The VAT Jargon-Buster for Businesses
Tuesday, 02 May 2023
VAT (Value Added Tax) is a consumption tax. In other words, it’s a tax levied on our spending, not our earnings like Income Tax. So, you pay tax when you make money and pay tax when you spend it!
To help you navigate the complexities of VAT, we have compiled a list of essential terms and concepts that businesses need to know.
What are the advantages and disadvantages of being a sole trader?
Tuesday, 25 April 2023
Choosing the right business structure is a crucial decision for anyone going self-employed.
The most common option is to become a sole trader. There are around 3.2 million sole traders in the UK as of 2022/2023. The other option is to form a limited company, or even a partnership if you work with someone else.
In this blog, we will discuss what it means to be a sole trader, including the key advantages and disadvantages.
2023 Budget Summary
Tuesday, 21 March 2023
The latest budget aimed to address two major issues in the UK economy: enhancing productivity through capital investment and boosting the labour force by re-engaging workers into the market.
How to protect yourself against HMRC scams
Thursday, 23 February 2023
Tax scams are becoming more sophisticated and harder to spot. Because many companies, including HMRC, provide text messaging services in certain circumstances (like when logging in or receiving alerts), HMRC text scams are rising.
Typically, these scams message about a fine you must pay or a rebate that needs to be claimed. A link is usually given in the text or email. When clicked, the link will either install a computer virus or take you to a scam site that requires you to pay money before “getting your rebate” or “settling your fine”.
Keep reading to learn how to spot an HMRC scam text or call.
Don’t let the end of tax year pass you by – take action now!
Tuesday, 21 February 2023
Here at Hugh Davies & Co we work hard helping our clients try to find order out of the chaotic world we are currently living in and plan for whatever they might face next year.
We have been working hard all year to find ways our clients can mitigate personal tax liabilities, increase business’s profitability, and maximise personal wealth.
Do I need a business bank account?
Thursday, 15 December 2022
Do you need a business bank account? Read our handy guide to discover whether you should be separating your business and personal finances.
Watch for the New Year, New VAT Penalty Regime!!
Thursday, 15 December 2022
The new year will see the end of the current VAT default surcharge and the introduction of a more lenient points-based penalties system for late returns as well as a separate penalty for late payments.
The new regime is intended to be more understanding of the occasional late submission and tougher on repeat offenders.
Managing Debt: Our top tips on effective debt management for business owners
Thursday, 17 November 2022
Many businesses find it necessary to take on debt, whether this is to get them through tough times or to help them to grow.
However, it’s important to stay on top of this debt to avoid late fees and struggling to make payments each month. Read on for our top tips on effective debt management for business owners.
3 Benefits Of Using Xero Accounting Software For Your Business
Thursday, 20 October 2022
For small businesses and start-up companies, planning how you’ll handle your finances can sometimes be a secondary thought.
It is very crucial to have a good, successful management system in place so you can accurately keep track of what's going in and out every month.
Capital Gains Tax for Landlords – Things you should know
Wednesday, 28 September 2022
If you’re a property owner or are thinking of buying a second property to rent out, then it's important that you’re aware of Capital Gains Tax and how it could affect you.
Here we discuss the key things you should know about capital gains tax if you’re a landlord.