Stop going it alone: Why outsourcing your finance functions is a game-changer
Many businesses rely solely on their internal finance teams, but this approach often comes with limitations. Without external expertise, financial activities can operate in a vacuum, missing out on strategic insights that drive growth and uncover new opportunities. By keeping everything in-house, businesses can unintentionally hold themselves back, while competitors who outsource their finance…
Capital Gains Tax (CGT) increases by £179 million following Autumn Budget
December 2024 saw a dramatic increase in CGT, with a total of £335 million in tax receipts – a whopping £179 million more than the £156 million collected in December 2023. Over the last quarter, CGT hit £808 million, an increase of 60 per cent from last year’s £505 million for the same quarter.…
Unlocking the hidden benefits of regular management accounting
You’re probably familiar with the key advantages of management accounting—tracking financial performance, making informed decisions, and keeping your business on course. However, beyond these essentials, regular management accounting offers a range of unexpected perks that can give your business an extra edge. Strengthen stakeholder trust Clear, transparent financial reporting builds confidence among investors, lenders,…
How conducting an audit can improve your business sale
Selling your business is one of the most important decisions you will ever make. Whatever the reason for exiting – retirement, spending more time with your family, or pursuing other business interests – it is crucial to get your sale right. Conducting an audit is an effective way to improve your business sale, ensuring…
Key Changes to Capital Gains Tax and Carried Interest – What You Need to Know
The Autumn 2024 Budget has introduced significant changes to Capital Gains Tax (CGT) and the taxation of carried interest, aiming to ensure asset owners contribute a fair share while maintaining the UK’s competitiveness in international tax markets. But how will these changes impact you, and what steps can you take to manage them effectively?…
Business Asset Disposal Relief Changes and What They Mean for Business Owners
The Autumn 2024 Budget introduced several changes to Business Asset Disposal Relief (BADR), a vital tax relief for business owners seeking to reduce Capital Gains Tax (CGT) liabilities when selling all or part of their business. The changes, though not as drastic as anticipated, still have significant implications for business owners. Our Head of…
Understanding How the Autumn Budget Impacts Inheritance Tax for Farmers and Rural Businesses
The Autumn Budget introduced important changes to inheritance tax reliefs that directly affect farmers and rural business owners. These updates make it essential for agricultural families and rural businesses to plan effectively for the future. In this article, Sophie Powell Senior Manager of our Rural Business Team provides a breakdown of what’s changed and…
Global Bookkeeping Week: Key Issues Impacting the Future of Bookkeeping – Insights from Katy Davies, Bookkeeper Manager at Thorne Widgery
The bookkeeping profession is experiencing rapid change driven by digital transformation, automation, and regulatory demands. In this blog piece, Katy Davies shares her perspective on key issues and impacts. Q1: How do you see digital transformation and automation impacting bookkeeping? "Digital transformation in bookkeeping, especially with cloud-based software like Xero has become a game-changer…
Late filing penalties waived for one month to give taxpayers more time to prepare 2020/21 tax return
Late filing and late payment penalties will be waived for one month to give taxpayers more time to prepare their 2020 to 2021 Self Assessment tax return, it has been announced. It means small business owners, directors, and landlords have until 28 February 2022 to submit their return without incurring penalties. But interest –…