Latest blogs
Self-Assessment Tax Returns – your questions answered
Who should file tax returns: Individuals (employees with hobby or side hustle, sole traders or self-employed) that earn £1000 or more Employees who want to claim income tax relief Individuals with annual income of £100k or more Unincorporated landlords Partners...
MTD for ITSA Delayed!
In a previous post published about MTD for ITSA, I talked about the next step in the digitalisation of the tax system being MTD for ITSA, and subsequently posted a few fact sheets about it. The previous post and fact sheets provided 6 April 2024 as the date MTD for...
Making Tax Digital for income tax self-assessment (MTD for ITSA)
My previously published blog gave a background to making tax digital (MTD). MTD is HMRC’s initiative to “move toward a modern, digital tax service” and in effect, digitalise the entire tax system. It could be argued that the first step towards digitalisation was...
Month End
Month end, in general terms, means the last day of the calendar month. In bookkeeping and accounting, month end brings with it the need to close the month/period, which usually happens a few days after the last day of the month. What does closing the month do? It...
Financial Management: Chart of Accounts
As a do-bookkeeping-yourself (DBY) Small or Medium sized Enterprise – SME, do you have a chart of accounts (CoA)? Do you record your income and expenditure based on your CoA) or only maintain a list of expenditure? Chart of Accounts – what is this? When thinking...
Bookkeeper v Accountant
Let me start by saying that I have worked in #Accounting and #Finance for decades. I however haven’t yet gotten round to completing my CIMA exams and will as such will be deemed by most, to be a part-qualified Accountant. I however consider myself a qualified...
Buy-now-Pay-Later Options, is there a place for this?
Over the last couple of years, there’s been an increase in offers to buy-now and pay-later at the point-of-sale (i.e., when you are about to pay for a purchase, especially for large purchases, you get offered the option not to pay in full). Popular are Klarna and...
Protect Your Business – The Six Types of Insurance You Need to Have
Last year, I published Protect: You This post is about protecting your asset (your business)! No company has zero operating risk, but existing risk will differ from industry to industry. There are therefore a variety of insurance required, some of which will be...
U.K. Interest Rates: Up again…
… for a second time in less two months! The direction was only ever going to be upwards (in my opinion)! Of course, the new Health and Social Care Levy coming into effect on 6 April 2022 means people are already going to be left with less disposable income at a time...