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Welcome to the Ellacott Morris Accountancy Blog – Your Gateway to Financial Clarity!

Discover simplified insights and expert advice on tax, accounting, and financial management. At Ellacott Morris, we're not just number crunchers; we're your partners in prosperity.

Explore articles tailored for businesses and individuals, covering tax-saving tips, accounting essentials, and the latest financial trends. We break down complex topics into straightforward steps, making finance accessible to everyone.

Our friendly team of accountants is here to empower you with the knowledge needed to make informed decisions. Stay ahead in the financial game with Ellacott Morris by your side.

Prosperity begins with understanding. Let's navigate the world of finance together – welcome to the Ellacott Morris Accountancy Blog!

Financial Support for Businesses

BimalaWyatt
Thursday, June 20, 2024

You may be surprised to know that there are various pots of funding and financial support opportunities available to businesses, in addition to normal business finance solutions. Here at Ellacott Morris, we’ve collated a few sources below, which are available to Essex businesses.

Make your Business more Account-able with our new Account-ability service…

MichelleMorris
Thursday, May 9, 2024

What’s the most crucial element of your business? Your finances! A good understanding of your financial position and steady control of your numbers are vital to your business’s success. Poor cash flow can kill a company, bad debt can destroy a business… Therefore, it’s time to get more account-able! 

It’s Good to Give…

AnjuliSymonds
Thursday, May 9, 2024

If your business can afford to give to charity, then it makes good business sense to do so. Not only are there tax benefits, but charitable giving also provides a whole host of other benefits to your business… 

 

How do I change my Accounting Software?

MichelleMorris
Thursday, May 9, 2024

If you’re looking to change the accounting software your business uses, or you’re looking to change accountant, and your preferred company uses a different system to you, then how do you make the switch?

HMRC Scammers Blog article

JordanWyatt
Thursday, April 25, 2024

Sadly, not everything is always as it seems and it’s important in our digital age to be aware of scams and suspicious activity.

HMRC’s Let Property Campaign

AlisonWoodcraft
Thursday, April 11, 2024

Imagine, hypothetically of course, that you own a property which is rented out, but you inadvertently overlooked your responsibility to pay tax on the rental income you’ve been receiving. What would you do?

Changes to High Income Child Benefit

JamesMorris
Tuesday, April 2, 2024

At Ellacott Morris we like to keep everyone up to date with any changes that could affect our clients. The changes to the High Income Child Benefit Charge (HICBC) that are due to come into force in April 2024 will impact a lot of people…

HMRC Helpline

MichelleMorris
Saturday, March 30, 2024

In a recent development, HMRC caused a stir by announcing the closure of their self-assessment helpline for six months of the year, starting from April this year. However, the decision was temporarily paused less than a day later following a significant backlash.

Minimum Wage Increase for 2024

JamesMorris
Friday, March 15, 2024

Here’s some good news for anyone paid minimum wage - as of 1st April 2024, all rates are set to increase.

What Does An Accountant Do?

MichelleMorris
Sunday, February 18, 2024

Are you interested in finance and numbers? Have you ever considered a career as an accountant but weren't sure what exactly an accountant does? Look no further!

How Much Does an Accountant Charge?

AnjuliSymonds
Sunday, February 18, 2024

Hiring an accountant in the UK can be a critical decision for businesses of all sizes. However, the cost of hiring an accountant can vary depending on several factors, including the complexity of your financial situation, the size of your business, and the specific services you require.

Why You Need a Government Gateway Account

OliviaAdams
Friday, January 26, 2024

When it comes to managing your business and personal tax affairs, having a Government Gateway account is essential.

Health Insurance

JamesMorris
Thursday, January 25, 2024

Do you offer company health insurance for your employees? Have you considered how healthy insurance can impact the overall health of your business and not just your staff?  

Here are our top ten benefits of company health insurance…. 

Van Lease or HP

BimalaWyatt
Thursday, January 25, 2024

When it comes to choosing a commercial van for your business, there are several options for you to consider. It can be confusing to know which is the most financially suitable and sensible option for your financial arrangements. We’re here to help you avoid any bumps in the road and make the best decision for your business… 

Making Tax Digital – Are you Ready?

JordanWyatt
Thursday, January 25, 2024

The way that self-employed taxpayers submit their self-assessment tax returns in set to change… It’s important to be aware that if you own a business or are self-employed and pay income tax, national insurance, VAT or corporation tax, then it is likely you will be affected by the arrival of Making Tax Digital (MTD). 

Cryptocurrency Taxation

KarenRai
Thursday, January 25, 2024

In our increasingly ‘virtual’ world, it’s no surprise that even assets now come in digital form.  

IR35 – What’s it all about?

AnjuliSymonds
Thursday, January 25, 2024

IR35 is a piece of tax legislation that was enforced in 2000, designed to reduce exploitation of the tax system by contractors supplying their services through a limited company when really the role they are undertaking should be that of an employed person.

Side Hustle - Online Sales

MichelleMorris
Tuesday, January 23, 2024

Have you heard about the new online sales reporting rules? It's important to understand these changes and how they may affect you. Here's what you need to know ...

Xero’s New 90 Day Re-Consent Process – Now Live!

BimalaWyatt
Thursday, January 18, 2024

This January, Xero have announced their new simplified process for UK bank feeds within Xero, making the team at Ellacott Morris even more pleased with Xero as our chosen cloud accounting software.  

Expenses Allowable Against Rental Income

JordanWyatt
Thursday, January 18, 2024

If you have a rental property or portfolio of properties, it’s important to understand what is classed as an allowable expense against your rental income.

Self-employed allowable expenses

AlisonWoodcraft
Thursday, January 18, 2024

If you’re self-employed, you only pay tax on the profit you make, known as taxable profit. Therefore, it’s important to understand which expenses you can claim, ensuring you don’t pay too much or too little tax.  

When can I Claim Food & Drink as a Business Expense?

KarenRai
Thursday, January 18, 2024

Now, here’s a question we get asked A LOT by our self-employed clients… 

Q - When can I claim food and drink as a business expense?  

Let us provide you with the answers – although, sadly it’s not as straight forward as you might have hoped…. 

Important HMRC Dates for your Diary

MichelleMorris
Thursday, January 18, 2024

If you’re in the process of populating your new 2023 diary, then here are some crucial dates not to be missed…. 

Letting Out Your Property as a Holiday Home

JamesMorris
Thursday, January 18, 2024

Gaining a rental income by letting out your property as a holiday home is a great way to add another revenue string to your bow, or even as your sole source of income. The important thing is that you are aware of all the rules and regulations before you decide to open your doors… 

Managing Multiple Income Streams…

EdwardFisher
Thursday, January 18, 2024

Gone are the days when simply having a job was enough… In our 21st century working world, entrepreneurial-minded professionals no longer want to be limited to just one job or career path, or just one source of income… 

PAYE tax by DD

JaimeBeaver
Thursday, January 18, 2024

Here at Ellacott Morris, we love it when HMRC make things easier! Their recent introduction of a new function that enables businesses to pay PAYE tax by direct debit has done just that.  

What are Payments on Account?

AnjuliSymonds
Thursday, January 18, 2024

If you have submitted a self-assessment tax return you may have been asked to make a ‘payment on account’ (POA) but are unsure what this means and why you’ve been asked to make it.  

Get ahead of your Self-Assessment Tax Bill

MichelleMorris
Thursday, January 18, 2024

More great news from HMRC for those who pay their tax via a self-assessment tax return… 

 

If you’ve even been caught out by your tax bill, or miscalculated what you thought it might be, then you’ll know what a nasty surprise you can be in for when you file your self-assessment tax return and see a figure you weren’t expecting. It happens to the best of us!  

Group Company Structures

BimalaWyatt
Thursday, January 18, 2024

If you’re considering changing the structure of your business or businesses to a group structure, you need to read on… 

 

It’s important to understand all the pros and cons of creating a group of companies. This blog article explains all the areas you should consider before deciding which is the best structure for your organisation.  

 

Super-deduction is coming to an end…

JordanWyatt
Thursday, January 18, 2024

Back in April 2021 we shared a blog article on our website about super-deduction. Super-deduction was a scheme introduced following the pandemic to try and boost capital spending.