Smith Newmans

With inflation increasing the cost of goods and services, and higher interest rates making borrowing more expensive, many UK businesses are facing tighter margins. These changes can strain cash flow and affect your bottom line. So, what can you do? ✅ Review expenses to identify areas where you can cut costs without sacrificing quality. ✅ Improve cash flow by speeding up invoicing and reviewing payment terms. ✅ Plan for the future by creating a financial strategy that accounts for fluctuating market conditions. A strong financial plan can help your business stay resilient during uncertain times - get in touch if you need help with yours. #BusinessStrategy #RisingCosts #Inflation #InterestRates #FinancialPlanning #UKBusiness

Starting from 1 April, new car tax changes will impact businesses with petrol, diesel, and electric vehicles. For petrol and diesel cars: The first-year vehicle excise duty (VED), also known as showroom tax, will increase. Cars with higher CO2 emissions will see their first-year tax rise significantly. For example, a new Range Rover's first-year VED will go from £2,745 to £5,490. For electric vehicles (EVs): EVs will no longer be exempt from vehicle tax. From April, they will pay £10 in the first year, then the standard £195 each year after. Hybrids will also lose their £10 discount and will be charged £195 from the second year. How does this affect businesses? If your business owns vehicles, these changes could increase your costs. Whether you have petrol, diesel, or electric cars, it’s important to stay ahead of these tax updates. Want to learn more about the changes and how they might affect your business? Read the full article here. https://buff.ly/ZwJ5bvh #CarTaxChanges #BusinessVehicles #ElectricCars #HybridVehicles #TaxUpdates #VED #SmithNewmans

The UK financial year ends on 5th April, while the corporation tax year runs from 1st April to 31st March. As we approach these key dates, here’s what businesses need to do: 🔵 Review your financial records to make sure everything is up to date. 🔵 Prepare for tax filing by checking outstanding tax payments. 🔵 Look for any available tax reliefs, such as R&D credits or capital allowances. 🔵 Gather necessary documents for your accountant, like invoices and receipts. 🔵 Plan your financial strategy for the year ahead. Take these steps now to ensure a smooth transition into the new financial year. Get in touch with our team if you need help with. #UKFinancialYear #TaxPlanning #SmithNewmans

Chancellor Rachel Reeves delivered a Spring Statement that was largely uneventful, leaving many expected changes, like ISA reforms and tax threshold adjustments, untouched for now. The statement sets the stage for a more significant Autumn Budget, with experts anticipating that tax thresholds may continue to be frozen beyond 2028. There was also no mention of the pension reforms many had hoped for, despite growing concerns about long-term retirement savings in the UK. Looking forward, we may see new changes in the summer pension schemes bill, and with state pensions forecast to rise, further adjustments could be on the horizon. Stay tuned for more updates as we await the upcoming Budget. https://buff.ly/r4y9HNj #SpringStatement2025 #UKBudget #TaxReforms #Pensions #RetirementPlanning #SmithNewmans

5 Major Business Tax Mistakes to Avoid Taxes can be tricky, and even small mistakes can cost your business money. Missing deadlines, misreporting income, or overlooking deductions could lead to penalties or lost savings. Here are five common tax mistakes and how to avoid them: 1️⃣ Missing Deadlines – Late filings can result in penalties and interest charges. Mark key tax dates to stay on track. 2️⃣ Incorrect Expense Deductions – Claiming ineligible expenses or missing out on deductions can lead to an audit or lost savings. 3️⃣ Misreporting Income – Not reporting all earnings, including side income, can cause tax issues later. 4️⃣ Poor Record-Keeping – Disorganised financial records make tax filing harder and increase compliance risks. Keep everything documented. 5️⃣ Not Seeking Professional Advice – Tax rules change, and misunderstandings can be costly. Expert guidance helps ensure accuracy and maximises savings. Stay ahead of tax season by avoiding these common mistakes. #BusinessTaxes #TaxTips #SmallBusiness #SmithNewmans

Thousands of pension holders are scrambling to withdraw their savings following the government’s plan to include pensions in inheritance tax from 2027. The surge in requests has led to six-week delays, leaving some retirees waiting months for their money. While many hope to avoid a hefty tax bill, rushing withdrawals could impact long-term financial security. Is it worth cashing in early? Read the full article to learn more. https://buff.ly/CjwIipE #PensionPlanning #InheritanceTax #RetirementSavings #FinancialPlanning #TaxChanges #SmithNewmans

Thinking about outsourcing your business finances? It could be one of the best decisions you make. Handling bookkeeping, payroll, and tax filings on your own takes time - time that could be spent growing your business. By outsourcing, you get expert advice, fewer errors, and peace of mind knowing everything is handled properly. Plus, with a professional managing the numbers, you can focus on what you do best. Thinking about making the switch? Let’s chat. #BusinessFinance #Bookkeeping #Payroll #TaxFiling #SmallBusinessSupport #SmithNewmans

Happy St. Patrick’s Day! ☘️ While you’re celebrating, why not take a moment to check in on your finances too? A fresh start isn’t just for the new year. Now’s a great time to review your books, plan ahead, and make sure everything is in order. And if you need any help, we’re always here to chat. Enjoy the day, and may the luck of the Irish be with you! 🍀 #StPatricksDay ☘️ #LuckOfTheIrish #MoneyMatters #SmallBusinessSupport

Get ready for the upcoming changes in 2025! There are some key dates UK business owners should keep in mind, especially with the higher tax rate coming in April. Make sure you're prepared for important deadlines like Corporation Tax filings, changes to energy bills, and tax updates for the new financial year. Staying on top of these dates can help you avoid fines and plan your finances better. Feeling unsure about how these changes might affect your business? Don’t worry - read the full article to stay ahead. https://buff.ly/CJLxXcb #BusinessTips #TaxUpdate #UKBusiness #FinancialPlanning #SmallBusiness #SmithNewmans

When was the last time you checked your business’s financial health? A regular financial health check helps you spot potential issues early, manage costs better, and improve overall profitability. It’s like a routine check-up for your business - making sure everything is running smoothly before small problems turn into big ones. From cash flow to expenses, reviewing your finances can help you make smarter decisions and keep your business on track. Need help with a financial health check? Get in touch with our team today. #FinancialHealth #BusinessFinance #SmithNewmans #CashFlow #BusinessGrowth