Guide to Business Accounting
What is Business Accounting? Business accounting is the process of recording, summarising, analysing, and reporting all financial transactions related to your company. It involves tracking revenues, expenses, assets, liabilities, and equity on an ongoing basis. Unlike personal accounting which focuses on individuals and households, business accounting provides insights into the monetary health and performance of […]
Making Tax Digital
If you run a business in the UK, you’ve probably heard about HMRC’s Making Tax Digital (MTD) initiative by now. But what exactly does it mean and how will it impact your business? Here’s the rundown on Making Tax Digital. What is Making Tax Digital? In a nutshell, MTD aims to modernise and digitise the […]
How to Reduce Financial Stress
With the colder months approaching, so are the increased heating bills. Along with the cost-of-living crisis still being in full swing, many people are feeling the stress. In this guide we will explain how you can reduce financial stress so you can put your energy towards something more important. Recognising Signs of Financial Stress Facing […]
What is Accounts Payable?
The money a company owes to its creditors, suppliers, and vendors for goods and services received is referred to as accounts payable. In plainer terms, it stands for the unpaid debts and commitments that a business must pay. This covers everything from the purchasing of products to paying for utilities and even business loans. Example […]
What Tax Deductions can I receive when Working from Home in 2023?
With an increasing number of individuals embracing remote work, the question of tax deductions has gained renewed relevance. The fusion of home and office spaces has spurred inquiries about the potential financial benefits of working from home. In this context, it becomes important to understand the tax deductions that individuals can leverage while working from […]
Subcontractor Vehicle Expenses Guide: Save money through Tax-Efficient practices
As a subcontractor, your vehicle is more than just a mode of transportation – it’s a powerful tool that can impact your finances. When managed efficiently, your vehicle expenses can lead to substantial tax savings. In this guide, we’ll explore how subcontractors can make the most of vehicle-related tax deductions, optimizing their finances for maximum […]
How much can you earn before paying tax?
How much can you earn before paying tax? There are a few things that determine how much you can earn before paying each tax year. How much can you earn before paying tax? The current amount of income you don’t have to pay tax on is the Personal Allowance of £12,570. If you claim Marriage […]
HMRC Self Assessment help line closure
How can I get in touch with HMRC when the Self Assessment phoneline is closed? According to HMRC almost any task that can be resolved via telephone can also be done via their webchat service. The Self Assessment webchat service is open from 8.00am to 7.30pm from Monday to Friday and 8.00am to 4pm on […]
How to register for Self Assessment – step by step guide
How to register for Self Assessment – Step by Step guide There are different ways to register for Self Assessment depending on whether you are self-employed (e.g. sole trader), not self-employed or registering a partner or partnership. In this blog post we’ll explain what needs done and how to do it. The deadline to register […]
Working from home due to coronavirus, even for a day? You could be entitled to tax relief for a year
Have you been working from home due to the coronavirus for even just a day? if the answer is yes and you have not applied for tax relief then we are here to help. In October 2020, HMRC launched a new microservice which meant anyone who has to work from home during the pandemic could […]
