Original artwork by local photographer W H Harding for more information click here
HM Revenue & Customs (HMRC) has warned that a new wave of fraudulent text messages is targeting taxpayers using iPhones, claiming that recipients are owed tax refunds and must supply personal information to receive them. Some recipients are also being asked to follow a link to access their refund, which is disguised to appear legitimate.…Read More
HM Revenue & Customs (HMRC) has issued its updated guidance on salaried members in limited liability partnerships (LLPs), in relation to capital contributions. Currently, LLPs incorporate elements of both partnerships and limited companies, limiting the liabilities of each partner to the amount of capital they put into the business. Partners are typically considered to be…Read More
The Consultative Committee of Accountancy Bodies (CCAB) has released the 2024 edition of its Statement of Recommended Practice Accounting (SORP) for Limited Liability Partnerships (LLPs). CCAB is appointed by the Financial Reporting Council (FRC) to oversee the SORP for LLPs, ensuring that such businesses can present financial statements and accounts similar to those of other…Read More
We often find that clients begin to show signs of stress when the Self-Assessment tax return deadline approaches. This is just one of the reasons we recommend you file your return early, but there are numerous other benefits. Here are three key reasons to consider submitting your tax return sooner rather than later: 1. Avoid…Read More
Facing your first financial audit can be intimidating, yet it is an essential task for many businesses.
Staff costs represent a substantial portion of your expenditure as a business owner, so it’s important that you understand what payments you have to make and how to plan for them.
If you’re a business owner of a limited company, it’s important that you know how to make the most of your after-tax profit to support your personal financial health – known as profit extraction.
Introduction Charitable giving is not only a noble act of kindness but also a smart financial move in the United Kingdom. Whether you’re an individual or a company, contributing to charities can bring substantial tax benefits. In this article, we will explore the tax advantages of charitable giving. We’ll also dive into the world of…Read More
Introduction: In the ever-evolving world of finance, staying informed about tax-efficient investment strategies is paramount. ISAs and pensions remain cornerstones of effective financial planning, offering distinct advantages when it comes to tax-efficient wealth accumulation. By understanding the benefits associated with these investment vehicles, you can make well-informed decisions that align with your financial goals. ISA…Read More
When it comes to structuring your business in the UK, there are several options to consider. But have you ever thought about setting up a limited company? It might sound daunting, but it can provide significant benefits compared to alternative business structures. A limited company is a separate legal entity from its owners, which protects…Read More
As a business, the unexpected can often occur, and sometimes it feels as if it’s always on a Monday morning before you’ve had your coffee. Few things can be as unpleasant as a bank unexpectedly closing your company’s account. This has become more common in recent years, due to bank de-risking and small businesses have…Read More
CHANGE IS COMING!! WHO WILL IT IMPACT & WHEN? From April 2026 individuals with business and rental income over £50,000 per annum will need to make quarterly reports under Making Tax Digital for income tax (now dubbed MTD ITSA). This will include many sole traders and landlords. Those with income greater the £30,000 will be…Read More
The Crypto craze continues to rage, with amateur investors continually buying into the latest flavour of the week and there is seemingly no end to the increasing trend in the prices. My Story Being the high risk, high stakes kind of player I am, I have dabbled in Crypto myself, risking £100 of my hard-earned…Read More
As we near the end of 2021, a time when many of us will reflect on another challenging year, we would like to share a message of hope and positivity for 2022. The UK economy is in good shape. Despite the doom and gloom in the news, there are many positive signs, including: We have…Read More
This is a common question we are asked and there are generally two arrangements to consider here. The first being a car provided by the company to an employee or director and the alternative being a car allowance. Note: this post assumes that there is some personal use, rather than a car being used purely…Read More
Whether you're starting from scratch or have been in business for years you'll benefit from working with FFT advice on how to take you to the next level.
