financial health

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Determining your salary for 2025/2026: A guide for business owners

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 […]

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5 strategies for sourcing your next IR35 contract

Finding your next IR35 contract can be a rewarding journey, especially when you’re equipped with the right strategies. As an accountancy firm dedicated to helping and advising small business owners, we’ve put together some key tips to help you navigate this process with confidence and success. 1. Leverage professional networks LinkedIn and specialist forums: Maintain

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two business partners putting together to giant jigsaw puzzle pieces for a blog post about giving your partner shares in the business from Companion Accountancy

Should I give my partner shares in the company?

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

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UK landlord learning about how his rental income is taxed

Understanding how your rental income is taxed

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,

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'changes for business in 2025: updates for small business owners and contractors' written amongst misty clouds

Changes for business in 2025: Updates for small business owners and contractors

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

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5 ways to make the most of your pension allowance before the tax year ends

As we approach the end of the tax year (April 5), contractors and small business owners have a timely opportunity to review their finances and make the most of their pension allowances. Maximising pension contributions not only helps build a secure retirement but also offers tax advantages. Here’s our guide on why this is a

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Missed the Self-Assessment tax return deadline?

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

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The ins and outs of management accounts for small businesses

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

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