The financial technology landscape in the UK is changing quickly due to advancements in digitalization, artificial intelligence and shifting economic conditions. As we head into 2026 so we are observing that several major trends are shaping the industry. Artificial Intelligence (AI) and Automation AI is changing financial services, customer experience, risk management and operational efficiency.... View Article
Cloud-based accounting solutions have changed the accounting world a lot in the last few years. These new platforms have changed the way businesses handle their money by giving them a faster, more flexible and cheaper option to do it. We’ll talk about the pros, cons and best ways to use cloud-based accounting solutions in this... View Article
Even though the accounting sector has traditionally had a standard office setup and strict work hours, things are changing a lot. Accounting businesses are changing the way they do business as more people are working in hybrid models. These models give them more freedom and variety in their work. But why accounting companies are using... View Article
Pension salary sacrifice, also known as salary exchange or pension sacrifice, is a popular employee benefit that lets people put money directly into their pension fund from their paychecks before they file their taxes. This deal could be very good for both the business and the employee. This blog will talk about the pros and... View Article
As a global pioneer in sustainable finance, the UK has an intense focus on cutting carbon emissions and green investments that are environment friendly. The primary aim of sustainable finance is to include ESG considerations in financial choices. Its purpose is to enable sustainable economic growth by reducing adverse effects on the environment and society.... View Article
If you’re a Non-Resident Indian (NRI) now living in the UK, you may be wondering: “Is my Indian Provident Fund (PF) taxable in the UK?” This is a common question for UK tax residents who contributed to a PF while working in India. The UK tax system is based on worldwide income, which means your... View Article
The increase in digital currencies such as Bitcoin and Atherium has changed the way you think about money and financial transactions. As digital currencies quickly become popular, British activities and accountants face new challenges in terms of accounting and tax implications. In this blog, we will discover accounting implications of digital currencies in the UK... View Article
Reporting on environment, sustainability, and governance issues (ESG) shouldn’t only be applied on the big players of the economy – small businesses ought to be looking at these issues just as strategically. For small businesses, the process might seem overwhelming but proper ESG planning can greatly assist the business to not only grow their revenues... View Article
Running a business is not just about making profit. It’s all about how smartly we can take financial decisions. Taking right financial decision on time and staying compliant with the law both help a business to reduce tax burden. But it’s not the least. Hiring family members in business is one of the best strategies... View Article
Tax avoidance remains a pressing issue for HMRC and the Treasury. This is not because it directly defrauds the system like evasion, but because it undermines fairness and shifts the burden onto compliant taxpayers. In response, HMRC is enhancing its suite of powers to target those who design, promote, and facilitate marketed tax-avoidance schemes. A... View Article
In a significant fiscal shift, the UK government has introduced Value Added Tax (VAT) at the standard rate of 20% on private school fees. This applies from 1 January 2025. To ensure fairness, fees paid from 29 July 2024 for terms beginning in January 2025 or later are also subject to VAT. This reform was... View Article
If you are an employer in the UK, you have probably noticed quite a few conversations about pensions reform. As we move through 2025, some key changes are happening that you need to be aware of. Not just for compliance, but so that you can plan ahead for your workforce and finances. So, here is... View Article
The UK government’s Making Tax Digital (MTD) is one of the best initiatives for businesses and individuals to manage their tax affairs. Initially MTD was introduced for VAT in 2019. But now Making Tax Digital (MTD) will expand further in April 2026. From April 2026, it will also include Income Tax Self Assessment (ITSA) for... View Article
It does not matter whether you are a small business owner, a freelancer, or managing a large company; at the end of the day, what you need is a clear understanding of your overall income, expenses, and, of course, tax obligations. Now, the question is whether you should hire a bookkeeper or rely on cloud... View Article
In today’s dynamic world uncertainty is a normal part of our life. Economic ups and downs, political conflicts, changing customer habits, invention of new technologies makes business unpredictable. In this scenario, financial forecasting is essential for a business to survive and grow. But what is financial forecasting, and why it is so essential when the... View Article
Three NRI Money Myths in UK For many Non-Resident Indians (NRIs) living in the UK, sending money from India to the UK is a regular financial activity — whether to support living costs, invest, or buy property. Yet, when it comes to UK tax rules on foreign income and remittances, misunderstandings are common and often... View Article
Navigating HMRC compliance in the UK is daunting for small businesses and P11D reporting is not an exception of this. If you provide employees with benefits in kind like company cars, private medical insurance, or interest-free loans then submitting a P11D form is a legal obligation. Failing to file P11Ds correctly or on time can... View Article
When you’re planning for retirement, putting money into a private pension doesn’t just help you save for the future but it can also lower the amount of tax you pay each year. Whether you’re self-employed, run a business, or work for a company, you must know how pension contributions affect your taxes is an important.... View Article
In the UK, employers need to report certain employee benefits and expenses using a form called P11D. But many employers don’t know how to use it and who should fill it out. They even don’t know what it includes. Let’s discuss everything about P11D in detail. What Is a P11D Form? A P11D form is... View Article
Choosing the right bank for your business is more than just opening an account. Banks play an important role for every business. Bank supports financial goals, operations, and business growth. Whether you’re a new entrepreneur or a growing business, selecting the right bank can affect your cash flow, access to credit, and daily financial management.... View Article
Running a business in the UK? If so then you must know which expenses you can claim for tax to save your money. One area that often confuses people is business mileage and car expense. As HMRC rules change and work patterns shift in 2025, understanding the business mileage and car expenses details has become... View Article
The way we handle taxes is changing fast, and if you’re a landlord in the UK, you can’t afford to ignore it. From keeping digital records to filing quarterly updates, landlords will soon need to follow a brand-new process under the Making Tax Digital (MTD) scheme. Sound overwhelming? Don’t worry. This blog explains everything you... View Article
Are you planning to start a business in the UK? Not sure how you structure it? Don’t worry here are some important aspects that you can take care of before structuring your business. This blog will guide you through the most tax-efficient business structures, key tax-saving strategies, and how to avoid common pitfalls. Choose the... View Article
Starting 1 April 2025, HMRC introduced penalties for late VAT payments under Schedule 26 of the Finance Act 2021. This is a significant change that has been incorporated by HMRC so far for VAT payments. The main objective of such changes is to tighten compliance, reduce the tax gap, and encourage on-time payments. What Exactly... View Article
In today’s gig economy, many people are turning their passions into profit. Whether you’re selling handmade crafts on Etsy, freelancing online, driving for Uber, or renting out a spare room through Airbnb — side hustles can be a great way to boost your income. But this extra income brings extra responsibility. It brings extra tax... View Article
If you miss a tax deadline or make a mistake with your numbers, you could face fines, extra charges, and a lot of stress. This blog gives you a simple checklist to help you avoid HMRC penalties — whether you’re self-employed, run a limited company, or just need to file a personal tax return. Know... View Article
Rising living costs and increasing interest rate making the importance of saving more important than it ever before. But where to save the money? How to grow your money and plan for the future. Whether you want easy access to your cash, tax-free interest, or higher returns by locking your money away, there’s an account... View Article
For UK tech start-ups, growth is exciting, but it comes with serious financial challenges. At the heart of any successful scale-up strategy is effective cash flow management. While revenue might be increasing and user numbers climbing, poor cash flow management can quietly hinder the growth story. If you are running a tech start-up, here are... View Article
Running an e-commerce business in the UK is exciting. But keeping your accounts in order is just as important as making sales. It does not matter whether you sell on Shopify, Amazon, Etsy, or your own website. Proper accounting helps you follow HMRC rules and make smarter financial choices. Here are some important aspects of... View Article
Are you planning to save or invest for your future in the UK? If so then there are two common options are left for you. One is ISAs (Individual Savings Accounts) and other one is pensions. Both help your money grow and offer tax benefits. But which one should you choose? Before choosing any option... View Article
From 1 April 2025, the UK property investment landscape has changed as a 5% stamp duty surcharge now applies to additional residential property purchases, replacing the previous 3% rate. Property purchasers will now pay this surcharge on the standard Stamp Duty Land Tax (SDLT). So, if you are a property investor purchasing a second property... View Article
Running a business in the UK is not an easy task. There are many financial responsibilities that a business owner needs to take. Business owner needs to understand which expenses are allowable for tax purposes and which not. As we move through 2025, HMRC continues to provide clear guidelines on what business expenses are deductible—and... View Article
If you’re running a business as a sole trader, you must have surely wondered at some point whether to hire an accountant or not. Technically, there’s no legal requirement to hire one. Being a sole trader, you can do your bookkeeping, track your income and expenses, and file your Self-Assessment tax return every year. Loads... View Article
Nowadays cloud accounting are being used by many businesses across the UK are rapidly to manage their finances. Cloud accounting has become not just a trend but a strategic necessity for companies of all sizes. From SMEs to large enterprises, everyone is adopting this technology to make the entire business process easy and fast. But... View Article
Like any other small business owner, you may also have to struggle to navigate a complex maze of challenges in the UK market. The most common is the frustration of delayed payments, which sometimes disrupts the entire cash flow. Needless to say, you also had to adapt your business to stay compliant with evolving regulations... View Article
Running a small business in the UK is not very easy. Business can face different types of challenges. Managing payroll is often one of the most complex, time-consuming and challenging tasks. With evolving regulations, compliance obligations, and the need for accuracy, it’s crucial for any small business to manage the payroll in a systematic way.... View Article
Artificial Intelligence (AI) is transforming industries—from automating customer service to predicting market trends. But nowadays AI-based businesses are facing unique accounting challenges. Though traditional accounting methods don’t always work well for AI-focused businesses. But even though their technology is advanced, the way they handle accounting still follows old rules. This leads to unique problems that... View Article
Are you a freelancer in the United Kingdom? If so, familiarise yourself with the expenses that qualify as allowable costs. According to HMRC, you can claim allowable expenses. You can legally claim these expenses, but ensure that these expenses are incurred solely for your freelance work. Now let’s read this blog and know about these... View Article
The rental market has become dynamic in 2025. Rising interest rates, shifting tenant expectations, frequent legislative updates and the rapid digitization of financial operations have made the entire rental market more complicated. Whether you own a single buy-to-let flat or manage hundreds of units across multiple jurisdictions, keeping your books in order is no longer... View Article
In the competitive world every penny matters for start-ups. Therefore start-ups focus on cost control and try to find out different sources to get money for their businesses. But they often overlook the financial advantage that lies within the UK’s tax system. The R&D tax credit is one of such tax advantages that every start-ups... View Article
Introduced by the HMRC in 2000 to crack down on disguised employment, IR35 has always been a source of confusion. Now, with recent changes in the autumn budget 2024 and some key changes that will come into force this year, it makes sense to dig a little deeper and understand more about IR35 and how... View Article
In the 21st century, just making profit is not sufficient for businesses. They need to be responsible towards the environment because not only customers but investors and regulators now want the same. This is where green accounting comes in. It helps you understand how your business activities have an impact on Mother Nature in the... View Article
Running a business without reviewing financial reports is like driving a car with closed eyes. Financial reports are not essential for tax return only but essential for any business to plan better and spend wisely. It helps business to grow sustainably. In this blog, we’ll explore how your financial reports plays an important role to... View Article
Are you an entrepreneur running your business in the United Kingdom and worrying about the recent Spring Statement by the chancellor? Well, you are not alone! Plenty of SMEs and startups are struggling to understand the impact of this spring statement. At first glance, the speech may seem like a high-level financial update, but behind... View Article
Running a business in the UK brings huge responsibilities. One of the most crucial responsibilities is staying on the right side of Her Majesty’s Revenue and Customs (HMRC). It’s normal to feel a little anxious when you are facing your first HMRC audit. However understanding the process and taking preparation on time can make it... View Article
Digital banking in the UK has moved beyond the horizon. In 2025, digital-first financial services are not just gaining ground—they’re setting the benchmark for a smarter banking service. As we are stepping deeper into 2025, digital banking is gaining momentum. So, here are the top trends and innovations that influence digital banking in the UK... View Article
In recent years, especially in 2024 and now 2025, Chancellors have increasingly used the Spring Statement to announce actual tax and welfare reforms, including changes to Universal Credit, inheritance tax tweaks, expansion of Making Tax Digital, and more. Recently, Spring Statement 2025 by Rachel Reeves provides valuable insights for UK taxpayers, some of which are... View Article
UK businesses are facing a more complex corporate tax environment due to global economic shifts and evolving HMRC regulations. Smart corporation tax planning is essential for every business. It improves profitability and long term business sustainability. Understanding the 2025 Corporation Tax Landscape As of April 2025, the main corporation tax rate remains same. It’s 25%... View Article
Keeping up with the Making Tax Digital (MTD) initiative is not just important but essential for all. So, if you are puzzled by all the jargon around MTD and clueless about what you need to do, read the blog to learn how to stay compliant without losing your valuable time. What is Making Tax Digital... View Article
In the last few years, you may have heard more about cryptocurrency. Actually, a lot of people in the UK, as well as across the world, have invested in cryptocurrencies. The motive is to make profits, but when profits are there, there will be some taxes too. So, let’s know how HMRC treats cryptocurrency gains.Remember,... View Article
Managing business expenses effectively is crucial for every business success and sustainability. Keeping track of business expenses in a systematic way is important for every business owner whether he or she is a freelancer, start up, or established business person. Keeping proper track of business expenses help entrepreneurs maximize profits, comply with tax regulations, and... View Article
Over the past decade, the UK banking industry has been experiencing a massive transformation. Here, the game changers are not one but two. Yes, you guessed accurately! These are Artificial Intelligence (AI) and Financial Technology (FinTech). We already know how technology has made its way into the banking world, but the pace of change is... View Article
Housing market in the UK has always been a topic of interest for buyers, sellers and investors. Due to the fluctuating prices of property and certain economic uncertainty, a question always arises in common people’s mind that whether they should buy a home now or wait for better opportunity? Let’s explore the latest trends, expert’s... View Article
Planning for retirement is one of the most crucial financial steps in life. Saving plays an essential role in this. However, a good accounting strategy is also important to significantly enhance your retirement fund. Minimizing tax and other unnecessary expenses may help you to enhance your retirement funds. Whether you’re self-employed, a business owner, or... View Article
A good credit score proves strong and stable financial position of a person. It’s essential for securing loans, credit cards and even rental agreements in the UK. Credit score helps lenders to assess your financial reliability. Therefore having a good credit score can help you to get better borrowing opportunities. A strong credit score provide... View Article
If you are finally thinking of investing in the UK stock market, it may feel like you are stepping into a new world! After all, rather than putting your hard-earned money in a savings account as you have done all through these years, you are planning to do something different to get high returns. This... View Article
Running a successful business in the UK for long time is much more essential than generating revenue. To keep a stable financial status every business need to track its performance and ensure profitability. But without monitoring proper financial metrics it’s quite impossible. Here are the top financial metrics every UK business owner should monitor. Revenue... View Article
Are you a self-employed professional planning for a relaxing retirement? You may be thinking about which pension will be best for you. There are two options-the state pension or the private pension. While the state pension promises a steady and guaranteed income, it may not prove enough for you. After all, the cost of living... View Article
Are you wondering whether to stick with your old ways of traditional accounting or embrace a modern approach? Well, you are not alone. Today, most businesses struggle to make this crucial decision. After all, technology is evolving at a tremendous speed and cloud accounting promises flexibility and efficiency. In this blog, let’s talk about the... View Article
While it is true that purchasing a new property can be a rewarding experience, it is important to know that the property market undergo seasonal changes. For example, spring remains the busiest season and the market is sluggish during the winter season. However, one thing is sure that you need to know that stamp duty... View Article
The 2025 UK income tax budget, scheduled for release on 26 March 2025, introducing several significant updates that will impact small businesses. Changes to National Insurance Contributions (NICs), thresholds, and disposable income are set to challenge small business owners. However, with the right strategies and expert guidance, businesses can mitigate these challenges and adapt effectively.... View Article
Did you know that in the early 1900s, tax deductions for businesses were not the norm? No wonder running a small UK business was even more challenging than it is today. However, things started to move in their favour when deductions for their business expenses gradually became more structured. Today, the UK government strongly emphasizes... View Article
While being an Uber driver means flexibility, it also has its fair share of financial responsibilities. Unlike traditional employees, Uber drivers are self-employed, which means they are responsible for reporting their income, filing a tax return, and claiming the deductions for which they are eligible. Now, they don’t have a clear understanding of tax rules. So,... View Article
Doctors in the UK lead hectic lives. They have to often juggle between long shifts, emergency calls, and patient care. This left them with little time to manage their taxes. Moreover, the tax rules are complex and with their NHS pensions and earnings from private practice, it becomes overwhelming to handle their finances. However, they... View Article
In UK’s highly dynamic and fast-paced restaurant industry, it is sometimes very tough to handle rising food costs and the complex maze of payroll systems. Food cost fluctuation and complex payroll systems create significant accounting challenges for restaurant owners. Unpacking the toughest accounting challenges in restaurants and proven methods to address them. Cash Flow Management... View Article
Running an SME may appear easy, but it is not a small feat. It means continuously juggling with cash flow and chasing invoices. However, there is no need to worry because the UK tax system offers some tax reliefs. These are designed to lessen the tax liabilities of small businesses and fuel their growth. So,... View Article
While planning for retirement is important for financial management, many people forget to manage their pension contributions. It does not matter whether they are self-employed or running a business; effective management of pension contributions is vital for wealth building. So, if you are a UK resident currently working, read the blog to learn some tips... View Article
The adoption of cloud based accounting software, rise of digital transaction and reliance on technology immensely transforming the-accounting profession. This increases efficiency and streamlining entire accounting process. However, this digital evolution also brings high risks of loosing important information. Therefore cybersecurity becomes an essential aspect of modern accounting. Why Cybersecurity Matters in Accounting? Accountant deals... View Article
While it is true that the UK property market is full of opportunities, it is equally true that managing your finances is as important as closing your deals. So, if you are an estate agent, property investor or landlord, you must know how to handle your finances because it can make or break your success.... View Article
Over the years, there has been a dramatic shift in the way people do their shopping and the COVID outbreak simply accelerated this trend, the trend of online shopping. As a result, more and more people are now coming up with ideas of starting an e-commerce business across the world and the United Kingdom is... View Article
The taxation of mutual fund proceeds received by UK residents from India has a significant impact on financial planning. The key question often revolves around whether to treat these proceeds as income or capital gains under UK tax laws.This determination depends on the nature of the fund, its classification under UK tax regulations, and whether... View Article
Effectively managing capital gains tax (CGT) on residential property can make a significant difference when selling your home or investment property. This article focuses on utilising Private Residence Relief (PRR) and Letting Relief to optimise your tax position. Whether you’re dealing with capital gains on main residence or calculating capital gains tax on your primary... View Article
Did you know that if you buy a property in the UK, your overall transaction cost may increase significantly due to the Stamp Duty Land Tax (SDLT)? So, if you are planning to purchase a property in the United Kingdom, read the blog carefully and discover some significant insights on Stamp Duty Land Tax (SDLT).... View Article
Being a freelancer or contractor it may be very difficult to navigate the UK tax system. However systematic planning and the right strategy can maximize savings while fully compliant with HMRC. Here’s a comprehensive guide to help you save on taxes legally and efficiently. Know Your Tax Obligations Being a freelancer or contractor you should... View Article
Driven by technological advancements, the tax landscape of the United Kingdom is undergoing a sea change. However, there are economic pressures that are tough to ignore. Amidst all these, it makes sense to have a clear idea of the future of UK taxation along with its present trends and possible future trends. If you are... View Article
Do you know there are over 170,000 charities in the UK, and these are all registered charities? So, the actual number of charities will be obviously much more. Now, what is meant by charitable accounting? Of course, it is nothing but financial practices that these charities must follow to comply with the various laws and... View Article
A huge transformation is happening in UK’s accounting landscape. Use of AI powered tools and other technological advancement are dynamically changing the accounting work procedure fast. These technological advancement are not only streamlining processes but also redefining the roles of accountants and financial professionals. Here in this blog we will explain how AI and automation... View Article
A new year is about to begin and with the same, there is another chance to set new goals and develop good habits. However, for UK taxpayers, the end of the year means it is time to file their self-assessment tax returns before the scheduled deadline of January 31st. After all, not even your last... View Article
The UK hospitality industry is playing a pivotal role in the nation’s economy. With hotels, restaurants, pubs, and catering services, this industry contributed £54 billion in tax receipts to the Treasury last year. Therefore every business in this sector deals with huge liquid cash, especially during the season. Therefore businesses in this industry face lots... View Article
Saving for retirement can be a daunting task. It is very crucial for freelancers who don’t have employer-sponsored pension schemes. Careful planning and disciplined saving can secure their future after retirement. Here’s a step-by-step guide for freelancers to follow. Retirement Needs Before planning your retirement, you should consider how much money you need post-retirement. You... View Article
Managing payroll tax in the UK can be a complex task for businesses. Calculating payroll tax with utmost accuracy is becoming a crucial part of an organization. Therefore, most organizations use different tools to manage it efficiently. Let’s explore the best payroll tax management tools that will help businesses streamline their payroll system. Understanding Payroll... View Article
As the year-end is approaching, UK businesses are all focusing on optimizing their tax liabilities. After all, before it is too late, they should do proper tax planning. Before the accounting year-end, they have a wonderful opportunity to do all the necessary things to strengthen the financial health of their business. So, here are the... View Article
Are you a UK business owner? Are you always looking for possibilities to increase your profitability? You can do this by improving your existing product or streamlining your business operations. To enhance your product, you need to leverage technology. What else can be better than conducting research and scientific development to achieve this goal? Yes,... View Article
Navigating the complexities of Value Added Tax (VAT) in the UK can be a daunting task for businesses. Therefore understanding and managing VAT is essential for every business owner. Not only the large organization but a small business owner should also understand the VAT and know the different VAT rates applicable to their business. A... View Article
While it is true that there is a lot of excitement when you are running an e-commerce business in the UK because of an easy access to innovative technology, global reach, and creative market opportunities, it also means that you have to be very careful about the accounting aspect of your business, After all, there... View Article
Changes to National Insurance Contributions have notable implications for businesses. Effective from April 25 2024, these changes will create a huge impact on payroll expenses, profit margins and business strategic planning. Here are some key aspects of the changes and their potential effects on your business. What Are These Changes? The latest changes to National... View Article
Managing costs and increasing efficiency are critical for retail and hospitality businesses. Therefore the UK government has introduced various relief measures to support these sectors. One of such promising measures is the introduction of business rates relief. Look at what this means for businesses, how it works, and how it can benefit the retail and... View Article
ESG (Environmental, Social, and Governance) reporting is one of the most important aspects of UK companies as both investor scrutiny and consumer awareness are increasing daily. ESG reporting is essential for all UK-based companies aiming to maintain a competitive edge, attract investors, and enhance their reputation. UK companies should consider the following aspects to create a... View Article
In challenging economic times, small and medium-sized enterprises (SMEs) are those who first feel the impact of economic downturns as during this time consumers spend less which in turn adversely affects the ROI of small and medium-sized enterprises. Due to this reason, a financial resilience strategy is essential for every business. Here are some effective... View Article
Do you know 44% of UK employees are engaged in remote work? While some work as full-time remote workers, the rest work as hybrid remote workers. The COVID lockdown has vastly transformed the way employees prefer to work. As a result, many employees now want to work remotely from the comfort of their homes or... View Article
The tax landscape of the United Kingdom is undergoing significant transformations because Making Tax Digital (MTD) is consistently shaping the future of business compliance. Introduced by the UK government to simplify tax reporting for its citizens, an announcement has been made recently regarding a change in MTD in 2024 that indicates the need for more... View Article
Business owners should have a separate bank account to better manage business transactions. A business bank account provides numerous facilities. Besides getting an overview of cash flow, you can generate a single business account statement for review. A separate business bank account is essential for those who are trying to expand their operations and scale... View Article
When someone starts a business, there are many dreams to achieve, but life throws snowballs. Eventually, taking a business loan becomes inevitable. While obtaining a business loan may appear straightforward, paying it off becomes challenging. So, know the tips and tricks for repaying your loan stress-free! Understand Your Loan Agreement The foremost tip is to... View Article
Nowadays, most small businesses opt for an online accountant to maintain their daily financial transactions and accounts. The main reason for choosing an accountant online is cost-effectiveness. SMEs can hire accountants online at a budget-friendly rate. A business owner can access their financial records at any point in time from anywhere. It helps business owners... View Article
Recently, consumers have lost their confidence in the UK’s economy because of the geopolitical escalations in the Middle East and its erratic weather conditions, severely impacting economic activities. Amidst all these negativities, there is a rising expectation among traders that the Bank of England will further reduce its interest rates in the next month to... View Article
In recent years, electric cars (EVs) have gained popularity because of their environmental friendliness. Besides providing a pollution-free environment it gives huge tax benefits for self-employed. Therefore any self-employed business owner using it or planning to purchase takes advantage of various tax benefits. Here’s a detailed breakdown of the key tax benefits and savings associated... View Article
Starting a business is an exciting idea. But funding for any new business is no doubt a challenging job. Several grants exist in the UK to help entrepreneurs bring their ideas to life. Entrepreneurs prefer grants instead of business loans as grants need not be repaid. Explore a few of the best grants and schemes... View Article
Selling a business can be one of the most significant decisions you’ll ever make as a business owner. But, in the UK, business selling involves careful planning, expert advice, and adherence to legal and financial regulations. Here’s a comprehensive guide to help you through every step of the journey. Evaluate Financial Structure You should evaluate... View Article
Controlling business costs improves both efficiency and profitability. In real life, it helps business owners increase their ROI & earn a sustainable profit in the long run. Every business entrepreneur needs to analyse the cost (the amount they spend) compared to the amount they earn. Workflow, period & cost management are interlinked. Therefore an effective... View Article
Do you invest actively in shares or stocks? If yes, you may receive dividend payments quarterly, bi-annually or annually. This is quite awesome as a passive income source! Unfortunately, these are also taxable, but by understanding how taxation on dividends works, you can manage your investments and save some money. So, read the blog and... View Article
Post-COVID, more and more people worldwide are working as freelancers or self-employed professionals. More people are now opting for a job that offers flexible working hours. Instead of working full-time in an office, they prefer short-term contracts. Of course, this means a better work-life balance but it has a downside too. In the wake of... View Article
Starting your own company in the UK is an exciting venture. It offers new opportunities, growth & success. Moreover, it gives a flexible lifestyle. A person need not run in the circles of the corporate hamster wheels. But being a first-time entrepreneur one may think the company formation process is complex. Therefore, sometimes they hesitate... View Article
Under Pay As You Earn (PAYE) System employers are responsible to deduct both income tax & NIC from employees’ wages before they receive their pay based on the PAYE tax tables issued by HMRC. This system was first introduced in 1944. HMRC provides an unique tax code to every employee depending upon the earning of... View Article
Are you thinking of changing your accountant? Your business relies on financial management done by your accountant. If your accountant is skilled, you are more likely to get services that are more than just number-crunching. With their years of expertise and vast knowledge, you may get strategic advice on tax saving, investment opportunities, VAT returns,... View Article
Are you a self-employed professional or someone with a straightforward tax situation? If yes, you probably understand how daunting it can be to comply with your tax obligations. The constant need to file self-assessment tax returns, accurately report your income, and ensure timely payments can feel extremely challenging. However, here’s some good news! HMRC has... View Article
Do you have any empty property? If you have any then you may still have to pay council tax for it. Paying council tax on an empty property depends on certain circumstances. Usually the amount payable as council tax against your empty property depends on your local authority. Sometimes you may get a discount on... View Article
Do you know countless entrepreneurs are eager to set up a limited company? One of the main reasons is its business structure, which lets you separate your personal finances from your company’s liabilities. In the long run, this proves quite beneficial as this move protects your personal assets when your company encounters a financial risk.... View Article
Being a contractor in the UK is all about freedom. You can choose your projects, set your working hours and most importantly, be your boss. However, with all this freedom, you need to be responsible too, especially when it is about protecting yourself and your business. That’s where contractor’s insurance comes into play. If you... View Article
Recently the Bank of England reduced its interest rates from 5.25% to 5% in a significant move. The last such move was way back in 2020 for countering the severe impact of the pandemic on the UK’s economy. So, if you are an entrepreneur thinking about the impact of the recent interest rate cut on... View Article
Do you remember the old school days when your teacher used to call you by your roll number? In your class, that roll number was obviously your unique identifier. Of course, if you have been a topper, things were different. Think of UTR as your unique identifier in the UK tax system. It is a... View Article
Are you a landlord tired of managing your rental properties all by yourself? Yes, being a landlord is indeed extremely rewarding. However, there are a lot of problems that you need to deal with. These can be like finding the right tenants or keeping up with the endless paperwork. Don’t forget that you need to... View Article
In a technology-driven world, managing taxes has become easier than we thought. One of the significant reasons behind this is the rise of the Internet, which allows taxpayers to file their self-assessment tax returns online. With the wide reach of mobile devices, most taxpayers have adopted this method. Although there are various benefits, here are... View Article
According to the January 2021 estimations of the HMRC, nearly 1.8 million taxpayers missed the deadline for filing their self-assessment taxes. No wonder, every year HMRC makes millions from those filing late as those who are late have to pay hefty penalties. Don’t even think you can get away after late filing as the HMRC... View Article
Whether you are planning to expand your business, invest in new machinery, or ensure a smooth cash flow in times of low revenue, a well-structured loan can offer you the required capital to fulfill your goals. Although securing a business loan is not always easy, the real challenge begins when you have to enter into... View Article
Are you planning to sell your property? If yes, you may have to pay a significant amount as tax on the gains you will make by selling it. Welcome to the world of capital gains tax (CGT)! It is the tax you need to pay while selling some of your assets and making some profit... View Article
It does not matter whether you are an individual or a business owner; remaining debt-free is essential for varied reasons. For individuals, it means living a stress-free life with high self-esteem. Likewise, for business owners, it is paramount to ensure long-term growth. Mismanaged debt only leads to stress and financial strain. So, here are some... View Article
Are you thinking of setting up a business? Have you done robust planning for it? Surely, you must have done, but what you must not ignore is cash flow forecasting. In a business, effective management of finances matters a lot. If not done well, you may survive somehow or worse, will perish. The solution is... View Article
With cryptocurrency already legalized by more than half of the world, sooner or later, the UK government will develop regulations for the same. For many investors, cryptocurrency has emerged as an innovative digital currency. However, the reason that makes cryptocurrency attractive to investors is the blockchain technology. It is an advanced database mechanism enabling information... View Article
Do you file your tax returns yourself without any professional help? If yes, congrats! You wouldn’t believe it but you are among a few taxpayers who dare to do the same. The reason is that the UK tax system is extremely complicated. Also, navigating the same can prove to be very time-consuming. However, things can... View Article
With the FinTech sector evolving continuously and attracting investments, it makes sense to start your business venture in this sector. Today, many people are eager to leverage cutting-edge technology to do their financial transactions. As a result, more and more FinTech businesses are making consistent efforts in catering to their evolving demands. However, with giants... View Article
In the UK, “Payments on account” are advance payments towards your tax bill for the current financial year. It also includes Class 4 National Insurance contributions for self-employed individuals. The due amount is calculated based on estimated assumptions and should be paid twice a year: one on 31st January and the other one on 31st... View Article
Do you run a charity? If yes, you may have heard of gift aid. It is a government initiative to help charities like yours to reclaim tax. It is also applicable for community amateur sports clubs (CASCs). Suppose an individual who pays his taxes regularly is donating £100 to your charity. In such a case,... View Article
Do you know around 82% of UK businesses fail due to cash flow problems? Sometimes, even profitable businesses have to encounter the problem of cash flow. For small businesses, such a problem means non-payment of salaries to their employees. The reason for such a problem can be several that vary from one business to another... View Article
9th March 1999 was the day when Inland Revenue, the department responsible for tax collection in the United Kingdom, offered a glimpse of its planning to tackle the problem of disguised employment via a press release. Now, as the press release number was 35, it was widely known as IR35. Later on, this came into... View Article
Are you a UK taxpayer relying on a traditional savings account? Are you in between the basic rate and higher rate taxpayer? If yes, you should switch to an Individual Savings Account. Started on 6 April 1999 by the UK Government, this one aims to encourage people to save more money. Unlike traditional savings accounts... View Article
Do you run a restaurant in the UK? Are you an SME operating in the UK’s food retail landscape? If yes, you must know that things are going to change forever. The British government has recently declared the amount companies need to pay for importing goods from the European Union (EU). Earlier, there was unrestricted... View Article
Do you know that as per the traditional method of executing trade between two parties, there is usually a time lag between the trade and the settlement date? While the trade date is the day when the terms of the trade are agreed, the settlement date is the day when the seller receives the proceeds.... View Article
Are you a UK resident? Are you planning to buy your first-ever home? You might be super excited and nervous at the same time. After all, finding a nice house at an affordable price is a distant dream for many but there is good news! Launched in 2020, there is a first homes scheme of... View Article
Are you a UK taxpayer experiencing difficulty in navigating the complex tax landscape? Are you engaging in frequent tax discussions with your friends and colleagues? If yes, you may have already experienced that one specific term often pops up during these discussions. This is the marginal tax rate. Believe it or not, you must understand... View Article
Retirement is an emotional journey. Your identity as a working professional ends with retirement. You bid farewell to your desk, parking lot, and colleagues of years! However, more than this identity loss and loneliness, what hits you hard is the financial constraint. So, start investing when you are already working to enjoy a comfortable retirement.... View Article
Do you feel scared about your financial condition? If yes, it is time to get rid of your constant worries. Take appropriate action so that you can tackle it smartly. Believe it or not, financial stress can hurt your emotional well-being and can even give you sleepless nights. Also, there is never a sole cause... View Article
Are you keen to start a business but experiencing a dilemma about your business structure? You are not alone. Everyone wants to have the most suitable structure for their business. You have several options like Sole Trader, Partnership, Limited Liability Partnership (LLP), Limited Company, Community Interest Company (CIC), and Charitable Incorporated Organisation (CIO). However, the... View Article
Are you soon to reach your retirement age? Are you a UK resident? Like several welfare schemes, the UK government also offers a scheme for people in their official retirement age. What started with the Old Age Pensions Act in 1908 paved the way for the state pension prevalent today. At that time, the pension... View Article
Are you an investor looking for some investment opportunities in UK start-ups? Are you an entrepreneur looking for fundraising for your start-up? In both cases, the Seed Enterprise Investment Scheme (SEIS) seems to be the best solution. Started by the UK government in April 2012 as one of the venture capital schemes, SEIS not only... View Article
Are you getting tired of handling loads of paperwork? Are you required to spend endless hours in shuffling through numerous receipts and invoices? If this is the case, rejoice! It is time to let go of all the hassles and welcome cloud accounting. Yes, you may find it tough initially to make a shift from... View Article
Are you running a business and always stressed about expenses? You are probably not alone! Even landlords and employees feel stress when it comes to paying high taxes, but you will be glad to know that you can decrease your tax liabilities. Gladly, the government gives you ample opportunities to save your hard-earned money by... View Article
Whenever it comes to personal finance, a savings bond seems to be a reliable option. This is especially true for individuals having reservations about investing their hard-earned money in the stock market or private banks because of high-risk factors. The best thing about these bonds offered by the UK Government is that irrespective of your... View Article
With high mortgage rates in recent years, no one can forecast when the rates will become affordable. So, if you are someone who is living in the United Kingdom and struggling to pay the mortgage payments, it is high time to review the entire mortgage scenario and take action. So, here are some top 5... View Article
With its roots in the National Insurance Act of 1911, it was only in 1943 that Prime Minister Winston Churchill spoke about a system of national insurance, compulsory for all purposes. However, it was only in the 20th century that people started to get a range of state benefits. Surely, as a UK resident, you... View Article
Working tirelessly but ending up paying a significant amount in taxes causes a lot of frustration, especially when some people always figure out a way to pay less tax. Yes, there must be some way of reducing it. As a result, many taxpayers are now actively looking for a solution. Of course, they want to... View Article
Do you know not all companies are formed for the sole purpose of just profit making? Some companies are formed for a special cause or to benefit a community. These are known as Community interest companies (CICs). No, they are not charitable trusts! They are limited or public companies about which most people do not... View Article
With more people wearing casual attire, uniforms are disappearing in offices. You would not believe that Gen Z even chooses to leave their jobs if they are told to wear a work uniform. After all, they can’t compromise with comfort and self-expression. However, uniforms are still in practice in some industries. You may have seen... View Article
Are you an entrepreneur with a great idea but zero capital? Are you tired of making unsuccessful attempts to get traditional funding from banks? If yes, there is no need to feel disheartened! You have still some scope as you can turn your idea into a reality with the help of equity crowdfunding. Unfortunately, there... View Article
In 2021, the Government Digital Service (GDS) began developing a single, secure mechanism for central government services that could authenticate users’ identities. The resulting One Login service has now launched successfully and is proving to be a game changer. As a means of offering a single form of sign-in and identity verification, it is making... View Article
With more people across the world looking for opportunities that enable them to earn at flexible work hours, platforms like Uber will continue to thrive. Today, over 100,000 people are working for this platform in the United Kingdom. However, while it is a cakewalk to start work as an Uber driver, navigating its tax implications... View Article
With the cost of living increasing in the United Kingdom, it is important to make the most of the financial support available from the Government and child benefit is one among them. It is a known fact that parenthood is quite challenging where you have to make many important decisions for your child, but it... View Article
Are you a General Practitioner, dentist or physiotherapist working in the United Kingdom? Are you finding it tough to take care of your taxes while taking care of the well-being of your patients? In such a demanding job, it is not easy to have time to navigate the tax challenges without any help. However, developing... View Article
While the pandemic accelerates the pace of digitization and private companies are quick to embrace it, its adoption rate is still slow in government entities. In such a scenario, the progressive move of making child benefit claims online by the HMRC is a significant digital milestone. So, if you are someone making a child benefit... View Article
Do you know HMRC came into existence only in 2005? Earlier, there were Inland Revenue and HM Customs and Excise for this purpose. These two organisations used to conduct audits, but why do people fear HMRC audits? Well, this is because of the possibility of reputation damage or financial penalties. However, there is nothing to... View Article
Are you a UK-based landlord with a sizable rental property portfolio? Are you worried about how to manage the same effectively? Like countless other landlords, you can choose to manage your portfolio through a buy-to-let limited company. So, you need to first set up a buy-to-let limited company by registering it with Companies House either... View Article
The start-up ecosystem has been changing in the last decade. This change is quite apparent in the UK landscape. Many start-ups with an unconventional business model or approach are flourishing, such as Freetrade, Pavegen, and Hokan, rewriting the rulebook. However, these start-ups are also facing some unique challenges. For example, one of the foremost challenges... View Article
While it is true that during this recession period, it is a lucrative idea to consider venturing into untapped markets, the challenges are many. Of course, if you have the right partner with a thorough knowledge of the dynamics of the local market, you may sail smoothly. However, one of the major challenges that will... View Article
Although Britain left the European Union in 2020, thinking it would achieve favorable outcomes, nothing of that sort happened. While the cost of living has increased, businesses are grappling with uncertain environments due to shifting trade regulations, repeated rebel attacks on cargo ships, and so on. So, if you are an entrepreneur and want to... View Article
Amidst rising interest rates and high inflation figures, it has become all the more important to do estate planning. Know what is estate planning? You may have heard about will or power of attorney. Well, these are all legal documents that are necessary to create to ensure that a person’s wishes are carried out and... View Article
Are you an entrepreneur finding yourself grappling with multiple challenges like regulatory changes, fluctuations of the market or stagnation? Don’t worry because every entrepreneur experience all these at some point. What is necessary amidst all these challenges is to pay attention to the paramount importance of financial management. Whether you’re a startup or a seasoned... View Article
We all want a better world to live-a world of happiness, a good environment and ample space for different communities to thrive. Today, many people are relentlessly making conscious efforts to make this a reality by giving away a part of their wealth to less privileged ones. These acts of charity make the giver an... View Article
Are you a homeowner or someone soon going to buy your dream home in the United Kingdom? Undoubtedly, owning a home is a milestone that brings immense joy because of various reasons, such as having a sense of stability or belonging, and so on. So, first of all, congratulations on this achievement, but you must... View Article
Tax season often causes a lot of stress and uncertainty. However, there is a little-known gem called the marriage allowance buried deep within the complex UK tax system. This is often ignored by most of married couples and civil partners in the United Kingdom. However, this allowance is quite remarkable to lessen their tax burden... View Article
Do you run a business in UK? Are you tired of making futile attempts to navigating changes in UK tax laws? If yes, do not get disheartened. For businesses, it is a matter of utmost importance to understand the tax regulations and adapt accordingly. It does not matter when you run a small business or... View Article
In the dynamic business landscape, it is important to embrace change to stay ahead in the competition. For entrepreneurs, this is also true for accounting. The traditional methods that once served us well are now giving way to a new era. So, if you are an entrepreneur worrying over your accounts and tax returns, recognize... View Article
Right from running countless campaigns about the dreadful impact of plastic on our planet to introducing effective regulations for ensuring plastic recycling, many countries across the world are putting some serious efforts to decrease plastic pollution. The United Kingdom is also not an exception and has already signed up to global commitments to develop a... View Article
Are you an entrepreneur running a start-up in the evolving landscape of the UK business world? If yes, you may already know the importance of budgeting. However, contrary to widespread conception, budgeting is not just about crunching numbers. So, it is time to uncover the five effective budgeting strategies that can run your start-up smoothly... View Article
Are you an entrepreneur running a business in the United Kingdom? Does your current market seem saturated with no scope for growth? If yes, entering the overseas market sounds like a good strategy. However, taking your UK business internationally also means heading your boat into uncharted waters, which can be risky! Of course, the possibility... View Article
Did you notice that most of the companies across the world are now keen for ESG investing? Investors are now considering ESG i.e. environmental, social, and governance factors in their investment decisions. While environmental factors may include factors such as having well-crafted policies addressing climate change for protecting the environment, social factors may include maintaining... View Article
While trying to survive through a global pandemic, it has become evident more than ever that life is quite unpredictable. The job market is uncertain, and working towards having a solid financial safety net is paramount! So, if you too agree with me and think that one must develop personal financial resilience, read this blog.... View Article
Are you thinking of putting your hard-earned money in UK real estate? Do you want to invest via crowdfunding, but concerned about tax implications (if any)? If yes, you are not alone! Many savvy investors are now exploring the world of crowdfunding. The reason is crystal clear! This method allows them to invest in properties... View Article
Are you a freelancer, online business owner or a remote employee? If yes, you are a digital nomad who uses technology to work remotely from any location! Due to the pandemic, many professionals started working remotely with a reliable internet connection, and the best part is that they can have a work-life balance! Being a... View Article
In the dynamic business landscape, where greener initiatives are no longer just buzzwords but keystone of corporate responsibility, the intersection of tax law and environmental sustainability becomes a crucial route for businesses to explore. There is no doubt in this fact that the United Kingdom is seriously committed to sustainable development. For the same reason,... View Article
Nowadays, the finance world is experiencing a green revolution. No, it is not about trees but about sustainable investing. Also known as ESG (Environmental, Social, and Governance) investing, it has taken the United Kingdom by storm. It is now more than a trend and is looked upon as a movement to have a greener and... View Article
The world of entrepreneurship is uncertain. There can be exciting highs and daunting lows. As a UK-based entrepreneur or business owner, you have probably worked hard to build your business. So, to exit the same, seems unimaginable! Yet, due to declining profitability, severe health issues, or sometimes to pursue new ventures, you may too have... View Article
Are you scratching your head and wondering how you can save your hard-earned money from going into the hands of the taxman? Well, there is a clever tax trick that’s as British as a cup of tea! It is known as the Gift Hold-Over Relief. This means you are not required to pay any Capital... View Article
Are you someone fearing a termination from your job? Let’s admit that facing a job termination can be a daunting experience. In such a scenario, the last thing you want to worry about is the complex world of taxes. When you leave your job, you may receive a termination payment from your boss if your... View Article
With more people struggling to buy food for their family and heat their homes, people are now calling for wealth tax in the UK. The term ‘wealth tax’ means a tax imposed on assets or net wealth of taxpayers. It’s a topic that often ignites passionate discussions, especially when the country’s economy is shrinking fast.... View Article
If you’ve ever found yourself lost in a maze of confusing terms of taxes and accounting? Well, navigating the complex world of finance often feel like deciphering a cryptic code, but don’t worry. In this blog, we will be demystifying taxes and accounting terms that have compelled you to scratch your head. Whether you’re a... View Article
Are you soon going to retire from your service? If yes, congratulations because you will now have ample time to indulge in your favorite hobbies, but apart from exercising regularly to stay physically fit, you need to think more about managing your finances. You can reduce your tax liabilities to have a sustainable income to... View Article
In the recent years, the gig economy has grown rapidly in the United Kingdom. Workers in this industry are frequently referred to as “gig workers” or “freelancers”. Many people even quit their 9 to 5 jobs as they appreciate the freedom and flexibility that comes with this type of employment. This independence, however, brings with... View Article
Lockdown provisions due to pandemic have changed the landscape of the working world faster than ever. The biggest shift is the rise of employees more inclined to work remotely. With the advance in technology, even after the lockdowns are no more, many people in the UK are working remotely. Now people are paying more emphasis... View Article
Are you someone required to pay a higher percentage of your income as taxes in the UK? Are you paying tax at a rate of 40 % as your taxable income is within £50,271 to £125,140? Do you think blaming the progressive tax system will make any sense? Well, it is never too late, and... View Article
While freelancing offers flexibility to those looking for a work-life balance, it also comes with some responsibilities. Currently, approximately two million people are working as freelancers in the United Kingdom. So, if you are also one among them, it is time to know that you need to understand the intricacies if the UK tax system... View Article
In the 21st century, the world is driven by technology and for every nation, it has become vital to make technological advancements to drive economic growth. The UK government acknowledges this fact and thus promotes research and development (R&D) activities. Apart from actively investing in various grants and funding programs, the UK government also offer... View Article
With the world becoming a global village, people are not hesitating from exploring job opportunities in other countries. While some become immigrants by moving to a different country to live and work permanently, some become expats and move to other country only temporarily. People in UK are also increasingly living and working in other countries... View Article
In today’s dynamic business landscape, accounting software has become critical for keeping financial processes well-organized, enhancing efficiency, and assuring compliance. For businesses choosing the right accounting software is vital to stay ahead of the curve. However, with several options available in the market, it is daunting to make the right choice. In this blog, know... View Article
Are you planning to start your own business in the UK? Well, it sounds exciting, but you may be aware that it is tough to stand the test of time. Several research studies have suggested that countless start-ups fail in their early years, and one of the reasons behind these failures is cash flow problems.... View Article
Recently, HMRC’s decision to temporarily close its Self-Assessment Tax Helpline from 12 June 2023 to 4 September 2023 has created a lot of anxiety among UK taxpayers who rely heavily on this helpline for guidance and getting genuine answers to their tax queries. During this period, their questions related to self-assessment will be directed towards... View Article
According to Oxford Economics, a world leader in global economic forecasting, there are more than 4.8 million family businesses in 2020 in the United Kingdom. No wonder; millions of entrepreneurs have worked tirelessly to build successful family businesses. Their successors have also put great effort in flourishing these businesses, but all such handwork can go... View Article
In recent times, cloud technology has changed numerous facets of business operations, and accounting is one among these. Cloud accounting i.e. accounting software hosted on remote server offers various advantages over traditional accounting to businesses, especially to small businesses. Indeed, there is tremendous growth in the demand for cloud accounting. So, if you run a... View Article
Are you planning for your retirement? Pensions have always played a crucial role in retirement planning. They are the best way to build wealth for your future when you may stop working by choice or for some reason. In the United Kingdom, various pension planning opportunities help you to do so. Pensions are available only... View Article
Blame it on the war in Ukraine or the rising interest rates; Inflation has led to a dramatic increase in the prices of various goods and services in the United Kingdom. As per the Office for National Statistics (ONS), inflation has increased from about 2% in 2021 to about 10.1% in 2023. Apart from households,... View Article
Are you an entrepreneur thinking about software integration for business? For every entrepreneur, managing finances is critical for achieving success. Remember, one key aspect of managing finances is budgeting. In the digital age, where automation is no more a luxury but a necessity, many entrepreneurs rely on budgeting software that enables them to manage their... View Article
Unlike income tax which is a significant source of revenue for the UK government, council tax is for local authorities like County Councils, District Councils, Metropolitan Borough Councils, etc. The annual fee is collected to have funds so that they can provide essential services to the residents. Some of these services are waste collection, libraries,... View Article
Whether you are a budding entrepreneur or simply someone curious about the company laws in the United Kingdom, it is imperative to have a comprehensive understanding of the dormant companies intricately linked to these laws and fall into a distinct category with distinct legal considerations. A dormant company is a legal entity that remains inactive... View Article
Are you an entrepreneur thinking about software integration for business? For every entrepreneur, managing finances is critical for achieving success. Remember, one key aspect of managing finances is budgeting. In the digital age, where automation is no more a luxury but a necessity, many entrepreneurs rely on budgeting software that enables them to manage their... View Article
Are you keen to keep a tab on your company’s financial health? For the same reason, most businesses hire accountants to prepare financial statements. These financial statements are crucial for entrepreneurs and investors to understand the profitability of a company and make well-informed business decisions. There are four types of financial documents used by businesses.... View Article
Introduced on 1 April 1973, Value Added Tax (VAT) is a consumption tax levied on the sales of goods. At that time, it meant to replace the purchase tax. You may already know that it is mandatory for businesses that are registered for VAT to submit their VAT returns, and failing to do the same... View Article
Do you know that companies pay dividends to their shareholders (quarterly or annually) for their percentage in company shares as rewards whenever they make profits? Actually, many people just make investment in company shares to earn a regular income from dividends as these are mostly paid quarterly or annually. However, there are also some companies... View Article
Amidst plans of the UK prime Minister regarding introducing a cut into the inheritance tax (IHT) of the United Kingdom, it is essential to understand that some lifetime gifts are exempted. You may already know that inheritance tax is the tax levied on all the property, possessions or money of someone who has died and... View Article
Sometimes, you may receive a tax assessment or decision from HM Revenue and Customs (HMRC) with which you disagree strongly. Now, this can be a frustrating and stressful experience. There is no need to feel stressed as there are some steps you can take to challenge the decision and resolve the issue. However, first, review... View Article
What do you mean by a loss in parlance to the Income tax regulations? In the context of income tax, a loss is the amount by which an individual’s total allowable expenses exceed their taxable income in a given tax year. This means that the individual did not earn enough income to cover all of... View Article
Investing in the United Kingdom can be a remarkable way to increase your wealth over the long term. Whether you are saving for retirement or aiming to build a nest egg for your future, building a portfolio of investments should be a priority. However, it can be tough for newcomers to the world of investments... View Article
Do you want a steady monthly income and to be your own boss? If yes, becoming a landlord could be the right thing you can do! You may be surprised, but more than 2.65 million people are landlords in the United Kingdom. However, it can be very challenging, especially if you have multiple properties on... View Article
Owning a property and renting it out for a steady source of monthly income makes you a landlord, but this also means that you may need to pay taxes and national insurance. Now, renting out a property jointly owned by you and your spouse, friend, family member, or partner qualifies you to pay the taxes,... View Article
On 22 November 2022, the Autumn Finance Bill was published and one of the key changes announced was the change in the income tax additional threshold. The threshold is now reduced from £150,000 to £125,140. This will become effective from 6 April 2023 to make sure that those having the highest incomes also contribute the... View Article
The tax system in the UK is made up of five taxes- income tax, corporation tax, VAT (Value Added Tax), Capital Gains Tax (CGT), and National Insurance Contributions (NIC). While the income tax is levied on annual income, the Corporation tax is a business-level tax. Now comes the Value-added tax on purchased items and Capital... View Article
Do you know Pepsi, Coca-Cola and Unilever are all umbrella companies? An umbrella company is a company that is often used by agencies for paying temporary employees or contractors. The pay is paid through Pay As You Earn (PAYE) method. Interestingly although the work done by the temporary employees is not for the umbrella company,... View Article
Implemented in 1973, VAT means Value Added Tax. It is presently a major revenue source for the UK Government. It is a misconception that only UK-based businesses are required to register for VAT. Even if you are not based in the UK and don’t run a UK-based business but supply your goods or services to... View Article
If the pandemic was not enough to cause havoc on the economy, the recent Russian invasion of Ukraine has caused an unprecedented rise in inflation. Out of all the countries deeply affected by this recent development, UK is the most affected. The worst fits are the food and energy. Although the Government is taking ample... View Article
In the UK, National Insurance is a type of tax that employees, employers and even self-employed individuals of age more than 16 years had to contribute to enjoy certain state benefits like State Pension and Maternity Allowance. The question is whether it is essential for UK citizens, and the answer is an absolute yes! However,... View Article
From the 1st of April 2021, businesses investing in qualifying plants and machinery become qualified for getting a massive first-year capital allowance of 130%. No wonder, this super attractive tax relief offered by the UK government is popularly known as the Super Deduction Scheme. It will be valid up to 31 March 2023. The objective... View Article
In the UK, property income is the income you earn from your land or property. If you receive an income by renting out a part of your home or parking space, it will be your property income. The same applies to renting out caravans or houseboats. Again, if you rent your property to somebody for... View Article
There are a lot of taxes associated with property in the UK and at times it can be quite complicated to know which are they and what they imply. Mainly there are two property taxes – stamp duty land tax and capital gains tax, which are associated with the buying and selling of property in... View Article
Every contract has a fixed end date which brings a freelancer to a scenario with two possibilities – one, of getting the contract renewed which happens only if the client loves your work and wants to continue with your services or, second, parting ways for different reasons. However, in case the former happens, the client... View Article
Founded in 2007, Airbnb has come a long way. It is now a popular online platform among London landlords and also outside London. Do you know the initial idea was to provide a platform that allows people to rent out their spare rooms at a nominal fee? In most cases, people started to prefer this... View Article
While it is true that working as a freelancer means the perks of flexibility and absolute freedom because you can be your own boss, time becomes extremely precious. Sometimes, it becomes tough to seek rewarding projects and handle multiple tasks. You will have no time to look after your finances, and keeping your accounts in... View Article
Are you new to cryptocurrency? Or a seasoned one? Are you interested to know the prospect of cryptocurrency investment? Whatever it may be, the best course of action is to know about cryptocurrency tax payments before making any move. As the crypto industry is growing in the UK, it makes sense to dig deeper with... View Article
In order to know the benefits of a purchase of a buy-to-let property through an SPV, we first have to understand what exactly an SPV company is. Below we have discussed the meaning, disadvantages and some benefits that are making this limited company gain popularity with time. Business Relief for Inheritance tax Business relief is... View Article
The Chancellor of the Exchequer declared that the 2021 Budget would start the work of preparing a new economy after COVID-19. With a focus on departmental spending increases and investments in infrastructure, what would be the main tax impacts for businesses and individuals? Apart from a few changes for certain sectors, most businesses will be... View Article
Driving is a necessary part of business for self-employed people. It’s an easy and quick way to travel for business related work, getting supplies, delivering products, going to attend customers or clients, or making site visits. There are many common questions that self-employed people face regarding tax returns to consider. Below we will discuss some... View Article
With a rise in online shopping, there is a remarkable increase in e-commerce businesses. According to the Business Data Group report, the United Kingdom is witnessing a tremendous boom in the e-commerce start-up sector. Today, starting an e-commerce business is the best way to keep the overhead costs minimum and achieve a vast customer base.... View Article
If you run a business, one of the latest practices that you should be aware of is the provision of mileage allowance for your employees. However, implementing the mileage allowance benefit can be quite confusing because the HMRC has many rules related to mileage allowance. Journeys that can fall into the category of business-related should... View Article
MTD known as Making Tax Digital is the UK government’s flagship programme to help businesses and individuals like sole traders with their tax records and submission. It does this by digitalisation of recording tax data and submission. Making Tax Digital for Income Self Assessment (ITSA) will come into force in April 2024, but action is... View Article
While planning to become a successful buy-to-let landlord, you have to take several things into account. One of the most important factors that get overlooked mostly is tax efficiency. Applying some wise tax saving strategies can be tedious yet rewarding as it will help you reduce your tax bill and save you some cash. Here... View Article
Calculating tax and taking every bit of detail into account can be quite boring and exhaustive. But dealing with it sooner than later will save last minute mistakes and panic situations. Rushing with the detailed and tedious procedure at the last moment could mean missing out on vital information leading to incorrect tax return claims.... View Article
The UK government recently announced a new campaign targeting landlords who let properties. The Let Property Campaign is an opportunity for landlords who owe taxes to get up to date with their tax affairs. A landlord who does not take up this opportunity faces significant fines. Are you behind on your UK property tax and need help... View Article
Inheritance tax is the tax on the estate of someone who has expired that includes his/her property, money and other possessions. The standard rate of inheritance tax is 40% but it is applicable only on the value of the estate that is above the tax-free threshold which is currently £325,000. For example if you have... View Article
Are you living in the UK and thinking about running a limited company? Well then, learning how to file company tax returns is fundamental for this. If you’re interested to learn about pertinent information related to filing company tax returns in the UK, just read on. The CT600 form (company tax return) is filed by... View Article
The recent years have been characterized by a significant transition toward purchasing investment properties through a limited company. In the UK, landlords have preferred to purchase investment properties via limited companies because of tax efficiency. What is a limited company for buy-to-let? UK landlords have two choices when it comes to purchasing investment properties. Landlords... View Article
If you’re living in the UK and you’re a student, there’s one benefit worth learning about and claiming if you’re eligible. It’s the Parents’ Learning Allowance. Parents’ Learning Allowance: What is it? The Parents’ Learning Allowance is a benefit provided by the government of the UK to full-time students who are also parents. The funding... View Article
If you live in the UK and are responsible for the upbringing of a child whose parents have died, so the child isn’t your own child, you may be eligible to get Guardian’s Allowance. You may also find yourself entitled to a Guardian’s Allowance if you’re responsible for the upbringing of a child who isn’t... View Article
The very step in learning about corporation taxis to obtain a comprehensive understanding of what it means. Businesses in the UK pay corporation tax, which is the equivalent of income tax that is paid by individuals. To learn pertinent information about corporation tax in the UK, continue reading. A basic overview of corporation tax As... View Article
The United Kingdom exiting Europe, which is referred to as Brexit, could mean several important changes that should be noted. Brexit is characterized by planned phased changes to the importing of goods. These include border checks and custom declarations. For any businesses that export or import goods to and/or from Europe, it’s imperative to obtain... View Article
As a business owner, reviewing the lows and highs of your business in 2021 is important for establishing appropriate business goals and a strategy for 2022. Here are the top 5 accounting resolutions that you can consider implementing. Review your business targets as well as budgets The very first accounting resolution that you should consider... View Article
An Overview The second UK budget of 2021 with the key themes of investment and innovation was announcedby the chancellor on 27th of October. The main focus of the budget was to reboot the economy after the COVID-19. Except a few changes to selected areas of the tax system, no fundamental reforms were announced, making... View Article
There is important news for businesses and individuals in the UK who are involved in the production of plastic as well as the consumption of plastic. The UK is going to introduce the Plastic Packaging Tax from April 2022. To learn more about the Plastic Packaging Tax in the UK, effective from April 1, 2022,... View Article
Do you have questions about working with an umbrella company? Are you perhaps looking for an explanation about umbrella payroll companies? Learn about everything related to umbrella companies, including the benefits they deliver to businesses. Just continue reading! Meaning of an umbrella company The thing about umbrella companies is that the term umbrella metaphorically describes... View Article
The world is progressing towards digital advancements every day. Making Tax Digital (MTD) is another such initiative taken by the UK Government. This is a fantastic opportunity for companies and businesses operating within the UK to review and update their accountancy processes. MTD is a scheme introduced by the British Government to move all business... View Article
The State Pension for individuals who reached the age for State Pension prior to April 6, 2016, consisted of two parts, namely, the fundamental State Pension and State Second Pension (SERPS). Therefore, UK employees who were a part of a well-defined benefit scheme were usually contracted out from paying for the additional State Pension. UK... View Article
The VAT amount that a UK business pays or can claim back from the HMRC (HM Revenue and Customs) is determined by subtracting the VAT amount paid by the business on its own purchases from the VAT that the business charges from its customers. Now coming to the Flat Rate Scheme, if you join this... View Article
The Child Benefit Scheme is an excellent plan proposed by the UK Government, which provides an outstanding guarantee for your children to pave their way in the future. As a parent, you are supposed to be responsible for your child, but it may get very cumbersome at times. With child benefits, the government covers the... View Article
The financial output of the UK has always been a thing of great interest for the world because of its significant figures and economic strength. In recent years, FinTech has risen to popularity and is also a great predictor of the UK’s financial success. It also plays a major role in the development of a... View Article
Are you someone who is looking forward to or are already into self-employment in the UK? Registering yourself as a sole trader would be the best way to go about it. A sole trader is defined as one who runs a business as the owner and not in partnership with anyone. This means the entire... View Article
After you’ve decided that a limited company is the best option for your current contracting career, the next step is to find a specialist contractor accountant. It is also an extremely important decision. A good accountant can help you save many times your accounting costs by effectively managing your tax affairs. Here are 10 tips... View Article
The Research and Development (R&D) Tax Relief Scheme is an initiative by the UK Government to reward incentives to companies towards their investment in various innovative and developmental projects. This serves as a valuable source of cash for the R&D of companies which in turn is beneficial for their growth. The goal of such a... View Article
Being one of the largest economies in the world, the UK is a great place to start a business. However, if you are a foreign national living in the UK, you might be wondering if it is at all possible for you to start your venture. Even as a non-resident, starting a business in the... View Article
Income tax is perhaps one of the least understood and most confusing financial terms. The contemporary workforce contains employees and contractors. Being a skilled contractor is a rewarding career and can bring handsome financial benefits. However, there are tax consequences too. With proper planning, you can save a significant amount of money. Here are some... View Article
An organized accounting procedure is quite necessary and helps to understand the financial condition and stability of the organization. A proper record of all financial transactions has to be maintained as per the Companies Act 2006, in the UK. To run small and medium businesses, a trouble-free, smart, and advanced accounting system is required to... View Article
If you’re a person who lives in the UK, it is very important to be well aware of the concept of tax credits as applicable in the country. More importantly, you should know what are the different factors that can impact tax credits. Tax credits: A brief introduction There are two types of tax credits,... View Article
Motherhood is the most important phase in the life of every woman. It does not just change the person herself but it also impacts the work surrounding, especially for a working person. Government and many organizations are sensitive to this change and have placed policies to provide working women with some benefits like maternity pay... View Article
Extensive changes to the UK’s IR35 off-payroll employment regulations took effect on April 6, 2021, and despite a 12-month delay, comprehensive HMRC advice, and later revisions to the Act, there are still areas of uncertainty. What is IR35? The name IR35 is commonly established for anti-tax avoidance policy. It was conceptualised and introduced in the... View Article
UK Companies (including non-resident companies trading from a branch or agency in the UK and local authorities) are required to deduct IT (Income Tax)or pay tax on followings while dealing with individuals, overseas companies or partnerships: specified annual payments including directors loan, Interestpayments (other than to UK banks) Royalty payments, an alternative finance payment and... View Article
What is a Kickstart scheme? To meet the imminent mass unemployment problem, Chancellor Rishi Sunak initiated an innovative job creation programme, the ‘Kickstart scheme’. It is a funding offered to employers to be able to create jobs for young people in the age group of 16 to 24 years on Universal Credit and thereby reducing... View Article
Modern-day businesses require an extensive travelling schedules. Self-employed or Business owner are often using own cars or company cars to make business travel. There is always a dilemma whether to claim full car purchase cost, running & maintenance cost and mileage claim. Mileage claim is simplified method that can be used as a deduction while... View Article
Since the beginning of covid pandemic in 2019, businesses have transformed their operations. There are no longer lavish offices with thousands of employees crowding the work floor. Instead, there are scanty places at home where a single setup is enough to remain in touch with rest of the office members. In the current situation, are... View Article
If you are reading this then I will probably assume that you were a resident of UK, but your current source of income/ employment is with some other nation. Questions like “how much do I pay to the UK Government as tax?”, “I have already paid taxes to the country where my income was generated,... View Article
The UK is primarily one of the most preferred destinations for property investment. The option to benefit from rental income and capital appreciation makes it an attractive package for investors worldwide. However, a question that continues to haunt non-residents is whether they can buy properties in the United Kingdom or not, but there is no... View Article
With new avenues of businesses opening up in the UK, there are several people who are now shifting from service to self-employment. Also, there are budding entrepreneurs who have found self-employment through their passion and hard work. Today I will be focusing on the areas that you need to take care of when you are... View Article
As a resident of UK, you must be aware of the fact that there are several forms of taxes that is applicable to businesses. If you are among one of those who falls under the category of small business owners, then you must be perplexed with VAT, Corporation Tax, personal income tax, etc. Here is... View Article
In the past few years, Airbnb has become a popular mode of accommodation for travelers. With covid restrictions being eased, travel will soon resume its pace, and visitors in the UK will again start availing of the service. The main advantage of accommodating via Airbnb is cost-effectiveness, hence is very popular among visitors from around... View Article
As an employee, there must have been times where you’ve incurred expenses from your own pocket inorder to facilitate your company’s job. In return the company may or may not have appreciated your efforts, but today we will,by helping you get tax reliefs for such expenses. 1 Working from Home Since covid pandemic hit worldwide,... View Article
Making Tax Digital is an initiative by the Government of UK to take the taxation system to the digital domain. The purview will include business, self-employed, landlords and other income generating models. HMRC’s objective behind this introduction is to make the taxation system in UK effective, efficient and easier for the taxpayers. As a landlord... View Article
As a citizen of UK, you should be aware of the changes that tax authorities have brought in effective from 6th April 2020. One such provision has removed residential property financing cost as a deduction, which means payments such as mortgage interest will not be deducted from total income. Such provision is only applicable to... View Article
Self employed form of business is a situation where you are own boss. Decision, executions and project acquisition solely takes places on your consideration. However, taxes are required to be paid within its due date and for that accounting becomes an essential tool. Hiring an accountant for self-employed is the most sensible thing to do... View Article
With development of digital assets like accounting software, accounting has become a relatively easier process to follow. Now a days, self-employed people such as contractors prefer managing their accounts by themselves via data feeding to applications. This results in automatic computation and the user gets a confidence that he is able to manage his books... View Article
As an accountant for self-employed in UK the most common question that I come across is “how do I reduce my tax burden?” In other words, how can tax savings be done for a person who is self-employed. Well, my answer to the query is that right knowledge about the prevailing law can help you... View Article
It has now been more than a year since the world economy started to face the downward slope due to covid pandemic. UK is not an exception to this current scenario and the Government has come out to aid businesses of all class and forms. In these difficult times, extension for debt repayment has been... View Article
The IR35 is not something new in the UK. To put it in simple words, IR35 purviews the off-payroll working rules for people with effect from 6th April 2021. HMRC brought this rule into force because people were using the status of self-employed while working for a particular company. The benefit which was derived from... View Article
The impact of Covid 19 pandemic has been felt worldwide. In order to easy the pressure on businesses, the Government of UK has come up with Coronavirus Business Interruption Loan Scheme. The scheme ensures that businesses in the UK are not put to extra pressure with respect to loan repayment and can focus on stabilizing... View Article
P11D is a detailed form issued by HMRC to account for an employer’s expense with respect to benefits and expenses offered to his/her employees. The scope of form includes recording employer’s expenses like bonus, medical coverage, fuel cost, etc. made on behalf of employees with no provision for reimbursement. Coverage of information such as identification... View Article
6th April 2021 will see the beginning of IR35 tax change in the private sector. As per the latest change, Contractors working asPersonal Services Company (PSC) will have to pay taxes differently as compared to their current perspective. A similar change was introduced in the public sector in 2017 and private sector’s changes was due... View Article
Landlords who earn rental income through buy to let properties have always faced problems with respect to maintenance of books of accounts. Some of the most common problems include differentiation of personal income against income from buy to let properties, available tax deductions, management of tax return, etc. Here are 5 bookkeeping tips for buy... View Article
Many parents in the UK maybe heading towards a situation where their future state pension income may be compromised by a considerable amount. The reason behind this loss can be attributed to Child Benefit Scheme which serves as an aid to parents for upbringing their child. What is Child Benefit? The Ministry of UK had... View Article
Accounting in 2021 is going to be a game-changer. Ever since the Covid pandemic disrupted routine trade and commerce, the new normal has been mostly digital and data-focused. Given the current scenario, there are certain trends that is going to dominate not only 2021, but also the next few years. So, let’s look at the... View Article
Working Tax Credit is a financial support system established to aid people who belong to the lower income group. The credit system is currently being replaced by Universal Credit as it has a wider scope. Nonetheless, the provision is still available to people who have been availing this in the past. Can I apply for... View Article
Enjoy Greater Personal Allowance April 2021 marks the beginning of a new financial year in the UK. This means that there will addition and deletion to the current set of taxation rules including purview of schemes, household bills and other taxation areas. Here are the top 7 changes: The threshold for personal allowance has been... View Article
In my years of experience as an accountant in UK, I have come across many self-employed who consistently doubt hiring an accountant. Today, I look forward to assist those people who have this specific question – Do I Need an Accountant If I’m Self-Employed? 1) Know Your Status In my years of experience as an... View Article
Did you know that recent reports claim that as of February this year, about 11.2 million jobs, from 1.3 million different employers had been furloughed in the UK? This was done as part of the government’s job retention scheme introduced as a response to the extensive economic damage that was brought about by the COVID-19... View Article
For a self-employed person, keeping a full-time accountant can be an expensive affair. This is where hiring accountant for self-employed becomes a viable option. Focused approach and flexible billing option make it easier for self-employed to avail accounting services and ensure that taxes are paid judiciously. However, while hiring an accountant ensure that you ask... View Article
In the past few days, I have entertained several people over phone call and in-person over a notice from ICO. Most of these people are either entrepreneurs for start-ups, small business owners or stakeholders from a limited company. Some of the most questions that they have asked me are – Why have I received this... View Article
With the rapid impact of digital transformation across the globe, businesses are increasingly handling vast amounts of personal data. In the UK, ICO data protection regulations, under GDPR, ensure that companies process data within the permissible limits. As part of these regulations, organizations are required to pay the data protection fee in UK, which is... View Article
Ever since the Finance Act 2015 got updated in 2017 with addition of Section 24, buy-to-let property has become less attractive to landlords. With the introduction of the aforesaid section, landlords can now only deduct 20% their finance cost (including mortgage interest). The eventual outcome of this restriction has severely affected landlords whose income fall... View Article
Are you aware of this fact that the UK tax regulations authority (HMRC) offer marriage allowances to partners or spouse? This is one of those additional tax perks that makes it easier for a partner or spouse in UK to reduce their tax burden. So, let’s take a look at how this works? 1 Understanding... View Article
Tax implications for Buy-to-Let Landlords in the UK has been constantly changing the past decade. Some provisions have worked in favour of the landlords, whereas some has curtailed their liberty to make handsome profits. One thing that remains constant with time is the intent of HMRC to ensure transparency in operations. Understanding the term –... View Article
Modern day accountants for small businesses and salaries professionals have transformed their scope of services to deliver better solutions to their clients. It is a common practice among Salaried professionals and business owners to seek advice on tax reduction from their accountants; nonetheless, who wants to pay higher taxes? Given the dynamic requirements, here are... View Article
When it comes to business types, small businesses face most of the number of challenges. These challenges are mainly in terms of competition, market share and public trust. However, with the modern era, small businesses have continued to see phenomenal growth in the last 20 years in the UK. Accounting for small businesses plays the... View Article
When it comes to renting out properties, property owners or landlords often face difficulties in understanding the related tax implications. Some of the most common questions that they have with them are – How much tax do I need to pay as a landlord? What are the available deductions? Who will assist me in computing... View Article
The year 2020 has been rough for citizens around the globe. Given the fact that COVID-19 has disrupted all business activities, irrespective of its size, people are now keen to ensure that their tax liability is kept at minimum. The situation demands assistance from an accountant for self-employed/ small businesses. Here are 5 ways that... View Article
The best time for new beginnings is now – Happy New Year 2021 Despite all the chaos of 2020 and challenges we successfully completed our film. FableCraft Motion pictures in association with CoreAdviz Digital announces the Film “A Trail Before Monsoon” Thank you all for being part of this amazing experience. Production Company: FableCraft Motion... View Article
“Chalo Kuch Man ki Karona“ A drive to make British Indians proud by spreading positivity and knowledge in the time of great depression of COVID19. Teach your children and yourself the ABC of Finance !! Free training for all age above 7+.Starting from Saturday 11th April 6:30 pm to 7:15 pm UK Time Watch Online:... View Article
Blockchain based Accounting a Distributed Digital Ledger that you can Trust! In the past, we always use to verify a paper or voucher or bill as an audit trail for an occurred transaction in a single-entry ancient book with trading journal. Justification of a transaction was based on notes or written text whether this... View Article
Grand launch of our new website CoreAdviz Digital Finance Ltd has announced new website into public. This is now responsive to all platforms whether you are accessing from mobile, tablet and laptops. Easy user interface makes it much interactive, however we are still improving day by day. There are lot to do and... View Article
Leverage the technologies to work remotely for small startups with less investment. As you get involved in the business development you are going to talk some people and eventually you will feel to make new connection, tend to increase your contacts, arranging meetings and presentation. When you speak to new people, the first thing people may ask... View Article
Two days ago the change announced in the Autumn Budget 2017, will have less impact on small business as such as we call it “business as usual”. Full analysis report will be available in few days here in this same post…. If you are looking for highlights of the biggest changes then you can watch... View Article
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