Making Tax Digital for Income Tax, how is the rollout actually going? Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is officially live! Hundreds of thousands of sole traders and landlords are navigating a brand-new way of reporting to HMRC. Official data from HMRC’s MTD campaign highlights that over 864,000 sole traders and…
For sole traders and business owners, the 31st January brings a familiar dread, the Self Assessment tax bill. Tax isn’t automatically deducted from your income at source like a traditional PAYE employee, it’s all too easy to spend through the year only to be hit with a massive, unexpected tax bill, plus a “Payment on…
Running a business in our beautiful corner of the world is a dream for many. From the vibrant artist studios, restaurants and cafes, to the bustling holiday lets, there’s a unique entrepreneurial spirit here. But alongside the stunning views and laid-back lifestyle come specific financial challenges. As a local Cornish accountant, we want to share…
Running a tourism or hospitality business in Cornwall is rewarding but comes with unique financial challenges. Whether you manage holiday lets in St Ives, run a B&B in Hayle, or serve cream teas in a coastal café, staying on top of your tax and accounts is crucial. Seasonal income, changing regulations and managing staff can…
Why it’s tough for small businesses right now! Here’s how Bickerstaff Accountants in Hayle, Cornwall can help you thrive. It’s no secret that small businesses are under immense pressure in the current economic climate. With inflation pushing up the cost of materials, services, and staffing. The tax changes increasing the financial burden on employers, running…
Making Tax Digital Seems like it’s gone all a bit quiet on the MTD front! Here’s a reminder of what Making Tax Digital is and what you need to do in order to comply. Making Tax Digital (MTD) is a government initiative designed to make it easier for businesses and individuals to get their tax…
Growing your business often feels like a constant uphill battle. You’re always striving for more revenue, a larger market share and increased profitability. But sometimes, the most effective strategies lie not in chasing new customers, but in optimising what you already have. This is where the power of cost-cutting and price increases comes in. Here…
Are you newly self employed and you’ve started your own business? It’s important to register with the relevant authorities. Registering with HMRC should be one of the first things on your to do list. Registering with HMRC will ensure you are properly complying with the filing requirements imposed. Problems and penalties can arise if your…
In yet another U-turn, the UK government has introduced a significant change in the tax treatment of double cab pick-up vehicles (DCPUs) and company car tax, following a recent Court of Appeal judgment. This ruling affects how DCPUs will be classified for tax purposes starting in 2025. There is also new legislation targeting car ownership…
With the first budget now delivered by the new Labour Government, let’s take a look at the key points that have been raised; The freeze on income tax and National Insurance thresholds will end in 2028, preventing people from being pulled into higher tax bands as their wages rise. Businesses will have to…