The Accountancy Blog from Seagrave French

Enlightenment

Accountancy news and business views brought to you by the team at Seagrave French

HMRC Response Times – you won’t believe this!

If HMRC makes a request from you they normally set a deadline for when they expect a response. If you don’t comply they then tend to issue a formal request which incurs a hefty fine for noncompliance. But what about when you're waiting for something from them, like...

[WEBINAR] – Making Tax Digital for Income Tax – What You Need to Know

Making Tax Digital for Income Tax – What you need to know  HMRC has deferred the start of Making Tax Digital (MTD) for Income Tax, due to the Government recognising the challenges faced by many UK businesses in the wake of the pandemic. Though...

VAT green reliefs and energy efficiency

Following recent government publicity regarding the provision of grants to encourage householders to make their homes more energy efficient; together with concerns about potential risks to the gas supply and rising costs means clients are increasingly interested in...

HMRC collected £27.9bn less tax

The government saw a 4.4% decline in tax revenues over the latest financial year as a result of the pandemic. In its 2020-21 annual report, HMRC reported that it had collected £608.8bn in tax revenues, which is down from £636.7bn collected in 2019-20. The tax...

Avoiding Wasted Capital Losses

There were rumours that CGT rates were going to be increased at the Budget. These eventually proved to be incorrect, but there are still commentators that feel it is only a matter of time before changes are made with the huge COVID 19 related borrowing to finance for...

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Inheritance tax, the most hated tax in the UK

Inheritance tax (IHT) has once again been voted the most hated type of tax in the UK. A survey conducted in September found that 24% of participants believed that it was the worst tax in the UK.   The respondents felt more ‘irritated’ by the fact that their loved ones...

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2021 Autumn Budget Summary

After yesterday's Autumn Budget for 2021, we've summarised the most important information that you need to know in this helpful article. Sunak said his plans were focused on the "post-Covid" era, and would pave the way for an "economy of higher wages, higher skills,...

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National living wage to rise to £9.50

The national living wage will rise 59 pence from £8.91 to £9.50 from 1 April 2022 The Treasury has announced that the Chancellor will increase the national living wage by 6.6% which is expected to give a full-time worker, working 35 hours per week, an extra £1,000 per...

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How to win the lottery

What would you do if you won the lottery? Comfortably retire? Buy a big house? Buy a boat? Get a holiday home? Only work at what you like doing? Set up a charitable foundation? Learn to play the guitar? You know you can get these things without leaving it to chance,...

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On it to win it!

Almost all business founders start working in the business but if you want a truly successful business that gives you the same freedom as winning the lottery then sooner or later you need to reduce working in the business and increase working ON it. In, ON, shake it...

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How to avoid a double tax charge on your SEISS!

A little bit of free advice... How to avoid a double tax charge on your SEISS! We’re now in the middle of the period for submitting the client’s self-assessment tax returns for 2020/2021 and these should include the SEISS payments made to taxpayers affected by the...

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Accountability

I think one of the crucial elements of a successful business is ACCOUNTABILITY. You can apply it to yourself, your team, and even your business-critical suppliers. If you make sure that all the stakeholders in your business are accountable then you will see a...

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Ireland corporate tax to rise to 15%

Ireland’s 12.5% corporate tax rate is to be increased to 15% Donohoe confirmed that corporation tax will rise, the new tax rate will apply to companies with turnover over €750m. This means that Ireland is now part of the global corporate tax plan which has been put...

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Filing deadlines: October – December 2021

In our handy guide to tax filing deadlines, we provide a guide to key dates 1 October  Corporation tax payment for companies with 31 December 2020 year-end 5 October  Notify charge ability for income tax/capital gains tax for 2020/21 if not registered for...

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Inheritance tax bills hit record £6bn

HMRC has collected more than £6bn in inheritance tax (IHT) in the past 12 months, the highest figure ever. The amount of inheritance tax paid by taxpayers has jumped with HMRC collecting £6.01bn over the last 12 months compared to £5bn in the previous year.

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Top 7 tips to grow your business in 2022

Everything in the digital ecosystem seems challenging for businesses. But if you are prepared, nothing can stop your business from scaling new heights. Are you running a small business or have the responsibilities of a big enterprise? Do you know how to grow it in a...

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Happy Birthday to us!

Today marks the sixth anniversary of the creation of Seagrave French, see the founder’s story here. But what have we learned in those 6 years? People first  We love our clients and we’ve learned over the years that the secret to a successful business is working only...

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UK job vacancies at record high as wages tick up

Job vacancies have hit a record high as the UK's labour market continues to rebound, according to the latest figures. The number of vacancies hit 953,000 in the three months to July, the Office for National Statistics (ONS) said. The unemployment rate fell to 4.7% in...

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The Joy of Commuting

Can you remember the pleasures of the daily commute? Before the Covid-19 pandemic.   Numerous people struggle to believe that we have not been near our offices in over a year or, at most, have paid only the occasional visit, due to working from home.   After all, this...

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R&D tax credits explained

The R&D tax credit scheme was launched in the UK to encourage innovation. It was used to incentivise businesses to invest in scientific and technological R&D. The reward? A substantial corporation tax deduction or cash payment from HMRC, depending on set...

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Can You Claim The Fifth SEISS Grant

Find out the turnover figures you’ll need before you claim, where to find them and how they affect your grant amount. Before you claim You must: Work out your turnover for 12 months from 1 April 2020 to 6 April 2020. Find your turnover from either 2019 to 2020 or 2018...

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How to reclaim CGT paid on account

The disconnect between self-assessment and the UK Property Reporting Service for paying CGT. Since April 2020, UK residents have been required to calculate, report and pay CGT on their UK residential property gains within 30 days of completion. Most of the tax...

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Capital Gains Tax on UK property account

Find out how to ask for authorisation, manage your client's account and how to send returns as an agent. Before you start Before you can manage your client’s Capital Gains Tax on a UK property account, you’ll need to check that they have set up their own account....

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Small Business Jobs Grew Significantly in April

The Paychex | IHS Markit Small Business Employment Watch, compiled from aggregated payroll data of approximately 350,000 clients on the Paychex human capital management (HCM) suite, has been released and has given us some important information  The Small Business Jobs...

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Tax Implications of Crypto Currency

The current crypto market has been in an uproar recently with Elon Musks influence swaying the stocks in unpredictable ways to bitcoin crashing. We would like to take this time to mention the tax implications of cryptocurrency and how it will affect you! Anyone buying...

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Small businesses paralysed by mixed messages

ACCA is the Association of Chartered Certified Accountants. This association has a community of 227,000 members and 544,000 future members based in 176 countries and regions that upholds the highest professional and ethical values. ACCA and The Corporate Finance...

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Do I need a business bank account?

If you are just starting out in business, you might be considering how to manage your incomings and outgoings. A business bank account is essential for every new business and depending on your business entity, as it might even be a legal obligation.  Either way, a...

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What is double-entry bookkeeping?

Double-entry bookkeeping is a system of accounting for financial transactions that has been used for hundreds of years. It underpins every cloud-based bookkeeping system, banking system and reporting system used by businesses globally.  It allows a business to track...

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Gift Aid Problems

Gift Aid Problems At some point, most people give to charity in one form or another. This could be done by simply donating unwanted clothes, books, etc to the local charity shop. There can also be a donation via a site like Just Giving, or there may be ongoing...

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VAT Registration – Delays

COVID-19 has caused businesses to experience long delays when getting a VAT number after submitting the registration form. This year, HMRC acknowledged the delays and asked companies to be patient while the backlog was worked through. However, a new business to VAT...

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P11DS For 2020/21 Covid 19 Considerations

The deadline for the P11D forms is 6 July 2021. In most cases, this is a routine exercise. Due to COVID19, some additional consideration may be required. HMRC have published guidance about specific items that need some thought because of the pandemic. COVID19 testing...

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Property CGT – Avoid Reporting Traps

Since April 2020, UK resident taxpayers have been required to report increases on residential property and pay the tax due within 30 days of completion. One of the critical features of the reporting government is that this 30-day reporting is only required when tax is...

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Who wants to be a Millionaire?

What is the definition of being classed as a millionaire? A millionaire is someone whose net worth is equal to or more than one million pounds. Depending on the currency, a certain level of prestige is associated with being a millionaire.  Anyone with any income can...

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Founders Story

When I get asked why a client should be appointing me as their accountant I always go back to my founders' story, I find that tells them all they need to know about me. A founder story is also useful to find out about why they are in business. The details can be...

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News round up: June 2021

Finance Bill amendments Following the Budget in early March, the current Finance Bill was published on 11 March 2021. Since that date, a number of amendments have been made. Of the most significant, the following stand out in particular. A clause in Schedule 2 that...

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1 Year Anniversary!

It struck me the other day that we were approaching our 1 year Anniversary of moving into our new SFHQ Offices. What an interesting year it has been! With lockdown putting pressure on so many businesses and health concerns rampant, it's been a year that I doubt many...

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4 reopening mistakes employers are making

4 reopening mistakes employers are making  As businesses start to reopen due to the Covid-19 pandemic there are certain mistakes they should avoid.   Mistake 1: Assuming your people feel safe It will be a long while before the majority of our people feel truly...

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Are You Eligible For The Restart Grant?

Chancellor Rishi Sunak announced the restart grant scheme in his recent budget speech, the scheme aims to help Britain’s economy recover from a suffering year brought on by the Covid-19 pandemic. The Chancellor said, ‘I hope the grants will breathe new life into...

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Accounting for your Amazon or Shopify income?

Amazon and Shopify allow businesses to operate well outside of the geographic area than they otherwise would be able to. This has allowed some entrepreneurs to grow very rapidly. We already have several clients who have done very well with this model. Amazon and...

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Moving goods between the UK and EU

If you move goods between the UK and countries in the EU, you need to follow new customs and tax rules. Your business will be affected by the new rules if you: buy goods from an EU seller and bring them into the UK send goods you’ve sold to a buyer in an EU country...

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Tax Relief For Loans Used For Businesses

There has been an unusual amount of support for businesses struggling due to Covid-19. But, back at the start of the crisis, there were delays in the various schemes being set up. Additionally, a high number of newer businesses were ineligible. Many company owners...

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Dealing With An Overdrawn Directors Loan Account

Many companies use 31 March as the accounting reference date. Now is an excellent time to review the position of directors' current accounts for close companies. It is a standard error, if a company charges an interest rate on a loan that is made to the participators...

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Loss Relief Extension

Based on the budget, an announcement was said that loss relief provisions available to both unincorporated businesses and companies would be temporarily extended. There are differences in the way this will operate between the two types of business vehicle....

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Latest News Round Up

Budget The Budget came through on 3 March 2021. None of the speculated tax changes, e.g. raising CGT came to pass, although the corporation tax's primary rate will increase in 2023. Several allowances, such as the personal allowance and CGT annual exempt amount, has...

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Red Alert – Tax Year End Approaching

The current tax year ends on 5th April, what should you be thinking about? Capital Expenditure Many self-employed businesses have a year-end that is the same as the tax year and so any capital expenditure that you are considering in the next couple of months could be...

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Lasting Power of Attorney

We’re always banging on about making sure you have a regularly updated will, if you haven’t done that then you should get it sorted now. If you have got the will done then the next job is a lasting power of attorney (LPA). The LPA allows your chosen representatives to...

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Leaving The UK: A Look At Split-year Treatment

According to reports, the number of people leaving the UK during 2020 was "unprecedented". The Economic Statistics Centre of Excellence reported that as many as 700,000 left London alone in the 15 months to September 2020. This brings the question of tax residence...

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Self-assessment – DIY Time-to-pay Options

The tax return filing deadline for 2019/20 has now passed. Where taxpayers have struggled to pay any tax they owed by the 31 January deadline. It is still possible to set up an instalment plan, or "time-to-pay", arrangement. In the right circumstances, this can be...

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Latest News Roundup – March 2021

Covid-19 There have been few announcements related to Covid-19 support this month. There was an amendment to the terms of the Pay As You Grow scheme for repaying Bounce Back loans. So a borrower will be able to take a six-month repayment holiday without needing to...

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Reporting Covid-19 Support Payments

A business receiving support payments for Covid-19 needs to ensure the receipt is recorded as taxable income for corporation tax purposes. For unincorporated businesses using the cash basis, this is straightforward enough. But, where the accounts are prepared using...

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Import One-stop Shop

One of the consequences of Brexit is that exports of goods from GB to customers based in the EU are now zero-rated. But, if the consignment is valued at more than £22 there will be an import VAT liability at the other end. This isn't too much of a problem for B2B...

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2021 Budget Summary

  With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021 Budget against a backdrop of ongoing economic hardship. Our Budget Summary provides an overview of the key announcements arising from...

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The Accountant Filming

We've been planning something special for a long time! The marketing boys have had us all be movie stars for a day, a few screenshots are below to act as a teaser. Watch this space as we'll soon be releasing something very special!

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Deregistering from VAT

As a result of the Covid-19 crisis, many businesses are currently experiencing reduced turnover. In many cases, the business is VAT-registered, and some owners are asking whether they can now deregister. What are the rules here, and is it always advisable to do so?...

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Helping Out in the Time of Covid

The battle against Covid-19 is the biggest challenge we’ve faced in Britain in a generation or more. Beyond government rules and guidelines on meeting people, social distancing and hygiene, there are other things we can do. Something we can all do is check-in on...

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Keeping Focused in 2021 #2

Read part 1 here. I recently offered some advice on keeping focused in your business as we go move further into this new year. I talked about managing costs and the quality of management information. What’s your management and staff Plan B? What I mean by that is, if...

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Keeping Focused in 2021 #1

The events of last year generated levels of uncertainty, and even volatility, in the day-to-day lives of many businesses. Early 2021 looks much the same. Temporary closures, working from home, cash flow, accessibility to and communication with clients and customers...

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Covid-19 January 2021 update

With the country entering Tier 4, it is inevitable that COVID-19 will be at the centre our of thoughts, and with further announcements soon to come related to business, here's a recap of what you need to know: Extension of furlough scheme The Coronavirus Job Retention...

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Bounce back Fraud has had an unexpected impact

Bounce back Fraud has had an unexpected impact – and now new businesses need urgent help from the Chancellor. Let's look at the situation. It is currently extremely difficult for a start up business to open a business bank account. The main high street banks are not...

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Get your Loss Claim in early!

If you’ve had a bad year due to the virus then it might be worth getting your accounts to the taxman nice and early this year so that any loss relief claim is at the front of the queue. A company making a loss this year can make a claim to carry the loss back to the...

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A different take on our forward looking approach

Always face the direction you’re travelling - seems pretty obvious, right? When you’re driving (or cycling, running or electric scootering) you wouldn’t dream of facing backwards - would you? Of course, anybody would know, you must look forward, watching out for any...

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How I saved a business £70,000 in one meeting!

‘Well that was worth every penny’ – that’s what SHE said! Picture the scene: A brand new client, it's their first ever accounts clearance meeting. I tell her that I can half her tax payments over the next 7 years. No tricks, nothing dodgy, just applying the rules as...

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How We Transform Your Business

Seagrave French is far more than your average Certified Chartered Accountants, we are owner-managed business champions who will help you transform your business. We don’t just prepare accounts and calculate tax, we help our clients grow their companies, improve...

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Private Pension Age is set to rise to 57

If you were hoping for early retirement, you may have to wait a little longer. Ministers have said they plan to press ahead with raising the minimum pension age from 55 to 57 by 2028. This means that those currently aged 47 or under will have to wait an extra two...

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Do I need a strategic plan?

Business advisors, like me, often tell you that you need a Strategic Plan. Creating one for your business is honestly a lot of effort, so do all businesses really need a Strategic Plan? The answer is this: If you’re really ambitious for your business, you do need a...

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Limited Company or Not?

We often get start-up businesses coming to see us, and one big question we often get is "should I be a Limited Company or not?" There used to be quite a tax saving from having a Limited Company and this far outweighed the slightly higher fees to operate versus a sole...

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Skynet, are we getting closer?

I enjoy the Terminator franchise, in all its versions, but I’ve never been worried that it was a realistic prediction of the future. Even though I love a gadget, so far I’ve been unimpressed by Artificial Intelligence [AI]. I can never get Siri or Alexa to do what I...

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Allowable Expenses

All businesses pay tax based upon what profits they make, once the profit is calculated the relevant tax rate is applied to this to calculate the amount of tax due. To arrive at a profit a series of allowable costs are deducted from the business’s turnover. The rules...

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PYE2 Get Ahead Checklist

These days it’s very important to plan ahead when your year-end comes around. Many opportunities for tax planning simply disappear once the year end date slips by. We’ve set out below the important areas for consideration below along with the reasons why, we call this...

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What is my gross profit percentage?

It’s really important to know what your gross profit percentage is to make sure you are making enough on each sale. The trouble is accountants and business owners seem to have language issue here and Gross Profit Percentage and Margin [or Mark up] get mixed up. Let’s...

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Working out your VAT

If you have a receipt that includes VAT but the supplier hasn’t split out the VAT how do you work out the VAT? Just follow this quick calculation to work it out - assuming it's 20% VAT!   To calculate the VAT divide the gross amount by 6.   To calculate the...

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Getting The Most Out of Factoring

Factoring or invoice discounting has become the most common way to fund working capital for businesses over the last 10 years. We choose our words very carefully in the opening paragraph by choosing ‘common’ rather than ‘popular’. Most businesses would prefer the...

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Seagrave French TV – Cribs!

As you know, we've now moved into a new office! Our address is now the following: SEAGRAVE FRENCH LLP 1 POPLARS COURT LENTON LANE NOTTINGHAM NG7 2RR   In celebration of this new move, we've put together a video in the style of MTV's Cribs! You can watch it here...

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Paying HMRC

If you need to make a payment to HMRC here is all the information you need. Self Assessment Sort Code            08 32 10 Account No.       12001039 Account Name  HMRC Cumbernauld Reference           Your 10 digit Self Assessment URN and add a ‘k’ at the end.  ...

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VAT Cuts, Home Grants and More!

Rishi Sunak, Chauncellor of the Exchequer has made a series of announcements regarding actions the government will soon take to help during the COVID-19 crisis. I’m very supportive of the whole package. Let's look at the key points. Hospitality and Tourism VAT dropped...

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Small Gifts and Trivial Benefits for Employees

Thinking of rewarding your team for their hard work from home over the last few months? Here’s something you should know... Despite the general prohibition on entertainment and gifts, since April 2016, gifts of up to £50 at a time, per employee are deductible to the...

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Support your Pubs and Restaurants After Lockdown!

If you’re lucky enough to get to the pub or book a seat at your favourite restaurant, please listen to what I have to say. This is an appeal on behalf of my Pub and Restaurant clients, when you go out on Saturday make sure if you’re taking up vital space that you make...

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KPI’s: The KEY to Success in Business

I’ve said it before, and I'll say it again. Running a business is simple. It's not easy, but it's simple. Running a business effectively is just a series of decisions. If you make take the right choices, then you will succeed. If you take too many wrong turns, you...

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Furlough Extended What does this mean?

You'll have heard the headlines, perhaps you even listened live, the UK's furlough scheme has been extended by 4 months. Chancellor Rishi Sunak has confirmed that employees will have 80% of their wages paid by the government, up to £2,500, until October. The caveat...

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Accountants Can’t Claim for Clients

Today on 4th May HMRC have announced that the Self-employed cannot ask their Accountant to make the claim for the Self-Employment Income Support Scheme on their behalf. To make a claim, you will have to have a government gateway account. You will be walked through the...

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Bounce Back Loan

So, you've come here for more information on the Bounce Back Loan. The name's pretty cool to have come from a chancellor - so we give them that, and it's not the only thing they deserve praise for. The main thing to draw attention to is that it's 100% backed by the...

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A cautionary tale of self assessment tax returns!

Thinking about doing your own tax return? Even if you have an accountant…? You might save yourself a bit of money. We don’t insist that we do it, but we do ask that you think about it seriously. As with other types of DIY, it may end up costing you more in the long...

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Are you claiming R & D Tax Credits?

We’ve just submitted a claim that has improved one of our clients cash flow to the tune of £35k. Want to know how? There’s interesting and very positive news about research and development (R&D) tax credits. R & D expenditure, or investment, is as it sounds....

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Seagrave French’s Response to Covid-19

Obviously this is a tricky time for all businesses and we wanted to make sure our clients and contacts understand that we are taking sensible steps to protect our team and reduce disruption. We would like to keep things as close as possible to normality in these...

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IR35 reforms delayed a year

In light of the Coronavirus pandemic which is currently consuming the media, government and the country’s health services resources, Chief Treasury Secretary Steve Barclay has announced that IR35 reforms will be put back a year to 6 April 2021. The delay is part of a...

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How does the Coronavirus affect sick pay?

I'm going to cut the long story short - you've come here for quick information about the Coronavirus and sick pay. Here's the deal: Statutory sick pay (SSP) is available for employees who have been diagnosed with Coronavirus or who are self-isolating.  In most cases...

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What do I think of the 2020 budget?

As you know, yesterday on the 11th of March 2020, Rishi Sunak, the Chancellor of the Exchequer revealed the budget. Interesting budget. Not what we’ve usually come to expect from the Conservatives. One left-of-centre media channel described it as “a £30bn stimulus...

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I have a GSCE in Woodwork

I meet a lot of people, most of them business owners. Some of these business owners are in the same industry as myself - they're accountants. I like to listen, often they tell me what they do before I tell them. Occasionally, when I ask what they do, they'll respond...

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March Questions And Answers

Q. If I sell a buy-to-let property in July 2020, when will I have to pay the capital gains tax (CGT) arising on the sale? A. Finance Act 2019 made certain changes regarding payment of CGT, which take effect from April 2020 and broadly align the position of UK...

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VAT: HMRC Provide Guidance On Digital Publications

HMRC have published Brief 1 (2020): VAT liability of digital publications - Upper Tribunal in News Corp and Ireland Ltd, which confirms that HMRC's VAT treatment of supplies of digital newspapers and other publications has not changed. Supplies of newspapers are zero...

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2020/21 NIC Rates And Thresholds Confirmed

Around 31 million taxpayers are expected to benefit from an increase in take home pay from April 2020 when the National Insurance Contributions (NIC) threshold rises from £8,632 to £9,500 per year. A typical employee will save around £104 in 2020/21, while...

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Structures And Buildings Capital Allowances

One of the key messages regarding claims for structures and buildings capital allowances (SBAs) is that record keeping and cost segregation will be of paramount importance. In order to claim the allowance, evidence of qualifying expenditure must be produced in the...

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HMRC Issue EA Changes Reminder

HMRC have been reminding employers to get ready for changes to the Employment Allowance (EA) that take effect from the start of the new tax year on 1 April 2020. Most employers with a liability to pay employer (secondary) NIC are eligible to claim the EA, including...

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February 2020 Questions

Q. What items can be excluded from 'taxable turnover' for VAT registration purposes? When the 'taxable turnover' of a business reaches the VAT registration threshold, currently £85,000 per annum, it must register for VAT. Income that is not counted as 'taxable...

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VAT And Brexit

HMRC have not yet issued any guidance as to how imports from, and exports to, EU and non-EU countries should be recorded for VAT return purposes after 31 January 2020, what happens with the reverse charge, and what should be recorded in boxes 8 & 9 of the VAT...

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Loan Charge Repayments Deferred

In September 2019, the government commissioned Sir Amyas Morse to conduct an independent review of the loan change (the review). The review was published on 20 December 2019 along with the government's response, which confirmed that it would accept all but one of the...

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Capital Gains Tax on Cryptoassets

Cryptoassets are a relatively new type of asset that have become more prevalent in recent years. New technology has led to cryptoassets being created in a wide range of forms and for various different uses. Cryptoassets (or 'cryptocurrency' as they are also known) are...

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Last minute help!

Other accountants are running around panicking about getting their existing tax returns completed now. Here at Seagrave French, we are extremely organised and able to help people who have left things a bit late. On Wednesday night an old client (who had left us...

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“Busy Season” Boring!

When I meet another accountant at this time of the year, they all ask “how are you getting on with your tax returns?” – Boring! It seems that most accountants enjoy the fact that they’re extra busy ahead of the tax filing deadline of the 31st of January. They grumble...

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Are all your eggs in one basket?

Some shocking news to you: Most business owners do not diversify enough. Most of their wealth is tied up in one big asset; their business. It’s an easy position to get into because all you hard work goes into making your business a success, and a successful business...

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Don’t Fall for the HMRC Scams

There have been nearly 1m reports of scams involving HMRC during 2018/2019, typically emails or even worse calls to tax payer’s mobile phones. They normally mention outstanding tax and threaten that warrants will be put out for the tax payer’s arrest. They make the...

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How To Pay Us

If you want to settle your account with us, our bank details are as follows: Sort Code  | 20 51 01 Account No. | 10441759 If you want to pay your bills by direct debit then click here

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Merry Christmas 2019 from Seagrave French!

Here at Seagrave French we've had an extremely busy year, full of growth and development. We wanted to share some of the major changes in our business in the video below: https://vimeo.com/381129262 For many, the Christmas period is a time for people to relax, and...

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ISAs as a way to save money

Individual Savings Accounts (ISAs) are a popular way to save money. With good reason. You don’t pay any tax on interest on cash in an ISA or income or capital gains from investments in an ISA. There are four types of ISAs – cash, stocks and shares, innovative finance...

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The Gift Aid Trick

Gift Aid feels like a win-win doesn’t it? Donating through Gift Aid means that the charity can claim an extra 25p on every £1 you give. It doesn’t cost you anything. It gets better though if you pay a higher rate of tax. If you pay 40% or more on any portion of your...

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Want to reward employees at Christmas?

Want to reward employees at Christmas? There are better ways than cash or a bonus in their pay. Individual gifts under £50 in value (excl cash and vouchers) are exempt from tax. And there is no limit to the number of individual gifts. It must be a gift though, and not...

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Make Sure You Get Paid In The New Year!

From 31 December UK banks are introducing new ‘comformation of payee’ rules. This means that if someone makes a payment to you the payee details must exactly match the name on your bank account. If they don’t match then the payment will be returned until things tie...

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Price Versus Value

There’s a theory about the difference between price (or cost) and value. But how can it help with your business? Before we answer that let’s understand the difference. Price is the amount paid so it could be the amount paid to see ‘The Eagles’ live, something I did a...

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Check Out Our ‘Get Ahead Checklist’

Pre Year End Tax Planning If you’re already a client then you can stop reading, we send you the ‘get ahead checklist’ every year just before your year end. If you like we can run through it with you in person. If you’re not a client yet then have a look at the support...

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Case Studies – Some Of Our Success Stories

IntroductionEvery accountant says they’re proactive and they do the best for their clients and of course we do too. The difference is we can prove it. Here is a selection of case studies showing the sort of impact we can have on our client’s businesses. The names have...

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14 Questions To Ask Your Accountant

IntroductionTrying to compare anything can be difficult, but when it comes to your business and personal finances, you need to make sure that you have made the right choice.A good Accountant can save you a lot of time and money, which you may needlessly spend on the...

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Do I Make Enough Profit?

We get asked quite a lot ‘what profit should I be making?’ or ‘am I making enough profit?’. Of course, the answer is it depends on a number of things; the maturity of the business, the industry and the needs of the business owner. But there has always been a rule of...

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Say Goodbye To The Sunday Night Fear

At some point everyone has suffered that Sunday feeling when you’re not looking forward to work on Monday – even we have been through it. But when you run your own business, you’re in control, so you shouldn’t feel like that – its within your power to change things....

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Specified Scope Due Diligence

Back in the good/bad old days of cash flow lends we really used to go down on those due diligence assignments, chalking up fees of £18k or £25k. They were really useful for the lenders, particularly as it was the clients who paid.  Some of the work that was done was a...

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TURN £100 INTO £1,200!

Saving for the future is a pretty dry subject, but I started to think about it when I understood the power of compound interest. When you look at it like this, then it’s a bit more interesting If you’re in your 30’s if you invest £100 in your pension it could be...

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What Makes a Good Business Person?

‘What Makes a Good Business Person?’ is a question we get asked a lot, and there’s no perfect recipe, and there’s always a bit of luck [good and bad] that can help or knock you off the rails. However, there are things that every business owner should do if they want...

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Owner Managed Business Champion

I’m getting a bit fed up with the constant adverse attitude towards those of us who choose to run our own business. Over the last few years we’ve seen things get worse for us, examples are Dividend Tax IR35 for public sector Loss of higher rate tax relief for mortgage...

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Do Sweat The Small Stuff

Our job as expert tax advisors is to reduce our client's tax to the lowest amount possible within the rules, and we see time and again taxpayers missing out on tax relief on the small stuff that doesn’t seem to matter. The thing is though, those extra expenses that...

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2 Great QuickBooks Features

Seagrave French are Quickbooks partners and we’ve been looking at a couple of great features in the software. Bank Feeds If you set up the bank feed on Quickbooks it talks to your bank and downloads the transactions. All you then need to do in the software is tell it...

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Hey, Can I Get Your Number?

Don’t worry we’re not trying to pick you up. This year we’re talking to our clients about what number they need for a retirement that meets their expectations. It might be an amount in their pension pot, the level of their total assets or what they need each year to...

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60% Tax – Surely Not!

We bet you thought the highest rate of tax in the UK was 45%, right? Wrong, would you believe it 60%? Because taxpayers lose their personal allowance at a rate of £1 for every £2 their income goes over £100,000 in a year, every pound they earn costs them the normal...

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It’s All About The Benjamin’s

That’s what Puff Daddy said, and please forgive the Stateside reference. Cash really is king when you run a business so how do you make it a priority? It’s simple really, categorise your to-do list into items that have the most immediate cash inflow impact and put...

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Directors Loan Account A Common Misconception

The misconception Most business owners know that when a company makes a loan to a Director that isn’t repaid within 9 months of the company year-end then HMRC imposes a tax charge of 32.5%. This is called the S455 charge. However it doesn’t apply to all Directors, you...

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