Blog | RMT Accountants and Business Advisors Newcastle

September 1, 2022

Back to basics: Job expenses

Expenses incurred by employees are generally the responsibility of the employer. Quite often, however, employees have to bear the cost themselves when travelling for work, having meals and even providing clothes, which in most cases are not tax deductible. What employment expenses qualify for tax relief in the UK? Work-related travel Having to travel to

August 22, 2022

MANAGING THE MANAGEMENT BUY-OUT PROCESS

By Michael Cantwell, head of corporate finance at RMT Accountants & Business Advisors Ltd One of the main outcomes of the pandemic has been a change in priorities for many people when it comes to their work. For some, this has meant stepping away from their jobs earlier than they’d previously planned or deciding to

August 10, 2022

ENSURING A SMOOTH TRANSITION INTO NEW GP PARTNERSHIPS

By Maxine Pott, director of RMT Accountants & Business Advisors’ specialist healthcare division One of the trends that we’ve noticed during our work with primary care practices is the increasing number of salaried GPs who are investigating and then taking on full partnership roles. There are a number of drivers for this, including the greater

August 2, 2022

COVID business loans scheme extended for two years

The Recovery Loan Scheme, which helped businesses throughout the pandemic, has been extended for a further two years. Launched on 6 April 2021, the Recovery Loan Scheme (RLS) was one of several finance schemes available to struggling businesses. It provided financial support to businesses across the UK as they recovered and grew following the Coronavirus

August 2, 2022

I can’t pay my tax bill – what should I do?

With fluctuating incomes and the costs of living hitting businesses and individuals alike, people who have never previously had any issue with paying tax bills on time may have found themselves passing the 31 July payment on account deadline without being able to pay what they owe. If this is the position you find yourself

August 2, 2022

HMRC set to modernise direct debit system for employer PAYE

HM Revenue & Customs (HMRC) has announced plans to offer a recurring direct debit to employers as part of their wider payment modernisation programme. At present, employers can only set up a direct debit to collect a single payment. The launch of this service, slated for mid-September this year, will see a change to the

August 2, 2022

Back to Basics on Business Mileage

Ask anyone who either uses their vehicle for business reasons, or puts fuel in a company car, and you will soon realise business mileage can be a confusing topic. It’s important to know that if you fall into either of these two categories, you might be able to claim tax relief for business mileage. HM

July 26, 2022

GETTING THE RIGHT REFINANCING RESULT

By Julie Cuthbertson, corporate finance manager at RMT Accountants & Business Advisors The old adage ‘cash is king’ remains as true in business today as it’s always been and it’s pretty much certain that, at some point in their lifespan, mature businesses are going to need to do something to review and realign their cashflow

July 5, 2022

Britons lose millions in penalty charges as they cash in LISAs

Millions of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges. According to HM Revenue & Customs (HMRC), a record 77,500 LISA savers were issued over £33 million worth of early withdrawal charges in 2021/22. Early withdrawal from LISAs attracts a 25