News
At Hysons we want to make sure we are providing the latest new and useful accounting information to businesses and people in need of advice.
What You Need to Know as the Personal Tax Deadline Approaches
Keeping on top of tax is important not just for limited company directors but also anyone who has received untaxed income through other sources. From self-employed professionals to landlords, it is important to manage personal tax correctly. January 31st is one of the most pivotal dates in the personal tax-year which we will share details…
Data-Driven Decision-Making: Cash Flow and Financial Health
Does your business use data to ensure that all activities support financial growth? With 65% of organisations confirming they plan to be fully data-driven by 2026, now is the time for organisations to consider how to implement processes which ensure data-insights are always available. Whether you want to master the art of data-driven decision-making to…
What to Look out for When Buying a Business
Are you considering investing in a new business? If so, there’s no doubt it can be an exciting time but also one you should take seriously so as not to make an incorrect choice. With around 5.6 million private sector businesses currently active in the UK, there are certainly lots of companies to select from…
Autumn Budget October 2024
Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’. Billions in tax rises Ms Reeves said the Budget will raise £40 billion in taxes. Employers’ National Insurance contributions (NICs) will be increased from next April while Capital Gains Tax rates will…
Keeping your tax and expenses in check when you are self-employed
As of June 2024, there are 4.27 million self-employed professionals in the UK. This figure has continued to increase in recent years as people look to take control of their earning potential. Whether this is because individuals want to be their bosses or the cost of living crisis means a side hustle is essential, self-employment…
Getting Your Business Ready For Sale When Approaching Retirement
As of February 2024, 30% of UK business owners confirmed they plan on selling their business to fund retirement plans. With many owners investing all of their profits back into the successful performance of their companies, this is a common theme we see for organisations of all sizes. However, 1 in 8 business owners have…
How Do Salary Sacrifice Schemes Work?
With 84% of UK companies planning on adopting salary sacrifice schemes during 2024, understanding how this process works is essential. Understanding the finer details is important not only for employees who want to ensure they are getting what they are entitled to but also for ensuring tax compliance. In this article, we will explain how…
Maintain Trade Business Success Whilst You Are Away
Are you one of the 73% of SME business owners who don’t take time off? If so, we understand that the concept of leaving your company behind can be overwhelming, as you want to ensure you remain competitive at all times. However, not taking any time off will rapidly lead to burnout, which makes any…
How Much Should You Pay Yourself As A Business Owner
A common question we get asked is what can be considered a tax efficient amount to pay yourself as a business owner. With many costs to account for, knowing how much to take from a company can be difficult, but the reality is that a salary is essential for many. If your business planning has…
Business Expenses – What You Can and Can’t Claim as a Limited Company
As part of the business planning service that we offer at Hysons, we often get asked about types of business expenses that limited companies can claim for. Companies can reduce taxable profits when managed efficiently, resulting in lower liabilities. This also ensures compliance with the latest tax regulations and strengthens financial planning. Despite the benefits,…
Year End Tax Planning Series – Personal Investment Tax
Understanding how best to manage your taxes means having a clear idea of personal investment tax opportunities that will unlock many benefits. In the final instalment of our year-end tax planning series, we will share our insights as to what actions you should be taking now and how best to optimise them throughout the new…
Year End Tax Planning Series – Family Companies: Assess Profit Extraction Strategy
Welcome to the next instalment of our year-end tax planning series, in which we are sharing our expertise about how you can best prepare for a successful year-end and new-year planning period. In this article, we are talking about family businesses, of which there are around 4.8 million in the UK. In particular, we are…
Year End Tax Planning Series – Tax Planning and Family Impact
In the second blog of our year-end tax planning series, we wanted to shed some light on how you can effectively plan for taxes whilst understanding family impact. Although some people may believe that factors such as child benefits are classed separately to income, there are links to consider in order to correctly manage personal…
The Spring Budget and What It Means For You
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. Lowering taxes The Chancellor made further changes to National Insurance contributions (NICs), following the cuts made in the Autumn Statement 2023. The rates for NICs will…
Year End Tax Planning Series – Basics of Personal Tax Rates
With the UK tax year quickly flying towards us all, now is the time to get ahead of your admin duties if you want to alleviate any stress associated with personal accounting. This blog is the first within our new series of informative content designed to take the guesswork away from getting tax right. Keep…
Knowing When to Transition from a Sole Trader to a Limited Company in the UK
As a small business owner in the United Kingdom, the decision to transition from operating as a sole trader to establishing a limited company is a pivotal one. While being a sole trader offers simplicity and flexibility, forming a limited company introduces distinct advantages and responsibilities. Understanding the factors that influence this transition is crucial…