Tax considerations for gifting to grandchildren in the UK
For many individuals in the UK, gifting to grandchildren can be a great way to reduce their tax burden. But before entering into any gifting arrangement, it is important to…
Business
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Should I take a salary or dividends as a small business owner?
If you own a small business and are also a shareholder director, you may be wondering whether to take a salary or dividends. When it comes to paying yourself, there…
Understanding and improving your balance sheet
Keeping on top of your business’s financial health is critical to its success. A great place to start is by understanding what a balance sheet is and what it can…
A new VAT penalty system is now in effect
A major overhaul of VAT penalties came into effect at the beginning of 2023. This new approach changes how penalties are applied, as well as how interest is calculated and…
MTD for ITSA is delayed. Should you still go ahead with cloud accounting?
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now come into effect in April 2026 for businesses, self-employed individuals, and landlords with gross business and/or property income…
Avoid these costly VAT mistakes
Small business owners need to take measures to avoid costly mistakes when it comes to calculating, reporting and paying Value Added Tax (VAT). The best way to prevent errors and…