Artifin Accountants UK

  Your Legal Obligation as an Employer When an employee calls in sick, you need to know your legal responsibilities. Statutory Sick Pay (SSP) is non-negotiable. If an employee meets the criteria, you must pay it. Who You Must Pay SSP To Three conditions must be met: The employee has worked for you for 3+ months Earning at least £120 per week Off sick for 4+ consecutive days If all three apply, SSP is mandatory. The Rates and Duration Current rate: £96.35 per week Duration: Up to 28 weeks Self-employed staff don't qualify for SSP they claim ESA instead. Avoid Costly Mistakes Many employers underpay or miss payments because they're unclear on eligibility. That's expensive. Get the Statutory Sick Pay rules right from the start. If you're uncertain, speak to your accountant. Need Clarity? Watch our quick breakdown: https://www.instagram.com/reels/DXevuw4Dv2W/

  The Legal Shield Most Growing Businesses Miss Operating as a sole trader feels simple. But there's a serious risk most growing businesses ignore. If your company fails, your personal assets are exposed. That's not the case with a Limited Company . How Limited Liability Works A Limited Company is a separate legal entity. It owns property, takes on debt, and enters contracts independently. If creditors can't recover money from the company, they can't come after your personal finances. Your home, savings, and possessions stay protected. What Actually Qualifies Trading debts Unpaid supplier invoices Business loans (unless personally guaranteed) Exceptions do exist — personal guarantees on loans or fraudulent director conduct remove this protection. When to Make the Switch If your business is growing and you're reinvesting profits, operating as a sole trader leaves you unnecessarily exposed. A Limited Company structure isn't just tax-efficient — it's lega...

  Running a limited company is challenging enough without facing a corporation tax bill you cannot afford to pay. If your business is struggling with cash flow, an HMRC corporation tax payment plan could give you more time to settle the debt while avoiding more serious enforcement action. HMRC's Time to Pay arrangement allows eligible businesses to spread Corporation Tax payments over manageable monthly instalments. The key is acting early before the debt escalates. Why Corporation Tax Payment Problems Cost You Money Many directors assume they can simply pay HMRC when funds become available. Unfortunately, delaying action often results in additional costs. Most UK companies must pay corporation tax within 9 months and 1 day after the end of their accounting period . If payment is late, HMRC charges interest and may begin debt recovery procedures. (Source: HMRC Corporation Tax payment rules ) For example, a company with a year-end of 31 March 2026 would generally need to pay its...

  Many people are surprised to discover they've paid too much tax after taking money from their pension. In fact, an HMRC pension tax overpayment is one of the most common tax issues affecting retirees and individuals accessing their pension savings for the first time. This usually happens because pension providers apply an emergency tax code to the initial withdrawal. As a result, HMRC may temporarily assume you'll receive the same amount every month, leading to a much higher tax deduction than you actually owe. The good news is that, in many cases, you can reclaim the overpaid tax. Why Does an HMRC Pension Tax Overpayment Happen? When you make your first flexible pension withdrawal, your provider may not yet have the correct tax code from HMRC. Instead, they often use an emergency tax code on a "month 1" basis. This can make a one-off pension withdrawal appear to be your regular monthly income for the entire tax year. The result is that far more income tax is d...

The Hidden Tax Relief Nobody Talks About HMRC is practically handing out a 40% discount on new equipment, and most UK business owners have no idea it exists. It's called the First-Year Allowance , and it's a legitimate way to slash your taxable profits immediately. How It Actually Works Buy qualifying equipment (laptops, machinery, office furniture) in 2026? You can deduct 40% straight away. Real example: £10,000 spend on new laptops 40% deduction = £4,000 off your taxable profits At 25% Corporation Tax rate = £1,000 cash saved Not spread over years. Claimed in year one. (Source:  Claim capital allowances ) What Qualifies Machinery and equipment Office furniture Technology and computers Main Rate assets Don't Leave Money on the Table Timing matters. Before any major equipment purchase this year, speak to your accountant about claiming the First-Year Allowance . It's tax relief on equipment you're buying anyway and real money back in your pocket. Watch our quick brea...

  The Problem You Didn't Know You Had Your warehouse is sitting on dead inventory, and you're unnecessarily inflating your taxable profit because of it. What HMRC Actually Allows Stock must be valued at the lower of cost or realisable value. Here's the key: Damaged goods = zero value Genuinely unsellable items = zero value That write-down = immediate expense on your books The Tax Saving A business with £20,000 of dead stock can save £5,000 in Corporation Tax (at 25% rate) by correctly writing it down. How to Do It Right List all obsolete items Document why they're unsellable (photos, sales history) Have your accountant process the write-down before year-end This isn't creative accounting; it's smart, legitimate tax planning that directly reduces your taxable profit and puts cash back in your pocket. Dead inventory sitting around? It's time for a conversation with your accountant. Watch our quick breakdown on reducing taxable profit through inventory write-...