by Gary Woosey | Sep 5, 2023 | Blog, SME, Tax
While Inheritance Tax (IHT) is a topic that many find uncomfortable to discuss, it is an unavoidable aspect of estate planning. With HM Revenue & Customs (HMRC) collecting a significant £2.28 million in IHT penalties in the last tax year, it is evident that the...
by Gary Woosey | Aug 29, 2023 | Blog, Cash Flow, SME
As a small business owner, you’ve likely heard the terms “cash flow” and “profits” used interchangeably. However, mixing these financial metrics up can cause severe consequences for your business. The distinction between the two can...
by Gary Woosey | Aug 22, 2023 | Blog, SME
As a small business owner, you are probably familiar with the term ‘Self-Assessment’. While many entrepreneurs link Self-Assessment primarily with the yearly tax ritual, it offers a lot more. Beyond its regulatory nature, Self-Assessment can be an invaluable tool for...
by Gary Woosey | Aug 15, 2023 | Blog, Tax
For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently. Depreciation represents the reduction in the value of an asset over time, primarily due to wear and tear. Businesses use various...
by Gary Woosey | Aug 8, 2023 | Blog, Tax
Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year’s £14.3 billion. CGT has always been a significant consideration for small and medium-sized enterprises (SMEs) who should note...
