Side-Hustles & Tax

by Jessica Garbett | Jan 12, 2024 | Tax News

There has been a lot of confusion online about ‘side-hustle’ tax. Money Saving Expert Martin Lewis, accidentally overcomplicated the rules and then tried to correct himself by oversimplifying them. You will need to register for tax if your side-hustle...

Business Banking Resolution Service extended to 2024

by Jessica Garbett | Dec 18, 2023 | Business News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Act now to get unresolved banking complaints escalated The Business Banking Resolution Service (BBRS) has informed ACCA that it will continue...

Economic Crime and Corporate Transparency Bill becomes law

by Jessica Garbett | Dec 13, 2023 | Business News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Companies House has set out changes as a result of the new act In its recent blog, Companies House has summarised the new objectives for the...

Christmas and New Year Office Hours 2023 into 2024

by Jessica Garbett | Dec 12, 2023 | YogaTax News

Our offices will close for Christmas at midday on Friday 22nd December 2023, and reopen on Tuesday 2nd January 2024. A friendly reminder for company directors arising from this, on two points. First companies with a 31st March 2023 year end will normally have a...

Professional Fee Protection – 2024 Policy Year

by Jessica Garbett | Dec 12, 2023 | YogaTax News

It is time for the annual renewal of our Professional Fee Protection Scheme, and we invite you to either renew your cover, or consider joining the scheme, as appropriate.  The new scheme year begins on 1 January 2024, and previous cover is not automatically renewed....

Start-up boom sees rise in rural entrepreneurs

by Jessica Garbett | Dec 11, 2023 | Business News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA More and more Britons are choosing to set up their own business In the past 12 months, more than 100,000 rural micro businesses have been...

Autumn Statement – Making Tax Digital Small Business Review

by Jessica Garbett | Dec 8, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Pledge to simplify and improve the MTD for ITSA system for taxpayers and their representatives In December 2022, the government announced...

Change to FreeAgent Pricing from February 2024

by Jessica Garbett | Dec 7, 2023 | YogaTax News

As you may know we partner with FreeAgent for user friendly accounting software for our clients. FreeAgent recently advised us of a price rise from 1st February 2024.  We are passing these increases on to our clients directly, with no profit uplift on our part. ...

Autumn Statement – Cash basis expansion adds flexibility for businesses

by Jessica Garbett | Dec 6, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Legislation will remove turnover restrictions and allow businesses to move from cash basis to accruals and back Legislation will be...

Autumn Statement – Business rates in England

by Jessica Garbett | Dec 5, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Small business multiplier frozen while the 75% RHL relief will be extended A third of properties in England have already been taken out of...

Fifth of SMEs and freelancers see increase in late payments

by Jessica Garbett | Dec 4, 2023 | Business News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Seven tips to help you protect your finances from late payments Late payments are a powerful economic disruptor impacting businesses of all...

Autumn Statement 2023 – Understanding Cash Basis Accounting Changes

by Jessica Garbett | Nov 22, 2023 | Uncategorized

In the Autumn Statement 2023 an announcement was made that for unincorporated businesses Cash Basis Accounting would become the default for reporting profits on Self Assessment rather than Accruals Basis Accounting. So, what does this mean?  And is it a good thing?...

Autumn Statement 2023 – have the Pros and Cons of Incorporation Changed?

by Jessica Garbett | Nov 22, 2023 | Tax News

Within the UK business tax system there is a split between incorporated and unincorporated structures. The former – incorporated structures – are companies with shareholders and directors, paying Corporation Tax on business profits, and Income Tax, NI and...

Autumn Statement 2023 – A first look

by Jessica Garbett | Nov 22, 2023 | Tax News

This is a first look at the Autumn Statement 2023, delivered 22nd November 2023. First, a few caveats This analysis is focused on the interests of a typical client of YogaTax or our parent Whitefield Tax – it is not a comprehensive review of all measures. It is...

Practical issues relating to dividend distributions

by Jessica Garbett | Nov 17, 2023 | Business News, Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Answers to the most commonly asked questions around dividends and their disclosure in the accounts A dividend is a payment made by the...