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Self Employed Income Support Scheme Overview

Following on from our previous updates, this update concentrates on the “Self Employed Income Support Scheme” which was announced some weeks ago and is now due to go live imminently.  This is designed to be an equivalent of the furlough scheme for the self-employed,...

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COVID-19: Updated Guidance on Financial Support

Following on from our previous update on 30th March, please see below for some updated guidance where further details have been released.   This includes a summary of previously announced measures. Please note that the Government’s announcements in response to the...

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CRM Charity Partnership for 2020

CRM has a strong tradition of supporting local Oxfordshire charities each year as our Charity Partner. In 2018 we raised over £8,000 for Sobell House Hospice and in 2019 we were proud to raise £6,082.41 for our charity of the year Maggie’s Cancer Centre in Oxford.  ...

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COVID-19: Guidance on Financial Support

Following on from our previous update on 23rd March, please see below for some updated guidance where further details have been released.   This includes a summary of previously announced measures. Please note that the Government’s announcements in response to the...

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COVID-19: Assistance for self-employed

After a well-publicised relief scheme targeted at employees, we have just received initial details of a package to help small businesses.   Many businesses will not benefit from the measures announced such as VAT deferral, rates relief and employee furlough payments. ...

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COVID-19: Latest

The rapid disruption caused by the various social distancing measures has resulted in a liquidity shock to many businesses. Therefore, we would like to circulate what we have learned about the various financing and government support options expected to be available...

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Are all your year-end tax ducks in a row?

With less than a month to go until the end of the tax year, have you checked out all the options for making the most of tax allowances, reliefs and exemptions available to you and your business? Here’s a reminder of the most important points to consider and if it’s...

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CRM Spring Budget Summary

Yesterday, 11 March 2020, the new Chancellor of the Exchequer, Rishi Sunak, presented a Spring Budget with changes that come into effect from the start of the tax year on 6 April. With no Autumn Budget in 2019 due to the general election, many businesses will hope for...

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The first 10 steps to start a new business

Great Britain is a nation of entrepreneurs, with over 600,000 new business start-ups registered annually but sadly, around 20% of these businesses will not last a year and 60% will close within three years.   A great idea, passion and hard work are all necessary...

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Good news for smaller music venues in 2020

It’s tough operating a grassroots music venue. Business rates make up a large proportion of a small or medium venue’s outgoings so the announcement in January that the government will reduce business rates for these venues by 50% is a welcome boost. Grassroots venues...

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Director responsibilities – the facts

If you’ve been appointed the director of a company or you’re set up as the director of your own business, are you sure of your roles and responsibilities?   There are seven key duties that a company director must adhere to. As well as these over-arching...

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Why is HMRC investigating me and what do I do?

Those brown HMRC envelopes rarely contain good news and sometimes fill the recipient with absolute dread when it announces a tax audit or investigation. A routine tax audit can happen to many businesses but if HMRC suspects inaccuracies in your tax return, it will...

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Last minute tax return nightmares

Whether you’re a sole trader, in a business partnership or run a limited company, there’s no getting away from your Self Assessment tax return each year. With the deadline of 31st January (31st October for paper returns), CRM would hope that you have completed your...

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Taking your business from Good to Great

In a recent article written for B4 Magazine, the publication for the B4 business community, CRM Managing Director Tony Hobbs highlighted the three main areas that can help businesses go from good to great. Here are the key points from the article:   Leadership The...

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Tax-free green driving from April 2020

Take up of company cars has dwindled over recent years as the tax liability is seen as a major drawback. Employees with a company car pay Benefit in Kind (BIK) tax depending on the value of the vehicle and they often decide that it’s more tax-efficient to use their...

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Contractor challenges around the corner – IR35 latest

We ran through the basics of IR35 or ‘off-payroll working rules’ to give it its full title in our blog last year (need a refresh? Click here to read). The regulations came into force for public sector organisations in 2017 and are due to be rolled out to large private...

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Is that really HMRC calling or a taxman scam?

With the self-assessment tax deadline on 31st January upon us, it is alarming to hear that HMRC still receives hundreds of thousands of reports of suspicious calls, texts and emails every year. This is a busy time for fraudsters who prey on unsuspecting taxpayers.  ...

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8 Steps to 20/20 vision for your business in 2020

At CRM, we have always believed in the importance of offering our clients far more than a basic accountancy service. We are very proud to share our expertise and knowledge with clients through our Business Improvement Programme and it’s very satisfying to see...

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Selling up? Property tax relief changes are coming

At the start of the next tax year in April 2020, there will be some key changes coming into effect regarding Principal Private Residence (PPR) Relief and Lettings Relief, both of which can lessen the impact of Capital Gains Tax (CGT) on property disposals.   PPR...

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Can I claim… on my charity donations?

As we have found at CRM, charitable giving has many benefits to both the company and the charity. There is a growing trend for businesses to embrace social causes and support their employees’ charitable activities. Charities are always keen to make strong...

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The gift of time… boosting business via volunteering

It is well recognised that volunteering through your workplace offers great benefits for the individual and the business. As a volunteer, you can develop new friendships, learn new skills and even feel happier and healthier. Volunteering doesn’t have to involve a...

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No January blues in the Health and Fitness sector

The health and fitness industry is notoriously fast-paced and seasonal, much to the frustration of gym owners everywhere. Whether it’s a good idea or not, January is a hugely popular time to join a gym so are you prepared for the influx of new members? Is your fitness...

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Can I claim… Christmas expenses?

Discussions of Christmas parties and gifts are likely to be well underway in offices the length and breadth of the country this month. Celebrating a successful year and rewarding hard-working employees can be an expensive treat but there are tax breaks available in...

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8 Steps to Improving Your Business

If you’ve been following our series of articles on Business Improvement, you’ll know that we’ve reached the last step: Improve.   It’s the time when all the hard work of planning, measuring, reviewing, evaluating, comparing, valuing and analysing culminates in the key...

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Buy-to-let tax changes hit hard

Wanting to cut the number of landlords starting out in the property market, the government has cut back on buy-to-let tax relief in recent years, making it harder to earn an attractive income. Back in 2015, the Chancellor announced a 3% increase in stamp duty on...

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How Can You Create a Mentally Healthier Workplace?

Wellbeing and work-related mental health problems are issues that are climbing higher up the business agenda lately. The working environment and work culture affect all employees as we spend a large part of our time in the workplace. Mind, the mental health charity,...

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Re-enrolment and re-declaration re-minder

So, your Workplace Pension Scheme is up and running smoothly, with the April 2019 increase in contributions taken care of? The next responsibility you have is the re-enrolment and re-declaration duty which must happen every three years.   Re-enrolment is when...

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Plan Ahead to Save on Inheritance Tax

Many charities hope to benefit from Make a Will Week or Free Wills Month in October, where you can make a will with a solicitor in exchange for a donation to a charity of your choice. It’s a great reminder to get a will sorted and boost charity funds at the same time....

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Analyse This – The Business What If’s

The penultimate step in our 8 Steps Business Improvement Programme is Analyse. Do you put off or struggle to find the time to carry out this vital process for your business? Even if your business is performing well, there could be ways to make it even more profitable...

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New Rules in Residential Rentals

As a landlord of a residential property or a letting agent in the residential property sector, are you fully aware of the latest legislation around the Tenant Fees Act that came into force in England this year? What is the Tenant Fees Act?   Any new tenancy agreement...

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Is Sport Sponsorship a Game Changer?

We’re big rugby fans at CRM and excitement levels are building this month with the start of the Rugby World Cup in Japan. All the talk of rugby got us thinking about sport and other sponsorship opportunities and how it’s not just for global corporations. Forging a...

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Organisation Through Systemisation

Did you manage to take a break from your business this summer? While you were away, were you constantly worrying about the business and what state you would find it in on your return? If so, your business is probably too reliant on you. If you’re determined NOT to...

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How Pension Aware Are You?

This month, Pension Awareness Day is on 15th September. The campaign was set up to address the nationwide misunderstanding and reluctance of saving for the future. To mark the day, let’s help to improve pension awareness by sharing the most commonly asked questions...

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Can business travel be sustainable?

The government recently announced that the Environmental Audit Committee at Westminster is undertaking an assessment of the environmental impacts of UK travel and tourism – both inbound and outbound. Business travel is necessary for many and it shows no sign of...

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Set Up Your Q4 For Success

As we approach Quarter 4, is your business where you hoped it would be in 2019? Have you had a quiet Q3 and need to get your focus clear for the last push to December? It’s not too late to make strategic improvements to get you back on track and push through to the...

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A Big VAT Change For Construction

There are major concerns within the accounting and construction sector about the new reverse charge VAT changes coming into force in October 2019 (please see below). Reports of a lack of understanding and preparation amongst the country’s small and medium-sized...

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Are You Building Value in Your Business?

Many business owners only stop to think about the value of their business when they’re planning their exit strategy. Unfortunately, this is often too late and yields a disappointing result. At CRM, we encourage our clients to consider the value of their business...

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Can I Claim Back My Overseas Travel?

The business world is getting smaller and even the most modest of organisations can benefit from seeking new opportunities away from British shores. Advances in communications allow much of the negotiations to take place remotely online but sometimes there’s no...

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Shining a Light on Going Green

Whether its record-breaking high temperatures or torrential rain and lightning, we’ve seen it all this summer. This topsy-turvy weather may put some people off the idea of generating solar power from their workplace but contrary to popular belief, solar panels don’t...

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Planning For Success – Wednesday 18th September

CRM is known for offering services that go above and beyond your average accountancy provision. We are keen to share the vast amount of business knowledge we have accrued over many years and we are passionate about helping our clients to build a business that serves...

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Best Practice Through Benchmarking

Benchmarking is a valuable way of improving your understanding of your business performance and potential by making comparisons with other businesses. ‘Compare’ is the 5th step in our Business Improvement Programme, it is an outwardly-looking process to examine how...

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Second Payment on Account causing cash flow woes?

As cash-strapped self-employed people acknowledge with a groan, 31st July is the deadline for HMRC’s second payment on account. Designed to spread the payments in the self-assessment tax process, the summer deadline can, unfortunately, result in financial worries and...

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What are Capital Allowances and how can you benefit?

A capital allowance is an expenditure that your business can claim against its taxable profit. You can claim capital allowances on most assets purchased for use in your business, such as equipment, machinery and business vehicles – all known as plant and machinery....

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CRM part of vibrant Oxford business networking showcase

As one of 60 exhibitors, CRM enjoyed a fulfilling and inspiring day at the Business In Oxfordshire (BIO) 2019 event on 6 June. Oxfordshire’s largest business networking and showcase event welcomed over 600 business, public and third sector representatives to MINI...

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The Benefits of Early Tax Return

Wimbledon, the most coveted tennis Grand Slam, is just around the corner so why not take this opportunity to hit an early winning (tax) return and say ‘game, set & match’ to HMRC! As well as eating strawberries & cream, BBQing and sipping Pimm’s, the...

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Capital Gains Tax too Taxing?

Within our library of blogs, we have given you the lowdown on Capital Gains Tax (CGT), talked about transferring property between spouses and claiming for using your home for your business. Let’s bring these topics together and explore the implications for your future...

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Change Is Coming To Construction

CIS vs IR35 The construction sector has been wrestling with the vagaries of the Construction Industry Scheme (CIS) for decades but change is afoot again, with the introduction of IR35 updates for medium and large companies in the sector.   Introduced to reduce the...

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Financial Ratios: The Foundation of Evaluation

At CRM, we like nothing better than getting stuck into a spot of number crunching. Understanding the key numbers of our clients’ businesses is what we’re passionate about because we know that by evaluating the most important numbers – or financial ratios – we can...

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Dishing Up Expert Accounting For The Hospitality Sector

With specialist knowledge and experience in accountancy for the hospitality and leisure sector, the team at CRM knows that getting the finances right in your hotel, pub, restaurant or spa is not simply about managing revenue and expenses. The challenges can be complex...

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Is Your Business Plan Working For You?

A well-drafted business plan is an essential tool for managing your business, particularly in times of economic uncertainty, where downturns can be sharp and sudden. Failures are much easier to avoid when you’ve planned a clear direction for your business and a loss...

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Fully up to speed on the P11D?

Along with the P60 and P45, the P11D is one of the HMRC PAYE forms that employers should be most familiar with. As the 6 July deadline for submitting the 2018/19 P11D to HMRC approaches, are you sure of exactly what must be included and how to avoid the common...

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Can I Claim… Home Office Expenses

The flexibility of working from home is one of the key factors for people starting their own business, providing the opportunity to avoid a stressful commute and work around family and health commitments. But with that flexibility comes the responsibility of...

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What is IR35 and What Should I do About it?

IR35 is HMRC tax legislation designed to assess whether a contractor is a genuine contractor rather than a ‘disguised’ employee, for the purposes of paying tax. If caught by IR35, these ‘disguised’ workers have to pay income tax and National Insurance Contributions...

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The Paperless Office – Delusion or Reality?

Going paperless has been on the agenda of many businesses for some years but actually achieving this goal hasn’t been that easy, especially for some sectors (accountancy being one!) But with new technology and legal requirements emerging constantly, are we closer to...

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A Simple Guide To The Enterprise Management Incentive

If you operate a small or medium-sized entrepreneurial company struggling to compete on salary to attract the best employees, the Enterprise Management Incentive (EMI) could be beneficial. An EMI scheme enables companies to offer shares to selected employees in the...

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Making Tax Digital for VAT is here

It’s finally arrived – after faltering pilots and delays, Making Tax Digital for VAT came into force on 1st April 2019. Are you fully prepared for the next big business challenge? Been under a rock for the past few months and don’t know what MTDfV is? In a nutshell,...

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Workplace Pensions Contributions Rise Again

Are you prepared for the increase in the auto-enrolment pension contributions that come into force on 6 April 2019? The increases in April 2018 and 2019 were planned from the start of the Workplace Pension scheme, so it shouldn’t be a nasty surprise for business...

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Why Accountancy Is A Great Career Choice

As National Careers Week took place at the beginning of March, we thought we would share why WE think a career in accounting is number one! There are many different paths to choose in accountancy but each route is clearly signposted with qualifications to progress...

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Spring Statement 2019 Summary

Chancellor Philip Hammond presented his Spring Statement on 13th March 2019. The Spring Statement generally reports the state of the economy and Government finances to Parliament. In a time of such domestic and international political uncertainty, it was a welcome...

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Is It Possible To Prepare For Brexit?

Planning for what a post-Brexit business world will look like is incredibly hard when we don’t know what the final outcome will be, but that doesn’t mean we should stick our heads in the sand and ignore the situation – this isn’t going away and there are steps we can...

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Building partnerships for good – Charity begins at CRM

The CRM charity partner for 2018 was Sobell House Hospice in Oxford. Along with other regular charity support, we were delighted to be able to fundraise throughout the year and donate a fantastic £8,100 to Sobell House, a wonderful charity which has a personal...

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How to become a 360 Degree Manager

At CRM, we think it is important to support our clients in so much more than their accounting. When Hayley Monks, managing director of Think Inspire & Create Ltd approached CRM MD Tony Hobbs with a new business proposition, he gladly offered his business guidance...

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Planning to get away this year?

January is supposedly the most depressing month of the year so naturally, our thoughts turn towards warmer and happier times to come – our summer holidays! Holidays are important – giving us something to look forward to, helping us to rest and recharge our batteries,...

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Is your fitness business as fit as you’d like?

  It’s January, the month when thousands of health and fitness resolutions are made (and broken). Consequently it’s the busiest time of the year for fitness instructors, personal trainers, physiotherapists and wellness coaches. January is also a very busy month for...

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Navigating the choppy waters of overseas VAT

VAT is one of the most complex areas of tax that CRM advises on. When you add into the equation overseas sales, exchange rates and rules with lots of exceptions, some key points can get lost in translation! We have distilled the most important details we consider when...

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Avoiding common tax return pitfalls

Suffering from the January Blues? With the self-assessment tax return January deadline looming large and the sparkling memories of the festive season fading fast, many people feel gloomy and uninspired in the first month of the year.   If your tax return is keeping...

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Making the most of our valuable time

“The Bad News: time flies The Good News: you’re the pilot.”   Here we look at some of the useful advice on effective time management to take into 2019 and beyond. Successful people put a very high value on their time and work hard to become better organised and more...

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The power of failure

None of us like to fail, and it is natural to be upset and disappointed when it happens.  This is true in both our personal and business lives, and our business failures can often be very public which makes the whole experience worse. So where should we look when...

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Can I claim Employment Allowance?

What is Employment Allowance? An Employment Allowance of £2,000 was introduced by the government in April 2014 and in April 2016, the Allowance increased to £3,000 where it has remained up to the current tax year 2018/2019.   How does it benefit employers? Employment...

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Transferring property to a spouse – a wise move?

Have you wondered whether it would be beneficial to transfer a property you own to your spouse? There are certainly Capital Gains Tax (CGT) and Inheritance Tax (IHT) savings to be made for married couples (or civil partners) by transferring property between spouses....

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Can I claim on Entertaining?

There are many forms that entertaining can take, usually it is food and drink but you can also include things such as gifts, free products or event tickets. Regardless of who it is for you can include these in your business accounts, if it is a genuine business...

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Key Performance Indicators: What are you measuring?

Key performance indicator (KPI) measurement helps you manage both your financial and non-financial data. You can measure your team’s performance as a whole or on an individual performance basis.   This can bring a sense of shared accountability, whilst informing your...

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What is your member Churn rate?

What is your member Churn rate? For any business which has a subscription-based model, or a service with a repeating membership fee (such as a leisure or fitness facility), then tracking the total number of total members is one of the important means of measuring...

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Can I claim tax relief on business travel?

Business travel expenses, wherever you are in the world, can be claimed as long as they meet the HMRC rule of being “wholly and exclusively” (and for employees/directors, also “necessarily”) for business purposes and there is no personal benefit in the cost.  As...

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Autumn Budget: October 2018

Chancellor Philip Hammond presented his second Autumn Budget on 29th October 2018. This was notable for being the first Budget on a Monday since 1962, and the date itself is several weeks earlier than initially planned to allow time for Brexit legislation to pass...

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How much should you borrow to grow your business?

Growing a sustainable and profitable business is something every entrepreneur and business owner most likely dreams about.  It can be the route to financial independence, the ability to make positive decisions about your future, and to invest to take of advantage of...

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Cash flow can be one of your biggest challenges and threats

As anyone who has started their own business can attest, cash flow can be one of your biggest challenges and threats. Even successful businesses can experience periods where cash flow is extremely tight and they struggle to meet their monthly overheads. Keeping your...

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Recognising the signs your business needs investment

When you start a business, you make all kinds of investments to get off the ground. First and foremost you invest your own time and effort, sometimes referred to as ‘sweat equity’.  You might also invest savings, or borrow money from family and friends. Then there is...

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Motor Expenses: Is your workplace permanent or temporary?

In our recent article, we covered how the business owner can claim back the cost of their business trips. When claiming motoring costs, you must also consider which journeys made can be classified as business, and which are private. Travel to a permanent workplace is...

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Limited Company – the Pros and Cons of Incorporation

When considering the most appropriate and advantageous structure for a business, it is important not to focus purely on the headline direct tax position, although of course this is a significant consideration. Apart from the annual corporation tax/income tax...

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Can I claim for my motoring costs?

You can claim ‘allowable business expenses’ for vehicle insurance, repairs and servicing, fuel, parking, hire charges, vehicle licence fees and breakdown cover. You can not claim for non-business driving or travel costs, fines or travel between home and work There are...

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Can I claim tax relief on what I wear for work?

There seems to be a lot of confusion when it comes to what can be claimed as workwear/clothing costs when it comes to most businesses.  The simple HMRC rule basically boils down to if the item of clothing can also be worn for non-related work occasions, tax relief...

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Making Tax Digital for VAT

Making Tax Digital for Business (MTDfB) is the government’s policy to move ALL business-related tax reporting online for a modern, digital tax system. The objective is to make tax reporting more accurate, more reliable, and more efficient. Making Tax Digital for VAT,...

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12 focus areas for any business start up

There are many areas for a new business owner to focus upon and of course there are many views or opinions on what could be the most critical areas to support the initial survival and later growth for success. Each business is perhaps different and has different...

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Can I Claim Tax Relief on Food & Drink?

Self-employed For a self-employed person, the general rule is that there is no relief for subsistence costs – this case has been tested in the courts – unless it is an incidental part of the job. So, lunch whilst you are working would not count as you need to eat to...

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How to finance your start up and ongoing running costs

Your new business could be financed in a number of different ways and quite often a combination is used. You can consider: Personal monies – savings Conventional bank finance – overdrafts, commercial mortgages, business loans, commercial investment mortgages...

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The power of reflection

When considering your valuable time, the one thing you can’t do is worry about the past. It is a reality that you can not do anything about the past, it’s gone, it’s already happened. However, you can always reflect and learn from any outcome. You...

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Can I claim tax relief for working from my home?

One of the questions we are often asked or discussing with our clients. Here are our thoughts in our latest ‘Can I claim…..’ article. Self-employed If you are self-employed you can either calculate a proportion of your household bills or...

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