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Making Tax Digital (MTD) is a UK government initiative aimed at simplifying and modernising the tax system. By transitioning from paper-based processes to digital record-keeping and tax filing, MTD seeks to make tax administration more efficient and accurate. The initiative covers various aspects of tax ...

It has recently been reported over half a million taxpayers paid a marginal income tax rate of 60% in 2022/23, up by 23% from the number in 2021/22. This marginal rate applies where an individual’s adjusted net income falls between £100,000 and £125,140, where every ...

In this article, we will break down the differences between statutory and non-statutory audits. Financial or Business audits are used to assess a business's financial information and processes to help management or owners make better decisions. Statutory Audits: Who Requires Them? Statutory audits are required ...

What is Outsourced Accounting? Outsourced accounting refers to the practice of hiring an external accounting firm to handle the financial tasks and responsibilities of a business. Instead of having an in-house accounting department, companies can outsource their accounting needs to a professional service provider which ...

Financial Business Audits commonly referred to as 'statutory audits' are set to change from October 2024. The changes expected to come into effect in October will elevate audit thresholds. This will free up extra cash for thousands of small and medium-sized enterprises (SMEs). With the bar ...

Both the Conservative and Labour parties have pledged not to increase income tax, national insurance or VAT, although the Labour party have pledged to introduce VAT on private school fees. Both parties are also committed to clamping down on tax avoidance and evasion which they ...

The Basics of Management Accounts Management accounts are financial statements that provide detailed information about a company's financial performance, activities, and position. The main purpose of having management accounts is so that the senior management within a business can make more informed decisions based on ...

The way in which benefits in kind and expenses are reported is changing for businesses. P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no ...

If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money. However, there is potentially tax relief for the lender if the loan meets certain ...

Travelling from home to an employee’s normal workplace does not qualify for tax relief. This is referred to as “ordinary commuting and, furthermore, if the costs of the journey are reimbursed by the employer, those costs are taxable. There are exceptions to this rule, in ...

Four members of staff from CN Chartered Accountants completed Born Survivor last weekend to raise money for the Stockport Business Awards Charity Partner, Mentell. CN Chartered Accountants are the founders, organisers and headline sponsors for the business awards and each year a local charity is ...

Earlier today the Chancellor, Jeremy Hunt, announced the 2024 Spring Budget in Parliament. The aim of the budget was to promote long-term growth by delivering lower taxes, better public services and more investment. Here is a breakdown of some key take-home messages from the announcement ...