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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 ...
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 ...
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 ...
CIS Statements
Adhering to the Construction Industry Scheme (CIS) requirements is crucial for both contractors ...
PAYE, or Pay As You Earn, is the system HMRC uses to collect Income Tax and National Insurance Contributions from ...