In an era where software companies are aggressively marketing their AI-driven bookkeeping solutions as the end-all for small business financial management, there’s an important question to answer: Will anyone need a bookkeeper in the future? It’s not a simple question to answer. It’s true that AI has revolutionised bookkeeping (for those who have adopted it) … Read More

Why does the tax year end on 5th April? Historically, in the UK, the calendar year began on the 25th of March, known as Annunciation Day, which was 9 months before Christmas Day, and followed the Julian Calendar. This date also marked the start of the tax year. Over time, it became evident that there … Read More

Should you outsource some of your tasks to an expert? We are having our house decorated at the moment. It’s the first time we have paid someone else to do it. Previous blockers were cost, someone in our house and it was something we could do it ourselves. Businesses have similar concerns about someone else … Read More

Here are some pros and cons of operating as a limited company (Ltd) versus a sole trader in the UK: Limited Company (Ltd): Pros: Limited Liability: Shareholders typically have limited liability, meaning their personal assets are protected from business debts and legal claims. This is a significant advantage in terms of personal financial security. Professional … Read More

Gather your papers, every last one, From payslips to statements, let’s get it done. Income, expenses, and all you’ve earned, Prepare yourself, it’s time to be concerned. Through thresholds and bands, we navigate, Seeking deductions, we calculate. From self-employment to rental gains, We aim to minimise financial strains. The self-assessment form, a puzzling sight, With … Read More

Sometimes it seems like accountants have a language of their own. Please find a few of the terms accountants use and the meaning in plain English. Turnover: Turnover means how much money a business makes from selling things or providing services. It’s another word for sales. Overheads: Overheads are regular expenses that a business has … Read More

  When it comes to your tax return, it’s crucial to know which expenses you can’t claim. We’re here to help you navigate through the do’s and don’ts, so you can avoid any tax headaches. Let’s dive into some common expenses that you can’t claim, and keep you on the right track! Personal Expenses: First … Read More

As a sole trader in the UK, managing your finances can be a daunting task. However, there are several expenses that you can claim on your tax return to help reduce your tax bill and manage your finances more efficiently. Here are some of the most common expenses that sole traders can claim: Office expenses: … Read More

A survey by Coconut shows that most sole traders are not ready for MTD for Income Tax. 20% have not heard of MTD and a further 60% do not feel prepared. From April 2024, sole traders and landlords earning more than £10k a year will need to submit quarterly accounts using software, followed by a … Read More

A survey by Quickbooks has shown that 82% of businesses that are yet to comply are unaware of the impending deadline. All VAT registered businesses will need to have implemented MTD from 1st April 2022. Reasons given for not complying are: Don’t have time (32%) Not comfortable with technology (30%) Not knowing what MTD is … Read More