Stacking up the 2020 Spending Review and Brexit

This week’s Autumn Spending Review (a bit like an informal budget) was widely speculated upon with rumours of large tax hikes and opposing pleas to the Chancellor to delay major tax rises to assist with the UK’s recovery after the effects of the 2020 pandemic… and so not surprisingly in a subdued review he did not mention them at all. Here are the key points from Rishi Sunak’s Spending Review: The government will spend £280bn this year “to get our

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Let’s talk about VAT baby!

Let’s talk about V…A….T! Why? Because VAT has to be one of the most most overlooked taxes by accountants and business owners alike. Which is why we pay it some close attention, give it some love. Many are not aware of how many different VAT schemes and variations by industry there actually are. Yes we all know the general rule that it’s 20 per cent as standard rate however a business may have the option to; or due to its

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Welcome to the Tribe!

Today being international men’s day seems the perfect day to announce our newest member to the Tribe Alex Harding Alex joined us at the beginning of the month as our new trainee accountant and he’s settled into the Tribe so nicely! Alex was asked at the end of his first week what his highlight of the week was and this was his response… – ”The main highlight from my first week was finally being able to begin working after the extended

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Cash is king, has always been a thing!

Many businesses this year have surplus cash in their trading companies. Once you have set funds aside for: Working capital (on average 3 to 6 months of business overheads) Future tax liabilities By using a simple cashflow tool you’ll know what is surplus (see our free download for business owners here) then what next? The big responsibility then for the business owner is to plan what to do with it and to evaluate whether it is at any risk. Reinvest

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Leading the way as Chief of your business today

Does it feel like a mountain of decisions, challenges, more decisions, more challenges… In a world before COVID-19, we ran our businesses with what felt like clear vision and the game plan. Now each week and day even a new issue, opportunity, threat or challenge arises for you the business owner to have to address and respond to. Do we apply for a CBILS or a BBL? Do we put staff on furlough, bring them back from furlough, or do

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Client focus: A Dunkirk story

A ‘Little Ship’ finds a family run boatyard who had a connection with her rescue mission in Dunkirk, 1940 Wilson’s boatyard is a family owned business, managed by two brothers David and Barrie Wilson who are the third generation of the family.  Their boatyard is situated on the eastern side of Hayling Island within the Chichester Harbour Conservancy Area and fronting on to Mengham Rythe and they provide a skilled boat care service both ashore and afloat. The yard also

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Business Chiefs: Looking for a tax efficient way to keep your Tribe strong?

We are hearing that one of the top issues for a small business is recruitment and retention of talent. How do you compete with the larger corporates when it comes to this? All small businesses can offer tax free gifts and benefits on top of a salary package, like a turkey or the work do at Christmas, death in service insurances, a mobile phone and mileage, they’re not that exciting! Did you know you have an advantage up your sleeve

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Does ego have a lot to answer for?

Business Chiefs – without doubt you have the entrepreneur anatomy, the strengths and the eyes to spot the opportunity. BUT that is only one side of the coin, we all have weaknesses too so what is stopping you ensuring you maximise the value of your business. “Is your own ego your biggest limitation?” Controversial statement we know (our founder has one!)……All business owners should build and run their businesses with the aim of selling, whether they do or not. If

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Autumn 2020 – Tax hikes are on the way so get your walking boots on

    Given the UK’s “financial hole” after the Government COVID-19 support packages, it comes as no surprise to us that we are being prepared for an Autumn Budget with plenty of tax increases to be announced. Expectations released so far: Corporation tax forecast increase from 19% to 24% Tax on dividends targeted to increase Capital gains tax – increases on tax on gains from sale of personal buy to let properties – 28% going up to 40/45% (higher rate

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Business chiefs – have you considered the tax efficiencies of an electric company car?

This year (2020/21) the tax incentives of going greener with an electric car have really been ramped up, when purchased by your company. We have summarised below the key tax benefits you need to know if used solely by yourself (director) and /or your employees. Benefit in kind 0% benefit in kind for zero emission electric cars since 6 April 2020 (no income tax for individual, no class 1A NIC for company). Corporation Tax Electric vehicles qualify for 100% first

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