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Running a business means making decisions every day. Some are relatively straightforward, while others can have a significant impact on your business, your finances and your future. As your business...
Whether you’re turning a long-held idea into reality, leaving employment to work for yourself, or taking an existing side hustle to the next level, there’s a lot to think about. And while your focus...
Changing accountants can feel like a big decision, particularly if you’ve been with the same firm for years. You might worry about losing important records, having to deal with HMRC, transferring...
Selling your business is one of the most significant financial decisions you'll ever make. Whether you're planning to retire, move on to a new venture or simply feel the time is right, understanding...
At Connolly Accountants & Business Advisors, some of the most valuable advice we provide comes from understanding the bigger picture. One of our clients, a successful business owner in the...
WHAT IS AN HMRC TAX INVESTIGATION? HMRC undertake Tax Investigations to ensure individuals and businesses are compliant with UK tax laws. HMRC can open enquiries into both individuals and businesses...
In this easy-to-read guide, we explain everything you need to know about P11D and P46(Car) forms, who needs to complete them, and what employers should be doing now. P11D What is a P11D? A P11D is a...
With the new tax year starting on 6 April 2026, there are a number of tax changes on the horizon. Here we’re highlighting the key topics: Dividend Tax Dividend tax rates will increase by 2% for...
What You Need to Know Before April 2026 From April 2026, Making Tax Digital (MTD) will become mandatory for many sole traders and landlords. It marks one of the biggest changes to personal tax...
When you’re the director of a business, it’s likely that there will be occasions where you borrow money directly from your company, or inject your own capital into the business.
Paying your taxes on time is a requirement by HM Revenue & Customs (HMRC), but what if you’re struggling to make full payment? Don’t worry – HMRC offers a solution called Time to Pay, which allows you to spread your tax costs over an agreed period, making it easier to manage your cash flow.
When you pour your heart and capital into a new business, you want to make sure you see a strong return on that investment. One way to boost your financial outcome is by making the most of Business Asset Disposal Relief (BADR), a valuable tax relief that reduces the capital gains tax (CGT) on qualifying business asset sales.
We’re thrilled to announce an exciting new partnership with fumopay, bringing PaybyBank to your Xero sales invoices. This integration is designed to streamline the payment process, offering a faster, more secure, and cost-effective method for your customers to pay.
The festive season is just around the corner, and it’s time to start planning that unforgettable office Christmas party! Before you dive into the festivities, let’s make sure you’re in the know about the tax implications. With a bit of awareness, you can enjoy the celebrations without any surprises!
We have some important news regarding the new rules for Furnished Holiday Lets (FHLs) that you need to know. Here’s a simplified breakdown.
As we rapidly head towards the next new year, it’s important to remember that the deadline for Self-Assessment submissions is looming!
Are you considering claiming Research and Development (R&D) tax relief or expenditure credit for accounting periods starting on or after April 1, 2023? We’re here to guide you through the process and ensure you take full advantage of these valuable incentives!
As more UK taxpayers engage in side hustles—like selling on eBay, renting out properties on Airbnb, or creating art on Etsy—HM Revenue & Customs (HMRC) is stepping up efforts to ensure everyone accurately reports their income.
New laws coming into force from 1st October 2024 regarding tips for employees under The Employment (Allocation of Tips) Act 2023. This includes other tip related schemes such as gratuities and service charges.
We now know that the General Election will be held on 4 July. In the Spring Newsletter, we speculated on some of the tax reform that the next government might introduce and, so far, the campaigns have not shed any further light on this.
Cryptoassets are a type of ‘digital asset’, with the most common examples being cryptocurrency such as Bitcoin, or exchange tokens such as non-fungible tokens (NFTs). There are however many forms available.
Tax-free allowance and tax thresholds FROZEN for 2024/25. Dividend allowance REDUCED to £500 and capital gains tax-free annual amount REDUCED to £3,000 for 2024/25.
In anticipation of the new tax year starting 6th April 2024, we have summarised the important information relating to salaries and tax codes for the 2024/25 year.
With a General Election due by January 2025 at the latest, we may have three major ‘fiscal events’ this year: The Budget on 6 March, an early Autumn Statement (possibly in September) and (assuming the Election is in the autumn) a post-Election Budget in November or December. What tax changes might be announced and how might they affect you?
2023 has been a lot more stable, politically and economically, than 2022. Rather than the multiple fiscal events of the latter, there has been a single Budget plus an Autumn Statement.
In the weeks leading up to the Autumn Statement, the press was full of speculation about tax cuts. This was a surprise, just over a year after the tax cuts announced by Kwasi Kwarteng were judged imprudent by the international markets.
With the government’s time taken up in dealing with economic issues such as high inflation and public debt, we are not expecting any significant tax announcements until the Budget, due to be held next March.
After the multiple fiscal statements in 2022, which often reversed changes that had only recently been announced, the last few months have been relatively tranquil on the tax front.