Watson Knipe Blog

Clients often ask us how they can save on their corporation tax. We have written this article to highlight five ways you can do this.

However, there are many other ways as well, which depend on your personal circumstances, so it’s always worth talking to your accountant to check if there is more that you can do to reduce your tax liabilities.

Over the past few months, we have helped our clients file their self-assessment tax returns for 2022/23. The deadline for submission and payment was 31 January 2024. We have written this blog to advise anyone who has been unable to submit a tax return or pay their tax bill on time.

We have collated key dates for businesses, employers, landlords and property investors to help plan for deadlines well in advance.

31 January 2024 was the deadline for submitting the 2022/23 self-assessment tax return. If you did not manage to submit your tax return in time have a read of our blog – Late submission of tax return 2022/23.

The government has accepted in full the recommendations of the Low Pay Commission and announced increased rates of the National Living Wage (NLW) and National Minimum Wage (NMW) which will come into force from April 2024.

In the Autumn Budget announced in November 2023 there was an update on tax rates for 2024/25 which will impact on individuals and businesses. This article covers Income Tax Rates and Dividends.

The Chancellor announced major changes to the National Insurance contributions (NICs) system at the Autumn Budget in November 2023.

Creating a solid business exit strategy is crucial for any business owner, as it provides a roadmap for exiting the business on your terms and maximising the return on your investment. This article outlines some key factors to consider as part of your business exit strategy.

Business planning is crucial for the success and sustainability of all businesses, regardless of size. Whether you are operating as a sole trader or a growing SME, this article gives seven reasons why business planning is essential.

We support companies by preparing monthly management accounts. There is an extra cost to taking this approach. However, you do need to set aside time to review the management accounts every month.

It’s been a while since we have written about the best accounting and reporting structure for a new business. As many people are now starting their own businesses, we wanted to run through some of the pros and cons of the three most common types of company structure.

Although we are going through a financially challenging period, many people are still deciding to start a new business. There are many benefits that include working in an area you are passionate about, being autonomous, and being able to work flexibly.

Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecasted a stronger-than-expected performance from the UK economy this year with inflation continuing to fall.

One of the main challenges that small businesses face with regard to cash flow is dealing with late payments from clients. A recent study carried out by Xero found that the average time small businesses must wait for clients to pay them is currently 31 days.

During the pandemic, there were lots of grants available to businesses to support them through that difficult time. A lot of grants were funded by the EU’s European Regional Development Fund but nearly all ERDF schemes have now come to an end.

As a business owner, you know that you must collate all your paperwork each year to prepare your tax return. This can be a much easier process if, during the year, you have been managing your bookkeeping effectively. When businesses start, they often do this themselves.

On 19 December 2022, the UK Government announced that the first phase of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now be mandated starting from April‌‌‌ ‌‌2026, rather than from April‌‌‌ ‌‌2024.

As we are getting close to Christmas, we thought we would share an update about employers’ obligations regarding social functions and parties for your employees. It’s important to note that this also applies to online or virtual parties.

In September 2021, the government published its proposals for new investment in health and social care in England. The proposals were intended to lead to a permanent increase in spending not only in England but also by the devolved governments.

Each year we help our clients with their statutory accounts. We wanted to explain further what statutory accounts are for new businesses or businesses that have recently changed their company structure from a sole trader to a Limited Company.

We work with a variety of businesses from different sectors offering payroll services. Louise Warden is AAT qualified her main role is to support clients with payroll and auto-enrolment (workplace pensions).