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Is setting up a charity your best option? There are many reasons why you might be considering setting up a charity; reduced rates, specialist VAT treatments, tax relief (to name just a few). However setting up a charity may not be the best option for everyone – with the many pros, there are also cons…Read More
Farmers in Somerset could benefit from a grant to support farming in protected landscapes if your land is located in an Area of Outstanding Natural Beauty (AONB) or National Park in England. To be eligible, your project must benefit the protected landscape. Grants are available to support; Eligible farmers have until March 2025 to apply.…Read More
As specialist charity accountants, we know that many charitable organisations begin life as community or family concerns, often with no formal structure. However, as things grow, it may be in your best interest to set up a charity. There are lots of things to think about before you set up a charity and we recommend…Read More
Farmers in the South West could benefit from a CS Protection and Infrastructure Grant to protect crops and/or trees if your land is located in an eligible catchment area and there is evidence of beaver activity. Grants are available for ‘crop protection fencing mesh and wire for permanent crops’ and ‘tree guard post and wire’…Read More
Farmers who keep cattle, sheep or pigs could be eligible for funding to pay for a vet to visit your farm to carry out a health and welfare review of your livestock. The SFI Annual Health and Welfare Review is a funded annual visit from your chosen vet or team of vets. Designed to reduce…Read More
When to apply the 5% VAT rate for construction or building work In some instances the supply of construction, conversion or renovation of property can be reduced rated for VAT. Being aware of the correct VAT rate for your services will not only reduce your VAT bill, it could also make your business more competitive…Read More
Land owning and tenant farmers have until 31st January 2023 to check your eligibility for the long-awaited Slurry Infrastructure Grant. If you farm pigs, beef or dairy, and your farming system already produces slurry, you can apply for the grant to expand or improve your existing slurry stores to provide 6 months storage. The grant…Read More
For many business owners, producing a written business plan may not be at the top of your priority list. But, with research showing that businesses who have a written plan are more likely to succeed than those without one, maybe it should be. Establishing a strategic plan that you can share with business partners, shareholders…Read More
We’ve all been guilty of putting off those tasks that we don’t really want to do – and for many business owners that includes switching to MTD compatible software! The government have been slowly rolling out their MTD initiative since 2017 and with the deadline for Making Tax Digital for Income Tax Self Assessment approaching…Read More
Deadline extended for MTD for Income Tax Self Assessment for businesses and landlords In order to support businesses and landlords in the wake of the pandemic, the Government have extended the deadline for Making Tax Digital (MTD) for income tax self assessment until the 6th April 2024. The original deadline was due to come into…Read More
Below you will find a brief summary of what the Spring Statement means for small and medium sized enterprises and the self-employed. Measures to help small and medium sized enterprises (SME’s) Business rates multiplier will be frozen in 2022-23, meaning no increase in charges until April 2023. Eligible retail, hospitality and leisure businesses will also…Read More
What is the difference between auditors and accountants? Clients often ask us what is the difference between auditors and accountants. The two roles are similar; however, an auditor is usually responsible for reviewing the work of an accountant. All businesses must file a set of accounts with HMRC, however not all companies are required to…Read More
During your financial audit, the auditor will check that your businesses financial statements are represented accurately and in their entirety, without any misstatements or errors. The auditor will also perform a detailed review of your accounting systems and systems of control. Depending on the size of your business, the financial audit could take several days.…Read More
6 steps to set up a limited company There are lots of reasons why you might be considering setting up a limited company. Limited liability protection, credibility and trust, tax efficiency – these are just a few of the benefits that a limited company can enjoy. And setting up a limited company needn’t be as…Read More
Restricting finance cost relief for individual landlords From the 6th April 2020, property landlords will no-longer be able to deduct finance costs (including mortgage interest) from rental income in order to reduce your tax bill. Instead, tax relief on all residential property finance costs will be restricted to the basic rate of income tax. Most…Read More