If you’re a landlord or sole trader with income over £30,000, there’s a major change coming to the way you manage your tax affairs. From April 2026, Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will become mandatory for many individuals. With under a year to go, now is the time to […]
Making Tax Digital is coming in April 2026… are you ready? Read More »
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
What are trivial benefits? A guide for small business owners and contractors Read More »
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
End of the P11D? Changes are coming in April 2027? Read More »
As the tax year draws to a close, it’s the perfect time for small business owners and contractors to take stock of their financial position and adopt effective tax planning strategies. Thoughtful preparation can not only reduce your tax liability but also ensure you’re making the most of available reliefs and allowances. Companion Accountancy is
Year-end tax planning strategies for small business owners and contractors Read More »
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
Securing your UK state pension: A guide to qualifying years, gaps, and pensionable age Read More »
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.
How AI and automation can save your small business time and money 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 »
Long-term success in business doesn’t mean simply maintaining what you’ve built. It means remaining adaptable, embracing new opportunities, and continuing to innovate. For established businesses, this means adopting a growth mindset – a strategic outlook that advances expansion, resilience, and innovation. At Companion Accountancy, our team of accountants believe this mindset is essential for thriving as
The growth mindset: New potential for established businesses Read More »
Are you driving into 2025/2026 tax-efficiently? Allowable benefits, such as company cars, are affected by things like Benefit-in-Kind and National Insurance Contribution rates. Business is changing all the time and small businesses and contractors need to stay on top of these latest tax considerations to keep their businesses cruising smoothly. Whether you’re driving around town
Company cars: What small businesses and contractors should know Read More »
As a business owner and director, deciding on your salary is a crucial task that needs revisiting annually. While this decision can impact your personal income, tax obligations, and company finances, it also requires careful consideration to ensure compliance with tax legislation, including the Managed Service Company (MSC) legislation. At Companion Accountancy, we understand the
Determining your salary for 2025/2026: A guide for business owners Read More »
