Capital Gain when you sell a second property
Capital Gains Tax on 2nd Property Who does this effect, it effects landlords with one or more property’s or where they rent this out on a commercial basis for payment of rent for living there. individuals who have a second home, but this may not necessary be rented out but for their own use and…
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Importance of Bookkeeping and the data
Why Accurate Bookkeeping Data Matters More Than You Think As an accountant, one of the most common issues I see is not tax planning or complex regulations – it’s poor bookkeeping data. Business owners often underestimate how critical accurate bookkeeping is, not just for compliance, but for making better decisions and keeping professional fees under…
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Spring Tax Update
Making Tax Digital for Income Tax letters With just one month to go before the first tranche of individuals are required to sign up to MTD for income tax, HMRC is writing to taxpayers it believes might be affected From April 2026, sole traders and landlords with qualifying income above £50,000, based on the information…
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Bank Reconcilitation
What is Bank Reconciliation? Bank reconciliation is still one of the most important activities on the bookkeeping and the financial statements. Bank reconciliation is the process of matching the bank balances reflected in the cash book of a business with the balances reflected in the bank statement of the business in a given period. Such…
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Time to Pay Your Tax
Paying Your Tax The tax return deadline approaching there will be some people among us that need to settle our tax liabilities by 31 January annually. This comes at a time when some people will have cashflow problems as this is just after Christmas when the credit card bill have arrived and most of us…
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Construction Industry Scheme Hints and Tips
Registering for Construction Industry Scheme When you register for the scheme, it will come with registering for a PAYE (pay as you earn) scheme with HM Revenue & Customs. You must submit a return even if you do not pay anyone working for you for the month known as a nil return. If you are…
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Gifts
🎁 1. Gifts to Clients, Customers, Suppliers As we approach Christmas time there are particular rules around gifts and the tax rules assiocated with them General rule:These are classed as “business entertainment” by HMRC, so costs are non-deductible and no VAT reclaim, unless they meet strict exceptions. [gov.uk], Exceptions (for deductibility and VAT reclaim): If…
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November 2026 Budget
Understanding simple assessments If you owe income tax that cannot be collected automatically via PAYE, such as tax on bank interest or the state pension, HMRC may send you a simple assessment notice This letter shows how much tax HMRC believe you owe based on information they hold. It is important to check the figures…
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Payroll
Managing payroll in the UK is more than just paying employees—it’s about staying compliant with evolving regulations, maintaining accurate records, and ensuring your team is paid correctly and on time. Whether you’re a small business owner or part of a larger organisation, understanding the payroll landscape in 2025 is essential. What Is Payroll? Payroll is…
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10 VAT Questions
Should I be VAT Registered Navigating VAT (Value Added Tax) registration can be confusing for small business owners, freelancers, and startups. Here’s what you need to know to decide whether you should register. You must register for VAT with HMRC if: This threshold applies to standard-rated, reduced-rated, and zero-rated goods and services. It excludes VAT-exempt…
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