Garry

Choosing accounting software is one of the most important early decisions for any business. The right tool can save hours of admin, improve accuracy, and help you stay compliant with Making Tax Digital (MTD). Here’s what to consider before choosing your platform. 1. Key Features to Look For When comparing options, focus on: Cloud access […]

Filing a self-assessment tax return can feel daunting, but with proper preparation, you can make the process smoother and stress-free. Whether you’re self-employed, a landlord, or have other sources of income, here are some essential tips to help you file your tax return accurately and on time. 1. Check if You Need to File Not

Managing cash flow is one of the most critical aspects of running a successful business, particularly for small and medium-sized enterprises (SMEs). In the UK, where around 5.5 million businesses are SMEs, poor cash flow management is one of the leading causes of business failure. Yet, many business owners struggle to understand how to manage

Running a small business is no small feat. Between juggling sales, marketing, operations, and customer service, it’s easy for accounting to fall by the wayside. Yet, good accounting practices are essential for business health and growth. Unfortunately, many small business owners unknowingly make accounting mistakes that can lead to cash flow problems, tax issues, or

If you operate a Limited Company you will be required to file Annual Company Accounts with Companies House and Corporation Tax Returns with HMRC. In order for your accountant to prepare these for you, you will need to supply the following information:- Bank Statements for the period your accounts cover. This would be for all

If you are required to file a Self-Assessment then these are some of the records and information that you will need to supply to your accountant ahead of the filing deadline:- Employment Income – If you were employed at any point during the tax year you need to supply copies of any P60’s and/or P45’s.

With effect from 6 April 2023 there has been an increase in some of the National Insurance and Income Tax thresholds. The following Income Tax and National Insurance thresholds and rates will apply from 6 April 2023 to 5 April 2024:- Income Tax Thresholds & Rates England and Northern Ireland:- PAYE Tax Rates and Thresholds

On 1 April 2023, the government is increasing the National Minimum and National Living Wage rates. The hourly rate for the minimum wage depends on your age and whether you’re an apprentice. You must be at least: school leaving age to get the National Minimum Wage From 1 April 2023 the National Living Wage will

As a small business owner and an entrepreneur, you have to juggle many balls on a day-to-day basis to keep your business running and growing. Bookkeeping and Accounting are probably the last things on your to-do list, if they are on it at all! This is a big mistake, having a sound knowledge and understanding

With effect from 6 April 2022 there has been an increase in some of the National Insurance and Income Tax thresholds. The following Income Tax and National Insurance thresholds and rates will apply from 6 April 2022 to 5 April 2023:- Income Tax Rates & Bands The standard Personal Allowance is £12,570, which is the