It’s a question we’re asked a lot at Companion Accountancy. So, we’re going to answer honestly and transparently. Whether you’re a small business owner or contractor, understanding the implications is essential. Ultimately though, it is a decision that is best arrived at by you and only you as it largely depends on your comfort within […]
Should I give my partner shares in the company? Read More »
Earning rental income can be an excellent way to build wealth and achieve financial independence, but it comes with responsibilities. Especially when it comes to taxes. Whether you’re a seasoned landlord or just starting with your first property, understanding how your rental income is taxed is essential to staying compliant and maximising your profits. Here,
Understanding how your rental income is taxed Read More »
As 2025 approaches, small business owners and contractors need to stay informed about key regulatory changes that could affect their finances. These changes stem from announcements made in the Autumn Budget of October 2024. The government outlined key fiscal updates aimed at balancing economic growth with environmental and social priorities. Understanding how these updates affect
Changes for business in 2025: Updates for small business owners and contractors Read More »
Christmas is a-coming and the work party is sounding expensive! But did you know that HMRC allows you to claim your work Christmas party as a tax-deductible expense? The work Christmas party might be a love it or hate it kind of social event amongst staff, but without one, your staff could end up feeling
How to claim a work Christmas party as a tax-deductible expense Read More »
Don’t panic. Contractors and small business owners in the UK who missed the self-assessment tax return deadline on October 31 still have the chance to submit! There is also an online deadline of January 31, so there is still time to get everything sorted. Here’s what you need to know, the steps you need to
Missed the Self-Assessment tax return deadline? Read More »
The UK’s first Autumn Budget under Labour since 2010 has set a decisive tone for the nation’s economic direction. Delivered by our first ever female Chancellor of the Exchequer, Rachel Reeves…
Autumn Budget highlights affecting small business owners and contractors 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 »
Individuals with non-traditional job statuses often encounter unequal treatment from lenders because of their unconventional income sources, and it’s unfair. For freelancers, independent contractors, and the self-employed, gaining a mortgage and remortgaging might seem more complex due to the lack of a typical income stream. Nonetheless, there are mortgage options that can be customised to
A guide to remortgaging for freelancers, contractors, and the self-employed Read More »
As a limited company director, you’ll need to keep on top of your bookkeeping and personal tax obligations for legal compliance and your own financial health. We are now into the fifth month of the financial year, which runs from April 6, 2024 to April 5, 2025. Do you know where you stand in terms
Limited company directors: Do you know how much personal tax you incurred for 2024/25? Read More »
