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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 ...
A financial year end marks the conclusion of a 12-month period used by businesses to track, report and assess ...
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, ...
Income Tax is a tax you pay on the money you earn. The government collects it through HMRC. However, not all ...
Inheritance Tax is a tax on the estate of someone who has passed away. An estate includes property, money and ...
Capital Gains Tax (or CGT) is a tax on the profit you make when selling or disposing of an asset that has ...
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 ...