More and more accountants are moving to online accountancy to adapt to the digital era. If you aren’t sure about the ins and outs of online accountancy, then fear not as this blog has everything you need to know. The Basics Online accountancy is often called ‘cloud accounting’, and it’s the practice of managing your…
Almost one million people missed the 2020 tax deadline, and HMRC has accumulated close to £100m in immediate fines. Around twelve million people were expected to file a tax return, and 700,000 of them waited until the deadline day to do it. It is a significant improvement on last year when over a million people…
Being self-employed has many perks, but it also comes with a lot of responsibility. This is especially true if you deal with client contracts. It is crucial that you understand the legal obligation towards your client and vice versa. Making sure that you have a high-quality, fool-proof contract with help things run smoothly, and it…
Starting a new company can be stressful, but it can also be rather complicated, especially when it comes to the legal side of things. Not keeping on top of the legalities is one of the main reasons for businesses failing. We’ve put together a list of the main legal mistakes made so that you can…
With the end of the tax year looming, many business owners are in a mad panic to ensure that they have squeezed every last drop out of their various tax allowances, and we don’t blame them! However, rather than making tax-saving a last-minute mad rush, take your time and plan ahead. Here are our top…
Almost 11 million people are required to submit a self-assessment tax return by January 31st each year. Most people are ahead of the game and have nothing to worry about, but a shocking 54 million people are still yet to submit theirs. The deadline for all online submissions is a couple of weeks away, and…
With the self-assessment tax return deadline approaching, cries of ‘how much?!’ can be heard up and down the country! It may be too late for you to change it this year, but there are things that you can do to avoid a huge unexpected bill in January next year. Why does it come as a…
There are millions of people throughout the UK who are self-employed, and there are many reasons why they choose to take that route. You can create your own work/life balance, you can follow your dreams, and you can have a flexible schedule while having nobody to answer to. As fantastic as these things are, there…
Keeping track of paperwork can be rather tedious, and not everyone’s cup of tea, but luckily, HMRC understands this and has created simplified expenses to make things more straight forward. What Is A Simplified Expense? A simplified expense is a flat rate set by HMRC, which you can offset against your self-employed income. It means…
With the new year approaching, you are probably thinking about your future plans, especially when it comes to you and your business. You may want more customers, more money, or to expand your business with more employees. All of these things are possible, but avoiding your finances may be the thing that is standing in…