Effective credit control is fundamental to ensuring a business has a regular flow of cash. Securing a good cash flow is one of the most important aspects of running a business in order to enable sustainable growth or to support a fight for survival. As we emerge from a pattern of lockdowns and openings, it’s never been more important to ensure your business is in the strongest financial position possible.
Continue readingVAT: Has HMRC contacted your businesses about VAT?
Some non-VAT registered businesses have recently received letters from HMRC claiming that they are trading above the VAT threshold. Any business that has received such a letter needs to act quickly. They should share the letter with their tax agent/accountant then work together to review the rolling 12-month turnover figures.
The tax implications for individuals who own, sell or trade cryptocurrencies
In 2009 there was one single cryptoasset called Bitcoin. Today, there are multiple cryptoassets – also known as cryptocurrencies These are digital assets, not physical ones.
Continue readingMeet Vicki – Team HB Accountants’ social media and office queen
You probably know Vicki. She is Team HB Accountants’ Office and Marketing Manager: the bubbly voice at the end of the phone and the one who organises all our wonderful events, whilst keeping in regular contact with our clients, partners and friends on social media and in person. But how many of you know that she passed her stock broking exams, having divided her time between an Equity and a Eurobond trading floor in the City and was an entrepreneur in her own right, with vast experience of running her own business?
Continue readingWe love the Apprenticeship Scheme!
We’re big fans of the apprenticeship scheme. A number of young people have now started their careers at HB this way, either as trainee accountants. Last September, we employed two new trainee accountants, Max and Taylor, on our apprenticeship scheme. This is what they told us about their first few weeks with HB.
Continue readingHave you missed the tax return deadline of 31 January 2022?
The 2020-2021 tax year runs from April ’20 to April ’21, the last date for submitting returns for those who do self-assessment was 31st January 2022 – this is referred to as the tax return deadline. Will you find yourself in trouble with HMRC if you didn’t submit your return in time, along with any tax you owe?
Here’s what you need to know…
Continue readingCan Directors borrow money from their business?
If you’re a director of a limited company, can you borrow money from your company? The simple answer is yes, however, there are a number of things to consider before doing so, in particular, tax implications and pressures on cash flow.
Continue readingHB Accountants’ History Chapter 5: Clients, Cricket Matches and Marketing!
HB Accountants celebrated our 100 years in business last year and we have been looking back at our history. In this blog, we look at the range of clients we’ve been privileged to work with over the years.
Continue readingHMRC has waived late filing and late payment penalties for Self Assessment taxpayers for one month
If you run a business, or are an investor or a trustee, it is important that you are aware of important dates and deadlines. Failure to do so can result in HMRC issuing penalties for late payment. Normally, late filing penalties are applied to all returns due on but filed after the 31 January deadline. This year, like last year, HMRC are waiving late filing penalties for Self-Assessment taxpayers for a month, giving you extra time, if you need it, to complete your 2020/21 tax return and pay any tax due. Self Assessment late payment penalties waived – more information below.
Continue readingJust announced: Additional financial support will be available for businesses who have been impacted by the Omicron variant
Rishi Sunak has announced that £1 billion of additional support will be available for businesses most affected by Omicron across the UK with businesses in the hospitality and leisure sectors in England eligible for one-off grants of up to £6,000 per premises. Plus more discretionary funding will be made available for local authorities to support other businesses
