Stratford-upon-Avon
13 The Courtyard
Timothy's Bridge Road
Stratford-Upon-Avon
Warwickshire CV37 9NP
Advise HMRC if company is dormant
by Grenfell James
If a company has stopped trading and has no other income, then the company is usually classed as dormant for Corporation Tax purposes.
A company is usually dormant for Corporation Tax if it:
has stopped trading and has no other income, for
by Grenfell James
It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued by HMRC. There are a number of different options open to taxpayers seeking to use the review and appeals process.
Note, that there is a
Holiday Lets averaging election
by Grenfell James
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.
In order to qualify as a furnished holiday letting, the following criteria need to be met:
The
Crack down on ‘fire and rehire’ practices
by Grenfell James
The Government has announced action to tackle the use of controversial ‘fire and rehire’ practices. In a press release issued 19 February 2024 they said:
“Action against unscrupulous employers to tackle the use of controversial ‘fire and
A new champion for small businesses appointed
by Grenfell James
An experienced entrepreneur has taken up a key role to promote the needs of small businesses to government and ensure suppliers seize the benefits of the Procurement Act.
Shirley Cooper OBE, former chair and president of the Chartered Institute of
by Grenfell James
HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from around the world as HMRC and other agencies continue to combat the
Cost of living final payment 2023-24
by Grenfell James
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were published in 2023 and have recently been updated with
by Grenfell James
Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to
by Grenfell James
A limited company is a company ‘limited by shares’ or ‘limited by guarantee’.
Limited by shares
This is the most common limited company structure. A limited by shares company is a separate legal entity owned by its shareholders and managed by its
Grenfell James Technology Adoption Index
How does your business perform against others adopting financial tech? Find out with our interactive diagnostic:
1.
How does your business receive invoices?
A)
Invoices are mainly received in paper form
B)
Invoices are mainly received by email
C)
Invoices are emailed then automatically forwarded to a designated mailbox
2.
How are purchase invoices processed?
A)
Invoices are entered manually
B)
Invoices are attached to manually raised invoices
C)
Automated software (e.g. ReceiptBank, 1Tap, HubDoc etc) collates invoices
3.
How are accounts processed?
A)
Using Excel/paper-based
B)
Using Computer-based, offline software
C)
Using cloud-based accountancy software
4.
How often is business data revised?
A)
Data is updated annually
B)
Data is updated quarterly
C)
Data is updated monthly or more often
5.
How is banking updated for your business?
A)
Banking is updated manually
B)
Banking is updated by imports
C)
Banking is updated via a live feed
6.
How are bank payments made?
A)
Bank payments are manual
B)
Bank payments are made using bulk imports
C)
Bank payments are made directly via accounting software
7.
How are bank receipts reconciled?
A)
Receipts are chased and reconciled manually
B)
Receipts are chased and reconciled automatically
C)
A third-party platform is used to chase debts and collect fees
8.
How often are management reports produced?
A)
No reports are provided
B)
Reports are provided but often too late to be valuable
C)
Reports are automated with real-time information
Score 8-12:
Curious Exploration
Your financial technology phase is Curious Exploration
% of respondent businesses are in this phase too.
Switching accountancy systems may seem like an upheaval, but can be much more straightforward than most businesses imagine. From talking to our clients, they have found moving from paper invoicing and desktop-based accounting software to the cloud and apps quickly makes the transition process a worthwhile investment of time. Digital accounting solutions bring in streamlined processes, up-to-date business data and greater confidence in the accuracy of information when making financial decisions.
Grenfell James works with your team to fully assess the needs of your business and minimise the impact of any transitions for solutions we recommend.
Score 13-19:
Measured Discovery
Your financial technology phase is Measured Discovery
% of respondent businesses are in this phase too.
Once cloud accountancy software is in place, there’s still plenty of scope to improve your accountancy processes and make sure your business is maximising the benefits of adopting a digital accounting solution. Grenfell James assesses each business to understand how any implemented solutions are being used, identify areas for improvement and the needs of the business overall to support your business goals and achieve success.
Our team of experts can discuss a range of time-saving automation and get different apps and cloud-based solutions talking to create and manage a digital accountancy eco-system to help your business grow.
Score 20-24:
Bold Innovation
Your financial technology phase is Bold Innovation
% of respondent businesses are in this phase too.
You know the benefits of accounting technology and the impact it can have on your business goals. If you want to take it a step further, our team can conduct a systematic review of your processes, apps and business goals to ensure your digital accountancy ecosystem is keeping pace with the changing needs of a growing business.