Blogs

The UK’s Making Tax Digital (MTD) initiative represents a significant shift in how tax data is managed and processed. For sole traders, understanding and adapting to these changes is crucial. This blog explains what MTD is, its implications for sole traders, and how to ensure compliance with the new system.

The role of an accountant can be crucial in not only managing day-to-day financial tasks but also in ensuring that your company adheres to legal obligations and is financially healthy.

Accountants play a pivotal role in the success of businesses, providing crucial insights into financial health and ensuring compliance with various regulations. As businesses grow and financial matters become more complex, many organisations are turning to outsourcing as a viable solution.

The VAT Flat Rate Scheme simplifies the process of recording and reporting VAT for small businesses by allowing them to pay a fixed rate of VAT to HMRC. This fixed rate is a percentage of the turnover of the business, which varies depending on the industry sector.

Whether you choose to operate as a limited company freelancer or a self-employed sole trader, each has its own set of benefits and challenges. Understanding these can help you make an informed decision that aligns with your personal and professional goals, ensuring you take the path that best suits your needs in the complex landscape of self-employment.

Understanding and managing payments on account is crucial for taxpayers within the self-assessment framework. Effective planning and budgeting are key to handling these payments without disrupting your financial stability. With careful management and the right tools, you can ensure that payments on account do not become a burden, maintaining smooth financial operations throughout the year.

An umbrella company acts as an employer to contractors who work under temporary contract assignments, usually through a recruitment agency. This arrangement is typical in industries like construction, IT, and education. An umbrella company simplifies the administrative process for contractors by managing payroll, taxes, and other employment-related paperwork.

In this digital age, choosing the right method for filing tax returns is more crucial than ever. This article will explore the shift from paper to online tax returns, highlighting why many are opting for the convenience and efficiency of the latter.

The landscape of accounting services is undergoing a significant transformation, driven by advances in technology and changing work environments. In 2024, online accountants are becoming an increasingly attractive option for both business owners and individuals. Here are five compelling reasons why making the switch to virtual accounting services could be a wise decision.

Finding an adept accountant is pivotal for the success of any limited company. The right accountant not only manages your financial records but also provides strategic guidance that can propel your business forward. This post details key considerations for choosing the best accountant for your limited company, offering insights into the services provided and highlighting the importance of a meticulous selection process.

In an era where efficiency and expertise are paramount, many UK businesses are turning to outsourced accounting services. This approach not only optimises financial management but also allows businesses to focus on their core activities. Here, we explore how outsourced accounting functions in the UK, discussing its advantages, potential drawbacks, and the overall safety of entrusting another company with your accounting needs.

In today’s rapidly evolving business environment, accounting firms increasingly turn to outsourcing as a strategic tool for managing their workload and enhancing service delivery. This blog explores why accounting outsourcing is essential, detailing when it is necessary, how it functions, and the benefits it offers, particularly for temporary staffing solutions.

A side hustle refers to any form of secondary income beyond one’s primary job. While this can be a lucrative way to supplement your income, it also brings additional tax responsibilities. Understanding how income from a side hustle impacts your overall tax situation is crucial. This additional income can potentially move you into a higher tax bracket, affect your tax deductions, and increase your overall tax liability.

Amazon’s Fulfillment by Amazon (FBA) service allows sellers to store their products in Amazon’s fulfilment centres, where Amazon takes care of storage, packing, shipping, customer service, and returns. While this model offers immense benefits in terms of reach and efficiency, it also presents unique accounting challenges. Professional e-commerce accounting is essential, not just for complex operations but also for seemingly straightforward FBA businesses, to ensure accurate financial management and compliance.

Self-Assessment Tax Returns are mandatory for many individuals and small businesses in the UK, including those who are self-employed, partners in a business, or receiving income from sources not taxed at source. This process can be complex, demanding accurate disclosure of various forms of income. Online accounting has transformed how these returns are managed by simplifying access to financial data and integrating various tax-related processes through digital platforms.

Online accounting, a digital approach to managing financial records and processes, is rapidly transforming the traditional landscape of financial management. In today’s digital-first environment, businesses are finding immense value in platforms that offer real-time access to financial data. This approach not only facilitates immediate updates but also supports remote access, making it an essential tool in the modern business toolkit.

Running a limited company can be extremely rewarding – but also challenging. As well as the creation, marketing and sales of your products or services, there are many other elements to consider: logistics, customer service, payroll, HR and more. One area that many small businesses find particularly challenging is managing their accounts. From day-to-day bookkeeping to filing and paying taxes, it’s an area with a great deal of regulation – and one that’s vital to get right. While some choose to do this themselves, it can be stressful and time-consuming, with the added worry about what will happen if you get things wrong. Hiring a limited company accountant can take this stress away, and choosing online limited company accounting services can still make things easier.

The CT41G form—the “Corporation Tax—New Company Details” form—is a vital piece of paperwork for UK businesses. When a business registers with Companies House, it triggers a notification to HMRC, which sends a Form CT41G to the business’s registered offices. The purpose of the form is to provide HMRC with confirmation of the company’s existence and provide you with the relevant tax information.

Starting a business can be expensive. While some have money set aside to do so, others opt for bank loans to make their dream happen. However, there is another option, and that’s the crowdfunding approach. But do you pay tax on crowdfunding? Is crowdfunding tax deductible? We’ve put together this guide to answer all your questions.

HMRC uses Self Assessment to collect income tax. While those who are employed generally have tax deducted automatically from their wages, pensions, and savings, the system works differently for those who earn income in other ways. Self Assessment applies to self-employed individuals, partners in partnerships, and certain other individuals with complex tax situations. It requires individuals to register with HMRC for Self Assessment, complete an annual tax return, and pay the tax they owe by the deadline of October 31st for paper returns and January 31st for online returns following the end of the tax year. In some cases, payments on account may be required, meaning an individual has to make two advance payments towards their next tax bill. Tax returns can include income of various types, including self-employment income, capital gains, and rental income. Individuals must be careful to understand when both their Self Assessment returns and their payments are due to avoid incurring penalties. If you’re wondering, “What happens if I pay my Self Assessment tax late?” read on.

VAT is an acronym for Value Added Tax and it is a consumption tax levied on the value added to goods and services at each stage of production or distribution. Whenever a business sells goods or services, VAT is added to the sale price. For business owners, understanding the ins and outs of VAT and knowing when and how to pay it, is a huge factor in running a compliant operation. VAT impacts various aspects of a business’s financial health so it’s important to meet this obligation by managing VAT compliance at all times. This involves a meticulous approach to invoicing, record keeping and reporting. Apart from simply charging VAT and submitting regular VAT returns to HM Revenue and Customs (HMRC), businesses can also reclaim VAT paid on their purchases which can reduce their overall tax burden. In this article, we take an in-depth look at how to register for VAT in the UK.

Capital gains tax in the UK, also sometimes referred to as CGT for short, is a tax on the profit you make when you sell certain assets for more than you paid for them originally. This tax applies to a wide range of assets including real estate, stocks, bonds, precious metals and property. It generally excludes personal assets such as cars or household goods. Capital gains tax targets the gain or profit made from the asset sale, rather than the total amount received, impacting individuals, trusts, and estates that sell assets for a profit. The revenue generated from capital gains tax serves as a source of income for governments, contributing to public funding.

Dividend tax refers to the tax levied on income received from dividends paid out by companies to shareholders. This tax applies to individuals who own shares in companies and receive dividends as a source of income. It’s important to differentiate dividend tax from corporate tax, which is paid by companies on their profits – dividend tax in the UK is the responsibility of the shareholders receiving the dividends. The rate of dividend tax varies depending on the taxpayer’s income tax band – basic, higher or additional rate.

For company directors seeking self assessment tax return advice, there is a plethora of information available online. But sifting through it all and trying to determine what information is up-to-date or factual can be a daunting and time-consuming exercise. This article serves as a comprehensive guide for any company director who wants to gain a clearer understanding of self assessment tax returns, why they are important and how to avoid common pitfalls.

Company tax returns and corporation tax play critical roles in the financial operations of businesses. Some limited companies and certain organisations may be required to file company tax returns with HM Revenue and Customs (HMRC) to report their taxable profits and calculate their corporation tax liability. The tax imposed on the profits is called corporation tax. It serves as a direct tax on corporate profit and ensures that companies contribute to public finances and fund essential government programs and services.  

Value Added Tax (VAT) returns are periodic filings that businesses are required to submit to HM Revenue and Customs (HMRC) to report their VAT liabilities and claim any VAT refunds. VAT returns give a comprehensive overview of a business’s VAT transactions, including sales, purchases, and amounts collected and paid. It’s important that VAT returns are accurate because they directly impact a business’s tax obligations and financial standing. By accurately reporting VAT, businesses comply with HMRC regulations, avoiding potential penalties, fines and legal issues. Precise VAT returns also allow for proper financial management by providing accurate insights into a business’s cash flow and VAT liabilities. Accurate VAT reporting builds trust and credibility with stakeholders, including customers, suppliers and regulatory authorities. By maintaining accuracy in VAT returns, businesses can effectively manage their tax liabilities, enhance compliance and maintain a positive reputation in the marketplace.

Being a sole trader in the UK means running a business as an individual, with full control over decision-making and operations. Unlike other business structures, such as partnerships or corporations, sole traders operate under their own name and are personally responsible for all aspects of the business, including finances, liabilities, and legal obligations. This means that maintaining accurate financial records is also the responsibility of a sole trader. Financial documentation includes records of income, expenses, assets, liabilities, and other financial transactions related to the business. These documents are important for tracking the financial performance of the business, ensuring compliance with tax laws and regulations, and facilitating informed decision-making.

The P60 is a crucial form for all UK employees. But what is a P60 used for, why is it so important to keep it, and what format should it be in? Read on to have all your P60 questions answered…

If you’re looking for information about corporation tax in the UK, explained in an easy-to-understand way, you’ve come to the right place. Read on to find out who pays corporation tax in the UK, how it is calculated and filed, the penalties for non-compliance, and top tips to keep on top of your corporation tax obligations.

Are your ecommerce sales soaring, but your profits aren’t increasing as much as you’d like? Are you worried that you may not be setting enough aside to pay your tax bill when the time comes? If you’ve been asking yourself any of these questions, it’s likely that you’ve already decided to look into hiring an accountant. The number of accountants out there can seem overwhelming, and it can be tempting to make your choice based primarily on price. However, can you be sure that a general accountant fully understands your type of business? That’s where specialist ecommerce accountants come in.

Being a small business owner means wearing many hats. With so much to do, it can be challenging to stay on top of it all. To help ease the load, many entrepreneurs turn to accountants for extra support to ensure the financial well-being and overall success of their businesses. Serving as financial custodians, accountants for small businesses play a crucial role in maintaining accurate and compliant financial records, ensuring adherence to the complex regulatory landscape. Beyond the traditional scope of bookkeeping, they are instrumental in strategic financial planning, offering insights into budgeting, cash flow management, and tax optimisation. Accountants act as advisors, guiding small businesses through economic uncertainties and helping them navigate changing tax laws. Their expertise is not only pivotal in avoiding compliance issues and potential audits but also in providing essential support for sustainable growth.

Small and Medium Enterprises (SMEs) often face unique financial challenges, especially during their early years of operation. Keeping track of finances can prove difficult, with some business owners forgetting to maintain their books and worse. By seeking assistance from accountants for SMEs, business owners have one less thing to worry about as these professionals provide expert guidance in managing financial records, ensuring compliance with tax regulations, and optimising overall fiscal strategies. Their expertise not only ensures that businesses remain compliant with ever-evolving tax laws but also assists in making informed decisions that contribute to long-term growth. Accountants provide SMEs with a comprehensive understanding of their financial standing, enabling them to identify areas for improvement and capitalise on opportunities.

Farmers face a unique set of financial challenges and regulatory complexities that necessitate specialised services by accountants for farmers. Agriculture is a multifaceted industry with specific tax regulations, government subsidies, and seasonal variations in income. Specialised accountants for the agricultural sector possess the expertise to navigate these intricacies, ensuring compliance with HMRC regulations and optimising tax strategies to maximise available incentives and reliefs. They play an important role in managing farm finances, including budgeting, cash flow management, and monitoring production costs. Additionally, specialised accountants are well-versed in understanding the impact of market fluctuations, environmental policies, and agricultural subsidies on farm profitability. By providing custom financial solutions and offering strategic guidance, accountants for farmers enhance the financial well-being and endurance of farms. This enables farmers to concentrate on their primary operations with assurance and effectiveness.

Accountants for the construction industry provide services that go beyond traditional financial management. They address the unique challenges and complexities inherent in construction projects which involve numerous stakeholders. There are often fluctuating costs and extended timelines, and accountants for construction use their expertise to help companies track and manage their financial resources effectively. By using specialised methods such as job costing, which allocates costs to specific projects, construction accountants are able to budget accurately and forecast. Any construction-related business wanting financial stability, project profitability and regulatory compliance should turn to construction accountants to help them achieve this.

Forex trader tax is a topic that can seem complex – particularly as different countries have different rules around taxation on forex trading gains. If you’re looking to discover the rules on forex trader tax in the UK, look no further. We’ve put together a guide on how forex trading is taxed, your record-keeping and reporting obligations, how spread betting is different from forex trading and more.

In December 2023, the Office for National Statistics announced that, in the first two thirds of the year, the deficit in public sector spending had reached £116bn. This figure was £27bn higher than the same period in the previous year. But why is the gap between income and spending in public sector finance widening? What are the implications? How can these challenges be addressed? Read on to find out…

Gone are the days when management accounting simply involved bookkeeping and cost accounting. The business environment has become increasingly complex, and accounting firms and processes must evolve to keep up. But what is the future of management accounting? Read on for our top accounting trends – including the role of technology in accounting.

It’s estimated that over 60% of sales on Amazon.com come from third-party sellers rather than directly from the e-commerce giant itself. With such a large captive audience here in the UK, it’s unsurprising that local sellers want a slice of this oversized pie. One thing to bear in mind is the specific set of financial challenges that come with a decision to sell via this platform. If you’re looking to understand more about the ins and outs of accounting for Amazon sellers, read on…

Charitable organisations are important for several different reasons. Apart from giving direct help to causes, they also create awareness of certain issues and positively impact society. However, managing finances can be challenging, with many organisations facing unique challenges that are best handled by skilled professionals with experience in accounting for charities. In this blog post, we talk about accountants for charity and the role they play in maximising charitable impact.

Investing in real estate is a big deal, so when it comes to managing your property you’ll want the help of a professional. Working with someone who specialises in accounting for property investors ensures the financial health and success of your investments. They understand accounting principles and regulations specific to the property sector and can assist you in navigating intricacies such as capital allowances, property valuations, and lease accounting. They take care of financial analysis, budgeting, and reporting, allowing you to make strategic decisions. In this blog post, we discuss how accountants for property investors can help you maximise returns.

E-commerce accounting goes far beyond basic bookkeeping and requires a nuanced understanding of the industry’s intricacies and compliance standards. There are layers to managing the finances of an online business. In this article, we explore some of the unique challenges faced by online business owners and share insight into how strategic financial management by accountants for e-commerce can drive growth.

Choosing an accounting to assist you with the finances of your startup is a pivotal decision. In this blog post, we discuss the crucial considerations and strategic steps that entrepreneurs must navigate to ensure a harmonious and effective partnership with their financial guide. From evaluating qualifications and track records to scrutinising technological prowess and communication skills, this guide aims to empower startup founders to make an informed decision that aligns with their business goals.

We all know about the pressures that doctors face. Dealing with a challenging, sometimes emotionally-charged role that requires an incredible amount of dedication and concentration means it’s vital that you find the time to switch off and enjoy a good work-life balance. However, it’s also important to manage your finances the right way, whether you’re employed or own your own practice. In this blog, we take a look at the specific financial challenges of the healthcare sector and the role that specialised accountants have to play for doctors.

Starting a business will see you wearing many different hats. You’ll be responsible for operations, marketing, sales, and customer service – and while you’ll excel at certain elements of business ownership, it’s perfectly natural to find some more challenging. One area that many small business owners struggle with is accounting, from the day-to-day bookkeeping to cash flow, forecasting and filing taxes. Specialist accountants for startups can save you time, money and hassle in this area: read on to learn more about the vital role they play.

A successful dental practice requires many things. You’ll need highly trained dentists, of course. You’ll need a team that gives even the most nervous of patients confidence and reassurance. Don’t leave financial management off this list. Strong financial management can be the difference between a successful dental practice and one that struggles. Read on to learn more about the unique financial needs of dental practices, and why hiring a specialist accountant for dentists could be the change you need for your practice to succeed.

If you’re thinking of getting professional help with your taxes you may have asked yourself the question “How much do accountants charge for tax returns?”. Fees charged by accountants are a common concern for those seeking expert help and understanding the factors that influence these costs is essential for making informed decisions. In this article, we discuss how to navigate the pricing landscape in order to make an informed choice.

Self-assessment tax returns are a method by which individuals report their income, capital gains, and any other relevant financial information to HM Revenue & Customs (HMRC). This process is crucial for calculating the amount of tax owed or determining if a tax refund is due. While it is possible to do a self-assessment tax return independently, the complexity of tax regulations and the potential for errors make seeking professional assistance advisable for many individuals.

When it comes to property management, selecting the right landlord accounting software is a pivotal decision that can significantly impact efficiency, financial transparency, and overall success. With an array of options available, landlords must navigate through various features, functionalities, and considerations to find software that aligns seamlessly with their unique needs. This article aims to guide landlords through the decision-making process, providing insights into essential features, key considerations, and tips for choosing the ideal landlord accounting software tailored to the intricacies of the UK property market. Whether managing a small portfolio or a diverse array of properties, making an informed choice in accounting software is crucial for streamlining financial processes and ensuring effective property management.

Accountants play an important role in the financial management of limited companies, providing indispensable support in navigating complex regulatory frameworks and ensuring financial compliance. These professionals are instrumental in maintaining accurate and up-to-date financial records, preparing annual accounts, and filing necessary tax returns on behalf of the company. Accountants also offer strategic financial advice to help companies optimise their tax positions and manage cash flow effectively.

If you’re setting up a business, you’ll be aware that there are certain startup costs you’ll need to cover. But are you aware of exactly what these costs will include, and how much they will set you back? Read on for our guide to how to account for startup costs – including the need for accurate accounting from the outset.

Sole trader accounting can sometimes be simple: some sole traders may well find that they have no need whatsoever for an accountant. However, accountants for sole traders are an incredibly useful resource that can save you a great deal of hassle and time – and potentially even money. If you’re asking yourself, “Do I need an accountant as a sole trader?” – read on. In this blog we cover the ways in which accountants for sole traders can help, as well as how to choose the best sole trader accounting firm for your needs.

It’s not a legal requirement for those who are self-employed to use the services of an accountant. However, working with self-employed accounting professionals who understand the unique needs of the self-employed can often save you time, money and stress. Read on to discover more about the accounting needs of the self-employed, common accounting challenges you may face, and when working with an accountant makes sense.

If you’re a small business owner – or looking to start a small business – you may be tempted to handle the accounting side of things yourself. You may think that this aspect of the business will be simple when you’ve started small…but is this really the case? In reality, small business accountants can save you money. They’re a trusted partner for a range of things, from planning and setting up your business to financial management, tax obligations, business growth strategies and more. Read on to find out how small business accounting services could improve your chances of business success…

Due to the different tax treatments and rates of tax which apply between the income tax and capital gains tax systems it is sometimes important for someone who is self-employed to understand the “badges of trade” tests. Normally it will be reasonably obvious whether a transaction is “trade” related and subject to tax under the income tax system, or “capital” related and subject to tax under the capital gains tax system. But occasionally transactions occur which cross the boundaries between these two and in the absence of “trade” being specifically defined in the legislation, the courts apply the badges of trade tests in making this determination.

A Sole Trader Tax Return, also known as a Self-Assessment Tax Return, is a legal requirement for individuals who operate as sole traders. If you’re a self-employed individual you must complete and submit this document to Her Majesty’s Revenue and Customs (HMRC) each tax year to report your income, expenses, and other financial details. The main purpose of a Sole Trader Tax Return is to calculate your income tax liability, as well as your National Insurance contributions if applicable.

If you’re a sole trader, “Do I need an accountant?” may be one of the questions you regularly ask yourself. If this is the case, read on: our guide will help you to understand how important an accountant is for a sole trader, your tax responsibilities, and how to find the best accountants for sole traders.

We’re often asked, “Can I change from sole trader to limited company?” The answer is absolutely yes. Read on for why you may want to switch from a Sole Trader to a Limited Company, the benefits of doing so, and what you can expect during this transition.

A limited company is a distinct legal entity that is separate from its owners or shareholders. It is a business structure commonly chosen by entrepreneurs and business owners for its advantages in terms of liability and taxation. The term “limited” indicates that the liability of the company’s shareholders or members is limited to the amount they have invested in the company. This means that in the event of financial difficulties or legal issues, the personal assets of the owners are generally protected, and their liability is confined to the value of their shares. In this article, we take a look at the differences between a Private Limited Company vs a Public Limited Company.

A Limited Company Tax Return, also known as a Company Tax Return, is a mandatory document that limited companies must submit annually to His Majesty’s Revenue and Customs (HMRC). This return gives an overview of the company’s financial activities, including its profits, losses, and tax liabilities. It’s a fundamental part of the UK’s tax system and ensures that limited companies fulfil their obligations under the law and accurately report their financial affairs. Now, you may wonder how a limited company tax return differs from an individual one. Individual tax returns are filed by individuals for personal income tax purposes, while limited company tax returns are specific to business entities and focus on corporate income tax. Individual tax returns report an individual’s personal income, deductions, and credits. In contrast, limited company tax returns are concerned with the financial activities of a legal business entity, encompassing profits, expenses, and corporate tax liabilities. Accurate and timely submission of a Limited Company Tax Return is vital for compliance with tax regulations and can significantly impact a company’s financial stability and reputation.

Navigating the diverse landscape of business structures in the United Kingdom involves understanding the nuances and implications associated with each entity, including the critical aspect of Limited Company Accounting. From the widely adopted Private Company Limited by Shares (Ltd) and Public Limited Company (PLC) to the specialised structures of Private Company Limited by Guarantee (LBG) and Unlimited Companies, entrepreneurs and organisations face crucial decisions in determining the most suitable form for their ventures. Each category comes with its own set of characteristics, legal considerations, implications for liability and governance, and distinct requirements in accounting and financial reporting. In this article, we take a look at the different types of companies in the UK, with a special focus on their accounting practices. We delve into the key features of Private Companies Limited by Shares, Public Limited Companies, Private Companies Limited by Guarantee, and Unlimited Companies, discussing their structures, purposes, advantages, challenges, and the nuances of Limited Company Accounting associated with each.”

Cash flow management revolves around regulating the funds entering and leaving your business. This supervision allows you to maintain a healthy balance, ensuring your business can cover its operational costs and future investments. As a self-employed business owner, mastering cash flow management is critical for your venture’s longevity and profitability.

The success of property investment can hinge on many factors, and one that often gets overlooked is the crucial role of accurate property accounting. Missteps in this area can lead to serious financial and legal implications. This blog post explores common property accounting errors that property investors make and offers practical advice on how to prevent them.

Financial health checks for property investments are integral. Like any financial endeavour, property investments require meticulous management for fruitful returns. A core aspect of this management is these regular checks. This blog delves into the significance of such assessments and how they can bolster your property investment success.

Limited Company Tax Planning is crucial to the financial health of any business, especially for limited companies. Grasping its significance and implementing effective tax strategies can be intricate. In such scenarios, the expertise of a competent accountant becomes invaluable.

Running a limited company comes with its unique set of accounting responsibilities. Proper understanding and adherence to accounting standards and regulations is not just good practice; it’s a legal obligation.

Accounting is a cornerstone of running any successful business. For limited companies, it plays an especially significant role. A limited company, by definition, is an independent legal entity where shareholders are not personally liable for the company’s debts. The complexities involved in managing a limited company’s finances necessitate the expertise of a skilled accountant.

Successfully running a limited company requires more than an excellent business idea. Financial management, especially, plays a crucial role. An accountant can provide professional assistance in this area, guiding you towards the growth and success of your business.

The prospect of retirement raises critical questions regarding long-term financial security. For many, Property investment serves as an attractive strategy, offering the potential for substantial, steady income and growth over time. This blog post touches on the intricate world of investment Property accounting, providing insights on how to harness its potential for a well-cushioned retirement plan.

Switching accountants might sound like a lot of hassle for you and your business. We’re here to tell you that it’s actually pretty simple, and it could bring some serious benefits, too. So, whether you’re a sole trader, contractor, limited company director or you’re managing a portfolio of properties, let us walk you through the step-by-step process of changing to a new accountancy provider.

IR35 reform in both the private and public sectors is to be repealed, the Chancellor announced in the mini Budget, held on Friday 23rd September. This surprise development made up just one of many welcome tax changes, as Liz Truss’s new-look government promised to start “a new era” and unleash the potential of UK business.

Why do some start-ups succeed while others are doomed to fail? It’s an often-quoted statistic that around 60% of businesses fail in their first three years – with 20% folding within just twelve months. But why?

In the world of work, freelancing is an increasingly popular option. The promise of flexibility, unlimited earning potential and complete control over the way you work is a hugely attractive prospect for many.

Switching accountants might sound like a lot of hassle for you and your business. We’re here to tell you that it’s actually pretty simple, and it could bring some serious benefits, too.

Have you got a head for figures? What about a strong worth ethic, flexibility and self-discipline in spades? If this sounds like you, you might be in a good position to start your very own accountancy company.

As a self-employed worker in the construction industry, a percentage of your earnings will be withheld at source by the contractor you’re working for.  This money goes to the HMRC as advance payments towards your tax and National Insurance obligations. The contractor will send this money directly to HMRC – it will be either 20% or 30% of your gross pay depending on your CIS registration status.

How do you pay yourself as director of a limited company? You may be pleased to learn that the method – and to an extent the amount – are up to you. Let’s look at some of the finer details on how directors get paid.

Taxes are a necessary part of life. This might feel especially true when it comes to small business accounting, and it’s an unfortunate fact that many smaller businesses end up paying more in tax than they need to. Let’s look at some of the ways you can make your small business more tax efficient.  

As any business owner will tell you, launching a company isn’t exactly the easy option. But it’ll take something else, too. The support of a good accountant. If you’re a start-up founder (or still in the planning stages) and wondering if it’s time you got an accountant, look no further. This article will tell you what you need to know.  

Are you a limited company director looking to find out what your responsibilities are when it comes to year end accounts?

Let’s look at some of the main reasons why we think every freelancer needs the support of a good accountant.

Finances in property and real estate can be seriously complicated, even to a seasoned accountant. That’s why we recommend you seek the help of a specialist property accountant to keep everything straight. Let’s look at some of the basics involved.

The accountant/client relationship is an important one as this is the person who’ll be by your side as you navigate the choppy waters of business ownership, so you’ll need to choose wisely. Here are eight pointers on how to choose the right type of accountant for your business.

As business structures for self-employed people go, limited companies are heavy on the admin. The timeline of reporting far exceeds that of sole traders. Luckily, though, you get to choose a sidekick – in the form of a limited company accountant.  

Accounting software allows a business owner and their accountant to interact with company finances in real-time. But accounting software isn’t designed to replace the services of a professional accountant, instead, it complements your accountant’s role within your business.

Sole trading is a great choice for many self-employed people, not least because accounting for sole traders is simpler than accounting for limited companies. But what records does a sole trader need to keep? Let’s find out.

If you’re thinking of joining the growing ranks of those working freelance in the UK, congratulations! The tax obligations a freelancer faces all depends on which business structure they’ve chosen – sole trader or limited company. Here we look briefly at the tax rules of each to help you decide which is right for you.      

A good accountant can make or break your business. So, what do you do when your accountant feels like less of an asset and more of a dead weight? Believe it or not, switching accountants isn’t only possible – it can be a smart business decision. Find out why, and how, you can switch accountants here.

Sole trader accounting can seem challenging, especially if you’re used to working as a salaried employee and having your monthly wage arrive in your account with the relevant deductions already made! But don’t worry – we’ve put together a simple guide to sole trader tax obligations.

Running a small business is notorious for being one of the most demanding yet rewarding professions a person can choose. But are you cut out for it? We have summarised some of the pros and cons of running a small business to give you a balanced view.

Among the self-employed, working from home has long been the norm. Some of us, though, are relatively new to it. Discover which expenses you can claim, and what tax reliefs you are entitled to when working from home here.

The number of people becoming self-employed seems to be on the rise, but the big question is – should you be joining them? Here’s a rundown of the pros and cons of becoming self-employed to help you decide.

You should be wary of the pitfalls that can occur when completing your Self-Assessment. These common mistakes could cause delays or trigger an HMRC investigation. Find out how to avoid making those mistakes here.

Operating as a sole trader is a very popular choice and has numerous benefits. Read our simple guide on how to register as a sole trader and the responsibilities that comes with it.

Operating through a Limited Company can be highly rewarding for contractors and freelancers. The initial process can seem daunting, but we’ve broken it down step by step to shed some light on the process of setting up a Limited Company.

If you work for an employer, tax is relatively simple. But if you’re self-employed, you’ll need to complete an annual Self-Assessment tax return. Find out what this involves here.

Running a small business can be both challenging and rewarding. To ensure success, you’ll need to understand the basics of accounting so we’ve compiled a guide to small business accounting to make it clearer. Take a look.

Operating as a Limited Company is a popular choice for small businesses. Find out what a limited company is and the benefits of forming one here.