As a UK based business owner, it’s essential that you understand income tax and how it works. Whether you are sole trader, limited company director or freelancer, with so many different tax rates, allowances, and reliefs, it can be easy to feel overwhelmed by the complexity of the UK tax [...]
Avoid costly accounting and bookkeeping mistakes with this practical blog for small businesses. Learn the most common errors — from mixing personal and business finances, poor record-keeping, and falling behind on bookkeeping, to miscategorising transactions, ignoring VAT rules, and forgetting to track expenses. Discover expert tips on how to stay [...]
Running a Limited Company comes with many financial responsibilities, and understanding which business expenses are allowable for Corporation Tax is one of the smartest ways to reduce your tax bill legally. Allowable expenses are costs incurred wholly and exclusively for running your business, from staff salaries, office rent, and equipment [...]
Discover what your Limited Company’s annual (statutory) accounts reveal about your business’s financial health. This blog explains the balance sheet, profit and loss statement, and notes — showing how to assess assets, liabilities, profit, tax, and stability to make informed growth decisions. What are Annual Accounts? Your company’s annual accounts [...]
Tax codes – the basics Tax codes can seem confusing, especially if you’ve never managed your business’ accounts before or are new to running your business. But whilst they can be tricky to get you head around, they’re vital for running your business and payroll compliantly and efficiently. So, whether [...]
When you’re first starting out running your business you’ll no doubt be eager to dive-in, get your name out there and start building your client base. Whilst these things can sometimes seem to be the most exciting part, there are some fundamental ‘housekeeping’ tasks that you should do before you [...]
If you’re a small business owner you may have heard of EIS (Enterprise Investment Scheme), SEIS (Seed Enterprise Investment Scheme), and VCT (Venture Capital Trust) – so what are they, how do they work and can they benefit your business? In this blog we answer all this plus more, to help [...]
Making Tax Digital (MTD) is on it’s way, so now is the time to ensure you understand what’s on the horizon, what you need to do, and how the Vantage Accounting team are ensuring everything is ready. In this blog we take a closer look at what MTD actually is, [...]
For many business owners, there will come a time when you want to close your company for one reason or another. But until that point, you likely won’t have thought much about the process or have much knowledge on how to be most tax efficient when closing your company. [...]
When running your business you’ll have legal responsibilities such as filing and submitting various forms and returns to Companies House and HMRC throughout the financial year. Failing to do so will result in penalties, fines and unnecessary stress. If you’re new to the world of running your own business, [...]