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In short: you can’t. Tax investigations can be lengthy and invasive for business owners and although it’s impossible to avoid being selected, there are a few things that might minimise the threat. Here are some of the common triggers to an HMRC investigation: Out of the ordinary If there is a fluctuation in your figures,[...] Read more »
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Don’t miss out on tax-free childcare!
With the school summer holidays round the corner, the cost of childcare has become a hot topic in many homes. But help is at hand – as long as you know where to look. It is estimated that over a million eligible families are missing out on the tax-free childcare scheme, which can offer £2,000[...] Read more »
Inheritance tax and gifts: how to cut your liabilities by giving to your family now
Death and taxes are two things that nobody likes to consider, but with the right planning, you can look after your family now and help shield them from inheritance tax liability when the time comes. Here are five simple (and legal) steps to use gifts to cut your inheritance tax liability: Review your spending Use[...] Read more »
I want to make my child a shareholder in my company. What do I need to consider?
There are some benefits to making a child a shareholder in your company, firstly for the child themselves. After all, the shares are a capital asset that should increase in value over time. Allotting shares in a family business to a child can form part of longer-term inheritance tax and capital gains tax planning. Income[...] Read more »
Seven ways to tell if it’s time to change your accountant
Deciding to switch accountants can feel like a big step, but as your business needs change it may become a necessary one. Here are seven ways to tell if it’s time for a change: 1. You only see your accountant once a year Accountants shouldn’t just be about facts and figures. At Bennett Verby, we[...] Read more »
HMRC advise businesses to prepare for a no-deal Brexit
Business owners are being urged by HMRC to prepare for a potential no-deal Brexit by taking steps to ensure their businesses can continue to trade with the EU and the rest of the world if the UK leaves the EU without a deal. In their letter to VAT-registered businesses, HMRC outline potential changes to customs[...] Read more »
It’s never too early to plan for the tax year end
Are you ready for the new tax year? While it’s not necessarily a time to say ‘out with the old and in with the new’ it’s still a good time to check whether you’re making the most of your tax allowances and finances. Read on for advice about reducing your tax bill, as well as[...] Read more »
Key financial dates for 2019
There’s a lot happening in 2019, from Brexit uncertainty to changes to how much money ends up in your pocket, your pension and the taxman’s hands. Here are a few key dates to keep an eye out for this year. 1 March During March, NS&I are implementing changes to the rules around Premium Bonds. The[...] Read more »
Pre-mortems: how thinking about the worst outcome can be best for your business
‘A pre-mortem in a business setting comes at the beginning of a project rather than the end, so that the project can be improved rather than autopsied.’ Gary Klein, Research Scientist, in Harvard Business Review With a few gloomy months behind us and predictions of financial turmoil ahead, the business environment has become increasingly uncertain.[...] Read more »
Are open plan offices the key to a fitter workforce?
As part of our staff wellbeing strategy, we’ve been looking at health in the workplace and how the simplest changes can make a surprising difference. Most of us are familiar with step challenges: tackling the office stairs instead of the lift, or walking the ‘long way’ from car to house to reach the magical 10,000[...] Read more »
