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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 ...
The UK Government launched the Construction Industry Scheme (CIS for short) in 1971 in response to widespread tax ...
PAYE, or Pay As You Earn, is the system HMRC uses to collect Income Tax and National Insurance Contributions from ...
National Insurance, or NI for short, is a tax on earnings that funds various State Benefits. Employees, the ...
The Cycle to Work Scheme is a government-backed initiative that helps employees save money on bicycles and cycling ...
What is the Lower Earnings Limit?
The Lower Earnings Limit (LEL) is the minimum amount an employee must earn to ...
What is Maternity Allowance?
Maternity Allowance supports pregnant women and new mothers who do not qualify for ...
The Personal Allowance is the amount of income you can earn each tax year before paying Income Tax. For the ...
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 ...
Tax in the UK follows a progressive structure, meaning the more you earn, the higher the percentage of tax you pay ...
Holiday Accrual on SSP
When employees are unable to work due to sickness, they may be eligible for Statutory Sick ...
What is a P11D?
The P11D form is used by employers to report expenses and benefits provided to directors and ...
What is the VAT Flat Rate Scheme?
The VAT Flat Rate Scheme (FRS) simplifies the way small businesses manage their ...
Corporation Tax is a tax on company profits, payable to HMRC. Unlike Income Tax, businesses do not receive a bill ...
What is Double Entry Bookkeeping?
Double Entry Bookkeeping is an accounting technique that records each financial ...