Do you need to submit a self-assessment tax return?
A self-assessment tax return is usually required for any taxable income which is not declared via PAYE. A self-assessment return must be submitted every year and it is your responsibility to do so, even if HMRC have not requested it. Some may incorrectly assume that it is only those who are self-employed who need to […]
Do business loans affect your company’s tax bill?
Many businesses use loans from a lender to help with company growth, major purchases or new endeavours. Business loans will always need to be repaid over a set period of time, along with the interest required. As well as understanding the terms and conditions of your specific loan, the repayment requirements and how that will […]
1 April 2024: Minimum & National Living Wage increases
It’s important for employers to note that National Minimum Wage and the National Living Wage rates increase on 1st April 2024, so they’ll need to ensure that the business and payroll is ready for this change. Along with the new rates for employees of different ages, the National Living Wage will start to encompass more […]
Five reasons to file your self-assessment return early
If you’re self-employed, sorting out your annual self-assessment return may well be something that you put off for as long as possible. If this sounds like you, you’re not alone! HMRC data shows that in 2023, over 778,000 taxpayers left their self-assessment return for the 2022/23 tax year until deadline day and nearly 33,000 people […]
What the 2023 autumn statement means for small businesses
Towards the end of November 2023, Chancellor Jeremy Hunt announced some of the government’s tax and spending plans for the year ahead. Only a fraction of the changes actually made it to the speech itself, with many other tweaks and changes instead being outlined in the documents published alongside it. We’ve outlined what some of […]
Sole trader to Ltd company – How do your accounting responsibilities change?
If you’re already a sole trader and your business is growing, you might want to consider setting up a limited company instead. As a sole trader, your accounts and tax responsibilities are usually quite straightforward, but if your profit increases to a certain level, it can make more sense from a tax point of view […]
Guide to tax payments on account
It used to be the case that self-employed people would pay their entire tax bill in one go after submitting a self-assessment tax return annually, due on January 31st for the previous tax year. This is still the case for the first year that someone submits their self-assessment. In order to spread this cost somewhat […]
Understanding your payslip and P60
There is lots of information on payslips, but it isn’t always straightforward working out exactly what everything means. Different payslips from different employers can also sometimes look quite different, which can also be confusing. It’s important for employees to check their payslips so that any mistakes or issues can be flagged and resolved quickly. P60s […]
Frequently asked questions on accountancy for sole traders
We’ve compiled answers to some of the most common questions that accountants are asked bythose who are sole traders.If you have questions that are not answered below, we can help! Get in touch with us to find outmore. What records do I need to keep as a sole trader?As a sole trader, you’ll need to […]
Key financial dates in the 2023/24 tax year
If you’re recently self-employed or run a newly incorporated business, it’s essential to keep track of some important dates during the current tax year, to make sure that you fulfil your legal obligations when it comes to tax returns, accounts and paying any related costs. It’s also vital to make sure that you’re up to […]