08-08-2023
The Government recently named over 200 companies for failing to pay the national minimum wage (NMW). The list includes firms of all sizes and various sectors. Some notable brands include WH Smith, Argos, and Marks & Spencer. Those named were found to have failed to pay their workers almost £5 million and were told to
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08-08-2023
The High-Income Child Benefit Charge (HICBC) is a tax that affects households where at least one person with parental responsibility has a taxable income exceeding £50,000. This charge applies regardless of who in the household receives the child benefit, and it is payable by the household's highest earner. The highest earner may have to pay
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08-08-2023
Accountants are often seen as guardians of tax and compliance. However, their expertise extends far beyond these areas. They can act as problem solvers, assisting with a range of tasks that can set the stage for a smooth and profitable business operation. Here are eight ways your accountant can help your business flourish: Assisting with
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08-08-2023
Introduced in 2014, Employee Ownership Trusts (EOTs) provide an attractive alternative to traditional business succession strategies, offering a series of unique benefits to businesses, their employees, and the wider economy. Employee engagement and productivity One of the most immediate benefits of EOTs is their positive impact on employee engagement and productivity. As beneficiaries of the
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08-08-2023
In the second quarter of 2023, overpayments on pension tax in the UK reached £56 million. This was an increase of nearly £8 million from the first quarter of the year, according to HM Revenue & Customs (HMRC). This figure is almost double the £33.7 million collected in the same period the previous year. During
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08-08-2023
As of 8 August 2023, all Research and Development (R&D) Tax Credit claims require the submission of an online Additional Information Form (AIF) providing supplementary project details. The form must be completed prior to the submission of the company tax return. If the form is not submitted, the R&D claim will not be incorporated into
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19-07-2023
Robert Coe and Ian Wilder opened the doors to Wilder Coe, Chartered Accountants Monday, 23 October 1972. To mark 50 years in business, Wilder Coe welcomed clients old and new on Wednesday, 12 July, to continue its year of celebrations with a summer drinks reception. Having kicked off the festivities back in October 2022 with
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17-07-2023
Office for National Statistics (ONS) data revealed that the Consumer Price Index (CPI) – the official measure of inflation – only fell to 8.7 per cent in the 12 months to May 2023. While the rate of inflation is not as high compared to previous months, where it peaked at 10.4 per cent in February,
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17-07-2023
The tax gap in the UK – the difference between the amount of tax owed and the amount that has been paid – remains wider than anticipated due to SMEs, according to HM Revenue & Customs (HMRC). The tax authority’s figures for 2021/22 show that small and medium-sized enterprises (SMEs) contribute significantly to the national
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17-07-2023
The number of individuals participating in the UK’s ‘hidden economy’ is increasing according to recent research. A surge in additional income streams, from moonlighting to online trading, has led to millions of taxpayers failing to declare additional earnings to HM Revenue & Customs (HMRC). HMRC's latest figures highlight the extent of this issue. They showed
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17-07-2023
In times of economic uncertainty, businesses should have a clear plan to ensure that they can navigate any potential financial pitfalls. One of the best ways businesses can do this is with the use of management accounts. What are management accounts? Management accounts are financial reports that contain information vital to your business, such as
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17-07-2023
New research from wealth management firm Evelyn Partners has revealed that the majority of business owners with companies that earn more than £5 million annually are preparing for an exit. With 65 per cent of UK business owners contemplating the sale of their company, and almost half intending to do so within the next year,
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