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Welcome to the Friend and Grant blog area.  Here you will find all the latest news, views and helpful guides in relation to accountancy, taxation and running a business.  We hope you find the information we post interesting.  Give us a call if you’d like to discuss how we can help you and your business.

6th Jun 2022
camoflauge-workers

Which employees attract national insurance incentives for employers?

With the increase in employer NI costs from 13.8% to 15.05% on 6 April 2022 many employers have been looking carefully at their employment costs. For an employee earning £20,000 a year the employer NI cost is usually £1,640. There is an employment allowance (£5,000 from 6th April 2022) which can be claimed by most employers to set against their employer NI costs. This negates part of the cost, however for employers with say two to three team members it doesn’t take much to fully utilize the allowance, making the cost of each additional employee you take on more expensive with the increase in employer NI.

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23rd May 2022
team meeting

Employer’s NI up from 6th April 2022! How to reduce the impact of this tax increase using salary sacrifice

On 6th April 2022 the employer’s national insurance rate increased to 15.05% from 13.8%. Employer’s NI is an additional tax liability payable by employers on the gross wages of their employees. For a company with 10 employees and an annual payroll bill of £300,000 this is an annual increase in costs to the employer of £3,750.

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29th Apr 2022
boats

Tax trap! Is your estate worth between £2 and £3 million? If so you could lose valuable allowances

We deal with many affluent clients and it is interesting how attitudes to inheritance tax can vary significantly, even between people with similar levels of wealth. Some say that they have paid taxes all their lives – on their income, asset sales, property purchases – and begrudge paying the treasury even one more pound in inheritance tax when they pass. Others feel that it will be someone else’s problem, so why should they worry. Most people are somewhere in the middle.

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22nd Apr 2022
Probate

Is Probate Difficult to do Yourself?

This is a question that gets asked a lot. The simple answer is – it depends! A DIY probate could save you money. For simple probates this might make sense but for more complicated cases this may be a costly mistake. The preparation of papers to obtain the grant of probate or grant of representation...

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6th Apr 2022
graph

Growing your business without the financials!

In order to make big profits you need to know what are the key numbers in your business. Well it’s not the cashflow, budget, profit and loss or bank balance……we are talking about non-financial figures that help the business to grow…...CONVERSION RATES!

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4th Apr 2022
house key

Tax on residential property? Need help filing your Capital Gains Tax Return?

From 6 April 2020 disposals of residential property by UK taxpayers that give rise to a UK tax liability need to be reported to HMRC on a special capital gains tax (CGT) return. Usually this will be dealt with through an electronic submission but in some circumstances a paper form can be used.

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28th Mar 2022
calculator and paper

The Spring statement and our assessment of the impact on business

With the war in Ukraine continuing and huge increases in energy costs inflation is expected to increase substantially over the coming year. The financial pressure is huge with households facing the largest ever recorded cost-of-living squeeze and businesses suffering substantial planned tax rises as well as pressure on wages and fuel costs. Chancellor Rishi Sunak delivered the government’s Spring Statement last Wednesday but it was clearly aimed at households. For businesses there was very little content.

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23rd Mar 2022
trust

Don’t be caught out by HMRC trust registration changes

UK and non-UK trusts arrangements, including some that most may not understand to be trusts (such as bank accounts and bare trusts held for minors), now require registration with HMRC. To avoid penalties many current and ceased trusts now need to be registered and all registered trusts will need to submit annual declarations to confirm all details are up to date. Changes to details of trustees and beneficiaries require updates to be made within 90 days.

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21st Mar 2022
people-rowing

Get your oar out! A key business lesson to help grow your business

Having run an accountancy practice for almost 30 years I have had the good fortune to meet literally thousands of business owners. Many have created great companies but many others have unfortunately failed. Reasons given for failure are numerous. Many are genuine such as Covid or an unforeseen bad debt resulting in severe cashflow problems. Most however are due to a basic misunderstanding of what is required to create a successful business.

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