# AE Accountax Ltd > We have extensive experience working with Charities and Churches, Opticians, Optometrists, Pharmacists and other Healthcare Professionals. ## Posts - [The Heart of Stewardship: How Charity Leaders Can Protect Resources and Build Trust](https://aeaccountax.co.uk/the-heart-of-stewardship-how-charity-leaders-can-protect-resources-and-build-trust/): Running a charity can be overwhelming. From managing funds to supporting staff and volunteers, leaders often feel the pressure to get everything right. Yet the success of any organisation ultimately depends on one essential principle: stewardship. Stewardship goes beyond compliance or bookkeeping, it is the intentional care, management, and protection of the resources entrusted to your charity. Experts in legal, risk, and compliance emphasise that strong stewardship allows charities to make wise financial decisions, build donor trust, and ensure long-term sustainability. By focusing on consistent systems, clear communication, and careful planning, charities can safeguard their mission while serving their communities effectively. […] - [Resilient Budgeting for Small Charities Subtitle: Planning with Confidence in Uncertain Times](https://aeaccountax.co.uk/resilient-budgeting-for-small-charities-subtitle-planning-with-confidence-in-uncertain-times/): 🌱 Is your small charity’s budget ready for anything? Join our free webinar: Resilient Budgeting for Small Charities  ✨ Plan with confidence—no jargon, just practical tips. ✅ Learn how to build adaptable budgets✅ Avoid common pitfalls ✅ Receive a free budgeting template 📅 Wednesday, 2nd July 2025 | ⏰ 12.30 – 13.30 WAT | | 💻 Online 🎟 Register free:https://shorturl.at/abOw8 #SmallCharitySupport #BudgetingWithImpact #FreeWebinar Register now - [Strengthen Your Charity's Financial Future](https://aeaccountax.co.uk/strengthen-your-charitys-financial-future/): Are you a charity leader striving to achieve lasting financial stability? Fundraising alone isn’t the answer—there are proven strategies to build sustainable financial strength. Join our exclusive webinar: "8 Ways to Create More Financial Strength for Your Charity" - [More Financial Strength for Charities.](https://aeaccountax.co.uk/charity-more-financial-strength/): Are you passionate about driving your mission forward? Are you looking to boost your fundraising efforts and build financial stability for your organisation? - [Do you want your Charity to Avoid Costly Errors in Handling Finance?](https://aeaccountax.co.uk/do-you-want-your-charity-to-avoid-costly-errors-in-handling-finance/): Join me for a free webinar on: 5 Biggest Mistakes Charities Make in Handling Finance. Date: Thursday, 15th Augusts at 13.00 online You will learn the strategies to:Avoid costly errors in handling finances.Strengthen your Charity’s Financial Health.Effectively communicate the charity’s achievements with stakeholders. Our Agenda: – Inadequate Budgeting: Learn how to align your budget with your charity’s mission.– Financial Controls: Discover essential practices to prevent fraud and mismanagement.– Compliance Requirements: Understand legal obligations and reporting standards.– Effective Record Keeping: Tips for maintaining accurate financial records.– Transparency: Effective communication with stakeholders. As well as learning what the errors are, we will […] - [List of 2024 Tax dates and Events in Autumn and Winter](https://aeaccountax.co.uk/list-of-2024-tax-dates-and-events-in-autumn-and-winter/): October December - [List of 2024 Tax dates and events in Summer](https://aeaccountax.co.uk/list-of-2024-tax-dates-and-events-in-summer/): May July September - [List of 2024 Tax dates and events in Spring](https://aeaccountax.co.uk/list-of-2024-tax-dates-and-events-in-spring/): March April - [Merry Christmas to You](https://aeaccountax.co.uk/merry-christmas-to-you/): During this time of celebration with family and friends, we desire that you enjoy the peace and joy that comes from Jesus. - [2023 Autumn Statement Summary](https://aeaccountax.co.uk/2023-autumn-budget-summary/): The Chancellor of the exchequer delivered the UK Autumn statement on the the 22nd of November. Below is our summary of the key points from the Chancellor’s announcements in the Autumn Statement 2023 which will impact UK business owners, contractors, self-employed and charities. Business Tax Firstly, ‘full expensing’ is to be made permanent, rather than ceasing on 31 March 2026. Full expensing allows companies to claim tax relief for 100% (or 50%, for certain categories) of qualifying capital expenditure in the year in which it is incurred. This measure is helpful for large companies, but businesses with annual qualifying capital […] - [BWiS Scale Up Your Business Event](https://aeaccountax.co.uk/bwis-scale-up-your-business-event/): https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:7123327311315132416 BWiS Scale Up Your Business Event: I’m excited to be exhibiting at the BWiS Scale Up Your Business Event. Is your Charity or Business prepared for next year? Do you have all your plans in place yet? Are you scaling up? Why not come along on 15th November and find out more about how AE Accountax Ltd. can help take your business to the next level? To find out more and to book please click here – https://ow.ly/cNlJ50Q0wOR #BWiS, BWiS Scale Up Your Business AE Accountax Limited on LinkedIn 5 - [HMRC Challenging Marketed School Fees Plan](https://aeaccountax.co.uk/hmrc-challenging-marketed-school-fees-plan/): HMRC frequently warn taxpayers that when a tax avoidance scheme looks “too good to be true”, it probably is. They publish “Spotlights” on their website to alert taxpayers of schemes being marketed by promoters that are under scrutiny, and, in their opinion, do not work. Tax avoidance schemes need to be notified to HMRC under the Disclosure of Tax Avoidance Schemes (DOTAS) rules, normally by the scheme promoter. HMRC then issue a DOTAS scheme reference number (SRN). This does not mean that the scheme is HMRC approved, although some promoters claim this in their marketing literature. If taxpayers have used […] - [Can we still be Paid £6 a week for Working from Home?](https://aeaccountax.co.uk/can-we-still-be-paid-6-a-week-for-working-from-home/): During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC. Those relaxed rules applied for 2020/21 and 2021/22. Many employers and employees may not be aware that from 6 April 2022 the rules reverted to the strict statutory position. Employees can claim tax relief if they have to work from home under a homeworking agreement, for example […] - [National Insurance Contribution Topping Up](https://aeaccountax.co.uk/national-insurance-contribution-topping-up/): The Deadline for Topping up NI Contribution now Extended to 5th April 2025 With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate because of the “triple lock” being restored. At least 10 qualifying years are required to get a UK State Pension, with full State Pension entitlement at 35 qualifying years. Individuals should log into their Government Gateway account to check their contribution […] - [Keeping pace with inflation](https://aeaccountax.co.uk/keeping-pace-with-inflation/): Strategies to manage the challenges of the current inflationary business environment. Inflation has resulted in businesses grappling with escalating production costs, dwindling purchasing power, and the urgent need for pricing strategy recalibration. Here are some strategies to help organisations deal with inflation: Monitoring and projections Businesses should closely track key economic indicators and the effect of inflation on their respective sectors of the market. By keeping up to date on pricing trends, input costs, and market conditions, firms can proactively adapt their tactics to counteract inflationary pressures. Pricing Conducting a thorough review of pricing structures is imperative to reflect the […] - [Productivity vs Burnout](https://aeaccountax.co.uk/productivity-vs-burnout/): How do you strike a balance between driving productivity and avoiding burnout? In today’s demanding business environment, it is crucial for businesses to recognise the importance of establishing equilibrium between productivity and mitigating the risks of burnout. While productivity fuels organisational growth and success, excessive workloads and unyielding deadlines can result in exhaustion and diminished motivation. Burnout, an unfortunate consequence of such circumstances, not only affects individuals but also poses significant challenges to the overall health and effectiveness of an organisation, manifesting as reduced productivity, increased absenteeism, and diminished employee engagement. To address this, organisations must proactively prioritise employee well-being […] - [Should Employees Reimburse their Employer for Private Fuel?](https://aeaccountax.co.uk/should-employees-reimburse-their-employer-for-private-fuel/): The table below sets out the HMRC advisory fuel rates that apply from 1 June 2023. These are published quarterly these days due to the volatility in petrol and diesel prices in recent years. Where the employer provides an employee with a company car there may be an additional benefit in kind on the provision of fuel for private journeys which needs to be reported on form P11d. This additional benefit is based on a notional list price for the vehicle of £25.300 for 2022/23 which appliesirrespective of the original list price of the vehicle normally used to compute the […] - [Beneficial Loans-HMRC Official Rate of Interest- only 2.25%](https://aeaccountax.co.uk/beneficial-loans-hmrc-official-rate-of-interest-only-2-25/): There may be tax consequences, if a company makes loans to its employees and directors. These are instances where the loan is classified as a beneficial loan. A beneficial loan is one that is interest free, or the rate of interest charged is lower than the official rate. HMRC have announced that the official rate of interest will increase from 2% to 2.25% on 6 April 2023. The official rate of interest is used to calculate the income tax charge on the benefit of employment related loans and the taxable benefit of some employment related living accommodation. These rates used […] - [How high could interest rates rise?](https://aeaccountax.co.uk/how-high-could-interest-rates-rise/): In May, the Bank of England (BOE) raised interest rates for a 12th consecutive time as the rate of rising prices remains high. The Bank rate went up from 4.25% to 4.5%. The BOE has been under pressure to put rates up because it has a target to keep inflation at 2%, but prices are currently rising at more than five times that level. The rate of interest is at its highest for almost 15 years. The BOE has been increasing interest rates since December 2021 to try to control inflation, which now stands above 10%. It looks like the […] - [Data Management](https://aeaccountax.co.uk/data-management/): How to implement an effective data management strategy Small and medium-sized businesses (SMBs) and the Non Profit organisations must adopt an effective data management strategy to remain competitive in today’s data-driven world. However, limited resources and expertise often pose significant challenges in implementing such practices. Here are some key steps for developing and implementing an effective data management strategy. Firstly, you must identify their data needs. This includes determining what data is necessary for you, where it will come from, and how it will be collected, stored and managed. With an understanding of these data needs, you can then assess […] - [Analysing the Competitive Environment](https://aeaccountax.co.uk/analysing-the-competitive-environment/): How to use Porter’s Five Forces model to assess the overall competitive landscape for your particular market. Porter’s Five Forces model is a widely used framework for analysing the competitive environment of a particular industry or business sector. Porter’s Five Forces are five separate factors that can impact business growth. The theory was developed by Michael E. Porter, a Harvard Business School academic. The Five Forces are as follows: The intensity of competitive rivalry refers to the degree to which firms within an industry compete for market share and profitability. Factors that increase this intensity include a large number of […] - [More Information from Tax Payers and Advisory Fuel Rates](https://aeaccountax.co.uk/changes-for-tax-payers-and-advisory-fuel-rates/): HMRC to require more information from Tax Payers Draft legislation released for consultation on 18 July indicates that business and individual taxpayers will be required to provide more information to HMRC in the next few years. It is proposed that from 2025/26, employers will be required to provide more detailed information on employee hours worked via real time information (RTI) PAYE reporting. The information to be reported will be set out in separate regulations. From 2025/26 shareholders in owner-managed businesses will also be required to provide additional information via their self- assessment tax returns. These shareholders will be required to […] - [Research and Development Initiatives](https://aeaccountax.co.uk/research-and-development-initiatives/): Merger of R&D Tax Relief schemes to go ahead The government have issued draft legislation for consultation on the proposal to merge the two forms of corporation tax relief for expenditure on research and development (R&D). For expenditure incurred on or after 1 April 2024, it is proposed that the two schemes providing for R&D relief – R&D expenditure credit (RDEC) and Credit Relief for SMEs, will be merged and replaced with a single unified scheme. This will operate alongside a new scheme to provide additional relief for “R&D intensive” SME companies. It is suggested that this merged scheme will […] - [Children?- Should you set up a Tax-free Childcare Account?](https://aeaccountax.co.uk/children-and-tax-benefits/): Back to School- Set up a tax free Childcare account? The Government’s Tax-Free Childcare Accounts provide a 25% subsidy towards the cost of childcare. The account can be used to pay nursery fees, breakfast clubs, after school clubs and registered childminders. The scheme operates by topping up savings of up to £8,000 per child by 25%, potentially an extra £2,000 a year from the Government to spend on qualifying childcare. The scheme generally applies to children under 12. In the case of disabled children the age limit is 16 and the amount that can be saved is £16,000 a year, […] - [Managing Key Person Risk](https://aeaccountax.co.uk/managing-key-person-risk/): Managing Key Person Risk should be an integral part of any well-rounded Business Strategy. Key person risk entails the potential disruption and uncertainty that can arise when an essential team member, often possessing distinctive skills, knowledge, or influence, is suddenly incapacitated and unable to contribute to the functioning of the business. Effectively managing key person risk necessitates a deliberate strategy that mitigates potential fallout. Primarily, businesses should prioritise the dissemination of knowledge across the team. By sharing crucial expertise and responsibilities across multiple personnel, the adverse impact of a key individual’s absence can be substantially diminished. Robust succession planning assumes […] - [IHT Tax Planning; HMRC Interest Changes](https://aeaccountax.co.uk/incoming-tax-and-intrest-changes/): Rumours of the abolition of the Inheritance Tax. There are rumours circulating in the press of the possible abolition of inheritance tax (IHT) in a bid by the Government to secure the support of wavering Conservative voters. This may cause some individuals to delay IHT planning, but remember these are just rumours, and it may not actually happen. It should be noted that under the current IHT rules there are a number of generous reliefs and exemptions that would apply, as opposed to speculation of possible future changes. For example, business property relief is available on the transfer of shares […] - [Planning a Staff Summer Barbeque?](https://aeaccountax.co.uk/planning-a-staff-summer-barbeque/): Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it is available to all employees or available generally to those at a particular location. During the Covid-19 pandemic HMRC confirmed that a ‘function’ could include a virtual party, where employers were unable to host a traditional party at which employees would have been physically present. A key condition is that the cost per head of the […] - [Marathon Mindset](https://aeaccountax.co.uk/marathon-mindset/): Tackling your role in Business like a Marathon can help you to focus on the big picture. Effective leadership requires more than just short-term thinking and quick fixes. Similar to running a marathon, successful managers need to cultivate a marathon mindset—an approach that emphasizes endurance, perseverance, and long-term goals. Goal Orientation Managers with a marathon mindset set their sights on long-term objectives. They develop a clear vision and establish ambitious yet achievable goals for themselves and their teams. By focusing on the bigger picture, they can maintain motivation and drive their teams towards consistent progress. Patience and Persistence Marathon runners […] - [Business Taxes](https://aeaccountax.co.uk/business-taxes/): National Insurance Contributions (NIC) for the self-employed in 2023/24 Self-employed individuals are required to pay Class 2 and Class 4 NICs if their profits exceed £12,570. These NICs are usually collected with the individual’s income tax self-assessment payments. For 2023/24, Class 2 NICs are calculated at £3.45 per week, and Class 4 NICs are calculated at 9% on profits between £12,570 and £50,750, and at 2% on profits over £50,750. Making Tax Digital (MTD) for Income Tax Under MTD for Income Tax, businesses will keep digital records and send a quarterly summary of their business income and expenses to HMRC […] - [Income Tax](https://aeaccountax.co.uk/income-tax/): Increasing Liabilities The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028. As earnings increase, individuals will move into higher tax bands. This is often referred to as ‘fiscal drag’ because it will raise more tax without the government increasing income tax rates.The personal allowance continues to be partially and then fully withdrawn for higher earners, with £1 of personal allowance lost for every £2 of adjusted net income over £100,000. Summary table of key income tax rates and allowances for the tax year to 5 April 2024 (2023/24)Band Taxable Income Tax rate […] - [Cost of Living Support](https://aeaccountax.co.uk/cost-of-living-support/): Image by pch.vector on Freepik On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling, all whilst avoiding a recession and tackling labour shortages.Below we set out some of the main points: Energy Costs The Energy Price Guarantee (EPG) brings a typical household energy bill in Great Britain down to around £2,500 per year. It has now been announced that the £2,500 EPG will be extended by 3 months to 30th June 2023, before increasing to £3,000 until the end of the EPG […] - [Responding To The War For Talent](https://aeaccountax.co.uk/responding-to-the-war-for-talent/): What to do if competitors are trying to poach your staff.The job market has been particularly hot since the Covid pandemic. There is a well-publicised shortage of skilled workers, and as a result, there’s a high probability that other organisations are trying to poach your staff. So how do you hang on to good people in a competitive jobs market? Let’s start with your salary and benefits package. People work to get paid, and they expect to be paid in line with the market. Do some analysis of your market and ensure that your salary and benefits are in line […] - [BUDGET SPECIAL EDITION](https://aeaccountax.co.uk/budget-special-edition/): On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages.  Below we set out some of the main points. COST OF LIVING SUPPORT  Energy Costs The Energy Price Guarantee (EPG) brings a typical household energy bill in Great Britain down to around £2,500 per year. It has now been announced that the £2,500 EPG will be extended by 3 months to 30th June 2023, before increasing to £3,000 until the end of the EPG […] - [Penalties for Careless and Deliberate errors](https://aeaccountax.co.uk/penalties-for-careless-and-deliberate-errors/): As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon whether or not; This matter is topical following the recent sacking of the former Chancellor of the Exchequer and Chairman of the Conservative Party Nadeem Zahawi who was adjudged to have been careless in connection with the reporting of capital gains and allegedly received a 30% penalty. The amount of the penalty is based on the Potential Lost […] - [Will the spring Budget stimulate Economic growth?](https://aeaccountax.co.uk/will-the-spring-budget-stimulate-economic-growth/): With the UK economy flat-lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end on 31 March. The main focus of the Government continues to be reducing inflation, but Jeremy Hunt may have a few surprises up his sleeve to announce on 15 March. One issue he may address is the large number of workers over 50 taking early retirement, […] - [Reducing your Business's Energy cost](https://aeaccountax.co.uk/reducing-your-businesss-energy-cost/): Energy costs have shot up considerably in the last year. What can you do to reduce your energy costs? Energy prices are soaring; however, you can’t start reducing your energy costs if you don’t know where you are currently spending money on energy in your business. To start, you need to conduct an energy audit. The purpose of an energy audit is to identify the areas in your business where energy use is particularly high and where there may be opportunities to reduce energy usage and therefore, costs. Some energy suppliers offer energy audits for free as part of their […] - [Does Your Company have a Shareholders Agreement?   ](https://aeaccountax.co.uk/does-your-company-have-a-shareholders-agreement/): For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they control the company outright and can veto the decisions of all other shareholders.  This may not suit all business situations, especially where you have two or more founders holding equal share capital or a group of owners with varying amounts of capital, some of whom are directors and some who are not, but who are […] - [Bookkeeping and Search Engine Optimisation](https://aeaccountax.co.uk/bookkeeping-and-search-engine-optimisation/): One of the first things I learned about running a small business, was the longer you leave the accounts – the worse it is to put it right. Bookkeeping and Search Engine Optimisation are very similar in that regard. Consequently, for less stress and more success, I get both up to date very regularly. When I took some time off over Christmas and New Year, I returned to a bulging laptop screen with several hundred backlogged emails. One of the quick and easy things to clear out were the invoices – which I forwarded to my accounting software. After a […] - ['Here to help': Commission launches new push on trustee guides as sector faces challenging year](https://aeaccountax.co.uk/here-to-help-commission-launches-new-push-on-trustee-guides-as-sector-faces-challenging-year/): The Charity Commission is launching the next stage of its campaign to raise awareness of core trustee duties and guidance available as the sector faces challenges ahead. The Commission has developed a collection of short guidance on issues ranging from safeguarding people to managing conflicts of interest. Dubbed the ‘5-Minute Guides’, the collection serves as a basic toolkit for trustees who are managing the many demands of running a charity. The latest phase of the campaign, running to 16th March, aims to raise awareness of, and boost use of, the 5-minute guides. The regulator hopes this will increase knowledge and […] - [Strategic planning for an uncertain year ahead](https://aeaccountax.co.uk/strategic-planning-for-an-uncertain-year-ahead/): Businesses are going to have to navigate through an uncertain year in 2023. One thing is certain this year, and that’s uncertainty. Inflation is driving costs higher; interest rates are at their highest level in years and the outlook for the economy is gloomy. To navigate through all of this uncertainty, businesses need to focus on developing effective plans which can be adapted if market circumstances change quickly. The best businesses have three types of plans: Given the uncertainty that all businesses are facing, it’s important to plan for unforeseen circumstances. As such, you must train your team members to […] - [Tax: Changes And Updates February 2023](https://aeaccountax.co.uk/tax-changes-and-updates-february-2023/): MAKING TAX DIGITAL FOR INCOME TAX DELAYED AGAIN Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet again! The start date will now depend upon the gross business receipts of the individual. Self-employed individuals and landlords with annual gross receipts above £50,000 will need to follow the rules for MTD for ITSA from 6 April 2026. Those with annual gross receipts between […] - [New VAT Penalties For Late Returns](https://aeaccountax.co.uk/new-vat-penalties-for-late-returns/): A new points-based system for late VAT returns starts for return periods commencing on or after 1 January 2023. A financial penalty will apply when a number of points have been accumulated, which will depend on how frequently the returns should be submitted. For a trader preparing quarterly returns a penalty will be charged when four points have been accumulated. Advisory Fuel Rate For Company Cars The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 December 2022. Where full reimbursement is made there is no taxable fuel benefit. The […] - [New Year Resolutions To Save Tax](https://aeaccountax.co.uk/new-year-resolutions-to-save-tax/): At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2022/23 tax year (currently £20,000 each). You might also want to consider increasing your pension savings before 5 April 2023 as the unused annual pension allowance from 2019/20 lapses after three years. Many of us get together with the family at Christmas and that prompts us to think about making or updating our […] - [Growing Your Business Through a Recession](https://aeaccountax.co.uk/growing-your-business-through-a-recession/): As we begin the new year, we are entering choppy waters. How can businesses maintain growth despite economic headwinds? Growing a business is hard work, particularly during a challenging economic environment. However, now might be the time to increase your market share while your competitors are pulling back. Perhaps some of your competitors are laying off employees and if so, this could be a good time to get some talented people from a rival business. You could also take advantage of less competition from rival companies and try to grow your market share. A recession may be a good time […] - [CGT and Government Decisions](https://aeaccountax.co.uk/cgt-and-government-decisions/): The Chancellor announced that the current £12,300 annual tax-free CGT exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25. This change will mean that those disposing of investments such as shares, second homes and buy-to-let properties will pay more tax. If you are planning any capital disposals, please contact us to discuss the best strategy for timing of sale. VAT REGISTRATION LIMITS UNCHANGED The VAT registration threshold continues to be frozen at £85,000, instead of increasing each year in line with inflation. This will remain the case until March 2026. CARS, VANS AND […] - [Tax increases and Public spending cuts](https://aeaccountax.co.uk/tax-increases-and-public-spending-cuts/): FREEZING INCOME TAX BANDS It had already been announced that the income tax personal allowance (£12,570) and higher (40%) rate threshold (£50,270*) would be frozen until 5 April 2026, instead of increasing each year in line with inflation. The Chancellor has now announced that these freezes will continue until 5 April 2028. As earnings increase, this will result in more higher rate taxpayers and is often referred to as ‘fiscal drag’ because it will raise more tax without actually increasing income tax rates. MORE TO PAY 45% INCOME TAX The income level at which point the ‘additional’ 45% rate of […] - [Rethink Your Supply Chain](https://aeaccountax.co.uk/rethink-your-supply-chain/): Supply chain disruption has been an ongoing issue since the pandemic. The COVID-19 pandemic created challenges and disruption for businesses across the world. Now that most parts of the world are open and trying to get back to normal, demand is increasing and supply chain disruption has become a serious problem for many businesses. A typical supply chain flow might start with raw materials, move through the supplier, the manufacturer, the distributor, and then the retailer, before eventually reaching the customer. Pre-pandemic, many businesses embraced globalisation and sourced their materials from suppliers across the world. Due to the various lockdowns […] - [You Can Book Me](https://aeaccountax.co.uk/you-can-book-me/): Scheduling software to help your clients and business contacts book meetings or calls with you. Scheduling can be hard work – many of us will have experienced the frustration of multiple emails to contacts or clients, just to schedule a meeting or call. You Can Book Me has been designed to help people to schedule meetings with minimum fuss. It’s designed to work with external contacts as well as colleagues across your business. The system works by showing your free timeslots and allowing others to book a meeting or call with you, at a time that suits your availability. It […] - [Free Webinar: Accounting Tips to Help Your Not-For Profit](https://aeaccountax.co.uk/free-webinar-accounting-tips-to-help-your-not-for-profit/) - [Repurpose Your Online Marketing Budget](https://aeaccountax.co.uk/repurpose-your-online-marketing-budget/): Only a tiny percentage of people click on online adverts.  Businesses can spend a fortune on online advertising, which is all well and good for large international corporations with huge budgets. However, small and medium sized businesses might be better off using their online marketing budget in a different way. Optimise your website There are a number of things you can do to optimise your website in order to make it rank higher on search engines such as Google or Microsoft Bing. By using the right keywords, structure and layout, you can shape your website into something that ranks well […] - [Tax Increases and Public Spending Cuts](https://aeaccountax.co.uk/u-turns-to-steady-financial-markets/): The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23 September, the Government “rolled the pitch” this time with several leaks prior to the event. Mr Hunt wants to avoid the austerity that followed the 2008 financial crash and is focused on measures that will keep the period of recession as short as possible.Many pensioners and those on means-tested benefits will be relieved that their 2023/24 payments will be uprated […] - [Proposed changes to CGT on separation](https://aeaccountax.co.uk/proposed-changes-to-cgt-on-seperation/): In response to a recommendation by the Office of Tax Simplification the Government have introduced draft legislation for inclusion in Finance Bill 2023 that extends the no gain/no loss rule when a couple separate.Under the current rules the no gain/no loss rule that means that there is no CGT on transfers of assets between spouses or civil partners only applies up to the end of the tax year in which they separate. The divorce settlement or court order that transfers assets between the couple often takes place many months after the separation and may lead to CGT being payable.The main […] - [Advisory fuel rate for company cars](https://aeaccountax.co.uk/advisory-fuel-rate-for-company-cars-2/): The figures in the table below are the HMRC suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2022. Remember that provided all private fuel is fully reimbursed the fuel benefit does not apply. Engine Size Petrol Diesel LPG 1400cc or less 15p (14p) 9p 1600cc or less 14p (13p) 1401cc to 2000cc 18p (17p) 11p 1601 to 2000cc 17p(16p) Over 2000cc 27p(25p) 22p(19p) 17p(16p) Where the employer does not pay for any fuel for the company car these are the amounts that can be reimbursed in respect of business journeys tax free. Where there […] - [Self-employed need to plan for a big tax bill in 2023/24](https://aeaccountax.co.uk/self-employed-need-to-plan-for-a-big-tax-bill-in-2023-24/): The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in the tax year. This means that where the business accounts do not coincide with tax year the profits or losses will need to be apportioned. This is intended to coincide with the start of Making Tax Digital for income tax.Transitional rules proposed for the previous 2023/24 tax year could result […] - [Klarna](https://aeaccountax.co.uk/klarna/): What is it and how does it work? Klarna is an innovative payments company based in Sweden. It was started in 2005 by three students and offers payment solutions for businesses and consumers. Klarna offers “buy now, pay later” payment plans for both online and in-store purchases through its mobile app. Klarna is particularly well known for its “Pay in 3” payment plan which allows customers to pay for their purchase over three equal installments, with the first one due at the checkout. Klarna also offers a “Pay in 30” payment plan which allows customers to pay for an item […] - [Tough times make us better leaders](https://aeaccountax.co.uk/tough-times-make-us-better-leaders/): History tells us that great leaders tend to emerge during tough times. The economic outlook is currently quite gloomy. There is a lot of talk of a recession; costs are rising; there is a shortage of talented employees andthe economic landscape is shifting daily. So, what do the best business leaders do in order to thrive during tough economic times? To start, focus on what you need to get right and stop worrying about the things that are outside of your control. There will always be some level of uncertainty in business, so do your best to make decisions using […] - [Retaining employees through high inflation](https://aeaccountax.co.uk/retaining-employees-through-high-inflation/): Inflation is running at an all time high. How can businesses support their employees through these difficult times? Businesses around the world have managed their way through formidable challenges due to the pandemic, and now they must contend with inflation. Inflation is running at a 40-year high and this puts upward pressure on salaries. To hold on to employees, businesses are having to dig deep and find the budget to give employees salary increases that keep pace with the cost of living. The current rate of inflation creates several challenges for businesses. Employees are expecting salary increases, but businesses are […] - [Rest In Peace Queen Elizabeth II](https://aeaccountax.co.uk/rest-in-peace-queen-elizabeth-ii/): All of our team are united in sadness following the death of Her Majesty The Queen.She provided the stability and continuity for the whole United Kingdom and theCommonwealth through seventy years of both wonderful and turbulent times. We aredeeply grateful for her service, and our thoughts are with all those affected. - [MAKING TAX DIGITAL – UPDATE](https://aeaccountax.co.uk/making-tax-digital-update/): Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022.  The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024.  The obligation to keep records in a digital format and report information quarterly will apply to unincorporated businesses and property landlords with gross income from all business activities in excess of £10,000 a year.  Businesses operating MTD for VAT may already have ‘functional compatible software’ for income tax purposes but will need to get into a […] - [ATTRACTING AND RETAINING KEY STAFF WITH SHARES

](https://aeaccountax.co.uk/attracting-and-retaining-key-staff-with-shares/): In the increasingly competitive jobs market, it is important that employers are able to attract and retain talented people to help them grow their business. Within certain sectors, the opportunity to participate in the equity of the organisation that they work for is something that more employees are seeking and those employers that do not offer such opportunities could put themselves at a disadvantage when looking to retain and recruit. For corporate employers, there are currently four HMRC ‘tax-advantaged’ schemes that provide employees and employers with income tax and National Insurance Contribution (NIC) advantages. The four tax-advantaged schemes are currently: […] - [Recruitment challenges](https://aeaccountax.co.uk/recruitment-challenges/): Why is it so difficult to hire people at the moment?  Workers quit or changed jobs in their thousands during the so called “great resignation” of 2021. Resignations reached record highs last year, but this isn’t because people left the labour force. Instead, they resigned in order to start new jobs at other firms or to set up their own business. In fact, the only age group where there has been an increase in people leaving the labour force has been among the over 50s who retired in higher numbers than normal during the pandemic.  Some reports have suggested that […] - [Are You Optimising Your Financial Resources?](https://aeaccountax.co.uk/are-you-optimising-your-financial-resources/): If you would like to join our webinar sign up on Eventbrite: Click here - [A Beginner's Guide to Double-Entry Accounting](https://aeaccountax.co.uk/a-beginners-guide-to-double-entry-accounting/): If you own business or you lead a Not-For-Profit organisation, then you need to know about double-entry accounting. - [MTD FOR VAT - NEW GUIDANCE ON PENALTIES FOR NON-COMPLIANCE](https://aeaccountax.co.uk/mtd-for-vat-new-guidance-on-penalties-for-non-compliance/): HMRC have also issued new guidance on the penalties that they impose for non- compliance with the Making Tax Digital (MTD) for VAT rues. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’.  Functional compatible software means a software program, or set of software programs, products or applications that can: There are additional penalties if the business does not keep their records digitally.  HMRC may charge the business a penalty of between £5 to £15 for every day on which the digital record keeping requirement is not […] - [The Fourth Industrial Revolution](https://aeaccountax.co.uk/the-fourth-industrial-revolution/): The pandemic has accelerated a tech-driven industrial revolution. The fourth industrial revolution is being driven by technology such as high-speed mobile internet, artificial intelligence, automation, cloud technology and big data analytics. The pandemic necessitated a shift to remote working. This has changed the way we use technology to interact and has seen the workplace evolve into a hybrid model which includes home working, mobile working and some degree of office-based working.  As the use of technology evolves, customer expectations are also changing. For example, many banking customers would prefer to interact with their branch through an app or via a […] - [Buying an electric car? Does it need to be new?](https://aeaccountax.co.uk/buying-an-electric-car-does-it-need-to-be-new/): The shortage of semiconductors has meant long delays in the delivery of new cars. This has caused many company car drivers to choose a second hand car instead, but what are the tax consequences? Unless the car has zero emissions, the capital allowance rules are the same for new and used cars bought by the business. Plant and machinery capital allowances may be claimed on the purchase price of the car at either 18% or 6%, depending on whether the CO2 emissions for the vehicle are below or above 50g CO2 per km. Where a zero-emission car is acquired by […] - [Employee Benefits, Allowance and Payroll](https://aeaccountax.co.uk/employee-benefits-allowance-and-payroll/): REPORT EMPLOYEE BENEFITS ON FORM P11D BY 6 JULY  P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2021/22 need to be submitted by 6 July 2022.  Remember that reimbursed expenses no longer need to be reported where they are incurred ‘wholly, exclusively and necessarily’ in the performance of the employee’s duties. HMRC do however expect internal controls to be in place to ensure that the reimbursed expenses qualify under these terms. Note also that non-cash ‘trivial benefits’ that cost no more than £50 do not usually need to be reported. This typically covers […] - [Compassionate Leadership](https://aeaccountax.co.uk/compassionate-leadership/): Compassionate leadership boosts morale and helps managers to build trust with their team. Compassionate leadership combines management skills with empathy. Compassionate leaders are supportive, encouraging and are committed to improving the happiness of their team. All of this results in a more effective and engaged team. In today’s hybrid working environment, where some people are physically present and others are working remotely, compassionate leadership has arguably never been more important. By creating a culture of compassion and respect, managers can expect to see improved levels of employee engagement and collaboration. This helps to build a working environment where employees feel […] - [Third sector Article: Fundraising & Millenials](https://aeaccountax.co.uk/third-sector-article/): Almost half of Millennials considering charitable legacy but most yet to choose the charity 13 May 2022 by Rebecca Cooney Almost half of people between the ages of 26 and 55 are considering leaving charitable gifts in their wills, but only a small minority have chosen a specific charity, a study has revealed. Read more Article written by and sourced from ThirdSector. - [End Of Tax Year Payroll Procedures](https://aeaccountax.co.uk/end-of-tax-year-payroll-procedures/): As the 2021/22 tax year has now ended, employers need to carry out the following end of year procedures:- - [Employers' NICs In Relation To Ex-Military Staff](https://aeaccountax.co.uk/employers-nics-in-relation-to-ex-military-staff/): Last year the Government announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief from employer NICs for the first 12 months of the veteran’s first civilian job after they leave the military. For 2021/22 employers had to initially pay the employers NICs and can now claim back the amounts paid. From 6 April 2022, a new zero NIC rate will apply in these circumstances, and employers should use NIC letter V. - [How to be a More Inclusive Manager](https://aeaccountax.co.uk/how-to-be-a-more-inclusive-manager/): Practical steps that managers can take to be more inclusive Inclusion doesn’t just happen. In order to be more inclusive, managers need to start with intention and regular practice. People are naturally inclined to be drawn to people that are like themselves. In order to break the bias managers must constantly disrupt their natural approach. They need to develop an awareness of who is being represented, who are the high performers, who are the people who are getting hired, and who are not. The culture of your business is a key ingredient in its success. Culture is often described as […] - [Gift Aid Your Donations To Help Ukraine](https://aeaccountax.co.uk/gift-aid-your-donations-to-help-ukraine/): For individuals and businesses wanting to donate money to help to support those suffering in Ukraine, there are a number of charities providing humanitarian relief. Ideally this should be done via the Disasters Emergency Committee (DEC) Appeal at  www.dec.org.uk/.  Individual UK taxpayers should make sure to tick the Gift Aid box as that will increase their donation by 25%. It should also be remembered that, like pension contributions, higher and additional rate taxpayers are able to obtain even more tax relief. For example, a £40 donation only costs £30 after higher rate tax relief. - [Evolution of the Office](https://aeaccountax.co.uk/evolution-of-the-office/): The requirement to work from home was lifted in January but offices are still less than full. Across the UK, the shift to agile or hybrid working has reduced the office space requirements of many companies. Organisations are rethinking the office and repositioning it as a place to connect with colleagues, encourage face to face collaboration and promote staff wellbeing (we are social animals, after all). Many landlords are reconfiguring their office buildings to allow for office space that is more easily reconfigured as organisations adapt to new working patterns now and in the future. While greater flexibility and consideration […] - [Building an effective Sales culture in your firm](https://aeaccountax.co.uk/building-an-effective-sales-culture-in-your-firm/): Sales are the lifeblood of any business. In the current, ultra-competitive business environment, building your sales capability has never been more important. Creating an effective sales culture involves a lot more than giving people aggressive sales targets and rolling out a new bonus scheme. Culture is the foundation of every good business. It reflects what you stand for, what you value and what the whole firm aspires to achieve. Creating an environment that keeps teams motivated and engaged is key to building an effective sales team. Building an effective sales culture starts with hiring the right people. You need to […] - [2022/23 National Insurance Bands](https://aeaccountax.co.uk/2022-23-national-insurance-bands/): Unless the Chancellor makes an announcement to the contrary on 23 March, which is very unlikely, the rates of National Insurance Contributions for workers and employers increase by 1.25% from 6 April 2022. This is to provide extra funding for health and social care and will become a separate Levy from 2023/24.  The starting thresholds for employee and employer national insurance contributions (NICs) have also been increased. Employees will be liable to 13.25% NICs between £190 and £967 a week (£50,270 a year). Employer contributions at 15.05% will start at £175 a week. For 2022/23 the self-employed will pay 10.25% […] - [BUY NEW EQUIPMENT BEFORE 6 APRIL?](https://aeaccountax.co.uk/buy-new-equipment-before-6-april-3/): Your business year end, not 5 April, is relevant for capital allowances purposes. If, however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA). The AIA provides a 100% tax write off for new and second hand equipment used in your business. This tax relief extends to fixtures and fittings within business premises such as electrical, water and heating systems. AIA does not apply to motor cars but there is a special 100% tax relief if […] - [Changes to Accounting for VAT on imports](https://aeaccountax.co.uk/changes-to-accounting-for-vat-on-imports/): HMRC have recently updated their guidance for VAT registered importers. These traders must account for postponed import VAT on their VAT returns for the accounting period which covers the date they imported the goods. The normal rules apply for what VAT can be reclaimed as input tax and the trader’s monthly statement will contain the information to support their claim. HMRC is aware of the problems some importers are having when trying to access their monthly VAT statements. If you cannot access your statement or you’re having problems when viewing your statement, you can estimate your import VAT figures for […] - [What is the Difference Between Budgeting and Forecasting?](https://aeaccountax.co.uk/what-is-the-difference-between-budgeting-and-forecasting%ef%bf%bc/): Budgeting and forecasting are linked, but they play different roles in business. In a nutshell, a budget is a step-by-step spending plan, while a forecast is an estimation of an outcome. Both have an important role to play in taking control of your business and preparing for the future. Let us dive deeper into the key differences between the two and how to prepare them. Although this article is written from a business perspective, the tools and steps are applicable to any organisation and to individuals that want to take control of their finances. What is Budgeting? Budgeting is a […] - [UK Government sets out a blueprint to transform the UK](https://aeaccountax.co.uk/uk-government-sets-out-a-blueprint-to-transform-uk/): The UK Government sets out a blueprint to transform the UK The government’s Levelling Up white paper has set out the blueprint to expand opportunities across the United Kingdom. The government has set 12 new missions to drive change in people’s lives by spreading opportunity and reversing geographical inequalities. Leaders across the UK will be asked to find new ways to collaborate and learn from each other’s successes as the UK faces common challenges. One example is a Silicon Valley-style ‘Innovation Accelerator’ for Glasgow to create quality new jobs and boost regional economies. See: UK Government sets out blueprint to transform UK […] - [Top 5 Management Tips for 2022](https://aeaccountax.co.uk/top-5-management-tips-for-2022/): Great managers build great businesses. Here are some top tips to help you become a better manager in 2022. A goal without a plan is just a wish Good managers create a business plan every year and communicate that plan with their team. It is important to keep your team informed of project goals, priorities, and deadlines because employees who feel uninformed can become anxious and can even lose trust in their manager. Hunger to learn Good managers are open to learning and growing. Managers who are closed to learning and are set in their ways tend to be less […] - [Business Exit](https://aeaccountax.co.uk/business-exit/): Planning to sell your Business in 2022? Are you thinking of selling your business in 2022? Remember that under the current capital gains rules, the first £1 million of an individual’s gains potentially qualify for a 10% rate of tax, provided business asset disposal relief applies. We can check whether or not you and other business owners qualify for this generous relief. Note that the £1 million limits apply to all disposals during an individual’s lifetime. If your business is worth more than £1 million, you might want to consider the transfer of shares to other family members, although they […] - [Tax Payers Giving To Charities](https://aeaccountax.co.uk/gifts-to-charity-2/): Where possible taxpayers should “Gift Aid” any payments to charity to provide a further benefit to the charity. Higher rate taxpayers obtain additional tax relief on the grossed-up amount donated. For example, where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making a gross gift of £25. Where the individual is a 40% higher rate taxpayer he or she is able to claim a further £5 tax relief under self-assessment, reducing the net cost of their donation to £15. Note that the donor is required to make a […] - [Your Outright Giving is Tax Efficient Giving](https://aeaccountax.co.uk/christmas-is-the-time-for-giving/): The rules for both inheritance tax (IHT) and capital gains tax (CGT) have remained broadly the same as last year. That means that each tax year individuals may make gifts of up to £3,000 in total and that amount is not included in their cumulative total of gifts for IHT. Even if the £3,000 annual exempt amount is exceeded, provided it is an outright gift to an individual, there would be no inheritance tax payable provided the donor survives for 7 years. Note that the gift of an asset other than cash may also give rise to a capital gain […] - [Having A Clear Purpose Has Never Been So Important](https://aeaccountax.co.uk/having-a-clear-purpose-has-never-been-so-important/): A strong sense of purpose in your organisation is key to driving employee satisfaction and retention. Since the Covid-19 pandemic began, many businesses have seen what the media has referred to as, “The Great Resignation” – where employees are leaving or switching jobs in their thousands. For many, employers have played a big part in why they are walking away. A major driver of this has been related to purpose. Many employees are seeking a change as they no longer find satisfaction, meaning or feel valued in their current role. Employees expect their jobs to bring a sense of purpose […] - [Big Tax Bills For The Self-Employed In 2022/23](https://aeaccountax.co.uk/big-tax-bills-for-the-self-employed-in-2022-23/): Draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to tax years where the period of account does not coincide with the tax year. This is intended to coincide with the start of Making Tax Digital for income tax. The transitional rules proposed for the previous 2022/23 tax year could result in large tax bills for some sole traders and partners, particularly those with an existing 30 April year-end. The profits of […] - [4 Steps to Increase Profitability for Your Small Business](https://aeaccountax.co.uk/4-steps-to-increase-profitability-for-your-small-business/): Your small business may be turning over a decent sum of money, but how much of it do you actually get to keep? The pandemic presented huge challenges for businesses and seriously impacted profits.  We have put together four steps to help get you back on track and improve the financial fortunes of your small business. The purpose is to help you keep more of the money you make. Step 1: Improve Cash Flow Cash flow is not the same as profit but improving your cash flow can certainly help you to reduce costs by eliminating the need for credit […] - [Guidance On SEISS Turnover Test Issued By HMRC](https://aeaccountax.co.uk/guidance-on-seiss-turnover-test-issued-by-hmrc/): The fifth (and final) SEISS grant has been available for the self-employed to claim since the end of July. HMRC has been contacting those traders that are eligible to claim it. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of your total income. If that test is not met, then the same £50,000 and 50% tests are applied to average profits and total income over the four fiscal years to 2019/20. Self-employed traders need not have claimed grants under the previous scheme to […] - [Company Loss- Relief Can Be Claimed Early](https://aeaccountax.co.uk/company-loss-relief-can-be-claimed-early/): Relief Can Be Claimed Early Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted. This will enable the company to carry back the loss to earlier years and obtain a repayment of tax previously paid. HMRC will however need evidence of the loss to support the claim, in particular, a PDF of the company’s management accounts for the period. In determining whether the loss is no more than £200,000 the company is […] - [6 Steps to Take If Your Small Business is Running Out of Money](https://aeaccountax.co.uk/6-steps-to-take-if-your-small-business-is-running-out-of-money/): It is always worrying when you notice that your small business’ bank account is running low. Whether you’re scaling up or simply going through a quiet period, negative cash flow can take a significant toll on the financial health of your business. Hard times don’t have to spell the end for your enterprise, however. It’s time to re-evaluate your current practices and employ some of the following steps to ensure that your bank balance bounces back. 1. Re-Evaluate Your Pricing Structure Difficult financial times are a sure sign that it’s worth reconsidering your pricing structure and making some changes. It’s […] - [5 Strategic Money-Saving Tips for Startup Businesses and Charities](https://aeaccountax.co.uk/5-strategic-money-saving-tips-for-startup-businesses-and-charities/): Launching a new business or charity does not come cheap, and every penny does count during the startup stage. Creating a business budget is one thing; sticking to it is quite another. Running out of money is one of the biggest reasons that startups fail! We have compiled a list of useful money-saving tips to help you spend less without compromising on your growth. Cost-Effective Marketing Marketing is a non-negotiable business expense, particularly during the launch phase. Yet, traditional methods of marketing and advertising can be expensive. It is worth investigating more cost-effective methods. Generating brand awareness does not have […] - [Protecting your charity or business against fraud](https://aeaccountax.co.uk/protecting-your-charity-or-business-against-fraud/): Instances of fraud have increased during the pandemic – what can you do to help mitigate the risks? Throughout the Covid-19 pandemic, businesses have experienced an increase in the level of fraudulent activity. Many organisations have moved their business activities online and with more employees and volunteers now working from home, there are increased opportunities for fraudsters to target them. Invoice fraud is on the rise and while not a particularly new scam, it can be catastrophic for businesses who fall victim to it. Invoice fraud occurs when a fake email address is used to contact a business, pretending to […] - [Pension Contribution- Is Tax Efficient for Both Employee and Employer](https://aeaccountax.co.uk/pension-contribution-is-tax-efficient-for-both-employee-and-employer/): Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit if the annual input limit is not breached. The contributions are also deductible for the employer if incurred wholly and exclusively for the purposes of the trade. They must be paid before the end of the accounting period of the business. For most taxpayers, the annual input limit is £40,000 and this overall limit applies to contributions by the employee plus contributions made by the employer on the employee’s behalf. It is also possible to take advantage of unused relief from the […] - [6 Reasons to Swap Spreadsheets for Cloud Accounting Software](https://aeaccountax.co.uk/6-reasons-to-swap-spreadsheets-for-cloud-accounting-software/): Many small business owners and charities have been using spreadsheets to do their accounting for years now. Whilst spreadsheets may seem like a convenient and cost-effective way of managing your finances, advances in cloud accounting software mean that your business could most likely benefit from an upgrade. Let’s take a look at why you should swap your spreadsheets for cloud accounting software, and how to make the transition smoothly. 1. Data Entry Not only is manual data entry mind-numbing, it also makes it very easy to make mistakes. Just one typo could lead to major errors, including mistakes on your […] - [4 Surefire Ways to Grow Your Small Business or Charity](https://aeaccountax.co.uk/4-surefire-ways-to-grow-your-small-business-or-charity/): Business growth doesn’t happen by chance, and when poorly managed it can actually do more harm than good. You need to make the right moves to ensure that your small business achieves long-term growth and financial success. Growing a small business is certainly challenging and requires a lot of work, but the journey is that much easier when you know which steps to take. Let’s look at four ways to grow your small business. 1.   Listen to Your Customers Both businesses and charities have customers or clients to serve. While businesses would speak of customers in terms of individuals and […] - [Beware, Mini-Umbrella Company Fraud!](https://aeaccountax.co.uk/beware-mini-umbrella-company-fraud/): HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries. Businesses need to be aware of the financial and reputational risks of such entities in their labour supply chain and carry out due diligence to minimise those risks. You may have heard a BBC File on Four radio programme that highlighted the abuse of the £4,000 employment allowance by 48,000 companies set up to take advantage of the allowance to save employers national insurance. Such structures are also being used to avoid VAT and are […] - [Do Your Shares Qualify For CGT Business Asset Disposal Relief?](https://aeaccountax.co.uk/do-your-shares-qualify-for-cgt-business-asset-disposal-relief/): A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder to be entitled to at least 5% of a company’s ordinary share capital in addition to being an officer or employee of the company, and for the company to be a trading company or the holding company of a trading group. These conditions need to be satisfied throughout the 24 months prior to the disposal of the shares. This two-year […] - [5 Common Tax Allowable Deductions that Small Business Owners Often Overlook](https://aeaccountax.co.uk/5-common-tax-allowable-deductions-that-small-business-owners-often-overlook/): They say that only two things are certain in life: death and taxes. Paying tax is inevitable but there are things you can do to reduce the percentage of your income that the taxman takes. As a small business owner, the likelihood is that you’re probably paying too much tax, which is why we’ve put together a list of the most overlooked deductions to help you reduce your bill. Of course, in order to claim the following tax deductions, you need to be on top of your bookkeeping. Get into the habit of updating your records and file all of […] - [Did you hire Ex-Military staff?](https://aeaccountax.co.uk/did-you-hire-ex-military-staff/): No Employer’s NICS For a Year If You Hire Ex-Military Staff The Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief if they employ a veteran during the qualifying period. The qualifying period starts on the first day of the veteran’s first civilian job since leaving the regular armed forces and ends 12 months later. For 2021/22 employers will be required to pay the NICs and then claim back the amounts paid at the end of the tax year. From 6 April 2022 a […] - [Get Ready for the “off-payroll” Working Rules](https://aeaccountax.co.uk/get-ready-for-the-off-payroll-working-rules/): Where large or medium-sized organisations are paying workers via personal service companies (PSC) or agencies they will need to operate new procedures from 6 April 2021.The new rules will apply to partnerships, LLPs, and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act criteria will be outside of the new rules.From 6 April 2021, the end-user organisation will be required to determine whether or not the worker would be an employee of the organisation if directly engaged. That determination will need to be communicated to the worker and the […] ## Pages - [Thank you](https://aeaccountax.co.uk/thank-you/): Home Thank You for Subscribing! We’re thrilled to have you in our community! Click the link below to download your free e-book: If your download doesn’t start automatically, click here to download it manually. - [Download e-book](https://aeaccountax.co.uk/download-e-book/): Home Whitepaper- 5 Big Problems Charities face in Optimising Finance And How To Resolve Them Avoid the Big Mistakes that Charities and other Not-For-Profit Organisations make in handling finance and Confidently Optimise the finances of your Charity. We are excited to share with you our exclusive e-book: “Whitepaper- 5 Big Problems Charities face in optimising finance AND HOW TO RESOLVE THEM” This resource is packed with insights and tips that will help you navigate your Charity’s financial journey with confidence. Fill your name and email address to download the Whitepaper- 5 Big Problems Charities face in Optimising Finance And How To Resolve Them Your name […] - [Resources](https://aeaccountax.co.uk/articles/): Home Read Our Latest Articles Our articles include tips on Tax and advise on handling your business resources and finances, as well as information on Employee well-being. Some of our articles are specifically tailored to charities and Not for Profit organisations. - [COVID-19](https://aeaccountax.co.uk/covid-19/): Home In these uncertain times, we wanted to reach out to all our clients to let you know we are here to offer support and guidance over the next few months. We will continue to complete your accounts, VAT, payroll, and tax returns in a timely manner. You can rely on us to help with Government Grants and other support that you may need to help you and your business or charity survive. Please see the tools and resources we have developed to help which are updated regularly. Together we will get through this. Keep safe and stay healthy. Contact […] - [About Us](https://aeaccountax.co.uk/about-us/): Home Our Company AE Accountax Ltd is a firm of Incorporated Financial Accountants, Tax and Business Advisers. We specialise predominantly in Charities and the Health Sector. We also work with some other commercial and private clients. We provide advisory, helping to support your enterprise in establishing the right structures and procedures to optimise your resources by making the right decisions to adapt, grow and thrive. We also provide all the usual services – preparation of accounts, independent examination, payroll and tax. We work with Charities and Businesses that qualify for an audit exemption. That means at least 2 of the […] - [Our Services](https://aeaccountax.co.uk/our-services/): Home Accounting & Tax Annual Accounts, Tax, and VAT (& MTD), Self-assessment services, etc. Accounting is about more than satisfying the tax man (although we do that too!).  Business Advisory Including cash flow, management accounts, budgeting, benchmarking, etc. We help you to understand the performance of your charity or business, enabling you to make informed decisions. Tax Planning Why pay more tax than you are legally obliged to do? We help you to identify the many reliefs and provisions that you can apply to ensure you pay the right amount of tax, and not more! Accounting & Tax Annual Accounts, […] - [Who We Serve](https://aeaccountax.co.uk/who-we-serve/): Who We Serve Home Services Through extensive experience and broad expertise, we always offer the highest quality. Churches, Charities & Not for Profit We can provide a full range of services to meet your needs. We are delighted to provide the main services outlined below. READ MORE Optometrists and optician practices or care homeowners We are delighted to provide our services outlined below. READ MORE Locums and other independent health service professionals such as pharmacists We also assist with your very specific accounting needs. READ MORE Other entrepreneurs and professionals If you have a long or short-term need for bookkeeping […] - [Home](https://aeaccountax.co.uk/): Specialist Accountants for Charities, Churches and Eyecare Professionals Dedicated to supporting charities, churches, and vision-focused healthcare professionals with tailored financial solutions. Contact us Our services What we do Through extensive experience and broad expertise, we always offer the highest quality. Accounting & Tax Annual Accounts, Tax, and VAT (& MTD), Self-assessment services… READ MORE Business Advisory Inc. cash flow, management accounts, budgeting, benchmarking… READ MORE Independent Examination We support charities in carrying out the independent examination of their accounts… READ MORE Accounting & Tax Annual Accounts, Tax, and VAT (& MTD), Self-assessment services… READ MORE Business Advisory Inc. cash flow, […] [comment]: # (Generated by Hostinger Tools Plugin)