Category Archives: News and insights

The UK Government’s decision to put up Corporation Tax from 19% to 25%, taking effect from next April, will cause the country to fall 16 places on the global ‘league table’ for corporate tax, from sixth to 21st.  That is the finding of new research reported by Accountancy Today and shows the stark impact of…

Marine Management Organisation Relaunch the Fisheries and Seafood Scheme The Marine Management Organisation (MMO) has relaunched the Fisheries and Seafood Scheme to safeguard the long-term sustainability, resilience and prosperity of the English seafood sector. The Government has set aside at least £6 million in funding for each year until April 2025. The scheme aims to…

The changes in National Insurance Contributions (NIC) that came into force in April 2022 impact directors and employees. The increase in NIC affects employers and employees in different ways, but how does it affect you as a director? Also, what should you be thinking about to efficiently manage the increase in your outgoings and the…

The tax rates and allowances for the new tax year have already been published, and the National Insurance contributions have been shrouded in controversy. Which leaves us questioning, what is the best combination of salary and dividends for the upcoming tax year? The Spring 2022 Budget confirmed the employee NIC threshold for 2022/23 has increased…

With each passing day, it seems that more evidence is filtering through of rising business optimism in the UK. One such indicator of this is an article from Business Leader, citing a private equity house’s report that claimed the British economy saw its quickest annual growth rate on record in 2021.  What exactly did the…

The findings of a new quarterly survey, as reported by the BusinessLive website, have revealed that the manufacturing sector in the South West has enjoyed a strong start to 2022, and is even leading the country in creating jobs.  The most recent quarterly manufacturing outlook survey from the organisation Make UK, which represents manufacturers across…

On 25th February, HM Treasury confirmed that the UK Government had set out an early-stage consultation in relation to the potential implementation of an Online Sales Tax (OST), considering reasons both for and against such a tax.  Why has the Government made this move now?  It was announced at the time of the Autumn Budget…

Research conducted by The Independent Game Developers’ Association (TIGA) in December 2021 shows that almost three-quarters of UK games companies are expecting to see the industry grow in 2022.  What does it mean for the accountancy industry? With the rise of game developer companies, there will undoubtedly be a rise in Video Games Tax Relief…

The big American investment bank JPMorgan has predicted that cryptocurrency will have a much broader acceptance in 2022 from mainstream investors and companies. Earlier this year, JPMorgan equity research analyst Kenneth Worthington claimed that 2022 could be when cryptos become more mainstream within the financial world. He stated:  “2022 has the potential to be the…

Cryptocurrencies are building themselves a niche within the accounting world. A growing number of traders now seek the help of accountants for crypto tax calculations and record-keeping. But the question remains, should accountants dive into this growing market?   Regardless of your opinion on cryptocurrencies, there is no escaping the fact that they are becoming…

Urgent notice for Plymouth businesses! The deadline for applying for a Plymouth workplace travel grant is the 31st of January 2022. After events such as COP26, the UK’s priority is to move towards zero emissions across all sectors. To achieve that mission, there is help on offer for businesses looking to reduce their emissions. Besides…

A London company recently took HMRC to the tribunal regarding a denied R&D SME Scheme tax credit claim. Here is their success story. Having a Research and Development (R&D) tax credit claim denied can be frustrating. However, there is the option of taking HMRC to the tribunal if you feel they wrongly denied your claim.…