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Received a ‘One to Many’ letter recently?

HM Revenue & Customs (HMRC) has recently issued One to Many (OTM) letters to private equity businesses and estate agents. These letters can be sent to any business and usually highlight HMRC’s focus on compliance, urging you to review your practices. What are One to Many letters? OTM letters are not threatening and do not […]

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How to capitalise on the Government’s AI push

In January, the Government unveiled its Artificial Intelligence (AI) Opportunities Plan, outlining how the UK hopes to shape the AI trajectory by driving economic growth, enhancing public services, and creating new job opportunities while ensuring AI benefits society. While there is still a lot we do not know about the full capabilities of AI, we […]

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Fur and finance – Tax compliance in animal sales

If breeding and selling animals has turned into a source of income for you, you need to make sure your earnings are declared correctly to HM Revenue & Customs (HMRC). You can earn up to £1,000 annually from casual trading or self-employment without needing to report it. However, once your income exceeds this threshold, you […]

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Big bonus? How to use your windfall wisely

Receiving a bonus is a reward for your hard work and dedication, but before you rush to spend it all, take a moment to consider how to make the most of this financial boost. A thoughtful approach can turn your windfall into a powerful step towards long-term financial security. Here is what we recommend: Pay […]

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Is 2025 your year to incorporate? Here are our top tips

Nearly 900,000 companies were incorporated in 2024 – an 11.2 per cent increase compared to 2023. More entrepreneurs are recognising the benefits of limited companies. The advantages of limited companies include limited personal liability, mitigated taxation and greater exposure to investment opportunities. To help you start your journey towards limited company status, here are our […]

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What are the risks with directors’ loans?

A director’s loan is money taken out of a company by a director that is not a salary, dividend, expense reimbursement or money that has previously been paid into or loaned to the company. A record of money borrowed or paid into the company must be kept – usually known as a director’s loan account […]

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Sole traders – Is there a benefit to van ownership?

As a sole trader, it is only natural to look for opportunities to save money and maximise your earnings. One effective strategy is to consider buying a van, as sole traders can benefit from tax deductions on business-related expenses through Government reliefs like Capital Allowances. Why are Capital Allowances beneficial? Capital Allowances are the tax […]

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