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Did you know?  Base Period Reform is coming into force for tax year 5th April 2025 – simplifying tax for the self employed! What is it?  Basis period reform (BPR) means that self-employed individuals (sole-traders) and partnerships will have to report their business...

Did you know?  It can be solved if you missed the self assessment date – you are not alone! Filing a Self Assessment tax return can be a daunting and time consuming process (very much underrated) and many people miss the 31 January deadline so you are not alone. ...

Did you know?  You can reduce your tax by claiming on business expenses as self employed individual  As a sole trader or freelancer, it is wise to understand your basic allowable expenses, even if you’re paying an accountant to help with your self assessment tax...

‘’Designed to strengthen the economic growth’’  The headline message from the Chancellor  The Chancellor delivered his Autumn Statement for Growth aimed at building a stronger and more resilient economy. He highlighted that the plan is to “unlock growth and...

For employees and pensioners, tax is typically deducted automatically at source from wages (if you are employed) and pensions (from your pension provider).  People and businesses with other income not deducted at source and above a certain level must file a self...

Just when you thought you understood Self Assessment Tax bills, HMRC introduced Payment on Account. Which is a mechanism where HMRC requests part of your tax bill upfront based on a guesstimate amount of tax for next year alongside any tax due for the last tax year....

ALL THINGS PAYROLL Employing people can seem like a very scary concept. Particularly if you are taking the leap to employ your first employee! The hard part of employing people has already been done you will be glad to know, which was choosing the right employee!...

Did you know? You can claim Job related expenses if you are employed and you can go back 4 years!Tax relief reduces the amount of tax you pay. If your employer pays all of your expenses, you cannot claim any tax relief but you may be able to claim tax relief on...

The first fundamental steps towards getting a business off the ground are fairly well defined. They include choosing a name, incorporating a legal entity, raising capital, developing a product or service, and negotiating key partnerships. All of this requires cash and...

2023/2024 tax year and what it means for your business The new tax year has arrived and there are changes that could impact your business.With high inflation, fragile supply chains and increasing energy costs hitting hard, now’s the time to start thinking about...

Did you know? Between 1 st April 2021 - 31 st March 2023, Limited companies can claim 130% of the value of the item bought and write it off against your corporation tax bill!but what does this mean? In short it means every pound a company invests, their taxes are cut...

Did you know?If you identify your true costs, you can reduce them!One of the goals of any business is to make profits right? Are you aware of all your costs and know how to account for them in your business? If you deep dive into your business, you may be surprised to...