Ready to get your financial hiccups out of the way?
It is your tax code that indicates the amount of income tax you must pay. Usually, HMRC updates your tax code for you after receiving data about your income from the company or institution providing your pay. However, mistakes can happen. A wrong tax code can result in you paying either more or less tax… Continue reading How to Update Your Tax Code: A Simple Guide
If you’re running a business, using BADR can really help you with your tax bill if you ever sell some or all of your company. By selling things like shares in a trading company or your stake in a trading partnership, you’ll qualify for a lower CGT rate. If you want to exit your business,… Continue reading BADR: Business Asset Disposal Relief – A Brief Explanation
Many business owners and families are in for some changes to Inheritance Tax (IHT) in 2026 that are likely to change the way that wealth is planned for. Because these reforms are set to be implemented through BPR adjustments, it’s important you know what it means, how it might impact your assets, and what can… Continue reading 2026 Inheritance Tax Reforms: Navigating the New BPR Landscape
Mistakes happen when you’re dealing with tax returns—a fact that is likely to cause a double take if you’ve overpaid your tax. For many self employed individuals, working with a tax accountant for self employed can help to clear up the process. This guide will attempt to breakdown the complexities of overpayment relief by explaining… Continue reading Reclaiming Your Overpaid Tax: A Comprehensive Guide to Overpayment Relief
Stepping out of the traditional nine-to-five can feel like an entirely new world, one where you can establish the course, opt for where to head, and reaping the benefit of everything put in. It is an empowering step to transition into self employment by registering as a sole trader. However, in this freedom there are… Continue reading Embracing the Independent Path: Your Journey as a Sole Trader
The simplest and most common way to start a business is as a sole trader. It is flexible, has minimal paperwork and easy tax reporting. However, once your business grows you may find wanting to change over to a limited company. This move adds to the responsibilities but also provides tax efficiency, credibility and financial… Continue reading Transitioning from a Sole Trader to a Limited Company: What You Need to Know
As a regulatory requirement in the UK, maintaining thorough records of accounting data is, in fact, one of the cornerstones of financial security and successful strategic decision making. If you are on the hunt for accounting services for small business, a grasp of record retention may shield your enterprise against compliance pitfalls as well as… Continue reading Navigating Record Retention in the UK: A Comprehensive Guide to Protecting Your Financial Future
Running a limited company does not only include running day to day operation of the company but also ensures that every allowable expense is claimed correctly. If the management is done carefully you’ll substantially save on Corporation Tax and free up cash to invest. So many business owners have come to realize that working with… Continue reading Navigating Claimable Expenses: A Comprehensive Guide for Limited Companies
The focus of entrepreneurs to secure their assets, optimize taxes and be nimble during economic uncertainties has never stopped. Many are discovering that rethinking the traditional company’s structure for a Limited Liability Partnership (LLP) provides an excellent blend of protection and flexibility. Business owners have begun turning to experienced accountants for limited company to get… Continue reading Modern Business Strategies: Insights from accountants for limited company
Each year as the self-assessment deadline looms many business owners and the self employed worry about one thing – what if I get my tax return wrong? Even an error of misinterpretation of complicated tax rules or one born out of haste can lead to serious financial consequences. Anyone filing taxes needs to understand how… Continue reading Navigating Tax Return Errors: What They Mean for You
Let Property Campaign (LPC) is a vital campaign by HMRC to help landlords in the UK disclose undeclared rental income voluntarily. As HMRC becomes ever more stringent in its approach to tax compliance, this is a golden opportunity to put things right and avoid hefty penalties. Whether you’re a single property landlord or have several… Continue reading Understanding the Let Property Campaign: A Landlord’s Guide to Compliance and Savings
Due to globalization, more and more UK residents are working overseas for short periods of time. The opportunities associated with these often result in career growth, but as you can imagine, so do the financial and tax complexities. Temporary Workplace Relief (TWR) is one of the critical tax reliefs available to UK based expats working… Continue reading Expat Temporary Workplace Relief: A Guide to Tax Savings and Financial Benefits
Residency and domicile are important concepts for people trying to navigate their way through UK taxation. These are the terms that tell you how much tax you owe, and to which jurisdiction. Residency is more to do with your physical presence in the UK, and domicile is more to do with your long-term connections and… Continue reading Understanding Residency and Domicile in the UK: A Comprehensive Guide for Taxpayers
Tax matters can be a maze of forms, numbers, and rules, but it is important to understand them so you don’t overpay your share or get dinged for unexpected bills. One document you may see if you are a UK taxpayer is the P800 tax calculation issued by HMRC. In this blog, we explain what… Continue reading Understanding P800 Tax Calculations: How to Claim Your Refund Hassle-Free
Financial transparency is now essential in tax collection systems throughout the world. World Wide Disclosure or WWD as it is commonly referred to, is of great concern to all the UK taxpayers. WWD is the legal requirement to report both foreign income foreign assets to His Majesty’s Revenue and Customs (HMRC). This blog takes a… Continue reading World Wide Disclosure: Understanding Its Importance for UK Taxpayers
If you’re a company director, one of the most important financial decisions you’ll ever make is how you’ll pay yourself. You do not work the way traditional employees do, and you have the ability to structure your income in different ways, most commonly as a salary, dividends, or a mix of the two. That being… Continue reading Director’s Pay: Salary vs. Dividends – Which Option is Best for You?
Starting your own business is exciting but does come with some important decisions of which the first is what legal structure is going to be best for you. The structure you choose determines how you pay taxes, what your personal liability is, how you manage your accounts, and how you grow your business. In the… Continue reading Should I Set Up as a Sole Trader, Partnership, or Limited Company?
The UK tax system is incomplete without Capital Gains Tax (CGT) which is usually overlooked until it’s a problem. That applies to the profit you make when selling or giving away something that has grown in value, and the tax is levied on the gain, not the entire proceeds. Individuals and businesses need to understand… Continue reading Understanding Capital Gains Tax: How It Affects Individuals and Businesses in the UK
Audits by HM Revenue and Customs (HMRC) can be scary for UK businesses. But with the right planning and compliance, you can go through the process confidently and stay financially sound. From a small enterprise to a growing medium-sized business, this guide will give you an overview of the audit process, actionable preparation steps, and… Continue reading Preparing for HMRC Audits: A Stress-Free Checklist for UK Companies
As the tax season approaches, businesses of all sizes in the UK often feel overwhelmed by the complexity of tax regulations. As the rules are constantly evolving, deadlines getting tighter, and complexities of accurate financial management, errors are highly likely. However, knowing the major pitfalls can help companies streamline their tax process and cut back… Continue reading 10 Common Mistakes Businesses Make During Tax Season
