Small Business – Companion Accountancy

cartoon flowers on a work desk with a MAc computer in the background, representing trivial benefits for small businesses and contractors

What are trivial benefits? A guide for small business owners and contractors

Leave a Comment / Contractors, Small Business, Uncategorised

When running a business, finding efficient and tax-effective ways to reward your team can be a challenge. That’s where trivial benefits come in. These are of course different from allowable benefits, which follow a different set of rules and thresholds. Introduced in April 2016, these small perks are exempt from tax and reporting, provided they […]

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animated person peeping through fingers at a monetary fine being held next to them, representing HMRC increasing fines

HMRC is set to increase fines in the next 5 years – here’s how to avoid them

Leave a Comment / Contractors, Small Business

As technologies evolve, tax compliance is shifting, and HMRC is tightening its grip on late payments. They’ve recently announced they’ll be hiking fines for paying VAT and self-assessment taxes late. If you’re a small business owner or contractor, this could have a significant impact on your cash flow and financial health. With these late payment

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A person scratching their head with piles of coins around them, representing HMRC's new rules about savings of over £3,500

Why you might hear from HMRC about your savings… and what to do next

Leave a Comment / Contractors, Freelancers, Landlord's Guide, Limited Company Directors, Self Employed, Small Business

HMRC is in the process of contacting nearly 900,000 people who hold more than £3,500 in their bank accounts. It’s part of a review into untaxed interest received on savings. If you receive a letter from HMRC, there’s no need to be alarmed. However, it’s important to understand why they’re reaching out, and what steps

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A manholding a P11D form smiling, with a big red and white X behind him

End of the P11D? Changes are coming in April 2027?

Leave a Comment / Contractors, Payroll, Small Business, Uncategorised

The annual requirement to complete and submit a P11D is a familiar part of the payroll and year-end tax routine for contractors and small business owners. But with changes on the horizon, the traditional P11D process may soon become a thing of the past. HMRC will make it so that all taxable employee benefits will

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A cartoon woman looking shocked and worried while a piece of paper with the word "fine" hangs behind her

How much is 2025 going to cost me? Key tax penalties and interest rate changes to know

Leave a Comment / Cashflow, Contractors, Limited Company Directors, Small Business, Tax Planning

In 2025, HMRC is tightening the reins on late filings and payments, with increases in VAT penalties and interest rates for overdue tax bills. Failing to keep up could be more expensive than ever. …Hint, hint! There are plenty of AI apps to help you keep up to day and compliant! As a small business

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a worried man looking at a computer screen

Understanding director responsibilities: Lessons from Ant Middleton’s disqualification

Leave a Comment / Contractors, Self Employed, Small Business

When you think of Ant Middleton, you probably picture the no-nonsense ex-Special Forces guy from SAS: Who Dares Wins. But in a recent twist, Ant and his wife Emilie have found themselves in a spot of bother… not on a battlefield, but in the boardroom. As of March 2025, the couple has been banned from

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Cartoon couple putting pound coins into a giant piggy bank representing UK state pension

Securing your UK state pension: A guide to qualifying years, gaps, and pensionable age

Leave a Comment / Small Business, Uncategorised

A quick guide to the UK state pension. For small business owners, planning for the future is just as crucial as managing the day-to-day running of your company. One important aspect of financial security in later life is ensuring you qualify for the UK State Pension. This guide will help you understand how qualifying years

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cartoon of a woman with a giant calculator and notepad surrounded by pound coins representing business budgeting for the new tax year

7 tips on smart business budgeting for the new tax year

Leave a Comment / Cashflow, Contractors, Freelancers, Small Business, Tax Planning

The new tax year is upon us so now’s the time to start your business budgeting, but smarter. Entering a new tax year is the perfect time to take a strategic approach to your finances for small business owners and contractors. Business budgeting can help you manage cash flow, reduce unnecessary costs, and set your

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A cartoon man sat at a desk working on AI and automation on his computer, while a floating orange robot pointing at the screen

How AI and automation can save your small business time and money

Leave a Comment / Self Employed, Small Business, Uncategorised

Across your business plan, there are many jobs and processes that AI and automation can have a huge impact on. And don’t feel guilty about using this technology. Because between managing finances, handling customer inquiries, and trying to grow your company, there never seems to be enough hours in the day for small business owners.

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animation of a woman sat at her home office desk looking at a laptop while decorators paint the walls and lay the floors behind her - representing claiming home renovations through your business

Home renovations & taxes: Smart business move or risky strategy?

Leave a Comment / Contractors, Freelancers, Self Employed, Small Business, Tax Planning, Uncategorised

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

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