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
Late payments to UK small businesses are on the rise, putting additional pressure on your small business cash flow and ability to cover your expenses. According to recent research by Xero , payments are delayed by more than a week on average – and that’s bad news when cash is tight and operating costs are on the rise Here are five straightforward ways to improve your payment times: How to get paid faster and boost your cash flow When your customers don’t pay on time, this late payment can cause a multitude of business problems . Not only does your cash flow take a dip, but working relationships can be damaged and hours of business time can be wasted chasing up these overdue payments. We’ve outlined five key techniques for cutting down payment times: Offer flexible payment options The easier you make it for customers to pay, the better. Provide your customers with a variety of payment methods , including credit cards, debit cards, regular Direct Debit payments and payment gateways like PayPal etc. Send your invoices out on time The customer can only pay once you raise an invoice. Make sure you send invoices out in a timely way , and that the details are accurate and clear. Break large invoices up into smaller payments that get sent out when specific milestones are reached in the project. Offer discounts for early payment Customers won’t pay before the invoice due date unless it’s in their interest to do so. But you can incentivise customers to pay their invoices early by offering discounts for fast payment . For example, if payment terms are usually 30 days, offer a 2% discount if the invoice is paid within 10 days. Get proactive with your credit control Check your aged debtor reports regularly and chase up invoices that are overdue . Politely reach out to the customer and remind them of the outstanding balance. Sending automated notifications from your accounting software can also help to provide some impetus for customers to settle their bills. Consider invoice finance In a worst-case scenario, where payments are well overdue and cash flow is suffering, it’s worth considering invoice finance. Selling your outstanding invoice to a financing provider gets you the cash you need now, while passing the debt to the provider and allowing the customer time to breathe. Talk to us about reducing overdue payments If late payments are becoming an issue, it’s important to take action fast! Talk to us by booking a call with Donald Inglis or call 01904 787 973 to find new ways to speed up payment times, get proactive with your credit control and provide faster, more reliable payment options for your customers.
Keeping up to date with HMRC’s Making Tax Digital initiative is important, whatever size business you run and however you currently record, submit and pay your business taxes. Let’s take a quick look at the goals of Making Tax Digital (MTD), which requirements are currently mandatory and which elements are likely to change in the near future. What is Making Tax Digital? The aims of MTD are to modernise the UK tax system by requiring businesses and individuals to keep digital records and file their tax returns using compatible software. Key goals of MTD are to: Improve accuracy by pushing businesses, and some individuals, to use accounting software to keep accurate digital records – moving away from paper-based records. Increase efficiency by using digital filing and tax submissions to reduce the time and effort required for tax returns. Enhance compliance, by moving to quarterly returns that make it easier for HMRC to monitor tax compliance and identify potential fraud. Which parts of MTD are currently mandatory? MTD has been in the works for a number of years, with several delays and setbacks to the original agenda. Some elements of MTD are now in use, and others are likely to be introduced in the near future. Here’s a breakdown of what’s currently expected of your business. Current elements of MTD for businesses MTD for VAT – under the MTD for VAT rules, all VAT-registered businesses must keep digital records and file quarterly VAT returns using compatible software. This has been mandatory since April 2019. Upcoming elements of MTD for businesses MTD for Income Tax Self Assessment – MTD for ITSA is currently being piloted. From April 2026, it will become mandatory for sole traders and landlords with annual income above the £30,000 p/a threshold. All qualifying individuals will need to keep digital records and submit quarterly updates. MTD for Corporation Tax – the government has announced plans to introduce MTD for Corporation Tax (CT), and held a consultation on how MTD for CT might work. The exact timeline for introducing MTD for CT has not been confirmed, but, at present, it’s unlikely to happen before April 2026 . Talk to us about getting MTD compliant If you’re not yet registered for MTD for VAT and are worried about complying with the regulations, please contact our team by booking a call with Donald Inglis . Setting up accounting software and digital recordkeeping tools can be extremely straightforward, making your bookkeeping and tax management far more effective.
It’s no secret this year’s Autumn Statement may well contain some sweeping changes to the UK tax code and fiscal legislation. The new Chancellor of the Exchequer, Rachel Reeves, has made it clear that there are ‘difficult decisions to be made’, primarily due to the £22 billion deficit in the public finances that the Labour Government has inherited from the previous administration. Savings must be made and government revenues must be improved if the Government is to get the UK economy back on track in the medium to long term. Autumn Statement 2024: possible announcements So, what announcements are we likely to hear from the Chancellor on 30 October 2024? Here’s a quick rundown of some of the rumours, announcements and possible changes: Proposed cuts to winter fuel payments for some pensioners. Cuts to the winter fuel allowance have already been passed in Parliament, with the possibility of further paring back of benefits across other welfare and social payments. VAT on private school fees. The Chancellor has also announced that all education services and vocational training supplied by a private school, or a connected person, for a charge will be subject to VAT at the standard rate of 20%, from 1 January 2025. No rises in taxes for working people Rachel Reeves has made it clear that she won’t target taxes for working people , like income tax, NI or VAT. Keeping consumers spending and businesses trading will be vital to any kind of economic recovery. Corporation tax changes not impossible Back in February, Labour pledged not to increase corporation rates if elected to government. However, there’s potential for the standard rate of 25% to be reduced to make the UK more competitive. Rises in capital gains taxation While working taxes won’t be increased, there may be changes to some taxes, such as capital gains tax and inheritance tax . This could be bad news for business owners and high-net-worth individuals. No introduction of a wealth tax The Chancellor made it clear in the run-up to the General Election that a wealth tax was off the table, so we’re unlikely to see any changes to the higher bands of income tax in this Autumn Statement. Changes to pensions The annual total of the state pension will rise by £460 from April 2025 , but key changes to private pensions legislation are also possible. This could involve restricting tax deductions on contributions to either the basic rate (20%), or possibly 30%. There could also be reductions in the amount that can be withdrawn tax-free from your pension, currently 25%, capped at £268,275. More detail on changes to non-dom rule Changes to the non-domiciled rules for UK business owners and high-net-worth individuals were previewed in July. There could be more details around how the new Foreign Income & Gains (FIG) system will work and what the potential impact could be for owners with overseas assets. Stay updated Want a breakdown of all the big announcements from the forthcoming Autumn Statement? In the days following the Autumn Statement we will be publishing a breakdown of all the major annoucements on our Resource Hub - so stay tuned!