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What do the proposed Companies House reforms mean for small businesses

The UK government has proposed a number of reforms to Companies House, the official registrar of companies in the UK. These reforms should improve the transparency and accountability of companies, making it easier for law enforcement agencies to investigate financial crime. Whilst it might mean some extra admin, it should paint a more transparent picture of a business, helping people make more informed decisions about who they do business with.

There are 3 main proposed changes:

  • Enhanced Identity Verification helps to deter criminals from using companies for illegal purposes.
  • Compulsory filing of profit and loss accounts for all small companies, making it easier for investors, customers and suppliers to assess a company’s financial health.
  • Digital filing only makes it easier for Companies House to process filings and simultaneously help reduce fraud.

Let’s look at the changes in more detail and what they can mean for small businesses.

When and why are the changes happening?

Since February 2022, the UK Government has made clear its intention to expand the role and powers of Companies House to address the increasing misuse of UK corporate identities and improve the accuracy of filed data. The changes form part of the Economic Crime and Corporate Transparency (ECCT) Bill. As the ECCT is still making its way through Parliament, the changes are still at the proposal stage, so the exact timings aren’t yet known. 

The vision of the changes for Companies House is to create a single, cost-effective, sustainable way of filing accounts, which will be secure, transparent and traceable. 

Enhanced Identity Verification

One of the most significant proposed changes is introducing an identity verification process for all company directors, People with Significant Control (PSC), and those filing on behalf of a company. This move is designed to reduce the risk of fraud and ensure accurate information is provided to Companies House.

Implications for Small Businesses: While identity verification may seem like an added layer of bureaucracy, the intention is to protect businesses. By ensuring that only legitimate individuals can register or make changes to a company’s details, small businesses are safeguarded from potentially fraudulent activities. However, it also means that small businesses need to make sure their documentation is always up-to-date and accurate.

Compulsory filing of profit and loss accounts for all small companies

Currently, small companies don’t have to file profit and loss accounts with Companies House. This change would mean that all small companies will be required to file this information annually, making it easier for investors, customers and suppliers to assess a company’s financial health.

Implications for Small Businesses: This change has pros and cons for small business owners. For some, it may mean more paperwork and potential costs. They might have to spend more on accounting help, and competitors could see how they’re doing financially. While it may make things clearer and fairer for everyone, it also means less privacy for the businesses’ earnings. 

Digital filing

Currently, companies can file their accounts with Companies House in paper form using web-based systems or software. Under the proposed reforms, all filings would need to be made digitally. That will make it easier for Companies House to process filings and help to reduce fraud. Companies House has already begun work to move to software-only accounts filing, which will see the removal of all other filing routes for accounts.

Implications for Small Businesses: The move to digital filing could save small businesses time and money. However, it’s important to ensure they have access to the technology and support they need to comply with the new requirements.

The overall impact on small businesses

These reforms are likely to significantly impact small businesses in the UK, particularly having to file profit and loss accounts which could add more administrative burden. But, on the plus side, the increased transparency may help attract investors and customers, making it easier for small businesses to raise finance.

Overall, we believe the proposed Companies House reforms will have a positive impact on small businesses in the UK. They will improve transparency, accountability and security, making it easier for small businesses to raise finance and generate growth.

What can small businesses do to prepare for the reforms?

Nothing will change until after the ECCT Bill receives royal assent, so you don’t need to do anything differently yet. But preparation is key, so, here are our tips on how small businesses can get ready for the reforms:

  • Keep good records. Keep good records of your financial transactions, making it easier to prepare the required accounts for filing. It’ll also demonstrate compliance with the new regulations.
  • Get familiar with the new requirements. Get to know the new requirements by reading the guidance published by Companies House.
  • Seek professional advice. If you need help complying with the new requirements, seek professional advice from an accountant or solicitor.

Following these tips will help you stay on track as the changes come into play. From keeping your records to advice on the changes and what they mean for you and your business, we’re always here to help.

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VAT Turns 50: Our Review of the Highs and Lows of This Tax in its 50th Year

As the UK’s VAT turns 50, as accountants, we review the highs and lows of this tax in its 50th year.

Value Added Tax (VAT) was introduced in the UK on 1 April 1973 to replace the old purchase tax. It is a consumption tax charged on the sale of goods and services. Over the last half a century, we’ve seen the welcome highs and horrible lows of VAT. So, here are our observations.

VAT highs

You might think that there haven’t been many highs for VAT over the last 50 years but:

  • VAT’s been a very successful tax for the UK government. It’s relatively easy to collect and generates a significant amount of revenue.
  • It’s helped simplify the UK’s tax system. By replacing several other taxes, it’s easier for businesses to calculate and pay their taxes.
  • VAT helped promote cross-border trade. Applying the same tax rate to goods and services sold in different countries makes it easier for businesses to trade internationally.

VAT lows

As you’d expects there is a list of lows when it comes to the impact of VAT, such as:

  • VAT can be a complex tax for businesses to comply with. As we’re sure you already know, there are several different rules and regulations that you need to know about and it can be tricky to keep up with changes to the law.
  • It’s a pain for consumers’ pockets. Added VAT on goods and services makes them more expensive, which means they may be more reluctant to spend.

Looking to the future

As we look to the future, VAT will continue to be an important source of revenue for the UK government. However, it’s also likely that the tax will continue to evolve with changes to VAT rates or new rules and regulations.

The UK may adopt a different approach to VAT in the future, for example, moving to a single rate of VAT or adopting a destination-based taxation system.

Only time will tell what the future holds for VAT. However, one thing is for sure, VAT will continue to be a major factor in the UK tax system for many years to come. As accountants, we closely monitor VAT developments and are here to help you understand, and comply with the latest VAT rules and regulations. Get in touch if you’ve got any VAT-related questions.

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A Review of the Government’s Employment Bill Overhaul of Tips & Gratuity Practices for Employers

Good news for those working in hospitality and other industries where employees rely on tips to top up their take home. The UK Government recently passed an Employment Bill that overhauls the tips and gratuity practices for employers. The new law, which won’t come into effect until 2024, makes it illegal for employers to withhold tips from their employees. This means that all tips left by customers, whether paid in cash or by card, must be passed on to the employee in full.

How does the new law protect employees?

The new law is designed to protect workers and make sure they receive the full benefit of their tips. It also provides clarity for businesses so they know whether they’re toeing the line when it comes to tips. 

The new Employment Bill has been welcomed by many, including trade unions and workers’ rights groups. However, some businesses have expressed concerns about how much it will cost them to be compliant and are worried about the potential for the law to be abused.

It remains to be seen how the new law will be implemented and the impact it’ll have on businesses and workers. But it’s a positive step forward in protecting workers’ rights and making sure they receive the full benefit of their tips.

Benefits of the new law

There are several benefits to the new law, including:

  • Increased staff retention. It will help to reduce staff turnover in the hospitality sector, as workers will be more likely to stay in jobs where they know their tips are given out fairly.
  • Increased earnings: It’s estimated the new law will collectively boost earnings for workers by £200 million per year. This will be particularly welcome for the many who’re facing rising living costs.
  • Better transparency. The new law will increase transparency in the tipping process, which could help to prevent fraud and abuse.
  • Improved customer service. Employees paid a fair wage are more motivated and better placed to deliver good customer service. As we know ourselves, a happy team makes for a better business. 

Challenges with the new law

There are a few pitfalls that come with the new law, such as:

  • Increased compliance costs. Businesses will need to put new systems and procedures in place by 2024 to make sure they’re compliant with the law. This could mean spending money and extra work for those behind the scenes. 
  • Potential for abuse. There is a risk some businesses may try to circumvent the law by misclassifying tips as wages, or through other methods to avoid paying tips to their employees.
  • Unclear enforcement. It’s unclear how the law will be enforced, which could leave businesses and workers uncertain about the way forward.

Overall, the Employment Bill is a positive step forward for workers’ rights. But, as well as the benefits, some challenges need addressing to make sure it does what it was designed to do. If you’ve got any questions about the ins and outs of paying your staff or, in particular, payroll then get in touch today. 

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How to Chase Monies Owed Using Statements of Accounts?

As a business owner, one of the most important things you can do is keep track of your finances. This includes tracking your income and expenses, so knowing exactly what’s coming in and what’s going out, as well as any outstanding debts. One way to do this is by using statements of accounts.

What is a statement of accounts?

A statement of accounts is a document that summarises your financial activity over a period of time. It typically includes information like your income, expenses, assets and liabilities. They can be used to track your cash flow, identify areas where you could save money and make sure you’re paying your bills on time.

If you’re owed money by a customer, you can use a statement of accounts to track the outstanding debt. This will help keep track of the amount of money owed, the date the payment is due and any late fees that may be incurred.

How to use a statement of accounts

There are a few different ways to chase monies owed using a statement of accounts. One way is to send the customer a copy of the statement of accounts and a reminder that payment is due. You could send the customer a letter or email requesting payment. If the customer still doesn’t pay, you may need to take further action, like sending a letter before action to the customer or taking them to court.

Here are our tips for chasing monies owed using a statement of accounts:

  • Be polite and professional at all times.
  • Be clear and concise in your communications.
  • Set a deadline for payment.
  • Follow up if the payment is not received by the deadline.
  • Be prepared to take further action if necessary.

Extra tips for using statements of accounts

Here are a few extra top tips to help you in using statements of accounts to chase debts:

  • Keep good records. Make sure you keep copies of all correspondence with the customer and any other documentation related to the debt. You’ll need this information if you need to take legal action.
  • Be patient. It may take time to collect the debt. Don’t give up if you don’t get paid straight away, and remember it’s better to receive little and often than nothing at all.

Chasing monies owed can be challenging and is rarely any business owner’s favourite part of running a business, but it’s important to take action if you’re not paid. By using statements of accounts and following our tips above, you’ll increase your chances of successfully collecting the debt.

If you’re struggling to collect a debt owed, consider using a debt collection agency. Always seek the advice of a professional accountant if you’re unsure how to go about collecting a debt. Our accountants are here to help with a range of tasks – the good, the bad and the ugly.

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Domestic Reverse Charge VAT for Construction Services Explained

Just what the world needs – more types of tax. The Domestic Reverse Charge (DRC) for construction services is a tax change that came into effect on 1 March 2021. The DRC applies to businesses that supply construction services to other businesses, which means they cannot charge VAT on those supplies anymore. Instead, the person or business that has received the construction services is now responsible for accounting for the VAT. So the customer rather than the supplier is liable to account for and pay the VAT to HMRC.

Who does the DRC apply to?

The VAT domestic reverse charge must be used for most supplies of building and construction services and applies to standard and reduced rate VAT services for businesses who are registered for VAT in the UK and reported within the Construction Industry Scheme.

How to comply with DRC

If you’re a supplier of construction services, you not only need to know about the DRC, but make sure you’re on the right side of the law to keep the HMRC happy and avoid incurring a penalty. 

Here are our tips to help you comply with the DRC:

  • Identify your customers. Make sure you know which of your customers are VAT-registered businesses.
  • Check your invoices. Check that your invoices do not include VAT for construction services supplied to VAT-registered businesses.
  • Register for the DRC. If you’re not already registered for the DRC, you must do so. You can register online at GOV.UK.
  • Keep records. Keep records of all the construction services you supply to VAT-registered businesses. They should include the date and value of the supply and the customer’s VAT registration number.

Extra tips for complying with DRC

Here are some more helpful tips if you’re affected by the DRC:

  • Talk to your accountant. If you’re unsure how the DRC will affect your business, talk to your accountant. They’ll be able to help you understand the changes and make sure you’re compliant.
  • Use accounting software. Accounting software helps you to keep track of your VAT transactions and ensures that you’re correctly accounting for the DRC.
  • Be prepared for challenges. The DRC is a complex change, and it may take time for businesses to adjust. Be prepared for some initial challenges, and be patient as you work through them.

By following these tips, you can make sure the transition to the DRC is as smooth as possible and that you’re compliant and keep the HMRC and their fines at bay.

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How to Claim the Working from Home Tax Relief

If you’ve been working from home since the COVID-19 pandemic, you may be eligible to claim tax relief on your expenses. The government offers a flat rate of £6 per week, which is available to all employees who work from home for at least one day during the tax year because it’s required by your employer. You can only claim for things to do with your work, for example, business phone calls or gas and electricity specifically for your work area. You can’t claim for things that you use for both private and business use, like your broadband.

Can I claim?

Employees can apply directly for tax relief for working from home via GOV.UK for free.  If you use the online service, you’ll need to create a Government Gateway account (if you don’t already have one) and give basic information about your employment. You’ll also need to provide evidence of your working from home expenses, such as receipts or bills. You can claim through your self-assessment tax return, online or by filling in a P87 form. 

Not everyone who works from home is eligible to claim tax relief. To be eligible, you must meet certain criteria, including;

  • You must have been required to work from home by your employer if they don’t have a place of work, such as an office.
  • You must have incurred additional household costs as a result of working from home.
  • You must not be receiving expenses directly from your employer to cover the extra costs of working from home.

The deadline for claiming the tax relief for working from home is 31 January, following the end of the tax year. For example, the deadline for claiming tax relief for the 2022/23 tax year is 31 January 2024.

How to claim

The steps to claim the working from home tax relief in the UK are:

  • Check if you’re eligible. You’re eligible to claim if you work from home at least part of the time and are not self-employed.
  • Calculate your expenses. Don’t forget you can claim for expenses you incur as a result of working from home but not for things that you use for both personal and private use. So business calls – yes, Netflix – no. 
  • Keep evidence of your expenses. Keep all receipts or bills to support your claim.
  • Claim online or through your self-assessment tax return. You can use the HMRC online service or submit your claim through your self-assessment tax return.

Claiming tax relief for working from home helps you save money on your tax bill. If you’re eligible, make sure you claim what you’re owed. If you’re unsure of whether you’re eligible or what expenses you can claim for, or any other tax-related query, we’re always here to help.

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How Does Business Turnover Determine the Health of Your Business?

When it comes to understanding turnover, it can be much easier than understanding profit, with gross and net to contend with. Business turnover is the total revenue generated by a business in a given period, such as a year. It’s an important measure of a business’s financial health and can give you an idea of how well the business is performing and whether it’s growing or shrinking.

Factors that can affect business turnover

There are lots of things that can affect your turnover, from the overall economic climate to the industry you’re in as well as how effective your marketing and sales strategies are. A healthy business typically has a high turnover rate, indicating it’s attracting new customers and retaining existing ones.

A low turnover rate might not necessarily be a red flag, you may have just started out, gone part-time or been on maternity leave for much of the year. But if your business’s turnover rate is declining for no obvious reason, then it’s important to take a closer look at what may be making your turnover take a turn for the worse.

How to improve a business’s turnover rate

There’s no magic wand you can wave to boost your business’s turnover, but are some things you can do to give it the best chance of bouncing back or continuing to grow, including:

  • Invest in marketing and sales. A strong marketing and sales strategy helps you reach new customers and generate more revenue.
  • Build a strong brand. A strong brand helps you stand out from your competition and attract new customers.
  • Provide excellent customer service. Delivering excellent customer service helps you build relationships with customers and keep them coming back for more. 

By taking steps to improve the turnover rate, businesses can boost their financial health, and give them the best chance of long-term success.

Extra tips to improve business turnover

Here are a few more top tips for boosting your business’s turnover:

  • Focus on your target market. Ask yourself ‘Who are my ideal customers? What do they need or want?’ Then tailor your marketing and sales strategies to reach these customers and show them that your product or service can address their pain points. 
  • Make it easy for customers to buy from you. This might sound like a strange one but you’d be surprised how many websites make it hard for customers to find what they’re looking for at a few clicks of a button. Make sure your website is simple to use, and the checkout process is streamlined. Offer multiple payment options and make it easy for customers to get in touch if they’ve got a question.
  • Provide excellent customer service. Go above and beyond to meet the needs of your customers. Respond to enquiries as swiftly as you can, don’t keep customers waiting as they’ll soon turn to someone else. 
  • Keep your products and services up-to-date. Stay ahead of the competition by offering new, innovative products and services, and give existing ones a new lease of life. 
  • Invest in marketing and advertising. Tell people about your business! Some businesses spend 5% on marketing and advertising and others spend 20% and more. If your target market doesn’t know about you, they can’t buy from you. So, invest in marketing and advertising to reach new customers and generate more revenue.

Following these tips could give your businesses a little lift or a big boost and we’re here to help with money matters like tax whenever you need it. 

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Understanding the P11D and What to Include to Meet the July Deadline

Tax and filling in forms go hand in hand. If you’re an employer and your employees receive taxable benefits in kind, then you need to know about the P11D as it must be completed by the 6th of July each year.

The important P11D sections to complete

There are different sections in the P11D form to complete in full. The most important sections include:

  • Section 1: employee details. This section includes the employee’s name, address and National Insurance number.
  • Section 2: benefits in kind. This section lists all the benefits the employee has received during the tax year.
  • Section 3: calculation of taxable benefits. This section calculates the amount of tax due on the employee’s benefits.
  • Section 4: employer’s declaration. This section must be signed by the employer to confirm the information on the P11D is correct.

If you’re an employer, you must complete the P11D form correctly and on time. If not, you could be hit with a fine from the HMRC.

Tips for completing the P11D

Here are our top tips for completing the P11D form:

  • Start early. Don’t wait until the last minute to complete the P11D form. Give yourself plenty of time to gather all the information you need.
  • Use the right version. There are different versions of the P11D form depending on the type of business. So, make sure that you use the right version for your business.
  • Check your work. Once you’ve filled in the P11D form, check it then check it again.
  • Submit the form on time. Always submit the P11D form to HMRC by the 6th of July each year to avoid penalties.

P11D extra tips

  • Keep good records. Keep all the information needed to complete the P11D form, such as receipts, invoices and contracts.
  • Use a payroll software program. This helps you calculate the tax due on your employees’ benefits.
  • Get help from a professional. If you’re unsure how to complete the P11D form, always get help from a qualified accountant or tax adviser.
  • We’re here to help make sure you file your P11D right the first time, on time. So before the deadline rolls around again next year, get in touch to find out more.

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What IS Employer’s Liability Insurance?

What is employer’s liability insurance? ELI?

In the UK, employers must legally have employer’s liability insurance (ELI) if they employ one or more people. It’s a form of insurance that protects businesses from employee legal claims for things like work-related injuries and illnesses.


The minimum level of cover is £5 million, although many employers decide to increase this to a higher amount. ELI covers the cost of any claims for employers, including medical expenses, lost wages and legal fees.

Benefits of Employer’s Liability Insurance

There are several benefits to having Employer’s Liability Insurance, including:


● Peace of mind. Knowing you and your business are financially protected should one of your employees become ill or suffer an injury is worth its weight in gold.
● Covers the cost of claims. In most cases, if an employee makes a claim, your insurance will cover the cost of the claim, rather than having to pay out of your own pocket.
● Improved staff morale. With ELI in place, you’re showing your employees that you’re taking their safety seriously by providing a safe working environment. This can lead to a happier, more positive and more productive workplace for everyone. And happier staff makes for a better business.

How to get ELI?

You can buy Employer’s Liability Insurance from various insurance companies that offer this type of cover. Choose a policy that meets all your needs and provides the right level of cover.

Employers’ Liability Insurance: extra tips

Now you know what ELI is and why it’s important for all employers to have this insurance protection in place, here are some extra tips to help you get the best cover:


● Get quotes from multiple insurers. The cost of ELI can vary, depending on your needs and the insurer. So, get quotes from several providers before making your decision.
● Make sure the policy covers all your employees. Regardless of job title or location, your ELI insurance policy should cover every employee in your business, wherever they work from.
● Read the policy carefully before signing on the dotted line. Make sure you read through the policy thoroughly, particularly understanding the terms and conditions, before you put pen to paper.


Securing the best ELI policy for your business is not just a legal requirement, it’s an important way to protect your business, too.

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What Are the Top Small Business Taxes in the UK?

As a small business owner in the UK, various taxes must be paid to HM Revenues & Customs (HMRC) and the government. Let’s look at the most common types of tax a small business has to pay.

Corporation tax

This is a tax on your business’s profits. Essentially, HMRC takes a percentage of what you make, after costs. The current rate of corporation tax on small businesses is 19%.

Income tax

Another tax on what you make is income tax but this tax is on what you earn as an individual. How much you pay in income tax depends on how much your income is, as there are several different levels of tax.

National Insurance (NI)

This tax is paid by the employer and the employee. This, along with how much you earn as an individual, determines how much National Insurance each party will pay. 

Value Added Tax (VAT)

This is a tax on goods and services bought and sold in the UK, whether you are a business or an individual. The standard rate of VAT is currently 20%.

How much tax do small businesses pay?

How much tax you are liable for as a small business depends on a number of different factors, including the size of your business, how much profit you make and how many employees you have.

However, as a general rule of thumb, small businesses in the UK should expect to pay around 20% of their profits in tax, which includes corporation tax, income tax and National Insurance.

How can small businesses reduce their tax bill?

Want to reduce your tax bill? There are a number of ways you can do this, such as:

  • Claiming business expenses. Businesses can claim a deduction for various business expenses (but not all), including travel expenses, office supplies and equipment.
  • Make use of tax reliefs. There are a variety of tax reliefs that businesses can apply if they are eligible. These include the small business rate of corporation tax and a research and development tax credit.
  • Set up a limited company. Businesses that are set up as a limited company can benefit from lower rates of corporation tax.
  • Use tax planning strategies. Various tax planning strategies can be used to lower the amount of tax your business has to pay. But before you implement any such strategy, get the help of an accountant or tax advisor to make sure that (a) the plan is right for your business and (b) it does what it says on the tin!

Taxes are a necessary evil for businesses. They can be complex and confusing, so it’s important to not only understand the different taxes you have to pay but also to seek the advice of professionals to help reduce your tax bill.

Paying your taxes: extra tips

Here’s some extra tips to help small businesses lower the tax bill:

  • Keep good records. It’s important to keep good records of your income and expenditure, as this will help when it’s time to file your tax returns.
  • Use accounting software. Accounting software packages and apps are great at helping you keep track of all your financial incomings and outgoings. They can also help with the preparation of your annual tax returns.
  • Get professional help. As we always recommend, if you’re unsure about anything related to personal or business taxes, always seek professional advice from an accountant or tax advisor.

We know tax can seem scary, but by following these tips and advice, you can make sure you’re not only paying the right amount of tax but are also taking advantage of all the tax deductions and reliefs you’re entitled to.

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