11 Must know Accountancy Terms for Self Employed workers
Being self-employed and running your own business as a sole trader comes with a lot of freedom, but also significant responsibility – especially when it comes to properly filing taxes and staying compliant with HMRC. Knowing the following terms included in this guide should help you understand all of the key terminology used when dealing […]
How does National Insurance Work for Self-Employed People?
National Insurance (NI) contributions are the taxes paid to build up your entitlement to certain state benefits like the State Pension. If you are a self-employed it’s important to understand how NI works. Failing to pay the proper amount of National Insurance when your self-employed means you could potentially miss out on receiving your full […]
How does Employee Wellbeing impact Workplace Productivity?
Keeping employees healthy and happy is important if you want your business to be productive. As companies try to grow and make more money, they’re realizing just how much their workers’ overall wellbeing impacts how well they perform on the job. This means all aspects of an employee’s life – physical health, mental health, emotional […]
How do I claim tax expenses for tools and equipment as a Sole Trader?
As a sole trader, you can deduct a variety of business expenses from your taxes, which helps lower your overall tax bill and increases the take-home profit of your business. One major category of allowable expenses is for tools and equipment related to your trade or business. Claiming tool, technology, vehicle, and equipment expenses properly […]
Common Mobile Phone Scams and How to Avoid Them
In the UK, there has been an increase in mobile phone frauds. Criminals are becoming increasingly inventive in their methods of taking advantage of mobile consumers, including smishing, wangiri fraud, fake support calls, Ai voice calls and more. A lot of these scams try to obtain your financial and personal information or force you to […]
Fiscal Drag Explained
Fiscal drag, also known as bracket creep or stealth tax, refers to a situation where people’s incomes increase along with inflation, but the tax brackets and allowances don’t keep up. This results in taxpayers paying more tax over time even though their real income hasn’t increased. Fiscal drag is common in the UK and has […]
How to Keep on Top of Your Finances in 2024
A new year is the perfect time to get your finances in order. Money stuff can feel boring or overwhelming, but it doesn’t have to be! This post will walk you through the key money moves to focus on step-by-step so you can take control of your cash in 2024. We’ll talk about doing a […]
Complete Guide to Client Offboarding
What is Offboarding? Offboarding refers to the process of transitioning clients or staff members out of a business relationship when it ends. It is the opposite of onboarding new clients or employees, instead covering the end of the working relationship between a company and external clients or internal team members. Some key things to know […]
Recent changes to HMRC’s Self-Assessment services
HMRC is updating how it supports taxpayers and tax agents through the Self-Assessment helpline and Agent Dedicated Line. From December 11th, HMRC will direct callers with simple queries to use online self-service options which can provide quicker resolutions without waiting to speak to an advisor. The vast majority, over 97%, of taxpayers filed Self-Assessment returns […]
Top Tips for Saving Money this Winter
With heating bills set to increase this winter, it’s more important than ever for households to find ways to reduce energy costs wherever possible. This article will provide practical tips on understanding your winter energy use, improving efficiency, optimising heating systems, finding discounts, using less power, saving on lighting, and reducing food bills. Follow these […]
