October last year marked the first Labour budget in over a decade – and as expected, it held a large number of changes that affected individuals and businesses in unequal measure. As a ‘halfway point’ designed to give the Chancellor an opportunity to outline progress...
The cash basis of accounting 2024/25 brought a shift in how profits are calculated for sole traders and partnerships. In the majority of cases, profits have historically been calculated on the accruals basis. This means income and expenses are recorded when the...
Last month we reported on a series of changes announced to the Financial Reporting Standard 102 – known as the 2025 Triennial Review. One of the major impacts on many small businesses will be changes to lease accounting. This will directly affect how SMEs accounts are...
The Financial Reporting Standard 102 (FRS 102) is the principal accounting standard for small and medium-sized enterprises (SMEs) in the UK and the Republic of Ireland. Since its introduction in 2015, FRS 102 has provided a simpler alternative to International...
The Chancellor’s Autumn Budget has been much anticipated. Against a challenging economic landscape and increased cost of living – businesses and individuals alike were concerned what this budget may bring. But that’s perhaps where the common ground ends. Before the...
R&D tax reliefs – known to many as very generous tax breaks given to companies that undertake qualifying research and development activities. For businesses, it’s a welcome benefit for undertaking the complex (and often costly) R&D work. Now, HMRC has...
