Don’t be caught out by payments on account for personal tax – know what you need to pay!
What are payments on account? And who has to make them? So many business owners get caught out by payments on account, particularly in their first year of trading. When you become self employed, most of, if not…
How to stay on top of your emails
Ever feel overwhelmed by the amount of emails your receive in your inbox? You spend all day replying to them but at the end of the day you still have more than when you started? That needs to…
Cash and profit are not the same thing – forgetting that can cost you dearly
The vast majority of businesses, particularly those in their early stages, go bankrupt through lack of cash, not from lack of profits. However, many business owners don’t truly understand the difference between having cash and having profit, and…
Top ten bookkeeping mistakes and how to avoid them
Here are our Top 10 mistakes that people make when doing their own bookkeeping: Letting it all build up This seems obvious, but some people still leave everything to the very last minute and let the bookkeeping build up. …
What’s the difference between a realised gain and an unrealised gain?
Many businesses deal in more than one currency these days, both buying and selling, and this results in realised or unrealised gains or losses in their accounts. But what is the difference between realised and unrealised, and how…
What can HMRC find out about you?
What can HMRC find out about you? You’ll probably be surprised to find out it’s a lot more than you think. When meeting potential new clients we often hear “Well, HMRC won’t find out about that” – and…
COMPANY VS SOLE TRADER: BENEFITS AND DRAWBACKS
Should you be a sole trader or a company? We are often asked that question when people are setting up in business, and the truth is it depends on the individual scenario and what you are looking to…
Information to keep for your personal tax return
The 2021/22 tax year ended on 5th April 2022, for which many of us will need to produce and file a personal tax return . To make things easier, here is our list of the information you need…
What is a P11D and do I need to complete one?
What is a P11D? The P11D form is a statutory form required to be filed with HMRC by those businesses that provide benefits to their employees that do not go through the PAYE system. You will also need…
What does my tax code mean? 2022/23 Edition
What exactly do all the numbers and letters in my tax code mean? And what do I do if I think it’s wrong? HMRC generate your tax code based on the information that they hold about you and…