Accounting & Compliance

Mandatory Payrolling Of Benefits In Kind: Phased Introduction Confirmed HMRC has confirmed that mandatory payrolling of benefits in kind (BiKs) will now be introduced in two phases, starting from 6 April 2027. This change will move the reporting of most benefits away from annual P11Ds and into real-time payroll, resulting in Income Tax and Class...

Property news for June 2026 including - The Renters Rights act - what landlords need to know, and ways to protect yourself as a landlord. How the Renters’ Rights Act affects SDLT and will holiday lets remain popular following implementation of the act?

Updates including the new Tax-Free Mileage Rates, Reduced Rate of VAT to eligible activities over the Summer, Dividends On The 2025/26 Self Assessment Tax Return, The New R&D Targeted Advance Assurance Scheme and a look at The Employment Status Of Professional Football Match Officials

Inheritance Tax Planning can be an intricate process and there really is no one size fits all. We take a look at the use of trusts and family investment companies as part of your strategy.

Property updates for May 2026 including: Mandatory MTD, EPC reform delayed, renters rights comes into effect, rent trends, Landlord Registration Under Review in Northern Ireland and the Scottish Rental Market.

Updates for May 2026 including MTD fully live, clarification around loans to company shareholders, the Marshmallow VAT tribunal, Capital Allowances, changed to CIS and classification on mixed use for SDLT.

Content creation can be highly rewarding but also volatile. Take a look at our Content Creators guide to financial security for tips and strategies to create lasting wealth.

Sometimes the right tax advice isn't always the "Best" advice. The right advice depends on the clients individual needs, our job is to fully support our clients goals and ensure they can make informed decisions.

Electric vehicles are often discussed in terms of sustainability and lower running costs but for many business owners and directors, the real advantage is financial. We explore the efficiencies.

Property companies don't always turn a profit. We explore what you can and can't do when it comes to using losses to reduce your tax bill and the intricate rules around this.

Tax updates for April 2026 including Making Tax Digital for Income Tax is now live! We also take a look at what else is changing in the 2026/27 tax year, dividend updates and VAT on public electric vehicle charging.

We look at what you need to know if you are exploring the option of buying an investment property through your business and the traps to avoid.

Flexibility is key when exiting your business, we explore how to approach this and what you need to look for in a buyer.

Incorporation relief is changing from 6th April 2026, in our latest blog we explore what the changes mean and what you need to be aware of.

Planning in any financial situation is key. We share 5 tips to make sure you are MTD ready, the new reporting requirements and what to do if you believe you are exempt.

In our March 2026 Property Sector update we take a look at the Spring update, MTD, New rules on building products, the rise of the older buyer and more on renters rights.

In our March 2026 update we look at the Spring forecast, the changes applicable from April for Making Tax Digital for Income Tax, Overpayment Relief from HMRC , Advisory Fuel Rates for Company Cars, Employer Provided Vehicles and Taxable Benefits in Kind and caution around third party labour.

Following on from our last blog around the moving parade and why timing is so important, we take a look at the opportunities that already exist in your business.

We explore the impact of the changes to the National Minimum Wage from April 2026 and the impact on young people and employers.

Our February round up including the tax opportunities you still have time to use, IHT Reliefs, the MTD Countdown, changes to employment expenses and the ruling against Hotel La Tour

Offering a company holiday home can be an excellent benefit to offer your staff. We explore this unique perk and how it can help you build a rewards package for staff and save tax.

Are you ready to take the step from solopreneur to entrepreneur? We look at the signs you are ready for the shift and the key steps to consider.

Despite the changes announced in the Autumn Budget, Employee Ownership Trusts are still a valuable tool in succession planning in 2026. We explore the changes and the benefits.

We take a look a the benefits that truly matter to your employees and how to create an attractive benefits package for your team.

For directors planning ahead in 2026 we take a look at how you can protect your income, safeguard your business, and plan effectively.

January 2026 updates in the property sector including delays to the implementation of the leasehold & freehold act, VAT on flat maintenance, the High Value council tax surcharge, visitor levy in the UK and victory for campaigners in Gwynedd.

January 2026 updates including the latest on MTD for income Tax, employees working from home expenses, the mandatory payrolling of BIK from April 2027 and what this means, along with E-Invoicing, a Chicken VAT Tribunal and advisory fuel rates.

A new year brings change and fresh perspective. We take a look at the year ahead and how you can plan, protect and grow your business in 2026 and achieve your goals.

EMI schemes are share option plans designed for smaller, high-growth companies, enabling employees to receive equity in a tax-efficient way while helping businesses incentivise and retain key talent. From 6 April 2026, the rules governing EMI schemes will be expanded, offering businesses greater flexibility and increased capacity. In this article, we explore what these changes mean.

Preparing for Mandatory Payrolling of Benefits in Kind ahead of 2027. So what is changing? And what you need to do to prepare?

Property updates for December 2025 following the Autumn Budget announcement. We take a look at the income tax changes including MTD along with Mansion and Tourism Tax and the Renters Rights act implementation plan.

If you are a property trader purchasing a probate property, you could be eligible for SDLT relief. We take a look at the qualifying conditions and what you need to do to reclaim the SDLT.

Our December 2025 newsletter with all the updates from the Autumn Budget Announcement. We take a look at the tax implications for both businesses and individuals.

From January 2026, new lease accounting rules will bring most leases onto your balance sheet as assets and liabilities. While cash flow isn’t changing, reported profits, borrowing ratios, and audit thresholds may shift. Early planning and modelling can help you understand the impact and make informed business decisions.

Updates including the draft legislation for Inheritance Tax relief for business and agricultural property from April 2026, MTD HMRC guidance for digitally excluded taxpayers, Recent tribunal rulings clarify VAT on Chocolate covered biscuits and SDLT/ATED tribunal partial win and advisory rates for electric cars.

From January 2026, new UK GAAP rules will change how businesses recognise revenue affecting reported profits, borrowing capacity, and even business valuation. Although cash flow stays the same, the timing of income may shift. Now is the time to review contracts, forecast the impact, and prepare for the transition.

Thinking about setting up a trust? Learn what a trust is, how it can help with tax planning and wealth protection.

Running a business can be rewarding, but it’s not without stress. This Stress Awareness Week, we’re highlighting how financial pressures affect business owners and how to take control of the numbers. Before they take control of you.

We take a look at how a group structure can benefit SME businesses. Whilst commonly used for tax planning purposes there are also a number of other benefits which can be highly valuable to business owners.

Our updates for October 2025 including: The upcoming budget and speculation, spotlight on umbrella companies, updates to how VAT errors can be corrected, Sideways Loss Relief and advisory fuel rates.

Top tips for landlords to protect property, select tenants, manage taxes, and maximise rental income, read on for practical advice.

Discover how SME owners can sell their business to their management team through a Management Buyout (MBO). We take a look at the process.

Simplify and automate your business processes to free up time, improve cash flow, and boost your business value for a smooth exit strategy.

Planning Christmas parties and gifts for staff and clients? Small perks can be tax-free if you follow the trivial benefits rules. We take a look at the rules, limits, and tips to make the most of your festive spending

Our September 2025 Newsletter with articles including: Adjustments for Private Use, Changes to SSP From April 2026, SDLT Be Reclaims, The Winter Fuel Payment Clawback, VAT - Retailers And Third-Party Contractors, and Artificial Intelligence – Friend or Foe?

Principal Private Residence (PPR) relief protects homeowners from Capital Gains Tax when selling their main home — but it isn’t always guaranteed. The Eyre v HMRC case shows how easily claims can be challenged. Discover what counts as genuine occupation, when HMRC may intervene, and how to protect yourself.

From October 2025, you won’t be able to access Companies House WebFiling without GOV.UK One Login, and from November, all directors and PSCs must be ID verified. Businesses that don’t act early risk delays, penalties, and even strike-off notices. Here’s what’s changing, the deadlines you need to know, and how to prepare now

Long project timelines and slow payments can cause problems with cashflow in construction businesses. We explore the pros and cons of invoice finance facilities.

Managing projects profitably is tough without clear data. Xero Projects gives real-time visibility on time, costs, invoicing, and profitability, helping you make smarter decisions, improve cash flow, and boost margins. Discover how our cloud accounting expertise can help you streamline systems and maximise project success.

Updates for August including - Legislation Day 2025 - What Was Published, HMRC’S Transformation Roadmap, the latest for Making Tax Digital, Proposed Changes To Inheritance Tax, Class 2 NICs - 2024/25 Errors

The term “new build” might sound straightforward, but for HMRC, lenders, and insurers, it can mean very different things. Get it wrong, and you could face unexpected VAT bills, higher insurance premiums, or even problems securing finance when it comes time to refinance or sell.

Discover 10 proven business growth strategies to increase profitability, strengthen your operations, and build a saleable business.

Selling a small business isn’t as simple as many owners expect. From messy financials to over-reliance on the owner, common pitfalls can damage your valuation or sink the deal entirely. We take a look at the top challenges and give you a 5-step plan to prepare your SME for a smoother, more profitable sale.

Revenue recognition isn't just bookkeeping it's the key to scaling, impressing investors, and staying on the right side of compliance. With deferred income, multi-year contracts, and recurring revenue, SaaS accounting plays by different rules. Are you getting it right?

Articles for July 2025 including: Extracting Funds From An Owner-Managed Company and VAT On Private Tuition

If late payments are holding you back or you're turning down bigger contracts due to upfront costs, invoice finance could be the smart funding solution you need. In this blog, we explore the key signs it might be right for your construction business and how it can support sustainable growth.

A practical guide to maximising innovation-based tax savings and claiming R&D tax relief in your manufacturing business.

We explore the tax treatment of HMOs in relation to the Construction Industry Scheme (CIS), highlighting what landlords need to be aware of and when registration may be required. We also examine the fine line between property investment and development and why it matters.

Property updates for June 2025 including spotlight 69, council tax on second homes, AI and landlord decision making, Possible exemptions from rent controls in Scotland and the renters rights bill 2025.

In our June 2025 newsletter we take a look at the impact of the spring update, P11D requirements, employee related securities, VAT groups and anti avoidance and the changes to advisory fuel rates.

From 2025, anyone setting up or managing a UK company must verify their identity with Companies House. Find out what this means for you, when it applies, and how to verify online.

Find out how the April 2025 Employer National Insurance increase is affecting UK business valuations and what to do if you’re planning to sell.

Discover the six key bookkeeping steps every business needs to stay financially healthy. From scanning receipts to cloud software and outsourcing, we help businesses streamline their processes and make confident, data-driven decisions.

Discover 4 smart ways to structure and future-proof your property portfolio, from incorporation and Family Investment Companies to using pensions and group structures. Advice for landlords and property investors.

Our May 2025 Newsletter including the following articles : MTD for Income Tax - FAQs, Changes To The Taxation Of Non-UK Domiciled Individuals, Holiday Lettings And Property and VAT: ‘Food’ or ‘Confectionery’?

Cashflow challenges are the number one cause of construction business failures. Even profitable firms can run into serious trouble without the right systems in place. From poor contracts to late invoicing and retention delays, this blog highlights the seven biggest cashflow mistakes and what you can do to avoid them.

Real-time financial data puts you in control, helping you make faster, smarter business decisions. From cashflow management to dynamic forecasting, live dashboards reveal what’s really going on behind the numbers. Discover five powerful ways real-time insights can drive growth, improve profitability, and give you a competitive edge.

If you’re relying solely on year-end accounts to understand your business, you could be missing the bigger picture. Management accounts are your secret weapon, offering real-time insight into your finances, highlighting hidden issues, and helping you make smarter, faster decisions.

Following on from our blog "Why Buying an Existing Business Is the New Entrepreneurial Power Move" we take a look at the Top 5 places you can find businesses for sale.

Thousands of UK businesses will soon change hands as owners retire creating big opportunities for young entrepreneurs. Buying an existing business means instant cash flow, loyal customers, and room to grow. We take a look at why buying a business offers advantages to starting from scratch — and how we can support you in taking the leap.

Articles including, the Commonhold White Paper, the renters rights bill completes house of commons, the introduction of the planning & infrastructure Bill, and finally councils in Northern Ireland are set to take over Landlord Registration Scheme

Fine wine can be a smart alternative investment, but the tax rules aren’t always straightforward. From VAT and customs duties to CGT exemptions for wasting assets and chattels, understanding your position is key. We explore how to invest in wine tax-efficiently, whether personally or through a limited company.

A break down of the Spring Statement 2025 with detailed explanations around how businesses and individuals will be affected by the changes.

The BRR (Buy, Refurbish, Refinance) strategy is a powerful way to build a scalable property portfolio, but success depends on smart planning and tax efficiency. The right accountant can help you structure deals, track costs, and maximise returns. Here’s how expert financial support can make your investments more profitable and sustainable.

The landscape of business ownership is changing, and for many, the focus has shifted from tax savings to exit planning. Whether liquidating, gifting, or selling, maximising value is key. We explore 10 essential factors influencing business valuation and how early planning can secure the best possible exit.

Upcoming Inheritance Tax (IHT) changes will cap Business Relief at £1 million from April 2026, which could result in tax bills. Strategic planning through lifetime gifts, will structuring, and trusts can help minimise liabilities. Take a look at potential strategies to enable you to protect your business.

While content creators and influencers thrive on trends and spontaneity, a long-term financial strategy is not only possible but essential for creating long term stability and success.

For influencers and gamers, understanding the difference between cash and profit is key to unlocking new levels of success. Having cash in your account doesn’t always mean you're making a profit—expenses, taxes, and reinvestments all play a role. Mastering this difference helps you manage finances wisely, avoid tax surprises, and build a sustainable income.

Scaling a SaaS business requires more than just innovation—it demands financial precision. Bootstrapped founders must balance growth with cashflow management, ensuring every pound is reinvested wisely. From forecasting revenue streams to reducing unnecessary costs, mastering cashflow is key to sustainable scaling. Discover essential strategies to grow with confidence.

Deciding whether to buy or lease new plant or equipment is a crucial choice for manufacturing and engineering businesses. Each option impacts cash flow, flexibility, and long-term costs. Understanding the advantages of both can help you make the right financial decision to support your business growth and operational needs.

Gamers, content creators, and social media influencers are no strangers to strategy when it comes to their online platforms. But what about the bigger picture? What are your long-term goals, and how can you start securing them now? We explore the top 5 ways your accountant can help you build and execute your long-term strategy.

We explore the concept of Restricted Stock Units (RSUs), their tax treatment in the UK, why they are popular among US-listed companies with UK operations, the tax planning opportunities they present, and their role in business acquisitions.

Articles for January 2025 including: Scottish And Welsh Budgets, Get Ready For Making Tax Digital For Income Tax and Corporate Tax Roadmap

In the SaaS industry, metrics like ARR (Annual Recurring Revenue) and MRR (Monthly Recurring Revenue) are vital for tracking growth, securing investment, and planning for the future. Unlike turnover, ARR and MRR focus on predictable, recurring revenue streams, making them indispensable for scaling and valuation. Learn more in our blog!

VAT significantly impacts property development and investment, affecting costs, tax recovery, and compliance. Understanding VAT rules for residential, commercial, and holiday properties is essential for avoiding costly mistakes and maximising benefits. This guide offers practical insights and key strategies to help developers and landlords confidently navigate VAT complexities in their projects.

Revamp your finance function for efficiency. From automated bank feeds and AI-driven insights to real-time financial data and seamless integrations, systems like Xero and QuickBooks. Learn how Friend and Grant can help you streamline processes and stay ahead in today’s fast-paced business world.

The Autumn Statement 2024 introduced changes to Capital Gains Tax rates, impacting residential, business, and other chargeable assets. With gradual rate increases for business assets starting April 2025, there are key planning opportunities to secure lower tax rates.

From 1st October 2024, new tipping laws will ensure that all tips, gratuities, and service charges go directly to employees without deductions. This change benefits workers nationwide, guaranteeing fairer earnings while increasing transparency in tipping practices.

Articles for Autumn Budget 2024 including Capital Gains Tax and National Minimum Wage (NMW) And Employers National Insurance

Business growth isn’t just about boosting sales. While increasing turnover seems promising, true, sustainable growth depends on financial insight. By understanding costs, cashflow, and efficiency, you can avoid common pitfalls and create a growth strategy that supports profitability. Discover how financial insight can transform your approach to business expansion.

Navigating the early days of parenthood is challenging, especially when neonatal care is needed. To ease this burden, the government introduced Statutory Neonatal Care Leave (SNCL), allowing up to 12 weeks of additional paid leave. SNCL offers vital financial security and career stability, enabling parents to be present for their newborns.

As a business owner, the temptation to focus solely on short-term income is strong. But real financial success often comes from building a business with long-term value. By focusing on growth, creating a strong brand, maintaining clean financials, and building a self-sustaining team, you transform your business into a valuable asset. The reward? Not just a steady income, but a substantial payout when it’s time to sell. Start building for the end game today.

As the festive season approaches, it's the perfect time for businesses to explore opportunities for tax savings. From staff gifts to Christmas parties, understanding the rules around Trivial Benefits can help you make the most of tax exemptions. We break down the key ways to optimise your tax benefits during the Christmas period, ensuring your celebrations are both joyful and tax-efficient.

Articles for September 2024 including: Should you pass on wealth now to avoid inheritance tax? HMRC checking on workplace nurseries Hours worked reporting delayed to 2026

Xero’s latest 2024 updates bring powerful enhancements to streamline your business operations. From simplifying accounts payable with Pay Bills to boosting payroll efficiency, the new features in Xero Grow and Comprehensive packages are designed to save time, reduce errors, and improve financial oversight. With tools like advanced cash flow forecasting, mileage tracking, and automated payroll, businesses can now manage transactions more seamlessly than ever.

Securing a rent-free period in a commercial lease offers vital financial relief, allowing businesses to focus on growth before rent payments begin. We outline key strategies for negotiating this benefit while addressing crucial VAT and accounting considerations to help you avoid potential financial pitfalls.

Updates for August 2024 including awareness around the 60% income tax trap, the upcoming budget date confirmation, more on the FHL special tax treatment abolishment and changes to VAT on school fees.

There's a lot to be said for the phrase "beginning with the end in mind" which rings true when it comes to planning for retirement as a business owner. We share the top 7 mistakes we see when it comes to retirement planning and share practical tips on how to avoid them.

Are you unintentionally limiting your business potential? Business growth and scaling operations can be the difference between long term success and stagnation.

An overview of the proposals from the Labour Party Government pending the Autumn Statement, a look at if planning could help towards VAT on private school fees, Summer childcare costs and the tax free childcare account and finally VAT on the cost of selling a subsidiary.

VAT is always a complex tax with many different rules, and some rules will only apply in certain situations. In this blog we have reviewed some of the more complex VAT rules and the things you need to consider.

Mastering currency fluctuations is crucial for businesses. Our partnership with TorFX offers secure, fast, and cost-effective currency transfer solutions, tailored to both private and business needs. Benefit from competitive rates, expert guidance, and dedicated support for seamless international transactions.

In our June 2024 newsletter we look at the general election and the possible tax implications, Private mileage and employee reimbursements and HMRC interest rates staying put at 2.25%.

Thinking about incorporating your business? We explore the advantages and disadvantages to consider when making this all important decision in your business journey.

In our May 2024 newsletter we look at the MTD Testing launching for self assessment, New guidance on work travel from HMRC, The risks of investing in an unquoted trading company, capital losses on shares in unquoted trading companies and EIS tax relief.

Everyone knows that you can invest your pension in various stocks and shares, however you can also invest it in commercial property! Whether that be your company premises, an industrial unit, a pub or a shop, there are some very valuable tax reliefs to be had.

Regularly reviewing financial performance is crucial for informed decision-making. Monthly, bi-monthly, or quarterly reports offer timely insights. From basic cash flow and profit & loss to detailed KPI analysis. Take control, plan ahead, and optimise your business.

In our April 2024 newsletter we look at the changes to child benefit and why many couples may now be able to restart claims, cash accounting from 2024, changes to the basis of assessment, details of MTD for income tax reports, furnished holiday lettings from 6th April, camping pods and capital allowances and more changes to R&D!

Beyond just numbers, tax planning is about maximising wealth whilst minimising tax liabilities. Our aim is to ensure you are optimising all tax saving opportunities both personally and in your company. We explore what really happens in a tax planning meeting.

HMRC have started writing “nudge letters” to taxpayers who they believe may have not declared dividend income on recent tax returns. We can help if you have received such a letter or believe you may have undeclared income.

We examine the benefits of making pension contributions and how this equates to tax relief.

Overall summary of the budget which includes a Capital gains Tax Reduction, Changes to domicile and residency and more...

Understanding and monitoring your cashflow is a fundamental element to ensuring your business is equipped to deal with the unknown and also enable business growth. In our latest blog we look at the benefits of staying on top of your cashflow and how various software options can support this.

Have you ever wondered how much your business is worth? In this blog you can find out how professionals value companies.

In our February 2024 newsletter we bring you updates on using LISA allowances to save for your first home, pension planning, capital expenditure planning and more R&D Changes.

Starting a Limited Company in the UK is an exciting venture that opens the door to numerous possibilities. Read on to see our top 10 things we you need to consider when setting up your company.

Starting off the new year with actions to help you plan for the future. Do you need to review or make a will? How do you pass on your family home? Can you make pension contributions on behalf of others? Have you updated your payroll software to reflect the NIC cut?

VAT rules are often tricky and obscure. Do companies really argue chocolate content in court? Yes they do! In the run up to Christmas we take a light hearted look at some perplexing VAT rules surrounding some favourite Christmas foods.

Yesterday, Chancellor Jeremy Hunt presented his second Autumn Statement, but with a very different tone to the gloomy announcements made this time last year. The Chancellor announced initiatives with a massive focus on pushing growth in the economy. The main question you’ll all no doubt have is… “how does it affect me?”, let’s take a look…

In this blog, we look at the potential benefits to purchasing a double cab pick up through your limited company, going through the savings and costs of various taxes in comparison to a company car.

With demand for rental property being at an all time high we explore considerations if you are thinking of getting into property investment and how to ensure you are compliant from the offset of your journey as a property investor.

In this blog, we cover the different tax aspects of purchasing a company vehicle and the potential implications if you get it wrong!

With constant scaremongering in the mainstream media about a recession coming we have been talking to our clients and assessing the market so we can be prepared to help our clients however hard times get. In this blog Andrew Grant gives his views and shares his findings.

Service charge accounting can be a particularly specialist area with transparent management key to harmonious living for residents. We explore the role of block management accounting in this capacity.

Updates for September 2023 including: Tax Free childcare, the effect of high earnings on child benefit entitlement, Merger of R&D Tax schemes, Income tax on Inherited Pension Funds, HMRC requiring more information from tax payers and advisory fuel rates for company cars from 1st September 2023.

Next in the series of less common company purchases we look at the implications of purchasing artwork through your company and what tax relief or tax charges this brings.

Supporting National Payroll Week 2023: Keeping the UK Paid. We look at the importance of strong payroll function and what this does for your business.

VAT can often be a pitfall for start ups or small businesses. We identify the top 5 most common mistakes when it comes to VAT and what you can to do avoid them.

Updates for August 2023 including, Additional information required for R&D, making the most of tax free childcare over the summer, Staff events including BBQ's, Abolishment of inheritance tax rumours and the effects of the base rate on HMRC interest rates.

Surely the tax man wouldn’t let me buy a pool table? Think again! Break out spaces for employees not only bring with them the benefits of increased staff morale, collaboration and productivity, but also some unexpected tax benefits.

What's the difference between a hybrid car and a tax efficient hybrid car? Turns out much more than you think! We explore identifying the most tax efficient hybrid cars for your next company car.

We take a look at the ins and outs of VAT in the property & construction world with examples and tips to help you maximise your reclaims, steer clear or unexpected bills and make your property ventures a breeze.

How late is too late when it comes to starting a business? Many people believe age is a limiting factor when it comes to entrepreneurship, we examine how it can be used as an asset and identify some real life success stories.

Protection insurance is key to protecting your future. Are you aware of the options available to you and are you certain there are no loopholes of gaps in your cover? We explore the differences between Life Cover, Critical illness cover and income protection and the benefits of seeking guidance from an independent financial advisor can help you to ensure you have sufficient cover.

Our June 2023 Newsletter with tax updates including Employment Related Securities, HMRC Interest rate rising and company car fuel rates.

If your business falls within the realm of property consultancy, property/land sourcing, property finding, estate agency, or similar activities, registration for Anti-money laundering supervision will be necessary, we explore the responsibilities and consequences for non compliance.

Many businesses are keen to find efficiencies, streamline processes and drive profit and productivity, is the answer in your accounting software?

Registering for VAT isn’t always a black & white option, here we go through scenarios where VAT registration may or may not be beneficial to your business.

We look at the tax updates for May 2023 including HMRC phasing out paper submissions for P11D's and for the 23/24 tax year. Pension updates including the lifetime allowance and the importance of estate planning, Could there also be a reform of the Construction Industry Scheme?

Property investors are often keen to understand the options for structuring their portfolio. Is a limited company the best option? We look at some of the advantages of using a limited company or a special purpose vehicle for your investment portfolio.

HMRC are introducing a huge change to the way that they apply interest and penalties to late payments & VAT returns ongoing. In this article we breakdown those changes.

Sometimes the rules regarding VAT are not quite what you expect! Here we go into detail on 5 VAT rules that you may not have known existed.

With a range of changes in the world of tax coming into effect from April 2023, discover two simple ways to reduce your corporation tax burden and save your company money!

Keep reading to find out what Chancellor Jeremy Hunt’s “Back to Work” Budget means for you. Is 2023 a year of opportunity?

Frustrated with your business growth? Knowing what needs to be done and getting it done are two very different things. If you are an ambitious business owner striving for success find out how we can help you to build your business.

Our March Newsletter looks at tax updates including hopes for the spring budget, HMRC letters about R&D Claims and penalties for deliberate errors!

Ever wondered if you are declaring the correct amount of VAT on your sales invoices? Or that what you are reclaiming on your purchases is the most that you can? We take a look at why a VAT health check could be a good thing for your business.

Selling, renting or leasing a commercial property or land can be a tricky subject when it comes to VAT. We take a look at what you can do when it comes to land and property and how the option to tax can affect this.

We look at how effective invoicing and how automated systems can help you to get paid faster by your customers.

Making tax digital was scheduled to start in April 2024 for businesses, self-employed individuals and landlords with income over £10,000. That has now been delayed and the income threshold raised.

Brexit has caused a lot of confusion over the correct treatment of sale of goods to EU member states and can leave people with an unexpected tax bill and some unhappy customers! We take a look at the different types of sale that can be made and what you should be doing to comply with EU & UK regulations.

Property investors often fail to realise that they have a duty to register under CIS if they carry out certain activities. Failure to register could be costly as it is likely to result in significant penalties being levied for non-compliance.

What do you do if your subcontractor or professional disagrees with your treatment of their income under CIS? You have basically three actions you can take.

If you carry out any sort of building works on a property and engage labour you have to be wary of the rules under the construction industry scheme where tax has to be potentially stopped on the labour element of the service provided. Professionals are often consider exempt from CIS- but is this right? The answer unsurprisingly is not always!

There are hundreds of software packages on the market. Our team at Friend and Grant have tried quite a few and based on our findings we have taken the decision to encourage our clients to use Xero, although we also support QuickBooks and SageOne.

From 6 April 2024 millions of self-employed businesses and landlords will need to adhere to HMRC’s new MTD for Income Tax rules. So, the question is, how can you best prepare for the changes?

On Friday we were presented with a ‘Mini-Budget’ – in light of the new parliamentary changes. PM Truss’ campaign came with promise of bold plans to cut taxes and stimulate growth in the economy, and although a ‘mini’ budget by name, it was not ‘mini’ by nature in respect of the changes ahead.

You meet with your accountant and they tell you you've made a profit of £150,000. You look confused and think "I don't understand this. How am I doing so well yet there is no money in the bank account? Where has my cash gone?"

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.

Every year we sit with baited breath waiting to see what is in store for businesses and individuals from a tax perspective. Were we in for some surprises? Was there going to be a radical overhaul of the tax system particularly in respect of capital gains tax and inheritance tax?

It is often the case that those who have creative flair possess no interest in more mundane things like figures. Unfortunately for those people, especially if and when they become successful, they need to pay tax on their profits and so they either require some understanding of accounting and tax matters or be prepared to pay someone else to deal with it for them.

Year by year the net has been closing in on individuals who fail to declare their incomes. The latest attack focuses on digital platforms such as Airbnb and similar online accommodation sites, tax and private hire services, food delivery services, freelance work, shopping platforms for resellers etc….

Having been in business myself now for almost 30 years I have seen the common traits of those business people who are successful and those who aren’t. It isn’t about having an extraordinary new idea which no one has thought about or tapping into new markets, although this is great if you can. It is more about doing the right things and doing them well.

This is a really good question, and the simple answer is that it depends, but in many cases it is not nearly enough!!!! In general it depends on what the business owner wants and how big and complex the business is.

In the Chancellor’s second real Budget on 3 March 2021 he announced that he had to level with people about the state of the UK economy. Unsurprisingly given the amount of support necessary for businesses and to keep unemployment levels down the UK finances are in a mess! The national debt is expected to hit £2.5 trillion by the end of 2021!

The long delayed VAT Domestic Reverse Charge for the Construction Industry was finally introduced on 1st March 2021.

If you opted to defer your vat payment between 20 March and 30 June 2020 and still have payments to make, you can now defer your payments for a period of up to 11 months, making payments in equal instalments, interest free!

Thinking about getting an electric or hybrid car for your company? The government has announced that there will be a zero P11D benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21.

In today’s fast pace business world the need for growth is essential. However doing it on your own is incredibly difficult. Having a strong team around you is key but this can only be created and sustained through strong leadership.

As expected at the 11th hour a trade deal was struck! The transition period for the UK leaving the EU has now ended. The trade deal has been ratified by the UK Parliament so from 1 January we are trading with the EU quota and tariff “free”.

Postponed VAT accounting starts on 1 January 2021, but what does it mean and what effect does it have to businesses?

The UK will leave the EU on 31 December 2020, with or without a trade deal, what action should you be taking now to prepare your business?

If you have deferred your VAT liability due to Coronavirus, make sure you know your options for payment!

Will we or won’t we get a free trade agreement with the EU? Whatever the outcome our Brexit 20 point checklist will help you to prepare for the changes on 1st January 2021.

The flat rate scheme was first introduced in the 2002 budget and is a simple way for small businesses to account for VAT on their supplies.

If building a business was so simple then why do almost half of businesses which set up fail within the first 5 years? Construction is even worse with 2 out of every 3 startups failing in the first 5 years! It isn’t the lack of cash but this is often the nail in the coffin. It all started on day 1 with the failure of the business owner to understand what is really involved in becoming a successful business owner.

There are important changes being introduced in April 2021 to combat companies employing individuals through their own personal services companies. In our blog we highlight the dangers to business owners and how over the years the rules have changed and the net tightened leading to the new off payroll rules which come in to play on 6th April 2021.

The application process for the Kickstart Scheme is now live, but do you know what’s involved?

Automation can prove beneficial for businesses, but what’s involved and where do you start?

Looking to give shares away in your company to secure an investor, business partner or lock in an employee? Beware the pitfalls. In this blog we look at why company owners are prepared to sell or giveaway shares in their companies. We look at the problems, the tax issues, some of the solutions and recommendations we would make to ensure that if you do sale or give away part of your company that you secure your financial position.

Forecasting and scenario planning can help ensure you are better equipped to deal with different situations as they arise, but what is scenario planning?

With the government building a plan for jobs, there are not only changes to apprenticeships but also a new Kickstarter job scheme.

Businesses in the hospitality and tourism sector can now reduce their rate of VAT, but only on certain goods and services!

The government has updated their Making Tax Digital project and this is likely to affect all businesses in some way!

Need finance to cope with your business growth? Have you considered factoring? If not then please read our article which looks at what is factoring and 8 key points to consider when choosing a factor.

The construction industry scheme is designed to stop tax on invoices raised by the self employed or limited companies (called subcontractors) who provide labour within the construction industry to businesses which are also within the construction industry (called contractors).

Cash is king! In bad times there isn’t the luxury of being slack with extending credit to customers. For many businesses poor cash collection is the difference between life and death. Here are 15 easy steps to building a better credit control system and improving cashflow management.

Business startups and small businesses often do not need to register for VAT. However by registering for VAT the VAT incurred on expenditure can be recovered potentially increasing profitability. The article explores the circumstances when voluntary registration makes sense and when it doesn’t.

On 29 May 2020, the Chancellor announced some changes to the Coronavirus Job Retention Scheme that will likely impact a lot of businesses - the "Flexible Furlough Scheme"

Everything has changed. For many businesses the coming months will be a real challenge. With the removal of lockdown and a deep recession many businesses will not survive. If you have been adversely impacted by Covid 19 here is our 10 point plan to not only survive but more importantly thrive.

We understand that the majority of businesses are operating differently. Our virtual approach to providing you with support and training on cloud accounting solutions means that your finance function does not have to stop.

The Government has announced a new scheme to issue convertible loans to innovative companies which are facing financing difficulties due to the Coronavirus outbreak.

There are a few technicalities that businesses should be aware of when they are taking advantage of any Coronavirus Business Support.

The Government has announced an improvement to the grants that are currently available for small businesses.

The current crisis has highlighted to many business owners how precarious business really is. Many businesses have suffered. Now is the time to start rebuilding and one of the first things to do is determine your break even point.

Increased pressure from businesses unable to access the Coronavirus Business Interruption Loan (CBILS) funding has led to the government announcing a new loan scheme for those in need of smaller loans.

It’s fair to say that business relationships usually begin with enthusiasm and passion, grow through balance and communication and endure the highs and lows of life. Sometimes, however, businesses don’t weather the storm and things come to an end. Do you have a plan?

Working in the property industry can be a minefield with all the various accounting regulations that need to be followed. This can be made easier with a good record keeping system that works for your business and keeps you compliant!

Cash flow is king in any business. Yet cash flow is one of the areas that many businesses struggle to manage. We explain ways in which you can use systems to help chase your debts more efficiently.

Charities across the UK will receive a £750 million package of support to ensure they can continue their vital work during the coronavirus outbreak, tens of thousands of charities will benefit from direct cash grants to ensure they can meet increased demand as a result of the virus as well as continuing their day-to-day activities supporting those in need.

We look at what action business owners can take to ensure their staff stay motivated, productive and mentally healthy during an extended period of working from home.

We examine the circumstances in which a company director can furlough themselves and take advantage of the government's Coronavirus Job Retention Scheme.

The Chancellor announced the Coronavirus Business Interruption Loan Scheme (CBILS) in his latest Budget. This scheme opens for applications from 23 March 2020 and can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cash flow.

The Chancellor has set out a package of temporary, timely and targeted measures to support businesses through this period of disruption. Regrettably for most of the self-employed there is little help.

The Chancellor outlined a package of measures that have never been seen before in order to protect million’s of jobs and incomes in response to the coronavirus crisis. A new Coronavirus Job Retention Scheme will be set up to help pay people’s wages.

There is no doubt we are living in unprecedented times. The coronavirus has increased uncertainty to levels that we in the UK have not seen for decades. The first thing to say however is that life goes on and to a large extent we can only deal with what is immediately in front of us....

If you have received a letter from the ICO about Data Protection fees, then the chances are this applies to your business.

With effect from 6 April 2020, a new tax payment regime will be introduced for the disposal of residential property in the UK by individuals. Here’s what you need to know.

Poor book-keeping alone doesn’t usually bring a business down. Usually the accountant will step in to clean the books up and calculate the company’s tax liabilities with time to spare. But it’s different for construction, primarily due to CIS.

The off-payroll working rules, known as IR35, were introduced in 2000 to ensure that individuals who work like an employee, but through an intermediary such as a company, pays similar taxes to other employees. Important changes are being introduced in April 2020. There has been a lot of press recently (and most of it negative) stating how many businesses are going to be badly impacted by the changes.

The delay in the domestic reverse charge VAT for construction services was welcomed by many in the Construction industry as it has given affected businesses another year to prepare for the changes. The changes have been detailed by us in a previous blog and will have a major impact on the construction industry. Here’s our plan to ensure a smooth implementation of the changes.

In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of director loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11D benefit on the director and also a tax charge on the company.

Nobody likes to receive post from the tax man, especially when HM Revenue & Customs have chosen your Tax Return for enquiry. It’s easy to panic and you’ll have lots of questions rattling around your head. Here are our top tips for handling a HMRC Revenue enquiry.

Will your business be prepared if we leave the EU on 31 October without a deal?

All businesses within the EU, from sole traders upwards, need an EORI number when importing or exporting any commercial cargo from or to the rest of the world (i.e. outside of the EU).

Everyone needs a holiday to recharge their internal battery and to strengthen those vital family bonds. However getting away from the business is a problem in itself. Here’s some ideas!

As a parent one big headache could be what to do with the kids this summer. If the kids are under 11 the government can help. If they are over 13 how about getting them to come to work for you?

Friend & Grant have experience tackling the taxation challenges of a variety of foreign savings, investment, & retirement products, such as offshore funds; we can help advise you on what income needs to be reported, the available allowances, and can help formulate a tax-efficient repatriation plan.

In the Government’s ongoing campaign to eliminate the effects of fraud, HMRC are bringing in new legislation from 1 October 2019 that will significantly affect the construction industry. This new legislation is the “Construction Reverse Charge”. The changes are major and if you provide labour in the construction industry then you will be impacted!

Good corporate governance is as crucial for SME’s as it is for large listed companies. Corporate governance refers to a set of internal policies, rules, and procedures that a company follows on a regular basis to make sure it operates in a fair, equitable, and appropriate manner.

Businesses are missing out on a huge tax windfall if they conduct Research & Development and don’t claim the additional tax relief – over 250,000 successful claims have been made to HMRC

We waste so much time writing & reading long expansive sentences when a bullet point would be just as effective! Here is Winston Churchill’s memo to the War Cabinet about brevity.

For all startups knowing when to register for VAT is fundamental. Get it right and you could save £’000s in tax, get it wrong and there could be penalties and additional costs. The rules are fairly straightforward but unfortunately many businesses still fail to register on time.

As a company director are you looking to build a strong working relationship with a trusted advisor who will help you save tax and grow your business. If you are then why not speak to us about 5 easy tax wins which we can implement with you.

In a little under two months, the majority of VAT registered businesses with turnover exceeding the £85,000 threshold will be required to file VAT returns digitally.

Friend & Grant are delighted to achieve Gold Champion Partner status with Xero, the global leader in cloud accounting software. With intuitive real-time, integrated software, more and more of the firm’s clients have been taking advantage of the flexibility and benefits that cloud accounting has to offer.

From April this year, for the 2.55 million VAT registered businesses with a turnover exceeding the £85,000 VAT threshold, it will be mandatory to file VAT returns through Making Tax Digital compliant software and not via the current HMRC portal.

Your balance sheet is important and shouldn’t be ignored. It’s visible to everyone if you’re a company so people can assess whether to do business with you or for a potential buyer to value the business.

Most business failures could be avoided with a little care and attention. No one has the right to credit so don’t give it away unless clients have earned it. Read our tips and make sure your cash flow and your business doesn’t suffer.

This is our special budget report following the Chancellor’s Autumn Budget announcements. As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and...

Subsistence is a big problem area in tax. Many clients incorrectly assume that if you are working and buy a lunch or grab a snack when re-fuelling the car or van that this is fine to claim against your tax bill.

Entertaining clients is a legitimate business expense and can be paid out of the business account. But, you will not be able to claim tax relief for the amounts spent nor can you claim back any VAT paid. But, if there is a sponsorship element to the expenditure then the position may be more favourable.

Will your next company car be a classic? How would you like to drive a fun Fiat 500 from the sixties or a cool Lancia Fulvia from the seventies? This is a serious question for car enthusiasts and one several of our clients have said a big YES to! Surprisingly, classic cars can be quite...

This question is asked a lot and it is usually along the lines of…. “I would like to learn about X and there is a great course. Could I put it through my business?” Most business owners think that training costs aimed at improving skills or business profits automatically qualify for tax relief, but that’s not...

Tax Free Trivial Benefits – Make Sure You Make the Most of This Opportunity First announced in the spring 2015 budget, new legislation clarifying the tax treatment of trivial benefits came into force from 6th April 2016. But is this an easy opportunity to extract benefits tax free from your company? The simple answer is yes!...

Despite there being no public news announcements from HMRC, like the TV advert about Auto-Enrolment with the 10ft furry monster, Making Tax Digital (MTD) for VAT is still going ahead from 1 April 2019. MTD for VAT will affect almost all VAT registered businesses in some way, meaning there could be more work to do...