HMRC Overpayment Relief Claim – How To Claim A Refund For Overpaid Tax (Step-by-Step)

Paying taxes is inevitable — but paying too much tax doesn’t have to be. Every year, thousands of UK taxpayers discover that they’ve overpaid income tax due to misapplied tax codes, duplicate PAYE entries, or errors in self-assessment returns. The HMRC Overpayment Relief Claim is a formal mechanism that allows you to reclaim tax you’ve […]

Depreciation Accounting: A Practical Year End Guide For UK SMEs

In accounting, depreciation is a technique used to distribute an asset’s cost over its expected or useful life. This can also be taken as indicating the amount of an asset’s worth that has already been utilised. Because depreciation can affect profitability, businesses must consider it. Many of the assets a business purchases and owns are […]

Tax Planning for Self-Employed in the UK: Deductions & Legal Ways to Save

Being self-employed is a great thing, as you are your own boss. But at the same time, managing a business and filing taxes can be challenging. Unlike regular employees, you don’t have an employer handling deductions or making contributions to your benefits.You are in charge of all duties, including keeping track of earnings and expenditures […]

Claiming Business Expenses for Different Industries: What UK Businesses Can Deduct

In the UK, claiming business expenses correctly can have a significant impact on your company’s profitability. Understanding what expenses you can and cannot claim enables you to pay taxes only on your actual profits rather than on funds you’ve had to use to maintain your firm, regardless of whether you’re a shop owner, independent contractor, […]

How to Pay Less Tax in the UK: 7 Legal Strategies You Can Use

Everyone likes to pay as little tax as possible, and the good news is that you don’t have to pay more tax. If you’re wondering how to pay less tax, whether you’re self-employed, a company director looking to reduce corporation tax, landlord, or someone with savings or assets, the UK tax system provides several completely […]

Accounting vs Bookkeeping: Which Is Best for Your UK Small Business?

One of the most common points of confusion? Understanding the real difference in accounting vs bookkeeping, and deciding whether you need one, the other, or both. Although they are closely related, the two have different functions, and many SMEs are caught in the middle, not knowing which service to invest in or prioritise. Every day, […]

How to Relieve Pressure on Your Accounting Team Through an Accounting Outsourcing Partner

Accounting teams in businesses are bearing a considerable workload, including meeting tight deadlines, navigating complex compliance regulations, and producing accurate reports for informed strategic decision-making. It has been observed that accounting teams are struggling under this overwhelming workload, and we have data to support that. According to the Chartered Association of British Accountants (CABA), 46% […]

Choosing a Business Structure in the UK: A Complete Guide

Are you thinking of starting your business in the UK? But you are confused about choosing a business structure that’s best for your startup. It’s alright—generally, people get confused before starting a startup. To find a solution to this, we will be discussing various aspects of the business structure. Selecting the right legal structure for […]

The Ultimate Guide to Accounting for Small eCommerce Business

Managing a small online store presents both opportunities and problems. It’s a fascinating experience but without proper accounting for small eCommerce business, the complexities can turn overwhelming. Accounting is a crucial component that can make or break your success as you negotiate the quick-paced world of internet commerce. A lot of business owners undervalue the […]

How to Understand Financial Reporting

One of the most essential skills any business owner, be it an investor, entrepreneur, or even manager, must possess is reading the company’s financial health. This knowledge not only helps the investors benefit from promising business opportunities but also avoids any undue risks. For professionals, entrepreneurs, or managers, analysis of financial reports helps them make […]