Lucy Bagnall

Who Our Tax Planning Tips Are For (and Who They’re Not For) Are you a small owner-managed business in the UK looking to optimise your tax planning? Our latest blog post is tailored specifically for YOU! **Who This Is For:** ✅ Small business owners managing their own finances ✅ Entrepreneurs operating from home ✅ Business owners seeking to maximise tax deductions and reduce liabilities ✅ Those who want to better understand mileage claims, capital allowances, and more **Who This Is NOT For:** ❌ Large corporations with dedicated finance departments ❌ Businesses with complex international tax structures ❌ Owners who do not manage their day-to-day finances Our comprehensive blog covers everything from home office deductions to capital allowances, ensuring you’re making the most of your tax benefits. Don’t miss out on valuable tips to keep more of your hard-earned money! 👉 Read more:https://lnkd.in/ekWCaCF6 #TaxPlanning #SmallBusiness #MicroBusiness #UKBusiness #FinancialTips"

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Do you currently employ an "in house" bookkeeper? The increase in NI costs and the rise in minimum wage rates WILL lead to higher costs for you Have you ever thought about outsourcing your entire finance function to one provider? We offer a full service finance function from end to end What are the benefits of outsourcing to one provider? ✅️ One single point of contact ✅️ One fee to pay ✅️ 52 week coverage ✅️ a tried and tested process for all your finance needs What you won't get ❌️ No NI increase ❌️ No minimum wage increase ❌️ No holiday pay to pay ❌️ No sick pay to pay What's not to love? Get in touch if you want to know more #finances #business #Getsmartaccountants

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For business owners, the concept of ‘keeping your shares til you die’ has just ended. Succession planning is more important than ever and the earlier you act, the better. #starttheconversation Crowe UK #familybusinesses

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A friendly reminder to accountants and/or business owners on the below. HMRC introduced a new 'notification' regime which is a necessity to fill out if a company intends to claim for R&D. Please reach out if you'd like clarification or support. ASWATAX #rannd #researchanddevelopment

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Evidence now needed to claim employment expenses To stamp out ineligible claims and tax abuse, HMRC is changing the process for claiming PAYE employment expenses, requiring claimants to use a P87 form and provide supporting evidence. From 14 October, anybody wanting to claim employment expenses will need to use a paper P87 form and provide supporting evidence to prove their eligibility. Examples of the evidence required range from a copy of a mileage log for each employment to claim for mileage allowance; copies of receipts or other evidence showing how much was paid for subscriptions to professional bodies; evidence that the claimant must work from home, such as their employment contract, to claimants of expenses for working from home. 

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🔍 Understanding PAYE Settlement Agreements (PSA) A PAYE Settlement Agreement (PSA) is a useful tool for UK business owners. It allows you to make a single annual payment to cover tax and National Insurance on minor, irregular, or impracticable employee expenses and benefits, such as gym memberships and gift vouchers. This means the company can bear the tax & NI burden instead of the employee, meaning the employee benefit is a true benefit to the employee. I've seen employees receive what they thought was a benefit only to receive an unexpected tax bill, leaving them feeling vexed about something that was meant to make them feel good. Benefits of a PSA: Simplifies payroll management Reduces administrative burden Ensures compliance with HMRC Attract and retain talent How to Set Up: Apply online via HMRC or by post. Agree on which expenses/benefits to include. Submit an annual calculation of the owed tax/NIC. Top Tip: Once set up, find a way to 'tag' PSA relevant stuff, in Xero we use 'tracking' function for this. ------------------------------------------------------------------------- Thursday 6th June Want more tips like this? 🔔 follow

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🚀 Outsourcing for UK Subsidiaries 🚀 For UK subsidiaries of overseas businesses, outsourcing can be a transformative strategy. At Cooper Parry, we’ve seen firsthand how outsourced accounting can revolutionise operations for companies of all sizes and sectors. 🌍 Bridging the Gap: Navigating the complexities of business, communication, and compliance between the UK and your head office can be daunting. Outsourcing ensures timely, meaningful management information, enhancing transparency and accountability. 📈 Freeing Up Leadership: Outsourcing lets your leadership team focus on market impact and growth. ✅ Meeting UK Requirements: A UK partner that can ensure compliance and tax efficiency with local regulations. ⚖️ Flexibility and Scalability: Outsourcing adapts to your business’s evolving needs, ensuring you only pay for what you use, avoiding unnecessary expenses. Curious about how outsourcing can benefit your UK sub? Check out Tanveer Mahtab-Ahmed’s full article. 📖 https://shorturl.at/Zp5ZB #Outsourcing #UKBusiness #uksub #Compliance #BusinessGrowth

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HMRC are sending nudge letters on childcare benefit values on P11D/P14 and Construction Industry Scheme to ensure the correct tax is paid Learn more about the letters in this ICAS - The Professional Body of CAs article https://buff.ly/3ynaMut

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If you want to disclose gains or income that you have not reported to HMRC, you need to know how to do so. Read more here 👇

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Business pitfalls; please read this to the end as Point 7 is arguably the most important!! While there are countless strategies for business success, it’s equally important to be aware of potential pitfalls that could derail your efforts. Here we look at 7 things that as a business owner, you should NOT do: https://lnkd.in/eCsFqD4v

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Do you find paying the ICO an interesting concept? Aren't we paying an organisation To confirm that we're compliant With the way we store and process information They write to the registered offices of companies Inviting them to sign up and pay Step Accounting Limited acts as The registered office For a number of clients And we receive and forward these requests Invariably a client will ask me - "What do I need to do?" Well: 🎤 You log on to the website: https://lnkd.in/ezQHdjaQ 🎤 Answer a few straightforward questions 🎤 Find out how much, if anything, you need to pay them Effectively, you pay an external govering body For the luxury of storing and processing data Oh... and that means the ICO are storing and processing data about us and our companies now I wonder who they pay for that? 🤣 ⏩ Tax tip This fee is an allowable business expense It could reduce your corporation tax bill 💪 Does paying for this make sense? #data #compliance #thesingingaccountant #accountantsandaccounting

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