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Do you have to pay tax on your redundancy pay?

The simple answer is no, redundancy pay is tax free up to £30,000. This is because it is not considered income but rather compensation for loss of position, therefore not subject to income tax. Anything over the £30k limit…

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How to improve your business cash flow

When inflation rises and businesses are faced with increasing costs, cash flow can become a problem.  There is more going out than coming in – but that cannot carry on forever.  Most businesses that go bust do so…

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Do I have to pay tax on my crypto gains?

Cryptocurrency, particularly Bitcoin, have risen in prominence over the last few years – with companies like Telsa accepting them as payment and countries like China banning them outright.  Their value has risen, fallen and risen again, but investors…

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Where can I find my company tax information?

If you do not already have one, you should set up an online HMRC account for your company so that you can see all your tax information in one place. Be aware that your accountant may have already done this…

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Information to keep for your personal tax return

The 2023/24 tax year ended on 5th April 2024, 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…

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Do you need to file a personal tax return for 2024?

The 2023/24 personal tax year ended on 5th April and we are now in the 2024/25 tax year. Every year we are asked the same thing – ‘Do I need to fill in a personal tax return?’.  Here…

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Top Ten bookkeeping mistakes (and how to avoid them)

Here are our Top 10 Bookkeeping mistakes and how to avoid them This seems obvious, but there are people still leave everything to the last minute and let the bookkeeping build up.  We know you didn’t go into business…

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UPDATE: The changes are being delayed – HMRC to close and reduce customer helplines

From the 8th April HMRC will be changing the operating hours of its customer support helplines – in some cases closing them entirely – in an attempt to push customers to use online services more. Self assessment –…

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What mileage can you claim through your business?

We often get asked the question what business mileage our clients can claim back, and what tax they will have to pay on it if they do. Below we break down the differences between business mileage and private…

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HMRC is targeting undeclared dividends

HMRC is looking into undeclared dividends to ensure that income tax is not being missed out on. They have written to the directors of companies where despite profits being made, the balance of distributable profits has fallen, suggesting…

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