Abacus Accountancy

Announced in the Autumn Budget 2024, all double cab pick-up (DCPU) vehicles will once again be classified as cars for tax purposes, which will lead to significant tax increases. Potentially a three-fold benefit-in-kind increase which is a devastating blow for tradespeople who rely on their trucks for work. Primarily types

Conducting due diligence is a critical step in the process of buying or selling a business. It involves a thorough investigation to ensure that all aspects of the business are understood and that there are no hidden liabilities or risks. Here’s a comprehensive checklist of areas to cover during

Furnished Holiday Lets (FHLs) in the UK have specific rules that property owners must adhere to in order to qualify for various tax benefits. A summary of rules for each Property: Qualification Criteria 1. Location: * Must be located in the UK or the European Economic Area (EEA). 1. Furnishing: * It

Running a business involves staying on top of various regulatory changes and compliance requirements. Here are some important updates from Companies House that may impact your business operations: Changes Effective March 4th: 1. Registered Office Addresses: Starting March 4th, it's important to note that PO Boxes will no longer be

Since 1 April 2023, the rules have changed such that the rate of corporation tax that a company pays, and when, is now dependent on the level of its profits as well as the number of its associated companies. Rate of corporation tax With effect from 1 April 2023, standalone

A £50 gift to yourself and your staff! If you are a Limited company, then you can give yourself a gift at Christmas as the company is giving the gift and not you! You can also give gifts to your employees. The limit is £50 and counts as a trivial

The rules dictating when the trading profits of unincorporated businesses are subject to income tax are changing. From April 2024, the existing basis period rules known as the ‘current year basis’, will be abolished and replaced with a tax year basis of assessment. Under the tax year basis, businesses will

Today, the financial landscape for businesses and taxpayers in the UK received a significant update with the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, unveiling the Autumn Statement. Packed with measures aimed at bolstering economic growth, supporting enterprises, and enhancing the employment scenario, this statement also heralds

These reforms are designed to enhance transparency and to make tracking and investigating financial crimes simpler. However, it is worth noting that their administrative implications will have the most impact on small businesses. The Companies House reforms include the following: * The introduction of identity verification for all new and existing

As an employee or a director working from home, you are allowed to reclaim reasonable ‘work from home’ expenses from your company. Flat rate basis HMRC allows you to reclaim a flat rate per month, depending on the number of hours a month you would typically work from home. Well

Accounting for crypto-currency trading requires adherence to the guidelines provided by HMRC. Here are some key points to consider crypto trading: * Classification: Cryptocurrencies are typically accounted for as assets. However, the specific classification may depend on the nature of your activities. As individuals, HMRC generally treats cryptocurrency trading as speculative

In the ever-evolving world of e-commerce, businesses in the UK must have a robust accounting system in place to navigate the complexities of online transactions. With the increasing popularity of online shopping, efficient e-commerce accounting is essential for managing finances, making informed decisions, and complying with UK regulations. 1.      Selecting

If you're considering starting a new business or changing your current business structure, we have included pros and cons of the two main structures available below. Self-employed This is the most popular way of running a business in the UK, and may be the best option if you want to

These are some pointers for looking after your business finances during the current economic climate – which we previously issued to clients during Covid * Ask for a partial or full payment up front * Invoice on completion – not at end of the month * Reduce terms to 7 days – not the usual 14

We had a great day last Friday exhibiting at the ELA Exhibition at Wensum Valley. It was wonderful meeting lots of new people and making some great contacts. As part of our stand we held our 'Spin to Win' competition - we had three prizes available, highest, lowest and closest

HMRC introduced the VAT domestic reverse charge procedure that shifts VAT liability from the supplier to the customer. These rules affect companies that operate within the Construction Industry Scheme (CIS) (with a few exceptions that we’ll detail later on) and have an impact on VAT compliance, as well as

Every company must display its company name on the outside of every office or place in which its business is carried on - even if it is a director's home. The name must be clearly displayed and must be both conspicuous and legible. Although the use of brass name plates

Sole traders and partnerships Sole traders and partnerships that are not registered companies are required to display and disclose detailed information about their businesses when they use a business name that is not their surname (with or without forenames or initials), or one that does not use the names of

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we set out some of the main points. COST OF LIVING