Budget 2021: What businesses need to know

Andrew WoodEconomy, Small business, Tax

A year into weathering the Covid-19 storm, British Chancellor, Rishi Sunak, has announced the next steps the government will take to keep the economy and businesses afloat.  The economy has shrunk 10%, and national borrowing and therefore debt is higher than it’s ever been in peacetime. Sunak says the Treasury has done more than any other country to keep the …

HMRC Making Tax Digital

Introducing Making Tax Digital (MTD) in 2019

Andrew WoodAccounting, Small business, Tax

On 1 April 2019, HMRC officially launches Making Tax Digital for business (MTDfb), for every business generating more than the VAT threshold of £85,000. HMRC wants this system to make tax more efficient for small business and corporate taxpayers. For any business above the VAT threshold, financial records now need to be kept electronically and submitted to HMRC every quarter …

What should you do to prepare for a No Deal Brexit?

Andrew WoodBrexit, Small business

On 31 October 2019, there is now a real risk that the UK could leave the European Union, our largest trading partner by a significant margin, without a deal. Previously an unthinkable possibility, leaving without a deal could have potentially damaging consequences to the UK economy. Unless a solution can be found to the issue of the Irish backstop, and …

Where are UK tax rates going?

Andrew WoodAccounting, Tax

Every day in the news, we hear about the stark state of government funding in the UK. From schools and social services, to the NHS and local government services, there is not enough money to support the needs of society. In 2010, the outgoing Chief Secretary to the Treasury, Liam Byrne, left the following note on the desk for his …

Spring Statement 2019: what business owners need to know

Andrew WoodAccounting, Economy, Small business

During a week when the Spring Statement was overshadowed by the rolling thunder and confusion of Brexit, Chancellor Philip Hammond delivered some stark warnings and downgraded growth for 2019. In 2019, the Chancellor is estimating that the UK economy will still grow. Although not as quickly as it was predicted in the 2018 Budget, when the Treasury assumed growth would …