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What is Pension Credit?
Pension Credit is an income-related benefit that offers extra money to help with your ...
State Pension Increase Explained
Good news first – the government have proposed raising the State Pension in ...
What are HMRC Penalties?
HMRC imposes penalties on taxpayers who fail to comply with their tax obligations. ...
A Cash Flow Statement shows how money moves in and out of your business over a set period. This highlights where ...
What is an Income Statement?
An Income Statement, also known as a Profit and Loss Statement (P&L), summarises ...
A Balance Sheet is a financial statement that lists a company's assets, liabilities and equity. It shows the ...
A P45 is the document you receive when you leave a job. It provides a clear summary of your earnings and the tax ...
A P60 is an end-of-year tax summary. Your employer provides it after the tax year ends. The tax year runs from 6 ...
A P30 is a document that shows employers how much tax and National Insurance they owe for a specific period. ...
What is an Accounting Journal?
An accounting journal is a record where businesses document their financial ...
What is an Accounting Ledger?
An accounting ledger records all financial transactions organised by account. This ...
What is an Accounting Period?
An accounting period is a specific timeframe for which a business prepares its ...
The Bank of England Cuts the Base Rate to 5%
On the 1st August 2024, the Bank of England cut the base rate from ...
What is a Business Bank Account?
A business bank account specifically manages the finances of a business. Unlike ...
Contractors under the Construction Industry Scheme (CIS), must deduct tax from payments made to subcontractors. ...
The Cycle to Work Scheme is a government-backed initiative that helps employees save money on bicycles and cycling ...
National Insurance funds the State Pension and several contributory benefits. However, not every worker pays ...
Maternity Allowance can support your income when you take time off to have a baby. Many self-employed parents rely ...
HMRC uses the Self Assessment system to collect Income Tax and requires taxpayers to complete a yearly tax return. ...
Does Tax Apply to Marketable Securities?
Yes, tax does apply to Marketable Securities. Marketable securities ...
What is Football Transfer Tax?
Football Transfer Tax refers to the tax implications and regulations surrounding ...
Holiday Accrual on SSP
When employees are unable to work due to sickness, they may be eligible for Statutory Sick ...
Corporation Tax is a tax that companies and certain organisations pay to HMRC on their profits.
You calculate ...
Student Loans are a form of support provided by the UK Government to help students cover the cost of attending ...