Watson Knipe Blog

At Watson Knipe, we're committed to supporting small businesses through important changes in tax reporting. One of the biggest changes on the horizon is the rollout of Making Tax Digital for Income Tax (MTD for ITSA). The next phase becomes mandatory in April 2026, and it's important to start preparing now to avoid disruption later.

From April 2026, businesses and landlords with over £50,000 must comply with Making Tax Digital (MTD) for Income Tax. This means using HMRC-approved software to keep digital records and send quarterly updates to HMRC instead of filing a self-assessment tax return.

The Autumn Budget 2024 introduced significant changes to National Insurance Contributions (NICs) that will directly impact company directors, particularly those who take a minimal salary for tax efficiency.

From 6 April 2024, the main rate of Class 1 employee NICs will reduce to 8%, while the employer rate remains at 13.8%.

Running a small business comes with its fair share of challenges, and managing finances is often one of the most daunting tasks. With limited resources and time, keeping track of income, expenses, taxes, and payroll can feel overwhelming. Fortunately, accounting software such as QuickBooks, Sage, Xero, and FreeAgent has transformed how small businesses handle their financial responsibilities.

As a business owner, staying on top of your accounting and tax obligations is crucial to avoiding penalties and keeping your operations running smoothly. Here is a comprehensive guide to the key accounting and tax dates you need to know for 2025.

The Autumn Budget 2024 brought notable changes to National Insurance Contributions (NICs), impacting both employers and the self-employed. With adjustments set to take effect from April 2025, businesses and individuals need to understand how these changes will affect their finances and take action to mitigate the impact.

The past few years have been very challenging for all businesses due to the ever-shifting economic landscape. Economic conditions have fluctuated and unexpected factors have meant that it’s been difficult for businesses to grow. In such an environment, simply reacting to change is not enough.

At Watson Knipe in Ravenshead, Dawn plays an invaluable role as a dedicated and skilled bookkeeper. With her expertise in bookkeeping and VAT support, she has become an integral part of the team, ensuring that clients remain informed about their corporation tax liabilities and managing various financial tasks with precision.

Jane Wilson plays a vital role at Watson Knipe Accountants, focusing on Payroll and Construction Industry Scheme (CIS) services. With nearly two decades of payroll experience, she brings significant expertise from her previous role at a UK-based international company.

Starting a business is a thrilling and challenging journey, full of potential and possibility. However, it can also be fraught with financial risks and uncertainties. For any start-up, getting the financials right from the outset is crucial for long-term success.

We all know it’s difficult to run a business as the cost of living and inflation are increasing in the UK. We have collated some information about a few small business grants that may interest you.

At Watson Knipe, we pride ourselves on our dedicated team, and one such valued member is Hollie Pritchett. Hollie is an AAT-qualified accountant who joined our firm through an apprenticeship program over 14 years ago. Since then, she has gained a wealth of experience in corporate and self-employed accounts, bookkeeping, and VAT returns.

Louise Warden is a key team member; she joined us in 2017. Louise, a qualified accountant with AAT qualifications, plays a vital role in supporting clients with self-assessment tax returns and other accounting needs.

If you're a sole trader or a small business owner who must submit a self-assessment tax return each year, this guide will help you navigate the process and manage your tax payments effectively.

We have written about company structure before, but we believe this is a very important topic. The benefits of being a sole trader vs. setting up a Limited Company do need to be reviewed occasionally by business owners, especially with all the changes we have had recently with corporation tax.

Welcome to our latest blog post, highlighting the dedicated professionals who make Watson Knipe an exceptional accountancy firm. This month, we’re delighted to introduce Sarah Shadbolt, a Certified Chartered Accountant with over two decades of experience.

Management accounts are financial reports business owners and directors use internally to make informed business decisions.

Employers use the P11D form to report details of expenses and benefits paid to employees or directors as part of their employment, which are not included in their wages or salaries and are not subject to PAYE tax deductions.

Clients often ask us how they can save on their corporation tax. We have written this article to highlight five ways you can do this.

However, there are many other ways as well, which depend on your personal circumstances, so it’s always worth talking to your accountant to check if there is more that you can do to reduce your tax liabilities.

Over the past few months, we have helped our clients file their self-assessment tax returns for 2022/23. The deadline for submission and payment was 31 January 2024. We have written this blog to advise anyone who has been unable to submit a tax return or pay their tax bill on time.