Here’s a summary of the Autumn Statement 2022. Income Tax You start to pay income tax on annual earnings of more than £12,570, charged at 20%. You then pay 40% on earnings over £50,270 a year (the bands are different in Scotland). These tax thresholds had already been frozen until 2026. The chancellor has…
Have you ever looked at your profit and loss statement and wondered what all of it means? Is it something just for accountants? Understanding your profit and loss statement (P&L) can give you clarity on your businesses financial health. What is a profit and loss statement (P&L)? A profit and loss statement is…
With only 18 months left to comply, it’s really important that you make sure your business is MTD compliant. It’s best to make sure you have everything in place sooner rather than later. Are you self-employed, a partnership or a landlord with a property income above £10,000? You will need to follow the rules for…
The rising costs of living is not just affecting individuals. It’s also affecting businesses and making you think of new ways to keep your costs down. In this blog, we’ve come up with 5 tips to help your business keep up with rising costs of living. Technology concepts to reduce costs The use…
What is Payment on Account? We thought we’d explain what ‘Payment on account (POA)’ is and how it works. Of course if you have any follow up questions after reading this blog, give us a call! What is Payment on Account? Payments on account (POA) are tax payments mad twice a year by self-employed self…
We often get asked what’s the difference between a bookkeeper and an accountant. In this blog we explain the keys differences. What does a bookkeeper do? Bookkeeping is the first part of the accounting process, so the work of a bookkeeper and accountant overlaps. Bookkeeping is predominately about supporting the business on a regular basis….
Most of us go into business because we have a passion for a service or product that we can create. Turning that passion into a profitable business can be stressful. Do you still find your business fun? It’s hard to keep focused and remember why you started the business, especially at the start! So,…
Here’s a little round-up of what came out of the Spring Budget 2022. Cutting fuel duty on petrol and diesel by 5p per litre for 12 months This is the largest cut across all fuel duty rates ever and it came into effect from 6pm on 23rd March 2022. This cut, plus…
As a new or established business, it’s important to make sure you have chosen the best legal entity for your business. In this blog, we highlight what is required of you as each of the most common legal entities for your business. So, you’ve just started your business, that’s great! Have you thought about what…
With everything that came out of the Autumn Budget 2021, we thought we’d round up the main points in our latest blog. So here goes! National Living Wage (NLW) increased to £9.50 per hour This increase will be welcomed by National Living Wage workers. However, the increase in the NLW in conjunction with…