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Financial Insights and Expert Advice
Join us as we explore the intricacies of accounting, taxation, financial planning, and more. Let’s embark on this journey together
QuickBooks Self-Employed App Removal
Starting January 2025, the QuickBooks Self-Employed app will no longer be ...
Going Paperless with the HMRC App
If you find yourself puzzled by the absence of your usual Self Assessment ...
Self Assessment for Contractors
If you work as a self-employed contractor, you will likely need to submit a Self ...
Self Assessment for Directors
Contrary to popular belief, directors do not automatically need to register for ...
VAT Penalty System
Under the new rules, if you submit your VAT return late, you may incur penalties. This change ...
What is the VAT Threshold?
The VAT Threshold is the point at which your business must register for Value Added ...
What is Value Added Tax (VAT)?
Value Added Tax (VAT) is a consumption tax that applies to most goods and services ...
Business Asset Disposal Relief
Business Asset Disposal Relief is a tax scheme which helps business owners keep ...
The Autumn Budget 2024
The 2024 Autumn Budget brings changes across wages, business taxes and public spending. ...
What is Deferred Income?
A business generates deferred income, sometimes called "unearned income", when it ...
Abolition of the FHL Tax Regime
During the Spring Budget 2024, the Chancellor announced the abolition of the ...
What is a Trial Balance?
A Trial Balance summarises all the debit and credit balances in a company’s accounting ...
What is Bank Reconciliation?
Bank Reconciliation is the process of comparing the transactions recorded in your ...
What is a Company Year End?
Your Company Year End depends on your business and typically aligns with the date you ...
What is a Financial Year End?
A financial year end, also known as a business year end or fiscal year end, marks ...
What is a Tax Year End?
The UK Tax Year runs from 6th April until the 5th April of the following year. HMRC uses ...
What is Solvency?
Solvency refers to a business' ability to meet its long-term financial obligations. Simply, it ...
What is Liquidity?
Liquidity measures how easily an asset converts into cash without losing value. Consider cash ...
What are Fixed Assets?
Businesses purchase fixed assets as long-term assets for continuous use. Businesses do not ...
What is a Liability?
A liability is a debt or obligation a company must settle. This can be in the form of money, ...
The Employment (Allocation of Tips) Act
From 1st October 2024, millions of workers across the UK will see a boost ...
What are Current Assets?
Current Assets (CA) are short-term resources that a business owns and expects to convert ...
What is Cash Accounting?
Cash accounting, also called cash-basis, is a method of recording income and expenses ...
What is Accrual Accounting?
Accrual accounting is a method of recording financial transactions when they happen, ...