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Patent Box – Reduce corporation tax with UK Intellectual Property

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What is Patent Box? Patent box is HMRC’s scheme to encourage companies to keep and commercialise intellectual property in the UK. It allows companies to benefit from a lower rate of Corporation Tax on profits earned from its UK patented inventions. By incentivising companies to keep their IP within the UK the HMRC rewards them by […]

An Employers Guide to Salary Sacrifice

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What is it and how can it benefit my company? Salary Exchange (also known as Salary Sacrifice and SMART pensions) is an arrangement employers may make available to employees – the employee agrees to reduce their earnings by an amount equal to their pension contributions. In exchange, the employer then agrees to pay the total […]

Tax Year Update 2023/2024

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Minimum wage rate updates From 1st April 2023 you must pay your employees at least minimum wage rates below:   Salaries must also reflect these changes, for example an individual who is 23 and not an apprentice working 40 hours per week will need to have a salary of at least £21,673.60. Please ensure you […]

The Langricks Corporate Team 10K Challenge Sponsorship

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We’re pleased to be sponsoring the 2023 “Langricks Corporate Team 10K Challenge”. This fabulous event is enjoyed by runners of all abilities each year and is a fantastic opportunity to raise money for charity, or for those competitive runners amongst us, compete for one of the main prizes and/or the accolade of beating your personal […]

Fiscal drag is pushing more families into the Inheritance Tax net

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The last few weeks have seen the potential candidates for the Conservative party leadership talk incessantly about tax cuts – excluding former Chancellor Rishi Sunak who refers to such promises as “fairy-tale economics” (or something similar!) One tax where it’s more a case of “nightmare economics” is Inheritance Tax  (IHT) – supposedly a tax only […]

The benefits of financial modelling

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It is easy for businesses to drift from one month to another, with no clear focus on a strategy to drive growth. With the right tools in place, a business can go from drifting to a business that is growing with a clearly articulated strategy.  A good financial strategy will: Reflect the visions of the […]

Get your ducks in a row

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Being ready for a business sale before the process begins is fundamental to a smooth transaction. Being ready for sale means: Historical data You should have good monthly historical management accounts, with profit and loss account, balance sheet, cash flow and key performance indicators. These should reconcile to the year end statutory accounts. Transaction You should […]

Download your free 2022/2023 tax card

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We’re pleased to provide you with a free downloadable PDF of our tax card, which summarises many of the rates and allowances fundamental to your business and personal lives. We are sure that you will find it a useful point of reference throughout the coming tax year. Our tax card contains lots of information on […]

SPRING STATEMENT 2022

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Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for households and businesses. The Chancellor will lift the starting thresholds for […]

Tips for managing your accounts

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Managing your accounts is an important part of running a small business. This means recording and organising transactions, preparing invoices, and filing receipts. If this is not something you have dealt with before, it can be daunting but it doesn’t have to be. Staying on top of your accounts in an efficient and managed manner […]

The changing face of accountancy

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Like many businesses accountancy continues to evolve to both improve and keep up-to-date with how businesses function. But it’s not only new technology that is driving changes in accountancy. Accountancy firms are expanding beyond the traditional tax, bookkeeping and payroll services, extending their offering to include additional services where there are obvious synergies such as […]

The top 5 tax matters to consider before 5th April 2022

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At this time of year and with just a few weeks until the end of the 2021/22 Tax Year our Tax Experts have identified The Big 5 tax planning opportunities which you should consider over the next few weeks. Dividend tax rate increases and accelerating dividends From 6th April 2022, the rates of tax on […]

Why business forecasting matters

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Nobody has a crystal ball, so what is the point of trying to predict the future performance of a business? A good financial forecast is an important tool to help you manage and grow your business.  It will only be of use if you have a method of tracking actual performance against forecast in order […]

Planning growth in 2022

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Let’s plan your route to success A new year is a great time to focus the mind and put plans in place to achieve your business and personal goals. A properly thought out plan that outlines not only what you want to achieve but how you are going to get there is crucial to making […]

A round up of the accountancy world in 2022

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Our thoughts on 2022 from an accountancy point of view… Inflation Although inflation is likely to hit 7% in the early months of 2022, it should turn out to be a short-term blip and by the autumn it should drop to just over 2%. Tax evasion and avoidance To recover money lost due to a […]

Tips for bookkeeping efficiently 

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Bookkeeping is crucial for any business, large or small. Not only from an accountancy point of view but for general business efficiency, planning and insight.   Getting the bookkeeping basics right is fundamental, especially when you are relying on timely information to make decisions and assess actual performance against strategy.  We share some tips to help […]

Chancellor’s 2021 Autumn Budget Summary

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What does the Autumn 2021 budget mean for you? The Autumn 2021 budget has been announced and we’re delighted to share our initial thoughts and impressions on the changes that might affect you and your business. Our Budget Summary provides an overview of the key points arising from the Chancellor’s speech. Additionally, throughout the Summary […]

Tips for Inheritance Tax planning

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Planning for the inevitable is a process that many put off, avoid or fail to tackle in time. However, the last thing that you want to do when you work hard all your life is to find a substantial part of your estate and assets in the hands of HMRC. Inheritance tax is often called […]

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