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Contrary to popular belief, directors do not automatically need to register for Self Assessment. The need to ...
HMRC introduced a new VAT Penalty System on 1st January 2023. This system replaced the old default surcharge ...
The VAT threshold is the maximum amount of VAT-taxable turnover your business can earn in any rolling 12-month ...
VAT, or Value Added Tax, is a consumption tax that businesses charge on most goods and services. Businesses ...
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 ...
Back in the Spring Budget 2024, the government announced the abolition of the Furnished Holiday Let (FHL) Tax ...
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 ...
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 ...