To match up your tax records the HMRC uses the tax reference number. It’s usually found on your payslip or P60. You may need to provide this when contacting HMRC if you want to make changes to your tax record. Where can I find my Tax Identification Number? To identify individuals who owe taxes the …
Are you a freelancer confused about getting your tax done? We help to pay tax for all the freelancers out there. According to a government poll, 4.1 million individuals in the UK are freelancers. If you fall into this category, you must pay freelance tax in the UK and register for self-assessment. However, this independence comes with …
You may be eligible for tax allowances that decrease the amount of income tax you must pay personal tax allowance is the major deduction. The normal Personal tax Allowance for 2022/23 is £12,570, which is the amount of income that is tax-free. However, if you claim Marriage Allowance or Blind Person’s Allowance, your Personal Allowance may …
Miles Allowance Relief (MAR) is a tax deduction available to workers who have paid business mileage rates. However, they have not been entirely compensated by their employer. Keep in mind that if you drive a business car, the regulations are different. You will not be eligible for tax relief if you earn less than the …
Being an entrepreneur is difficult, but this has not stopped people. Over the years, the number of self-employed has risen significantly. There are more than 5 million self-employed in the UK, up from 3.2 million in 2000. People often like to be their own boss, to control their lives, and to have freedom. However, being an entrepreneur …
Why using accounting software in the UK can help a Self-Employed Read More »
Accounting is the process of recording the financial transactions of a business. The process includes summarizing, analysing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. It is one of the key functions of almost any business. The reports generated by various streams, such as cost and managerial accounting, are invaluable in …
9 important reasons why accounting is important for a business? Read More »
Working capital and liquidity are two key terms from a business perspective and are related to each other. A company’s working capital measures the liquidity and the overall health of the company to meet its short term obligations. Cash is the lifeblood of business that is needed for the day to day operations. Effective management or …
What is the difference between Working Capital and Liquidity? Read More »
The growth and success of a business do not entirely rely on revenue. Yes, revenue is an important component as it maintains the cash flow of the business and allows the business to meet its expenses. However, for any successful business to expand you need to operate the business efficiently and increase the net profit. …
Have you heard of the term balance sheet? What does the word bring to our mind suddenly? Something that balances, as it is related to accounting it would be related to business. In accounting balance sheet is one of the most important financial statements. Accountants and businesses across the world use it to view their …
What is a balance sheet and what are the components? Read More »
There is a perception that profit is the key to success. Profit is an essential stat for the success of the organization and there is no arguing that fact. But for a business to run effortlessly cash flow is a must. Imagine you have orders to fulfill and you need to purchase raw materials for …
