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 »
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
How much is 2025 going to cost me? Key tax penalties and interest rate changes to know Read More »
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
Understanding director responsibilities: Lessons from Ant Middleton’s disqualification 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 »
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
7 tips on smart business budgeting for the new tax year 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 »
If your business invests in innovation, you’ve likely benefited from Research & Development (R&D) tax relief. Innovation can include developing new products, processes or services, or enhancing existing ones. The incentive of R&D tax relief can lead to a cash credit or a reduction in your Corporation Tax, providing vital support for your innovation efforts.
Big changes to R&D tax relief: What small businesses need to know 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 »
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 »
