August 2023 - Chartered Certified Accountants in Dudley & the West Midlands

Month: August 2023

31 Aug 2023

How to save £2,000 in taxes on your childcare costs

A Government scheme could help parents save up to £2,000 on their childcare costs through tax reliefs aimed at working parents.

30 Aug 2023

Best practices for business and personal finances

Mixing personal and business finances is a common mistake that many entrepreneurs, freelancers, and small business owners make.

29 Aug 2023

Cash flow vs profits: a guide for small business owners

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.

24 Aug 2023

Three things to consider when forecasting your finances as a small business owner

Forecasting is the act of looking at past and present financial data to predict future costs, expenses, and profits. Small businesses do this to tailor their business model more effectively.

23 Aug 2023

Navigating estate planning and Inheritance Tax: what you need to know

HM Revenue & Customs (HMRC) recently announced that Inheritance Tax (IHT) receipts were up by £200 million between April to July 2023, making this a record high.

22 Aug 2023

Self-Assessment benefits for small businesses

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.

17 Aug 2023

The role of cloud accounting in modern businesses

In today’s digital age, the way businesses manage their finances has seen a seismic shift, largely due to the introduction and growing popularity of cloud accounting.

16 Aug 2023

Understanding Director’s Loan Account (DLA) and the risks involved

Directors might opt to either lend money to or borrow from their own company. This type of transaction is called a director’s loans, and they are recorded in the Director’s Loan Account.

15 Aug 2023

Are you one of the many savers missing out on millions of pounds of unclaimed pension tax relief?

In the last five years, an incredible £1.3 billion of pension tax relief has gone unclaimed in the UK – with higher and additional-rate taxpayers losing out on incredible sums according to some experts. This tax is the Government’s mechanism to enhance your pension payments and help you boost your pension pot. To avoid missing […]

15 Aug 2023

Income protection: The overlooked lifeline in financial planning

One of the most frequently overlooked aspects of financial planning is income protection insurance. While it is easy to focus on immediate needs and short-term financial goals, planning for potential future hurdles can sometimes allow this critical form of insurance to slip through the cracks. Despite its significant benefits, many people fail to give it […]

15 Aug 2023

Passive vs Active – How your approach to investing could determine your success

Investing in financial markets is often perceived as a sophisticated process, involving a myriad of strategies and choices. One of the key choices an investor must make is whether to adopt an active or a passive investment approach. Both strategies have their merits and potential drawbacks. Understanding the fundamental differences between them can significantly impact […]

15 Aug 2023