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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
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, ...
What is Income Tax?
HMRC levies Income Tax on various forms of income earned by individuals, businesses, and ...
What is Inheritance Tax?
Inheritance Tax (IHT) is a tax on the estate of a deceased person. This includes all ...
What is Capital Gains Tax?
Capital Gains Tax (CGT) is a tax on the profit you make when you sell or dispose of an ...
State Pension Triple Lock
Introduced in 2010, the Triple Lock is a government guarantee to increase the State ...
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. ...
What is Tax Investigation Insurance?
Tax Investigation Insurance is a specialised insurance policy that helps ...
What is a Tax Investigation?
A tax investigation is not an accusation of wrongdoing but a process to verify that ...
What is a Cash Flow Statement?
A Cash Flow Statement outlines the inflows and outflows of cash and cash ...
What is an Income Statement?
An Income Statement, also known as a Profit and Loss Statement (P&L), summarises ...
What is a Balance Sheet?
The Balance Sheet provides a snapshot of a company's assets, liabilities and equity at a ...
What is a P45?
A P45 document records details about your income and the tax you've paid while working for a ...
What is a P60?
Your employer issues a P60 at the end of each tax year, summarising your income and tax deductions ...
What is a P30?
Employers use a P30 form to report their National Insurance Contributions (NICs) to HMRC. In the ...
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 ...