Helping businesses earn more, pay less tax, allowing you to live the life you want
Chartered Accountants on the outskirts of York
Chartered Accountants in York
As business owners ourselves we know the frustration, stress, and sleepless nights caused by running a business, managing a team, and keeping track of what taxes are due.
At Inglis, we save you time, stress and money by helping you stay in control of your business and maximising your tax reliefs. We are more than just an accounting firm, we support you and your business in the long term, and help you achieve your business and life goals.
Net Zero Accounting
Inglis have proudly reached the first level of certification to becoming a Net Zero business, working with climate action platform, Net Zero Now.
A Force For Good
Whilst profit, tax and cash is important to us, we support several good causes including Wetwheels Yorkshire, York Mind, and Kitchen For Everyone York.
Popular services
At Inglis, we offer a range of accounting services to help your business grow and thrive
Virtual Finance Director
Leave us to manage the finance function of your business so you can concentrate on the day-to-day running of your business. As your Virtual Finance Director, we will be a sounding board you can bounce ideas off, as well as acting as your business coach and working alongside you to ensure you meet your business goals.
Management Accounts
Do you know how much money is coming in and going out of your business on a day by day, week by week basis? In order that you can make informed decisions to manage your business better, we offer a management accounts service that will help you keep on track of your company's numbers.
Bookkeeping
As you grow your business the number of transactions you complete can quickly add up and bookkeeping can become a daunting and endless task. We offer an out of house bookkeeping service so all you need to do is pass us your sales invoices and receipts and we will do the rest.
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32 Ways To Save Tax and Extract Maximum Value From Your Business
Ever wonder what you can take out of your business or how you can save more tax? This guide explores 32 ways of ensuring that you’re maximising every opportunity you could be to improve your life, your families and your employees.
Latest Blog Articles
A few days ago, the Bank of England held interest rates at 5.25%, currently at its highest level for 16 years. The interest rates affect mortgage and credit card payments for millions of people across the UK. But it also means that you’re more likely to be paying tax on the interest income you’ve accrued. Let’s take a look at the impact of higher interest rates on your savings income and tax liabilities. What is the personal savings allowance? Most of us can earn up to £12,570 from any source without paying tax. Separate from (and in addition to) this income allowance is the personal savings allowance. The personal savings allowance shields from tax interest income of £1,000 for basic rate taxpayers. This shielding is reduced to £500 for higher-rate taxpayers, and falls away altogether for additional-rate taxpayers. How will rising interest rates affect my taxable income? When interest rates were low, even people with quite sizeable savings didn’t need to consider paying tax on the interest earned. But as rates have increased, more taxpayers are going over the shielding threshold and are having to pay tax on their interest income. This effect has been exacerbated by the freezing of tax thresholds, effectively pushing more people into the higher-rate and additional-rate tax brackets, where the personal savings allowance reduces or falls away. What about if I have my savings in an ISA? It’s worth noting that interest earned in cash ISAs (Individual Savings Accounts) is tax-free. As a UK taxpayer, you can invest up to £20,000 per annum into an ISA. Although traditionally the rate of interest earned has been lower than that available elsewhere, the tax saving will affect the relative return. The funds are generally available to be withdrawn at any time. Talk to us about mitigating the tax on your savings interest Tax is only one of the considerations when looking at investment strategies. If you have surplus funds, simply putting them into the bank to earn interest may not be the best choice. As an accounting firm, we cannot advise on investment strategies. But if you want to discuss your savings plans with an independent financial adviser (IFA), talk to us and we’ll arrange an introduction. IFAs will be able to give advice tailored around your specific circumstances and needs, and with the best possible outcomes when it comes to mitigating tax.
As a business owner, you want to make the best possible decisions for your business. The choices you make regarding strategy, spending, revenue generation and cash flow management can all have a major impact on the long-term future of the company. So, how do you give yourself that competitive edge when it comes to decision-making? The answer is to make the most of your financial data and to use the outputs from today’s cloud accounting tools and finance apps to inform and guide your choices as a leader. Five major benefits of having financial real-time data Cloud accounting has revolutionised the ways that small business owners manage their business accounts and broader financial management. With the right tech stack and cloud accounting software, it’s possible to have genuine real-time information about your business finances. That instant access to your financial performance numbers is a game-changer, for a number of reasons. Five ways that deep financial data can help to drive your business success Real-time data gives you: Informed decision-making – with access to the most up-to-date financial data, you’re no longer flying blind! Real-time data empowers you to make strategic decisions based on the most current business information. You can see how marketing budgets are performing, analyse your sales trends and identify areas for cost-cutting – with a dashboard that provides a real-time snapshot of your overall financial health. You’re informed, on the ball and can react like lightning to any pressing business opportunities, or unplanned threats to your funding and operating cash flow. Improved cash flow management – cash is king, so it’s crucial that you have the best possible insights into your cash flow position, planning and management. Real-time cash data helps you plan for upcoming expenses, predict potential shortfalls and make informed decisions about borrowing or investment strategies. This real-time visibility ensures you always have sufficient funds to cover your operational costs, dodging the cashflow pitfalls that could otherwise hinder your business growth. Enhanced budgeting and forecasting – you can ditch the static spreadsheets and embrace a more dynamic, real-time way to run your budgeting and forecasting. Track your progress towards financial goals, identify variances and deviations from key budgets, and adjust your plans and strategy accordingly. Accurate historic and real-time data also means more accurate forecasts, leading to better resource allocation and improved financial planning for the future. Increased potential to turn a profit – with access to real-time data, finding the prime areas for cost reduction and revenue optimisation is made easy. You can quickly hone in on the products that are bringing in the biggest sales revenues, or the operational expenses that are costing you money but failing to deliver a healthy return on investment (ROI). If the majority of your sales income is coming from one product, by tracking key metrics like customer acquisition costs and conversion rates, you can identify and refine marketing strategies to maximise return on investment. Additionally, real-time sales data allows you to react quickly to customer trends and adjust pricing strategies to improve profitability. Greater confidence in your business potential – modern accounting tech puts all this real-time data right at your fingertips, so you always feel in control of your finances. That’s a major boost to your confidence as a business owner, giving you the overview and insights you need to keep a tight grip on your financial health. Having this transparency makes it possible to share key metrics with your key stakeholders, like investors or partners. It also demonstrates your commitment to keeping good records and focusing on your financial management – a trait that investors, lenders and banks will see as a good sign of the viability of your business. Talk to us about accessing your finance data goldmine If you’re currently only tracking the most basic of finance metrics, now’s the time to dive deeper into your pool of valuable financial data. The more detailed and refined your finance dashboard becomes, the more you’re in control of the next steps of your business. We can help you set up a tailored business dashboard and management reporting tools to track all the most valuable finance metrics for your business. If you would like to earn more and keep more of your hard-earned profits through smart, real-time accounting then book a discovery call with Donald Inglis .
HM Revenue & Customs (HMRC) has an obligation to ensure we all pay the correct amount of tax. But with many UK taxpayers now earning money from various ‘side hustles’, like eBay, Etsy or Airbnb etc, there’s a growing need to widen the net and review all sources of income. HMRC’s new initiative aims to weed out taxpayers who aren’t fully declaring their income sources , with detailed investigations to prosecute any wrongdoing. So, what does HMRC see as a ‘source of additional income’, and what could the impact be on your tax bill if you fall within the scope of HMRC’s new initiative? How does HMRC know what you’re earning? If you’re making a bit of extra cash on the side, HMRC needs to do a bit of detective work to ascertain how much additional income you’re bringing in. HMRC gathers information from a variety of sources to check whether or not taxpayers are declaring all their income. Although some enquiries and investigations are purely random, over 90% are triggered by a HMRC system called Connect . Connect is a major part of HMRC’s crackdown on undeclared income. Over 3,000 people are employed on Connect, which is a data-matching and risk-analysis platform that enables the cross-referencing of masses of data from HMRC and external sources. What does HMRC now see as an ‘undeclared source of income’? From 2024, HMRC has made it a requirement for digital platforms to report how much income individuals are making through their site. These platforms include eBay, Airbnb and Vinted. Although trading income from these sources has always been taxable, HMRC believes that significant profits are not being declared by some individuals. Will you be affected by HMRC’s new initiative? If you earn £1,000 p.a. or less in additional income, you won’t be affected – if you sell through eBay and similar platforms, HMRC are now much more likely to become aware of this income. If your total sales are below £1,000 per annum then that’s covered by the annual trading allowance , so it can be ignored and HMRC won’t bother you. If you earn more than £1,000 in additional income, you should register as self-employed – if your income is more than £1,000, it’s sensible to register as self-employed. This will mean ensuring that you keep adequate records, so you’re able to report the results of your trading activities to HMRC in a tax return, if required. Where does Connect draw its information on taxpayers? Although HMRC has never revealed all the sources that Connect draws information from, it taps into over 30 databases, including tax returns, bank accounts, social media and even data from sites like Amazon, Google Street View, Zoopla and Rightmove. It’s been quoted that Connect now holds 55 billion items of taxpayer data, so the chances of any undeclared income being tracked down are relatively high. The information from external sources is compared against tax returns and other information. HMRC operatives look for discrepancies across various taxes such as income tax, VAT, and even areas like child benefit claims and can trigger investigations accordingly. HMRC intends to integrate further artificial intelligence (AI) tools into Connect, further enhancing its ability to help close the estimated £30 billion plus tax gap. How can you reduce the chances of a tax investigation? If you want to minimise your chances of being subjected to a lengthy and costly investigation by HMRC, consider the following: Maintain comprehensive records – Good record-keeping is essential, not just for tax purposes but for the health of your business. Voluntary disclosures – if you have undeclared income, consider making a voluntary disclosure to minimise penalties. This will be looked on favourably by HMRC. Talk to us about your income sources and tax planning HMRC is in the process of opening more ‘intelligence led’ enquiries. Working closely with your accountant can help you ensure your records are in order and can even assist if you are selected for an investigation. If you believe you have undeclared income sources, please do get in touch so we can talk through your specific circumstances and how to make a voluntary disclosure.