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Today’s blog post covers a variety of topics for business owners. Are you perhaps considering purchasing another business but are not sure where to start? Self-employed but worried about the cost of upskilling or updating your CPD? How will the minimum wage continue to grow and evolve and what impact will this have on your…Read More
Could the VAT Annual Accounting Scheme be good for your business? VAT-registered businesses normally submit their VAT returns and payments to HM Revenue and Customs 4 times a year. However, HM Revenue and Customs also offer an Annual Accounting Scheme for businesses with a taxable turnover of £1.35 million or less. In this article we…Read More
Today we remind you of key dates and changes to pay rates you will need to be aware of. Whether you run your own payroll or outsource to an accountant, you will need to ensure all of your staff are paid at the correct rates. Plus, if you’re self-employed, don’t forget your National Insurance Contribution…Read More
Major reforms to apprenticeships announced The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses. With effect from April 1st, the government will pay the full cost of training for anyone up to the age of 21. If…Read More
Today we help you to ensure your payroll system is up to date and ready for the new tax year. Take a look at our five simple steps below to help you navigate key deadline dates. The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will…Read More
Consultation on fairer food labelling is launched A consultation was launched last week to look at ways to make food labelling fairer and clearer. This is part of an initiative looking at how to give shoppers more information about how and where the food they buy is produced, and to give the products of British…Read More
Redundancies – what factors should be considered? In times of economic uncertainty or because of operational challenges, you may find your business is facing tough decisions, including the possibility of redundancies. While such situations can be daunting and emotionally challenging, careful consideration and planning can help reduce the impact on both employees and the business…Read More
Don’t forget the rates for minimum wage will increase from April 2024, so make sure your payroll systems are up to date. If you are currently running your own payroll system but you are finding it a burden and could do with some help, get in touch with us here at MLS Accountancy as we’d…Read More
Last week Jeremy Hunt announced changes to National Insurance Contributions for the self-employed – take a look at the infographic below to see the changes to both Class 2 and Class 4 contributions. The VAT registration threshold has also increased, hopefully giving small businesses a helping hand to survive the current difficult economic climate. If…Read More
Today we take a look at how the recent budget can affect income tax rates along with Class 1 National Insurance Contributions for both employers and employees. If you need help with your personal tax affairs or if you are an employer and are unsure of how the recent changes may affect you and your…Read More
Take a look at today’s blog post from MLS Acccountancy to find out the updated benefit in kind rates for company cars. This week we’ll be sharing information following Jeremy Hunt’s budget update…..keep a look out on our Linked In and X pages to find out more! If you’d like to find out more about…Read More
Addressing loneliness among young employees The UK government has launched a campaign to address the stigma around loneliness with young people. Research shows that 16-to-24 year olds are the loneliest age group, but are also the least likely to take action to help themselves. Many also hide feelings of loneliness out of worry over being…Read More
Understanding the pros and cons of the VAT Flat Rate Scheme for businesses Value Added Tax (VAT) is a significant consideration for businesses. It impacts your cash flow, the amount of admin work needed, and even your overall profitability. One option available to businesses – with a VAT exclusive turnover of £150,000 or less –…Read More
Are you getting minimum wage payments right? Last Tuesday, the government named and shamed 524 businesses for failing to pay the minimum wage to their staff. These failures amounted to a total of nearly £16 million that had not been paid to their workers. Each of the employers named has had to repay their staff…Read More
Exploring tax implications: Limited company vs Sole Trader When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider. Two popular options are operating as a sole trader or forming a limited company. Each of these options comes with its own…Read More