Category: News

Mini-Budget: The key points and how you could be affected

The mini-budget statement was today delivered to the House of Commons by Chancellor of The Exchequer, Kwasi Kwarteng. He pledged to “turn the vicious cycle of stagnation into a virtuous cycle of growth”. This growth plan is a key announcement for the new government which includes significant tax cuts and tens of billions of extra spending.

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How to recession proof your finances as a small business

It’s a harsh reality that a recession would impact every person in the UK one way or another, whether you are a business owner, a contractor or employed on a full time or part time basis. The impact of inflation is already starting to take its toll on a lot of small businesses and homeowners, especially

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The Advantages of being a Sole Trader

You may have seen our previous blog post, highlighting the advantages and disadvantages of setting up a Limited Company as opposed to becoming a sole trader. When setting up a business, both options come with a series of pros and cons. Different set-ups require a different way of running things, so the right choice for one

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Dividend Tax Explained With Salary & Dividend Tax Calculator

The vast majority of our clients operate as Limited Companies, and there are many advantages in doing so. One of the main ones is that, as a Director & shareholder, you can receive dividends in addition to your director’s salary. This gives you far greater control and flexibility over your income in terms of when and

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The Advantages of Forming a Limited Company

If you’re ready to set up your own business, a ‘limited company’ is the second most popular way of doing so in the UK. As of last year, there were around 4.5 million private limited companies, and a further 500,000 are incorporated each year. As with any business decision, there can be both advantages and disadvantages

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FreeAgent and Making Tax Digital: What you need to know

For many small businesses and freelancers, the Making Tax Digital legislation will not have a huge impact on how they manage their finances already. A lot of people have already made the switch to a digital way of working, as it’s easier, less time-consuming and more cost effective. Since the pandemic, we’re used to holding virtual

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Self-Assessment Tax Returns, Capital Gains Tax & Buy-To-Let Landlords

A Self-Assessment tax return can look very daunting. However, if you’re prepared, organised and have specialist help from a self-assessment accountant on hand, it’s a lot simpler than it may seem. At Gorilla Accounting, we understand that you lead a busy life. Running your business will take up a huge amount of your time already, so

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Small Business Owners and the Cost of Living

It’s a difficult time for many small business owners at the moment, as we see energy prices soar after only just recovering from the repercussions of the pandemic on many sectors. Rising fuel and energy costs are currently one of the biggest threats to SMEs, with many seeing rises of 1400%. In the coming months, they

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Forming a Limited Company: 11 things you need to know

Setting up your own limited company can be nerve-wracking, but also the most exciting step in your career so far. Since the pandemic, more and more people are deciding to follow their own dreams, hoping for a better work/life balance. For 49%, flexibility is the main factor driving their interest in going self-employed or freelancing, and

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Making Tax Digital: Challenges & Opportunities

HMRC estimated that they lost out on around £10bn of VAT in the tax year 2018-19 – a significant percentage of overall VAT revenue. MTD is HMRC’s 10 year programme to combat this tax gap. It aims to digitise, and to some extent standardise, the tax system to improve accuracy, reliability and efficiency. It’s a complete

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Crypto & Tax: Do you need a Cryptocurrency Accountant?

2021 proved to be a volatile year for investments, particularly the cryptocurrency market. With big names such as Bitcoin and Ethereum reaching their all-time highs at the back end of the 2021 calendar year, why is it that so many people have been talking about the crypto market? The answers appear to be simple at first

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