Articles & Resources
Could Your Business Benefit from the Enterprise Investment Scheme (EIS)?
For many UK startups and small businesses, securing investment is one of the biggest challenges in the early stages of growth. The Enterprise Investment Scheme (EIS) or The Seed Enterprise Investment Scheme (SEIS) are two options that can help offer a solution to this...
Understanding Annual Tax on Enveloped Dwellings (ATED) in the UK
The Annual Tax on Enveloped Dwellings (ATED) is a tax imposed on companies, partnerships with corporate members, and collective investment schemes that own UK residential properties valued at over £500,000. The term ‘Enveloped Dwelling’ refers to a residential...
Have You Heard These Top Tax Saving Tips For Your Company?
Are you looking for ways to help your company be more tax-efficient? You wouldn’t be the only one. In fact, it’s one of the top things people search for on Google! And whilst there’s a lot of obvious advice out there, do you know these lesser known tips?Tip #1 –...
Beyond the Numbers: How Accountants Shape Business Strategy and Success
While many people think of accountants as ‘number-crunchers’ who handle taxes and financial reporting, their role extends far beyond book-keeping. Accountants can be strategic partners who provide valuable insights, ensuring businesses make informed decisions that...
5 Reasons to Use An Accountant For Your Self Assessment Tax Return
January is often viewed as one of the worst months of the year; a longer wait until payday, dark and cold nights, and of course the impending deadline of your Self Assessment tax return by 31st January. Whilst we can’t do much about the weather, we can help to make...
How are you accounting for your WIP and Long-Term Contracts?
In the construction industry, managing long-term projects often involves navigating complex financial processes, including revenue recognition and cost management. Two critical concepts are Work in Progress (WIP) and Amounts Recoverable on Contracts (AMROC). These...
How much do you really know about ATOL?
The ATOL (Air Travel Organiser’s Licence) scheme is a cornerstone of the UK travel industry, offering essential consumer protection for flight-inclusive package holidays. For businesses selling such packages, holding an ATOL licence is mandatory. Keep reading to...
Thinking of Selling Your Business? Key Steps to Save on Taxes Before the Deadline
If you’re considering selling your business, it’s important to know that the latest budget brings significant changes that could impact your potential sale. For many, the timing of a sale has never been more crucial, with potential tax savings hanging in the balance....
7 Things You Might Not Know About Limited Liability Partnerships (LLPs)
An Limited Liability Partnerships (LLP) blends aspects of both a partnership and a limited company. It offers flexibility in management and profit distribution while providing limited liability. Here are 7 important considerations if you’re deciding whether an LLP is...
Autumn Budget 2024
On October 30th 2024, the new Labour Government unveiled their long-awaited Autumn Budget, which featured significant tax increases set to impact businesses and business owners. The Budget also focused on Capital Taxes, National Insurance contributions and...
What is your plan if labour imposes VAT on the private education sector?
The Labour Party is proposing to impose VAT (Value Added Tax) on private school fees and revoke their charitable status. This change would subject previously VAT-exempt private school fees to a 20% tax, potentially straining the financial operations of schools that...
5 need-to-know tax-saving strategies for landlords and property investors
As a landlord with an investment property, you’ll likely face taxes at various stages of the property's life cycle: when you purchase the property, while you’re letting it, and later when you sell or transfer ownership. In order to maximise the value of your...
What Are Employee Ownership Trusts?
At Bracey’s Accountants, we are committed to providing our clients with clear and comprehensive information on various business structures and financial instruments. One such structure gaining popularity is the Employee Ownership Trust (EOT). But what is an employee...
How to Prepare Management Accounts
At Bracey’s Accountants, we recognise the importance of management accounts for businesses of all sizes. These reports provide vital insights into financial performance, aiding in informed decision-making and strategic planning. This guide will walk you through how...
What Are Management Accounts?
At Bracey’s Accountants, we understand that keeping a close eye on your business’s financial health is crucial for making informed decisions and driving growth. One essential tool that can help achieve this is management accounts. For small to medium-sized businesses...
What businesses need to know about recent changes in account preparation and filing obligations
The Economic Crime and Corporate Transparency Act was passed on October 26th 2023 with the intention of combating economic crime. This will have direct implications for businesses in the UK, who may need to make alterations to their filing processes and account...
Decoding Allowable Expenses: A Comprehensive Guide for Childminders and Care Providers
In the world of childcare, many professionals have chosen the path of childminding, offering their services right from the comfort of their homes. This unique working environment, while convenient, presents its own set of financial challenges, especially when it comes...
Financial Projections for Established Businesses: What to Include and How to Ensure Accuracy
Financial projections are estimates of a company's financial performance over a specific period, usually the next one to five years. They are based on assumptions about future events and trends, including revenue growth, expenses, capital expenditures, and cash flow....
How to Prepare Your Business for a Successful ATOL Licence Renewal
If you are an ATOL-registered business, you know how important it is to renew your licence on an annual basis. The renewal process involves meeting the financial requirements set by the UK Civil Aviation Authority (CAA), which can be complex and time-consuming....
Making Tax Digital for Income Tax: A Guide for Sole Traders and Landlords
As a sole trader or landlord in the UK, you need to be aware of the upcoming changes related to Making Tax Digital for Income Tax. This guide will provide you with all the necessary information you need to know, including key dates, what you need to do, and how...
Preparing Your Business for Sale: A Checklist for Success with Braceys Accountants
As a business owner in the UK, you may be considering selling your business either now or in the future. It is important to know that properly preparing your business for sale is critical to achieving a successful sale. Bracey’s Accountants have assisted in the sale...
Moving accountants: a simple guide for an easy transition
The thought of moving accountants can be quite overwhelming. How will your existing provider react? What steps will you need to follow? In reality, switching couldn’t be easier and could benefit your business in the long term. Find out how to move - and the benefits...
The Smart Guide to Inheritance Tax: The Top 8 Things You Need to Know About Inheritance Tax
Inheritance tax or IHT can be a complex issue. In this helpful guide, we touch on eight things you should know about IHT and ways to mitigate tax payable on an estate. Will I have to pay inheritance tax? Whether or not you need to pay inheritance tax (IHT) will...
Keeping current with crypto – understanding your capital gains tax
Jonathan Allwood
We explain capital gains tax on the disposal of a UK residential property.
This article was updated on 27th October 2021 We explain capital gains tax on UK property, breaking down everything you should know from rates to working out your gain so you know how much to pay. When do I pay capital gains tax on property? Capital gains tax (CGT) is...
Landlords: Here’s What You Need to Know About the Let Property Campaign
Are you aware of what rental income and expenses you need to declare? We take a look into the Let Property Campaign and what it means for you if you’re a landlord. What is the Let Property Campaign (LPC)? When the LPC, or Let Property Campaign, began in 2013, it was...
CASE STUDY: County Garage
The long-awaited transition; embracing the digital transformation Serving the extreme north of Scotland, County Garage is an independent automobile company that has been established for over 40 years, offering skilled mechanical repairs, services and MOT facilities to...
All you need to know about HMRC’s “Real Time” Capital Gains Tax Services
Are you aware of HMRC’s Real Time Capital Gains Tax Service? Here’s everything you need to know about this government-run service and how Braceys can help you. What is HMRC’s RT CGT Service? HMRC has set up a “Real Time” Capital Gains Tax Service to help individuals...
Don’t Leave it Too Late: The Importance of Registering for VAT on time
Not VAT registered? Then you may want to start thinking about this, especially if your revenue is growing significantly. We look at why it’s important to get VAT registered at the appropriate time and what the threshold is for business. As a business owner, it’s...
Group Structures: How Setting Up a Holding Company can Protect Your Assets
Unfamiliar with group structures? In this helpful guide, we’ll breakdown everything you need to know about them, including what they can do for your business. Coronavirus has made us all reflect on how we can protect our businesses over the long-run. Something you may...
Why Businesses Should Be Monitoring Financial Fitness In The New Normal
Given the wide-reaching effects of COVID-19, it’s natural to think about the financial health of your business. Now we’re entering the new normal, the way many businesses run will change. Understanding where this leaves you and your staff is vital for your future...
New VAT Changes: What Hospitality and Tourist Businesses Need To Know
From 15th July this year, the government is introducing a temporary VAT 5% hospitality rate. It’s hoped that this will give people another reason to get out and spend money, giving hospitality businesses a much-needed boost. Here’s what you need to know about the new...
Patent Box Deduction – Tax Incentives for Innovators don’t have to stop at R&D
In our previous article, R&D tax relief – could your company be slipping through the cracks? we discussed how Research & Development (R&D) tax relief encourages companies to innovate. Tax relief incentives do not stop once the development of a product is...
R&D Tax Relief: Could your company be slipping through the cracks?
Since the R&D tax relief scheme’s introduction in 2000, the UK government has set itself a target to spend 2.5% of GDP on Research & Development (R&D). This target is yet to be achieved, with 2018 only resulting in a 1.7% spend. This begs the question, is...
What Is The Coronavirus Future Fund? | How To Apply
Plans have been announced by the government to help high growth companies navigate the challenges posed by COVID-19. This is in the shape of the Future Fund. We are still awaiting key details of this support but have outlined in this article what we now understand and...
Self-Employed | Eligibility To Claim Support | COVID-19
The Self-employed Income Support Scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month. This scheme is available for three months, but this may be extended. Who Is The Scheme Designed For? This scheme...
Employee Benefits And Expenses | Filing Deadlines
Employers should not forget that there is a raft of filing obligations that still need to be met. This post lists the various employer filing deadlines regarding employee benefits and expenses for 2019-20. The following table is reproduced from the government website:...
Aggressive Rent Collection To Be Banned | COVID-19
As businesses across the country work extremely hard to get to grips with the government support available. It’s now been announced that high street shops will be protected from aggressive rent collection and asked to pay what they can during the coronavirus pandemic....
Carry-Over Of Unused Annual Leave
The rules that would have limited the rights of employees in key industries to carry forward any unused annual leave will be delighted by the announcement made two weeks ago. This will mainly apply to workers in key industries such as food and healthcare. Workers who...
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