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...
Cash Accounting v Accrual Accounting: What Is the Difference?
Cash Accounting v Accrual Accounting When running a business, it is important to understand when income and costs should be recorded. The two main methods are cash accounting and accrual accounting. Both can be correct, but the best choice depends on the business structure, complexity and what the figures are...
HMRC Tax Threshold Warning 2027: What It Could Mean for Your Pay, Tax Code and Take Home Income
For many people, tax does not only change when the tax rates go up. It can also change when tax thresholds stay the same. That is why the HMRC tax threshold warning 2027 is important. Even if your pay only increases slightly, you may find that more of your income...
HMRC Tax Rebate Missed 2027: What to Do If You Think You Are Due Money Back
Tax rebates can be easily missed. You might have changed jobs, stopped working part way through the year, paid tax on an emergency code, had employment expenses, or made pension contributions that were not fully reflected in your tax position. This blog explains what to check, why repayments can take...
Tax Codes: What Do Tax Codes Mean in 2027?
Tax codes can look confusing, but they are simply a way for HMRC to tell your employer or pension provider how much tax to take from your wages or pension. Your tax code does not decide how much you earn. It decides how much of your pay can be received...
