ll have noticed how technology and software has worked its way into every facet of our modern 21st-century lives. The emergence of financial technology (FinTech) and cloud-based business solutions is revolutionising how many businesses run their day-to-day processes and take care of their accounting and financial management. So, how can digital help your business become more efficient, more organised and (crucially) more productive?

Pensions auto enrolment: Act now to meet your staging date

There’s a pensions problem in the UK. People are living longer, greater numbers of people are becoming pensioners and there’s insufficient provision being made to take care of the UK’s ageing population in their retirement

Pensions auto enrolment is the Government’s response to this pension problem. By making it mandatory for all businesses to provide a suitable pension scheme for their employees, some of the burden will be taken off the state pension system.

But, in doing so, a new burden has been created: a burden for small business owners. It’s now your responsibility, as the director or owner of a UK business, to provide the right kind of pension scheme for your staff.

Back in March, we asked if your business was ready for auto enrolment. Eight months down the line, this question has an even greater urgency to it. If you’ve not yet chosen a scheme then you need to act now.

Pension plan

And to help you see the need for prompt action, we’ve outlined the process you’ll need to go through to meet your responsibilities and get your auto enrolment pension scheme up and running.