Accountant for Freelancers: What Help Do You Really Need?
Working for yourself can give you freedom, but there is also a responsibility for tax, expenses and record keeping. A good accountant for freelancers should do more than submit your tax return to HMRC. They should help you understand what expenses you can claim, how profit you are making and...
How to Switch Accountants: A Step-by-Step Guide
Changing accountants is something many business owners put off because they assume it will be difficult or time-consuming. In reality, switching accountants is usually a straightforward process. Once you have chosen a new accountant, much of the work involved in transferring your records and information can be handled for you....
Self Assessment to Making Tax Digital: What Changes When You Join MTD?
How Making Tax Digital Changes Self Assessment For many sole traders and landlords, Self Assessment has traditionally been an annual process: collect the records, prepare the accounts, complete the tax return and pay the tax. Making Tax Digital for Income Tax changes this routine. Year-end tax work will still be...
Payments on Account Explained: Why Your January Tax Bill Can Be Higher Than Expected
Payments on Account are one of the most confusing parts of Self Assessment. They are also one of the main reasons someone's first significant January tax payment can be much larger than expected. The good news is that the principle is relatively straightforward once you understand what HMRC is doing....
How Much Should You Put Aside for Your Self Assessment Tax Bill?
One of the most common questions from sole traders is: “How much should I be saving for tax?” Unfortunately, there isn't one percentage that works for everybody. Your tax bill depends on your profit, other income, personal circumstances and whether Payments on Account apply. But there are some practical ways...
Why September Is a Good Time to Complete Your Self Assessment
The online Self Assessment deadline for the 2025/26 tax year is not until 31 January 2027. That does not mean you need to wait until January to complete it. In fact, September can be one of the best times to get your tax return finished. Filing early does not mean...
Making Tax Digital: The First Quarterly Update Is Done: What Happens Next?
Making Tax Digital for Income Tax became a reality for the first group of sole traders and landlords from April 2026. For those required to join from 6 April 2026, the first quarterly update should now have been submitted, with the first standard deadline falling on 7 August 2026. So,...
Missing Receipts: Can You Still Claim the Business Expense?
Missing Receipts Receipts and invoices help prove that a cost was incurred for business purposes. They support your accounts, tax return and any VAT claimed. However, losing a receipt does not automatically mean the expense must be excluded. Can You Claim an Expense Without a Receipt? An expense may still...
Aged Receivables and Aged Payables Explained
Aged Receivables and Payables A business can make a profit but still struggle to pay its bills. This often happens because sales and expenses are recorded before the related cash is received or paid. Aged receivables and aged payables reports show the outstanding amounts, helping understand short-term cash flow. What...
Bookkeeping Explained
Bookkeeping Basics for Small Business Owners Bookkeeping is the process of recording and organising your business’s financial transactions. It shows income, spending, customer debts and unpaid bills. Accurate bookkeeping is not simply a year-end task. It supports reliable accounts, tax returns, VAT returns and cash-flow decisions. Keep Business and Personal...
