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Christmas Tax Guide
Christmas Gifts Of Us to £50 Per Employee Are Tax Free Employers should note that certain gifts to staff at Christmas are tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. This ...
CN Add Two New Trainee Accountants
CN Chartered Accountants have taken on two new trainee accountants ahead of what promises to be another year of growth in 2025. Liam Batchelor and Isaac Brown have joined the firm in our accounting department and will finish their training with the firm. Isaac joins ...
Sole Trader Vs Limited Company
An Overview: Sole Trader and Limited Company When starting a business, one of the first decisions to make is whether to operate as a sole trader or establish a limited company. A sole trader is the simplest business structure, where the individual owns and ...
CN Bolster Teams With New Management Additions
CN are delighted to announce that we have bolstered our accounting team with the addition of two new managers. Emma Heywood and Nigel Dickens both joined the firm in September and have added a wealth of experience and expertise to our team. The additions of ...
Rumoured Changes to Pensions and Our Tips
Changes to pension tax relief are top of the list of possible changes in the Budget and could yield more tax revenues than changes to CGT and IHT combined. As recently as 6 April 2023, we saw the abolition of the lifetime allowance charge and ...
Making Tax Digital: An Overview
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 ...
Be Wary of The 60% Income Tax Trap
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 ...
Statutory vs Non-Statutory Audits: Key Differences
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 ...
The Benefits of Outsourced Accounting Services
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 ...
Changes to Statutory Audit Threshold Coming October 2024
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 ...
General Election 2024 – What Are The Main Parties Saying About Tax?
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 ...
Understanding Management Accounts
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 ...
