Can anyone get a tax enquiry?

Yellow and pink zig zag

Each year HM Revenue & Customs (HMRC) undertake an enormous number of tax enquiries into individuals and businesses to check they have paid the right amount of tax. Since 2010 HMRC have strengthened their approach to enquiry work by using wider powers and sophisticated software and consequently a record £36.9 billion of additional tax revenue … Read more

What is a dividend?

What is a dividend

“You can take a dividend” – That’s great, but what is a dividend? The business world can be a big scary place, where people use lingo that you may not understand. However, some words and phrases sound far scarier than they actually are. We have noticed that the mention of dividends seems to scare a … Read more

Do new small businesses need an accountant?

laptop

According to business start-up statistics in the UK, 20% of businesses fail in their first year and around 60% will go bust within their first three years. Approximately 660,000 new start-ups register in the UK every year according to The Telegraph, so what are the reasons for such a high failure rate? While there are … Read more

15 things you didn’t know an accountant could do

accountant with laptop

When asked “What does an accountant do?” many people answer with accounts, tax or compliance work. While that’s true, what many don’t know, is that the good ones do so much more. The best accountants will become a part of your team; they will give you strategic advice to save money and boost revenue, they … Read more

What are the pros and cons of becoming self-employed?

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Self-employment is quickly becoming an area of interest for many people. It’s not surprising really when you hear that UK redundancies hit a record of 370,000 in the last quarter of 2020. As the unemployment rate rises to 4.9%, many people are looking at their options and wondering if now is the time to strike … Read more

Anti-money laundering and our clients

money bags

Anti-money Laundering – sounds scary, doesn’t it? Our governing body (AAT) requires us to follow strict guidelines to help us spot signs of money laundering. Although we trust our clients, we must follow all of the steps to comply with the regulations. What is anti-money laundering? Our team are all trained to spot the signs … Read more

Have ‘New school’ accountants replaced ‘old school’ bank managers?

'New school' accountants have replaced 'old school' bank managers for small businesses - blog

We have an increasingly complex financial ecosystem, yet UK businesses feel that they have no one to turn to.  It’s not surprising, since we’ve seen a reduction in bank branches and bank managers over the past 20 years, but what business owners don’t know is that they do have someone. To help SMEs in a … Read more

When do I need to send my Tax Return Information to my accountant?

Calendar and alarm clock

Your self-assessment tax return is the document that is needed to calculate how much tax you owe personally. This return includes your dividends, employment income, rental income etc. One way to ‘stress out’ your accountant is to send them your tax return information in January. However, many people don’t understand why January is so stressful … Read more

What information is needed to complete my personal tax return?

documents

…… AND WHY! It’s that time again ….. tax returns! From the 6th of April, accountants start to request information from clients. In this blog, we will go through what information accountants need and why. At 1 Accounts we request the below information from all of our clients via our Karbon software. A secure virtual … Read more

Claim Your Small Business Grant – TODAY

The small business grant - are you eligible

Claim Your Small Business Grant – TODAY If your business is eligible for small business rate relief OR rural rate relief: Your local authority will provide you with a one-off grant of £10,000. (So, doesn’t need to be paid back).  If you are a retail, hospitality or leisure business: The government is giving you a … Read more