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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 this tax through HMRC. The money ...
Capital Gains Tax (CGT) applies when you make a profit after you sell or dispose of an asset. However, CGT only ...
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 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 ...
A Balance Sheet is a financial statement that lists a company's assets, liabilities and equity. It shows the ...
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 ...
Contractors under the Construction Industry Scheme (CIS), must deduct tax from payments made to subcontractors. ...
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 ...
National Insurance funds the State Pension and several contributory benefits. However, not every worker pays ...
Maternity Allowance can support your income when you take time off to have a baby. Many self-employed parents rely ...