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Imagine, hypothetically of course, that you own a property which is rented out, but you inadvertently overlooked your responsibility to pay tax on the rental income you’ve been receiving. What would you do?

At Ellacott Morris we like to keep everyone up to date with any changes that could affect our clients. The changes to the High Income Child Benefit Charge (HICBC) that are due to come into force in April 2024 will impact a lot of people…

In a recent development, HMRC caused a stir by announcing the closure of their self-assessment helpline for six months of the year, starting from April this year. However, the decision was temporarily paused less than a day later following a significant backlash.

Here’s some good news for anyone paid minimum wage - as of 1^st April 2024, all rates are set to increase.

Are you interested in finance and numbers? Have you ever considered a career as an accountant but weren't sure what exactly an accountant does? Look no further!

Hiring an accountant in the UK can be a critical decision for businesses of all sizes. However, the cost of hiring an accountant can vary depending on several factors, including the complexity of your financial situation, the size of your business, and the specific services you require.

When it comes to managing your business and personal tax affairs, having a Government Gateway account is essential.

Do you offer company health insurance for your employees? Have you considered how healthy insurance can impact the overall health of your business and not just your staff?  

Here are our top ten benefits of company health insurance…. 

When it comes to choosing a commercial van for your business, there are several options for you to consider. It can be confusing to know which is the most financially suitable and sensible option for your financial arrangements. We’re here to help you avoid any bumps in the road and make the best decision for your business… 

The way that self-employed taxpayers submit their self-assessment tax returns in set to change… It’s important to be aware that if you own a business or are self-employed and pay income tax, national insurance, VAT or corporation tax, then it is likely you will be affected by the arrival of Making Tax Digital (MTD). 

In our increasingly ‘virtual’ world, it’s no surprise that even assets now come in digital form.  

IR35 is a piece of tax legislation that was enforced in 2000, designed to reduce exploitation of the tax system by contractors supplying their services through a limited company when really the role they are undertaking should be that of an employed person.

Have you heard about the new online sales reporting rules? It's important to understand these changes and how they may affect you. Here's what you need to know ...

This January, Xero have announced their new simplified process for UK bank feeds within Xero, making the team at Ellacott Morris even more pleased with Xero as our chosen cloud accounting software.  

If you have a rental property or portfolio of properties, it’s important to understand what is classed as an allowable expense against your rental income.

If you’re self-employed, you only pay tax on the profit you make, known as taxable profit. Therefore, it’s important to understand which expenses you can claim, ensuring you don’t pay too much or too little tax.  

Now, here’s a question we get asked A LOT by our self-employed clients… 

Q - When can I claim food and drink as a business expense?  

Let us provide you with the answers – although, sadly it’s not as straight forward as you might have hoped…. 

If you’re in the process of populating your new 2023 diary, then here are some crucial dates not to be missed…. 

Gaining a rental income by letting out your property as a holiday home is a great way to add another revenue string to your bow, or even as your sole source of income. The important thing is that you are aware of all the rules and regulations before you decide to open your doors… 

Gone are the days when simply having a job was enough… In our 21st century working world, entrepreneurial-minded professionals no longer want to be limited to just one job or career path, or just one source of income… 

Here at Ellacott Morris, we love it when HMRC make things easier! Their recent introduction of a new function that enables businesses to pay PAYE tax by direct debit has done just that.  

If you have submitted a self-assessment tax return you may have been asked to make a ‘payment on account’ (POA) but are unsure what this means and why you’ve been asked to make it.  

More great news from HMRC for those who pay their tax via a self-assessment tax return… 

If you’ve even been caught out by your tax bill, or miscalculated what you thought it might be, then you’ll know what a nasty surprise you can be in for when you file your self-assessment tax return and see a figure you weren’t expecting. It happens to the best of us!  

If you’re considering changing the structure of your business or businesses to a group structure, you need to read on… 

It’s important to understand all the pros and cons of creating a group of companies. This blog article explains all the areas you should consider before deciding which is the best structure for your organisation.  

Back in April 2021 we shared a blog article on our website about super-deduction. Super-deduction was a scheme introduced following the pandemic to try and boost capital spending.

While electric vehicles (EVs) still only equate to a small percentage of vehicles on the roads in the UK, with plug-in EVs making up around 23% in 2023, going electric is a trend that is on the rise.  

At Ellacott Morris, our services are designed to help and support our clients, ensuring they make the right choices for their business’ stability and success. Part of our role as accountants involves sharing knowledge and checking understanding, therefore confirming that our clients make informed decisions and remain compliant to the many UK business laws and regulations.  

HMRC doesn’t just look at your tax return and assume everything adds up. They have access to an abundance of resources to help them paint the full picture and join up all the dots, being very careful not to miss a thing… 

As accountants, we hear a lot of frequently asked questions, and this one is possibly in the top ten!  

Can I separate my business to remain under the VAT threshold? 

Also known as ‘disaggregation’ or ‘artificial separation’, if not done correctly and for legitimate reasons, HMRC class this as a form of tax avoidance.  

Unsure if you need to register your business for VAT? Unclear when you need to register and why? Then read on and all will become clear…