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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. ...
Tax Investigation Insurance is a specific type of cover that protects you from the professional fees you will ...
An HMRC Tax Investigation, also known as a compliance check, is an official review of an individual's or ...
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 ...
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 ...