If you’re self-employed or receive income outside of PAYE, one important date to keep in mind is 31 July 2025. This is the deadline for making your second payment on account towards your 2024/25 tax bill. Understanding payments on account Payments on account are advance payments towards your self-assessment tax bill. HMRC uses them to […]
Don’t miss the July 2025 payments on account deadline Read More »
If you’re a contractor or small business owner working from home all or some of the time, you’ve probably looked for ways to maximise your business expenses. One area that often sparks debate is home renovations: can you, or should you, put those costs through your business? On the surface, it might seem like a
Home renovations & taxes: Smart business move or risky strategy? Read More »
Renting out a property can be a great way to earn extra income. But if you’ve forgotten to declare rental income to HMRC, time is of the essence. It’s important to take action now. Ignoring the issue won’t make it go away. In fact, it could lead to hefty fines, backdated tax bills, and even
Forgot to declare your rental income? Act now before HMRC comes knocking Read More »
An overview of Members Voluntary Liquidation (MVL) for Business Asset Disposal Relief (BADR). Written by Louise Barker, Group Marketing Director at Opus Advisory Group – Companion Accountancy’s third-party partner. Once upon a time, Business Asset Disposal Relief (BADR) used to be called Entrepreneurs Relief. It has long been a boon for entrepreneurs selling their businesses.
MVLs & Budget changes to Business Asset Disposal Relief Read More »
Financial management is one key area that can make or break your success as a small business owner (see also our blog on cashflow forecasting). While most business owners focus on yearly financial statements for tax purposes, management accounts provide insights into your day-to-day and month-to-month performance. To make management accounts work for you, you’ll
The ins and outs of management accounts for small businesses Read More »
As a contractor, protecting your business is a top priority (as well as cashflow and bookkeeping, of course). While many focus on delivering quality work and managing client relationships, one area that often gets overlooked is having the right insurance in place. We’ve gone over the essential types of insurance every contractor should consider. These
Protecting your business: essential insurance tips Read More »
A P11D is the form used to report benefits in kind paid to directors and employees which have not been subject to PAYE tax. In this article we’ll look in detail at what you need to know.
Limited Company Directors: What you need to know about your P11D Read More »
Each year when your personal tax return is prepared, if your tax liability is more than £1,000 and more than 80% of your income isn’t taxed at source then payments on account will be due.
Is Your Payment on Account Due by 31st July? Read More »
VAT is one of those taxes that every business owner and contractor needs to know about even if you’re not VAT registered yet, it’s important to understand how the rules affect your business and what your options are if and when the question of registration comes up.
Do I need to register for VAT and if so on which scheme? Read More »
Payments on account are advance payments towards your tax bill, based on your liability in the last tax year.
Why do I Need to Make a Payment on Account Read More »
