The recent budget announcement by Chancellor Rishi Sunak has finally given more support to those businesses that have been heavily affected by the pandemic. Speaking about the spending plans for the new year he said his plans were focused on the "post-COVID" era, and would pave the way for an "economy of higher wages, higher skills, and rising productivity".
So how will the changes affect you and your business?
After almost a year and a half from the start of covid-19, it’s time to take stock. We all know the pandemic has affected people’s mental health, created new habits, and put a strain on our wellbeing. But what about businesses in the UK and as a result, what about people's earnings?
In an extreme move by the UK government, it was announced yesterday that National Insurance, and Income Tax on share dividends, will be increased by 1.25%.
The new social care package, which the prime minister has called "the biggest catch-up programme" in the NHS's history, will be funded through a new 'health and social care levy' from April 2022. The changes are set to raise £12bn across the UK and the costs of the programme will be split between individuals and businesses and inevitably "those who earn more will pay more."
Ten years ago one of the most important people to a small business owner was their accountant, but over the last few years, the rise of real-time accounting software has meant that increasingly, people are taking their business finances into their own hands.
As we move into the second half of the year, all thoughts should now be moving to tax returns. We've put together a list of the key 2021 and 2022 dates for your Self-Assessment Tax Return.
The deadlines mentioned in this list apply to individuals who complete a self-assessment tax return, including self-employed and those who are in a business partnership.
Owning a small business often means you wear multiple hats; you're the brains, the content creator, the marketer, and the bookkeeper. But that's where you could be going wrong. By taking on too many roles at once, things can slip through the cracks, and your finances are one area where you don't want to be making mistakes.
During every business owner's journey, they'll reach a point where they want to move on from their business, and for many, that means selling up. But where do you even start?
Selling a business can be stressful and complex, so I wanted to look at the things you can do to ensure the process runs smoothly from start to finish.
In some of my previous articles, I've spent a lot of time telling you why it's so vital to keep your books up to date and keep clear financial records, especially as we approach the end of the tax year... but have I jumped too far ahead?
This week I wanted to go right back to basics and break down exactly what you should be including in your balance sheet, and what it all actually means.
The life of an influencer may seem glamorous from the outside, but from the inside, it still comes with all the financial paperwork and tax that most careers do. In fact, the finances of an influencer are often more complicated due to the grey area around gifting and paid promotion. That's why we're here to help.
As I'm sure you're all aware there were several changes laid out in Rishi Sunak's 2021 budget and now that the new financial year has begun, many of these are now coming into effect. These new rules will affect everyone at some point this year, in one way or another, so I wanted to take another look at exactly what the changes are, and who they'll be affecting.