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Have You Received a Letter from HMRC About Making Tax Digital?
| 18-11-2025
HM Revenue and Customs (HMRC) are writing to some taxpayers to tell them what they need to do to get ready for the new Making Tax Digital rules that come into force next April.
Reminder: Companies House Identity Verification Becomes Mandatory from 18 November 2025
| 11-11-2025
From 18 November 2025, identity verification with Companies House will start to be required for
Skills England launches tools to help businesses upskill for the AI era
| 11-11-2025
A new report from Skills England has indicated that many employers are struggling to keep pace with AI-related changes.
HMRC App Usage on the Increase
| 11-11-2025
HM Revenue and Customs (HMRC) has reported that over 5.6 million people have accessed its app since the start of the current tax year (6 April 2025). The app offers
Budget Speculation: Are Tax Rises Looming?
| 11-11-2025
The Chancellor, Rachel Reeves, gave a surprise ‘pre-Budget’ speech last week that appeared to pave the way for tax rises in the Budget on 26 November 2025.
Renters’ Rights Act Becomes Law in England
| 05-11-2025
The government’s Renters’ Rights Bill has now become law, following Royal Assent last week. The new Act introduces a wide range of changes for private landlords in England. The details on how and when these new rules
ICO Consultation Opens on New Email and Text Marketing Rules for Charities
| 05-11-2025
The Information Commissioner’s Office (ICO) has launched a consultation on how charities can make use of new rules that will
Directors’ Report Requirement to Be Removed
| 05-11-2025
As part of its move to reduce ‘red tape’ and aid business growth, the government has announced plans to remove the requirement for companies to include a
Government borrowing rises in September – what it could mean for businesses ahead of the Budget
| 28-10-2025
Official figures show that UK government borrowing reached ÂŁ20.2 billion in September - the highest for the month in five years.
Government strengthens regulators’ duty to support business growth
| 28-10-2025
The government has announced a major shake-up in how UK regulators operate, aiming to make them more accountable and more focused on supporting business growth. Beginning last week, regulators have a stronger
Bridging Generational Gaps: How to Build a Better Workplace for Everyone
| 28-10-2025
Conversations about Generation Z (those born roughly after 1996) and the workplace tend to generate headlines - perhaps even blaming younger workers for disrupting the traditional norms
How to Save on Childcare Costs with the Tax-Free Childcare Scheme
| 21-10-2025
Running your own business often means juggling a lot - and for many, that includes childcare. With autumn school breaks rapidly approaching, HMRC is reminding working families that the Tax-Free Childcare
Why getting minimum wage calculations right matters more than ever
| 21-10-2025
Matthew Taylor CBE, author of the influential Taylor Review of Modern Working Practices, has been appointed as the first Chair of the new Fair Work Agency – a body that’s set to change how the UK enforces employment rights.
New Cyber Toolkit Helps Small Businesses Strengthen Their Defences
| 21-10-2025
Small businesses across the UK are being urged to take simple, practical steps to protect themselves from growing online threats - and a new free toolkit from the National Cyber Security Centre (NCSC) aims to make that
Charity Commission Warns on Key Risks for Charities
| 15-10-2025
A new “Charity Sector Risk Assessment” recently published by the Charity Commission identifies some of the serious risks charities in England and Wales are facing. The report draws on data
Why “Staff Welfare” Should Feature in Your Incident Response Plan
| 15-10-2025
Cyber incidents, data breaches and operational disruptions don’t just affect systems - they affect people. The National Cyber Security Centre (NCSC) has published guidance called
Striking Off vs Winding Up: What’s the Difference for Your Company?
| 15-10-2025
The Insolvency Service has reported on an investigation it made into a company that was serving as a front to enable unlicensed insolvency activities previously carried out by another
Weekly Cash Flow Checks: Stay Ahead of Surprises
| 15-10-2025
Cash flow is the lifeblood of any business. Without it, even profitable businesses can run into trouble. Yet many business owners, and even some finance teams, treat cash flow as a monthly or quarterly review item.

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HM Revenue and Customs (HMRC) are writing to some taxpayers to tell them what they need to do to get ready for the new Making Tax Digital rules that come into force next April. What is Making Tax Digital? Making Tax Digital for Income Tax is a new way for sole traders and landlords to provide their business accounts and tax information to HMRC. It involves using software to maintain digital accounting records and then submit reports to HMRC each quarter. From 6 April 2026, Making Tax Digital will be mandatory for almost all sole traders and landlords who had gross income over ÂŁ50,000 in the 2024/25 tax year. Why have you received a letter? If your 2024/25 tax return has already been filed and your total gross income from self-employment and/or rental income is more than ÂŁ50,000, then HMRC are likely to have written to you. It is worth noting that even if HMRC have not sent you a letter but your income from self-employment and/or rental income for the 2024/25 tax year is more than ÂŁ50,000, you will still be required to follow the new Making Tax Digital rules from next April. What to do next A small minority of taxpayers may be exempt from the new rules, so you may want to check this first. For instance, if it is not reasonable for you to use software to keep digital records or submit them to HMRC, it is possible to apply for exemption. HMRC would then confirm whether they accept your application. Otherwise, you will need to:
  1. Choose compatible software to keep the digital records needed for the new system. If you already use software to manage your accounting information, check with your provider that the software is ready for Making Tax Digital.
  1. Sign up on GOV.UK for Making Tax Digital for Income Tax.
If you need any help with signing up, choosing software or submitting reports to HMRC, please get in touch. We can offer you anything from tailored advice to a full Making Tax Digital service designed to give you peace of mind.

From 18 November 2025, identity verification with Companies House will start to be required for company directors and People with Significant Control (PSCs). The measure is intended to improve the reliability of information on the UK’s company register and support efforts to reduce economic crime.

The identity verification process was introduced on a voluntary basis in April 2025. According to Companies House, more than one million individuals have completed verification since then.

Companies House Chief Executive, Andy King, described the milestone as significant, saying: “Identity verification will help make sure that the people setting up and running companies are who they say they are. This will make our data more reliable and less open to misuse, supporting a more transparent and trusted business environment.”

When to verify

The specific date by which each director or PSC needs to verify their identity varies. Companies House says it will contact each company directly with this information. Broadly, the requirements are as follows:

Directors

PSCs

How to verify

Verification can be carried out in one of two ways: directly through Companies House using GOV.UK One Login, or as an Authorised Corporate Service Provider (ACSP) we can guide you through the process.

Verified individuals will receive a personal 11 digit code through the service. They will then need to provide this personal code for each company role they hold.

Other roles

Companies House plan to introduce identity verification for other roles in the future. This will include limited partnerships and corporate directors.

If you need any help verifying your identity or that of others for your company, please give us a call. We would be happy to help you!

See: https://www.gov.uk/government/news/one-million-people-verify-identity-early-ahead-of-companies-house-changes

A new report from Skills England has indicated that many employers are struggling to keep pace with AI-related changes. Their ‘AI skills for the UK workforce’ report introduces three new tools that could help businesses build confidence and capability in using AI responsibly.

Sector-specific challenges

The report identifies sectors that face particular challenges. For instance:

A consistent theme across all business sectors seems to be uncertainty over what is meant by “AI skills” and what staff need to learn. 

Three new tools for employers

The three new tools are as follows:

These tools are designed to make AI more accessible to employers, particularly smaller businesses that often lack the dedicated HR or training teams of larger organisations.

Dr Ameen said, “AI is reshaping the world of work across sectors, but without the right skills, too many people and businesses risk being left behind.”

To find out more, the full AI Skills for the UK Workforce report and supporting tools are available through Skills England.

HM Revenue and Customs (HMRC) has reported that over 5.6 million people have accessed its app since the start of the current tax year (6 April 2025).

The app offers a range of features that can be useful in viewing and managing your tax and national insurance records.

What are people using the app for?

According to HMRC, the most accessed services include:

If you’re using the app and want to make sure what the figures mean, or would like personalised guidance, please give us a call and we would be happy to help you!

See: https://www.gov.uk/government/news/lets-talk-about-tax-with-the-hmrc-app

The Chancellor, Rachel Reeves, gave a surprise ‘pre-Budget’ speech last week that appeared to pave the way for tax rises in the Budget on 26 November 2025.

What did she say?

The Chancellor’s scene setting speech outlined her priorities to cut NHS waiting lists, reduce the national debt, and improve the cost of living.

Quoting world challenges such as the continuing threat of tariffs, persistent inflation, the increasing cost of government borrowing, and pressures on public finances, the Chancellor acknowledged that productivity in the economy is weaker than previously thought.

This all means increasing pressure on revenue for the government.

The Chancellor indicated that her Budget would support businesses in creating jobs, innovating and protecting families from high inflation and interest rates. She further said: “If we are to build the future of Britain together, we will all have to contribute to that effort. Each of us must do our bit 
”

This is the clearest indication yet that tax rises are coming for everyone. So, what could this mean for you in the Budget? Let’s explore some of the possibilities.

Changes already due to take effect in 2026 and 2027

There are still some measures announced in Autumn Budget 2024 that have not taken effect yet. These are:

In addition, the new Making Tax Digital for Income Tax (MTD for IT) becomes mandatory for self-employed individuals and landlords with turnover over £50,000 from 6 April 2026. While not a tax increase, there is an increase in compliance costs to those affected. 

Predictions for Autumn Budget 2025

Manifesto promises included not increasing National Insurance, income tax or VAT rates. The October 2024 Corporate Tax Roadmap commits to keeping the small profits rate and marginal relief and not increasing the 25% main rate of corporation tax. Enhanced research and development tax reliefs and the ÂŁ1 million annual investment allowance for plant and machinery capital allowances are also to be kept.

However, the Chancellor’s speech now casts a doubt on these commitments. Here are a few of the possibilities we could see.

What should you take away?

Of course, predictions and possibilities of what might happen are speculative. However, the Chancellor’s determination to stick to her fiscal rules that keep the financial markets happy, coupled with the need to generate additional revenue, strongly suggest that there will be some wide-ranging changes in the Budget.

We will keep you updated on the Budget and any changes it brings. If you would like to discuss your personal situation and whether there are any actions you could take before the Budget, please get in touch. We would be happy to help you!

See: https://www.gov.uk/government/speeches/chancellors-scene-setter-speech-ahead-of-budget-2025

The government’s Renters’ Rights Bill has now become law, following Royal Assent last week. The new Act introduces a wide range of changes for private landlords in England.

The details on how and when these new rules will take effect are still to come, but here is a review of some of the key measures that will be introduced.

End of Section 21 evictions

The most notable change is the abolition of Section 21 ‘no fault’ evictions.

This doesn’t mean that landlords cannot evict tenants, but they will only be able to do so in certain circumstances.

Tenancy structure

The Act will replace most existing tenancy types with a single system of periodic (rolling) tenancies.

This means that if you use fixed 12 or 24-month contracts, they will no longer be possible. Tenants will be able to give two months’ notice at any time, rather than being tied in for a year or longer.

New ombudsman and registration requirements

A Private Rented Sector Ombudsman will be set up to handle complaints from tenants. Membership will be mandatory for landlords, and the ombudsman’s decisions will be binding.

A new Private Rented Sector Database will also be created. This is to help landlords understand their legal obligations and demonstrate compliance. Tenants will be able to use this when deciding to enter a tenancy agreement. Registration on the database may be necessary before being able to use certain grounds for repossession.

Other measures

Further reforms include:

Details on how and when the law will be implemented can be expected over the coming weeks.

See: https://www.gov.uk/government/news/historic-renters-rights-act-becomes-law

 

The Information Commissioner’s Office (ICO) has launched a consultation on how charities can make use of new rules that will allow greater use of electronic marketing in contacting their supporters.

From January 2026, the Data (Use and Access) Act will introduce a new ‘charitable purpose soft opt-in’. This will allow charities to send marketing emails and texts to people who have expressed interest in or offered to support a charity – even if they haven’t specifically ticked a consent box – provided certain conditions are met.

How the new rule will work

The change is intended to make it easier for charities to stay in touch with potential supporters and raise funds, while still protecting individuals’ data rights.

The charitable purpose soft opt-in will not apply to contacts already held in existing databases. Charities must always provide a clear opportunity to opt out – both when contact details are first collected and in every communication sent.

ICO’s consultation

The ICO’s consultation runs until 27 November and invites feedback from charities and others working in the third sector.

Emily Keaney, the ICO’s Deputy Commissioner for Regulatory Policy, said the soft opt-in is intended “to help charities stay connected with the people who want to support them, while still making sure everyone has control over how their data is used.”

Steps charities can take now

Although the new rule won’t apply until 2026, the ICO has provided some tips on what charities can do to prepare.

  1. Update your privacy notice – make sure it clearly explains how your charity will use their personal information.
  1. Plan your communications – decide how you will explain the soft opt-in when collecting new contact details, and how you’ll make it clear why someone is receiving marketing messages.
  1. Keep separate contact lists – since you cannot send electronic mail marketing to people whose contact details were collected before the soft opt-in commences, you’ll need to keep separate lists of those who have given their consent and those who will be contacted under the soft opt-in.
  1. Train your team – ensure staff know how to handle queries or complaints about marketing messages.

Next steps

Charities interested in shaping how the new rules are applied can respond to the ICO’s consultation.

See: https://ico.org.uk/about-the-ico/media-centre/news-and-blogs/2025/10/consultation-on-new-charitable-purpose-soft-opt-in-rules-to-support-fundraising/

As part of its move to reduce ‘red tape’ and aid business growth, the government has announced plans to remove the requirement for companies to include a directors’ report as part of their annual accounts.

Micro-entities are already exempted from the requirement to include a directors’ report in their accounts; however, it is intended that the requirement will be removed for all companies. It is estimated that this will affect approximately 440,000 companies.

Medium-sized private companies will also be exempted from the requirement to prepare a strategic report as part of their annual report and accounts.

Wholly-owned subsidiaries will also be exempted from preparing a strategic report, provided their disclosures are included in the UK parent company’s annual report and accounts.

Estimates suggest that these changes could save UK businesses in the region of ÂŁ230 million each year, and legislation to bring about these changes will be introduced as soon as possible.

See: https://www.icaew.com/insights/viewpoints-on-the-news/2025/oct-2025/directors-reports-to-be-scrapped-and-more-companies-exempt-from-strategic-reports

Official figures show that UK government borrowing reached ÂŁ20.2 billion in September – the highest for the month in five years. The figures, released by the Office for National Statistics (ONS), underline the financial pressures facing the Chancellor as preparations continue for next month’s Budget.

Borrowing, which measures the gap between government spending and income from taxes, was ÂŁ1.6 billion higher than in September last year. The ONS said that although the government raised more through taxes and National Insurance, this was outweighed by higher spending, particularly on debt interest and inflation-linked costs.

Implications for the upcoming Budget

Higher borrowing means there is less room to manoeuvre in November’s budget. The rise in debt interest costs – nearly ÂŁ10 billion in September alone – reduces the funds available for tax cuts or new spending commitments.

These figures are likely to make the Chancellor’s job more difficult when setting out her Budget plans. The Office for Budget Responsibility will update its forecasts alongside the Budget, setting out how much “headroom” the Chancellor has under her own fiscal rules. Many expect that the chancellor will need to raise taxes to meet those rules.

Analysts at Capital Economics estimate that around ÂŁ27 billion may need to be raised, with households expected to carry much of that burden.

What might be in the Budget

Chancellor Rachel Reeves has been keen to emphasise that the government remains committed to manifesto promises not to raise the rates on income tax, VAT or National Insurance.

She has also made promises on taking “targeted action to deal with cost of living challenges” in the Budget. One idea suggests that the current 5% rate of VAT charged on energy could be reduced.

This suggests that any tax rises will at least be framed in such a way as to avoid the impression that people are receiving less in their pay packets.

Speculation around where tax rises could come from includes:

Keep calm and carry on

Of course, the uncertainty that precedes a Budget leads to all kinds of speculation. We will only know what measures will definitely be used when the Budget announcement takes place.

We will keep you updated following Budget day on the measures likely to affect you. If you would like personalised advice on your tax situation, please call us at any time. We would be happy to help you!

See: https://www.bbc.co.uk/news/articles/c8035130918o

The government has announced a major shake-up in how UK regulators operate, aiming to make them more accountable and more focused on supporting business growth.

Beginning last week, regulators have a stronger growth duty, meaning they’ll be expected to balance their oversight role with helping businesses invest, innovate and expand. The change is designed to ensure regulation remains proportionate and doesn’t hold back economic activity.

A new public dashboard of regulator performance will also be launched. The new GOV.UK site, which will be updated quarterly, will bring together performance data into one place and allow for direct feedback to the government.

Business and Trade Secretary Peter Kyle explained that the aim is to strip back unnecessary rules and pointless paperwork while keeping essential protections in place. He described the stronger growth duty and new transparency measures as part of the government’s wider “Plan for Change” to boost investment and job creation.

For business owners, will these changes mean a more responsive and balanced regulatory environment that’s clearer about helping your business grow? Let’s see.

See: https://www.gov.uk/government/news/growth-placed-at-the-heart-of-regulators-remit-alongside-new-measures-to-boost-scrutiny-and-transparency

Conversations about Generation Z (those born roughly after 1996) and the workplace tend to generate headlines – perhaps even blaming younger workers for disrupting the traditional norms of office culture.

Generational differences are nothing new, but if differences lead to conflict this can be detrimental both to staff and your business. When differences are managed well, though, they can bring out the strengths of every generation – creating a more innovative, resilient and productive workplace.

What’s happening

Many employers are noticing a shift in attitudes. Younger workers tend to value flexibility, mental health, and meaningful work, while many older workers were shaped by more traditional ideas about presence, hierarchy and progression.

Older workers may view the younger generation as lacking “grit” or commitment, while younger employees might see their more experienced colleagues as resistant to change or too wedded to traditional ways of working.

Many Gen Z entrepreneurs are also bringing fresh values into the way they run their own businesses – building businesses that are tech-savvy, purpose-driven, and often more informal.

What can you do?

In the main, it’s about practical management and good communication. Here are a few ideas:

The takeaway

Generational differences aren’t a threat – they’re a resource. For your business, blending the energy and digital fluency of younger staff with the experience and resilience of older workers can be a real competitive advantage.

The most effective goal isn’t to preserve a single way of working but to create one that works for your business. That starts with communication, trust, and a willingness to keep learning from each other.

Running your own business often means juggling a lot – and for many, that includes childcare. With autumn school breaks rapidly approaching, HMRC is reminding working families that the Tax-Free Childcare scheme can be a good way to make some savings.

What’s on offer

Through the scheme, you can get up to ÂŁ2,000 a year toward childcare costs for each child up to the age of 11, or up to ÂŁ4,000 (up to the age of 16) if your child is disabled. The government adds ÂŁ2 for every ÂŁ8 you pay into your childcare account – and you can use that money to pay for approved childcare, such as nurseries, wraparound childcare, after-school clubs, or holiday clubs.

Your childcare provider needs to be signed up to the scheme before you can pay them, so you do need to check with them to see that they’re signed up.

It’s completely flexible: you can pay in whenever you like, use it straight away, or leave it in the account until needed. If your plans change, any unused money can be withdrawn.

Who can use it

You don’t need to be on a payroll to qualify – self-employed parents can use the scheme too. Your family may be eligible if:

How to get started

You can apply online by visiting the Tax-Free Childcare section of GOV.UK. Each child needs their own account, and the government top-up is added to each one separately.

Once your account is open, you’ll need to reconfirm your details every three months to keep the top-up payments coming.

With school holidays around the corner, now’s a good time to check if you’re eligible and set up your account – especially if you’re self-employed or running a small business and need reliable childcare to keep work flowing smoothly.

See: https://www.gov.uk/government/news/570000-families-avoid-the-halloween-chills-by-using-tax-free-childcare

Matthew Taylor CBE, author of the influential Taylor Review of Modern Working Practices, has been appointed as the first Chair of the new Fair Work Agency – a body that’s set to change how the UK enforces employment rights.

The Agency, which launches in April 2026, will become a single point of contact for workers and employers.

Government figures suggest that 900,000 UK workers have holiday pay withheld each year and nearly 20% of minimum wage workers are underpaid.

The Fair Work Agency will be given stronger powers to investigate and tackle employers. These include workplace inspections, civil penalties for underpayments, and the ability to bring proceedings against an employer on behalf of a worker.

At the same time the Agency is being tasked with providing support to businesses on following employment laws so that employers who want to do the right thing aren’t being undercut by those who don’t.

With the Agency not being launched until next April, now is the time to review how your business calculates pay.

If you’re unsure whether your pay systems are up to date or need help understanding how upcoming changes in employment law might affect your payroll, we would be happy to help you! A quick review now could save a costly investigation later.

See: https://www.gov.uk/government/news/new-agency-chair-appointed-to-crack-down-on-minimum-wage-underpayment-and-worker-exploitation

Small businesses across the UK are being urged to take simple, practical steps to protect themselves from growing online threats – and a new free toolkit from the National Cyber Security Centre (NCSC) aims to make that much easier.

The Cyber Action Toolkit, launched this week at the NCSC’s Annual Review, offers tailored guidance to help sole traders, micro businesses and small organisations strengthen their cyber security.

NCSC’s latest annual review warns that every organisation with digital assets is a potential target for criminal cyber attackers. NCSC’s CEO, Dr Richard Horne, urged all businesses to ‘act now.’

A growing problem

Recent figures show that 42% of small businesses reported a cyber breach in 2024, while more than a third of micro businesses faced phishing attempts. Many small firms admit they simply don’t know where to start – often because cyber protection feels complicated or time-consuming.

The NCSC’s new toolkit aims to help with that. It breaks cybersecurity down into simple, achievable steps for businesses, with straightforward actions tailored to their size and needs.

What the new toolkit offers

The Cyber Action Toolkit is free to use and provides:

It’s structured around three levels – Foundation, Improver and Enhanced – so businesses can progress through the levels at their own pace and build their resilience gradually.

As you put in place the basic measures recommended by the toolkit, this can be a good starting point in later working towards Cyber Essentials certification.

Taking the first step

For busy business owners, cybersecurity can easily fall down the to-do list. But the reality is that small steps now can save a lot of time and stress later, and the Toolkit seems to be a useful tool in helping with that.

You can access the Cyber Action Toolkit free through the NCSC website.

See: https://cybertoolkit.service.ncsc.gov.uk

A new “Charity Sector Risk Assessment” recently published by the Charity Commission identifies some of the serious risks charities in England and Wales are facing.

The report draws on data from annual returns, serious incident reports and casework. It notes several pressures that are making it harder for many charities.

What the risk assessment found

Some of the headline issues include:

What should trustees do?

The Charity Commission have included some guidance for trustees in the report. The importance of careful forecasting and planning, and being able to respond quickly to any early warning signs, is emphasised.

The Charity Commission has a range of guidance to help trustees fulfil their responsibilities around financial stewardship, and it is planned to promote these further in a new awareness campaign this autumn.

If you would like personalised assistance with your charity, please get in touch. We would be happy to help you!

The full report can be read here: https://www.gov.uk/government/publications/charity-sector-risk-assessment-2025/charity-sector-risk-assessment-2025

Cyber incidents, data breaches and operational disruptions don’t just affect systems – they affect people.

The National Cyber Security Centre (NCSC) has published guidance called “Putting staff welfare at the heart of incident response” to help organisations consider the impact of a cyber incident on the people involved. While the guidance has been available for some time, the increasing prevalence of cyberattacks continues to make it timely.

When things go wrong – whether it’s a cyberattack, system failure or security breach – employees may feel stress, uncertainty, fatigue, guilt, or anxiety. The NCSC’s view is that if welfare is overlooked, it actually undermines the resilience of the whole response effort. A team that’s burnt out or demoralised is less able to think clearly, act decisively, or recover well.

What the NCSC recommends

The guidance lays out five core recommendations for making sure that staff welfare is considered:

If you have an incident response plan (or are planning to build one), it’s worth reviewing it through a welfare lens by using NCSC’s guidance.

To review the guidance, see: https://www.ncsc.gov.uk/guidance/putting-staff-welfare-at-the-heart-of-incident-response

The Insolvency Service has reported on an investigation it made into a company that was serving as a front to enable unlicensed insolvency activities previously carried out by another firm.

The investigation resulted in the Insolvency Service winding up the company in the public interest. The case serves as a reminder that only properly licensed insolvency practitioners can act as a liquidator or administrator for a company.

However, if you’ve reached the point where your company has run its course and you want to close it down, does that mean your only option is to formally wind it up using a licensed insolvency practitioner?

No. Another option open to many companies is to have the company ‘struck off.’

Let’s explore the differences between striking off a company and winding it up, and in what circumstances you might choose one over the other.

What is striking off?

Striking off, often known as ‘dissolution,’ is the simpler and usually cheaper way to close a company. Basically, you apply to Companies House (using form DS01) to have the company removed from the register. Once that happens, the company no longer legally exists.

It’s typically used when the business is no longer trading, there are no debts outstanding, and all assets (like cash in the bank or equipment) have been distributed to shareholders.

What is winding up?

Winding up (or “liquidation”) is a more formal process. A licensed insolvency practitioner is appointed to sell off the company’s assets, settle debts, and distribute anything left over to shareholders. Once everything is complete, the company is struck off the register.

It’s typically used when:

Key differences at a glance

Why choose one over the other?

If your business is small, debt-free, and you just want to wrap things up simply, striking off is often a good option. It’s also common for dormant companies or businesses that never really got off the ground.

On the other hand, if your company is insolvent, if you want legal certainty that everything has been settled properly, or if you’re dealing with significant assets or liabilities, then the formal winding up process is better.

Final thought

Both routes end with the company being removed from the register, but the right choice depends on your company’s financial position and how much formality is needed.

To get personalised advice on the right option for your company, please give us a call. We would be happy to help you!

See: https://www.gov.uk/government/news/manchester-company-used-as-front-for-unlicensed-insolvency-activities-is-shut-down

Cash flow is the lifeblood of any business. Without it, even profitable businesses can run into trouble. Yet many business owners, and even some finance teams, treat cash flow as a monthly or quarterly review item. That’s a mistake.

A weekly cash flow check is a simple, powerful habit that keeps you informed, proactive and in control. It’s a simple routine that will help you to keep your business financially healthy, spot opportunities early, and gain confidence in every decision.

What can weekly checks do for you?

Weekly cash flow checks can help you to:

What are the core steps for a weekly check on cash flow?

Hopefully, you’re convinced of the benefits, but how do you do it? Here are five steps to a weekly check on cash flow.

STEP 1: Update Cash Position

Start by reviewing your bank balances and reconciling them with any outstanding invoices and bills.

You’ll need to make sure your accounting data is accurate and up-to-date, but this should help you know exactly how much cash is available.

STEP 2: Project the Next 2-4 Weeks

List out everything you expect to receive and everything you expect to pay out over the next 2-4 weeks.

This will help you to see where potential shortfalls could come, or where you might have an opportunity.

STEP 3: Compare Forecast to Reality

Look back at last week’s projections and notice how they differed from what happened in reality. Make sure you know the reason “why” behind differences. Was it a late payment? Were there unexpected expenses? Or did a sale you were expecting not come off?

As you do this, you’ll get better at estimating what’s likely to happen in future. For instance, you might tend to be too optimistic about when customers will pay you.

STEP 4: Identify Action Items

Based on what you’ve learned, you should be able to list out some actions that can be taken over the coming week.

Don’t necessarily try and list everything possible. You only have a week before the next review. Make sure that you flag the most critical issues so that you can make a meaningful adjustment.

You might decide to set a program of calls to customers to chase collections, defer non-critical expenses, or adjust staffing plans.

STEP 5: Document and Track Trends

Keep a simple log of your weekly checks. Over time, patterns can emerge that will help you in your budgeting, forecasting and decision making.

Tips

Bottom line

Weekly cash flow checks can transform your financial management from reactive to proactive. It can mean peace of mind and smarter decisions, and give you an insight into your business that goes way beyond what day-to-day bookkeeping allows.

If you would like assistance in making a cash flow check part of your weekly routine, please get in touch. We would be happy to help you!