Accountancy

The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March 2022. In this early edition of our April tax newsletter we outline the key measures affecting our clients. National Insurance Contributions (NICs)  Despite lobbying to delay the upcoming 1.25% increase in NICs payable by employees, employers and the self-employed, the government has decided to go ahead as planned from April 2022, to provide additional funds for health and social care.  Some new measures have however been announced in an attempt to combat the effect of the increase, at least partially. Increase in the starting NIC [...]

An explanation of Management Accounts and how to overcome common challenges If you manage your financial books in-house, you will need to know about vital processes like Management Accounts. And like many processes within accounting, it involves a little strategy, some streamlining, and a lot of reporting. What is the Management Accounts process? `Management Accounts` are a set of financial statements which help businesses to verify and adjust figures and balances at the end of a designated period – whether weekly, monthly, or yearly. The purpose of the Management Accounts process is to enable the production of frequent reports explaining [...]

In the Chancellor’s second real Budget on 3 March 2021 he announced that he had to level with people about the state of the UK economy.  Prior to Budget day there were fewer leaks than normal about possible tax changes. There were however announcements prior to Budget day of grants for High Street businesses and the hospitality sector and the widely predicted extension of the furlough scheme. Rishi Sunak has chosen a fine line between raising taxes to start paying down the massive Government borrowings but at the same time stimulate economic recovery and save jobs. He was also mindful [...]