Blog

Introduction Value Added Tax (VAT) is a tax on the value added to goods and services during their production and distribution. In the UK, businesses that are registered for VAT must submit regular VAT returns to HM Revenue and Customs (HMRC). Failing to submit VAT returns accurately and on time can result in hefty penalties […]

Many people aspire to be self-employed, and if you are an individual running your own business, you are considered a “Sole Traders.” There are many benefits to being a sole trader, such as the ability to set your own schedule and achieve a good work-life balance. Additionally, you get to keep all of your business’s […]

When an economic downturn occurs, there are various steps you can take to protect your business and ensure it survives. This guide outlines your options. Understand your finances During an economic downturn, it’s crucial to have a comprehensive understanding of your company’s financial status. This entails knowing your cash reserves and whether they are sufficient […]

As we prepare for the start of a new tax year, many self-employed freelancers, contractors, sole traders, and small businesses across the UK are eagerly anticipating the Spring Budget. Chancellor Jeremy Hunt recently delivered his highly anticipated budget, which he dubbed “a budget for growth.” UK Economy Outlook In general, the UK economy’s outlook for […]

As tax season approaches in the UK, many individuals and businesses find themselves struggling to complete their Self Assessment tax returns. However, with the help of HMRC’s digital assistant, the process can become much more manageable. In this blog post, we will take a more in-depth look at the HMRC digital assistant and how it […]

Are you ready to become an employer for the first time? This is huge news! If you’re just getting started, you might be glad to know about Employment Allowance relief. This allows employers who have 2 or more employees (or companies with 2 or more directors) to reduce the cost of their National Insurance contributions […]

With another self-assessment deadline been and gone, it can often feel like the years come around exceptionally quickly when you’re posed with the task of the dreaded tax return. If you’ve not been as organised as you’d like, or if you have not used an online MTD-compliant software to keep track of your outgoings and […]

Dividends are a source of income so (inevitably) you’ll need to pay tax on any that you receive. The dividend tax rate is different to the rate of income tax you might pay on other types of earnings, so this can make things seem a bit confusing. In this article we explain how dividends work, […]

Running a business is tough, and to pile on the pressure, energy prices are now through the roof. There’s zero shame in admitting you’re finding it difficult to pay your energy bill, especially during the dark, frosty winter we’re enduring at the same time as a cost of living crisis. You’re not alone. Thousands of small […]

You might have heard that earlier this year, the tax deadline for Self Assessment was extended by the government. Sounds great, right? After all, nobody actually likes paying taxes, so the fact that HMRC gave everyone more time to file and pay their tax returns was an added bonus! But that change now has many people wondering… will the […]