Tax codes may feel confusing, especially if you’re new to running your own business or managing payroll. Getting them right first time is essential for staying compliant with HMRC, and ensuring employees are paying the correct amount of tax. In this blog, we explain the UK tax codes for the 2026/27 [...]
With Making Tax Digital (MTD) coming into force 6 April this year, many Sole Traders are having to adapt with the reshaping of how their business manages and reports its finances. This change has left many asking the same question: should I stay as I am, or is now the right time to go limited? Whilst MTD [...]
Choosing a structure is one of the most important financial decisions you’ll make for your business. Regardless of whether you’ve just started out or are growing steadily, it’s important to understand the tax implications of operating as a Sole Trader versus a Limited Company, as it can have a significant impact on your take-home pay, risk exposure and future. In [...]
Starting a new business venture can be an exciting time. You’re ready to start attracting clients, growing your brand, and generating income. But before you’re ready to dive in, it’s important to complete one essential step that’ll help to significantly improve your chance of success: writing a business plan. It’s also an important step when your business is already established, to ensure you’re on the right path. In this blog we [...]
In Tuesday’s Spring Forecast, Chancellor Rachel Reeves presented the latest economic and fiscal forecast from the Office for Budget Responsibility (OBR), providing an updated outlook for the UK economy. There were no major new tax or spending announcements, in line with the government’s focus on stability and growth. The OBR [...]
With so much pre-Budget speculation, we were expecting a long wait for the detail - but events moved faster than anyone anticipated. In an unprecedented slip, the Office for Budget Responsibility (OBR) accidentally published its Economic and Fiscal Outlook around an hour before the Chancellor, Rachel Reeves, delivered her Budget speech. [...]
VAT (Value Added Tax) is a crucial part of running a business in the UK, and impacts pricing, purchasing and cash flow. It’s a tax collected and submitted to HMRC on goods and services. By understanding what VAT is, the rules surrounding it, the registration thresholds and available schemes, [...]
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 [...]
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 [...]