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As an employer, do you understand the rules surrounding tax on trivial benefits and the differences if trivial benefits are provided as part of a salary sacrifice scheme?

Another Bump in the Road for Double Cab Owners

Managing costs and running your business efficiently is key as a business owner.

We appreciate that growing a business can be both exciting and challenging, especially when it comes to managing finances effectively. Many scaling businesses face the dilemma of needing expert financial management without wanting to incur the costs of an in-house employee or team.

This is where a virtual finance department can be a game-changer. This is a solution that provides the ‘must-have’ but at an affordable rate! Bingo!

You may be surprised to know that there are various pots of funding and financial support opportunities available to businesses, in addition to normal business finance solutions. Here at Ellacott Morris, we’ve collated a few sources below, which are available to Essex businesses.

If your business can afford to give to charity, then it makes good business sense to do so. Not only are there tax benefits, but charitable giving also provides a whole host of other benefits to your business… 

If you’re looking to change the accounting software your business uses, or you’re looking to change accountant, and your preferred company uses a different system to you, then how do you make the switch?

What’s the most crucial element of your business? Your finances! A good understanding of your financial position and steady control of your numbers are vital to your business’s success. Poor cash flow can kill a company, bad debt can destroy a business… Therefore, it’s time to get more account-able! 

Sadly, not everything is always as it seems and it’s important in our digital age to be aware of scams and suspicious activity.

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.