Understanding the UK Tax Calendar
UK Tax Calendar: Important Deadlines Tax deadlines depend on the business structure, accounting year end, VAT periods and payroll arrangements. A calendar should therefore combine standard tax dates with deadlines specific to your business. Self Assessment Dates Key dates normally include: 5 October: registration deadline for new Self Assessment taxpayers...
What is a Balance Sheet
What Does It Tell You? A balance sheet is one of the main financial reports used to understand a business. It provides a snapshot of what the business owns, what it owes and its overall financial position on a particular date. Unlike a profit and loss statement, which measures income...
Profit V Cash Flow
Why Both Matter Profit and cash flow are measures of a business’s financial health, but they are not the same. A business can be profitable and still struggle to pay its bills. Understanding both figures helps business owners make better decisions and avoid cash shortages. What Is Profit? Profit is...
What is an Accountant – Nottingham
What Is an Accountant? (Nottingham Small Businesses & Sole Traders) Running a business in Nottingham means juggling sales, customers, suppliers, tax deadlines, and everything in between. An accountant’s job is to make that whole process easier — and help your business run smoothly, profitably, and compliantly. But what exactly does...
Capital Allowances Explained
Capital Allowances Capital allowances provide tax relief when a business buys certain long-term assets. They replace accounting depreciation when taxable profit is calculated and can reduce Corporation Tax or Income Tax. Capital Allowances and Depreciation Depreciation spreads an asset’s cost through the accounts over its expected useful life. HMRC does...
How to prepare for the Self-Assessment Deadline
How to Prepare for the Self Assessment The online Self Assessment deadline is 31 January. Any tax due must normally be paid by the same date. Preparing early gives you time to find missing information, understand your tax bill and avoid a last-minute rush. Check whether you need to file...
EXCEL For Small Businesses
Is Excel Good for Small Business Accounting? Excel remains a flexible tool for small businesses. It can help owners prepare budgets, monitor performance and understand where money is being spent. However, Excel is not always the best replacement for accounting software. The right choice depends on the business and its...
Limited Business Formation
Limited Company Formation: Decisions to Make First Forming a limited company creates a legal entity that is separate from its owners and directors. Registration itself can be quick, but decisions made at the beginning can affect control, tax, administration and future growth. Is a Limited Company Appropriate? A company may...
Management Accounts Explained
Management Accounts Management accounts are financial reports prepared during the year to help owners understand performance and make decisions. Unlike statutory accounts, they are primarily produced for the business rather than Companies House or HMRC. They can be prepared monthly, quarterly or at another useful interval. Their format should reflect...
Companies House Changes – ID Verification
What’s Changing at Companies House Companies House is introducing mandatory ID verification for all company directors, people with significant control (PSCs), and those filing on behalf of a company. It’s part of the Economic Crime and Corporate Transparency Act, aimed at improving transparency and preventing fraud. Every individual associated with...
