Running your own small business is hard work – you will find yourself trying to develop and grow your business, alongside managing the day-to-day operations acting as the finance, marketing, HR and sales departments – often all in the space of a few hours! To help you manage and keep on...
What are they? Payments on account are HMRC’s way of ensuring you at least pay some tax upfront ready for the following years tax liability. Who needs to make payments on account? You will need to make payments on account for 2021/22 if your tax and Class 4 National Insurance liability for 2020/21...
Being your own boss is a wonderful feeling. However, with so much to consider in terms of the initial legalities and business plan, you can soon become overwhelmed. This is particularly true when it comes to the dreaded self-assessment. As a chartered certified accountancy practice, we offer a personalised business...
As a budget-conscious freelancer you may be put off by the cost of hiring a professional accountant. You might see financial management as one of the tasks that fall within your freelance workload. However, you have the opportunity to relieve some of the pressure, saving time and money for investment...
The UK's tax gap stands at an estimated £31 billion, with 4.7% accounted for in the form of tax liabilities, according to a HMRC report released in 2020. This figure represents the disparity in the amount that the HMRC should receive and the actual amount paid in taxes. While some...
Sometimes a taxpayer may find themselves in a position whereby HMRC seem to be taking an inordinate amount of time to settle a particular issue or the service received as a 'customer' does not meet the standards expected or even that they feel they are being discriminated against. Although complaints...
To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 2021. However, in September last...
HMRC are maintaining their commitment to Making Tax Digital (MTD); requiring everybody to maintain and digitally submit their accounting records. As such we thought it the perfect time to take a trip down memory lane; sharing a helpful summary of double-entry bookkeeping. This is the main principle of the digital...
We’re going to say the C-word... And though you might want to pretend otherwise—or close your ears at the very mention of it—there is good reason not to. We’re talking, of course, about Christmas. There, we said it. And yes, believe it or not, another year is coming to a close. For many, that will...
It’s a stressful time. And the last thing you probably want to think about are your accounts. We get it—and we completely understand. But as we both know, when things are stressful and busy is exactly the time when we let our accounts slip and before we know it, things are backed up...
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