Guides

Companies House – Introduction of Identify Verification

In November 2025, Companies House brought in some changes to how you can interact with them. Companies don’t need to make changes immediately but will need to do so when they need to file or make changes with Companies House.…

Why have I got two Corporation Tax returns?

If you are in your first year of trading as a limited company it is likely that your financial year runs slightly longer than 12 months. If you set up on the 15th of January 2026, for example, your…

Xero: Account Categories (Chart of Accounts)

When you are reconciling your bank account on Xero you will be attaching a category to all of your income and expenditure. In accountant speak, the category is a nominal code, and the chart of accounts is a long list of all…

VAT Basics Part 3

In the first part of this series, we discussed the mechanics of who pays VAT. The second part discussed when you need to register, whether you might choose to do so voluntarily and the different rates of VAT. In the final part,…

VAT Basics Part 2

In the first part of this series, we looked at the basic principles of VAT and how it is paid to and from HMRC.  Now we are going to talk about whether you should register for VAT. Do I need to…

VAT Basics Part 1

Everyone has probably heard about VAT but it is perhaps not something that everyone will have an understanding of how it functions. In the first of this three-part series on VAT, I talk about the basics of what it is…

What Is Hubdoc?

Hubdoc is a Xero add‑on that helps automate your data entry, saving you time, reducing admin, and keeping your records tidy without much effort. Most Xero packages include Hubdoc at no extra cost, but if you’re unsure whether you have…

Xero: How to Raise Invoices

If you have the Ignite package or higher in Xero, you can use it to raise invoices for your clients. It’s a quick, simple process and will almost certainly save you time - especially if you’re currently creating invoices manually.…

Quickbooks: Checking Your Bank Balance is Correct

In any accounting software, it’s essential that the bank balance shown in the system matches the balance imported from your actual bank account. This guide walks you through how to check and correct your bank balance in QuickBooks. Finding…

Xero: How to Reconcile Your Bank Account

Reconciling your bank account in accounting software can sound daunting, but in practice it’s usually very straightforward. All you’re really doing is reviewing the money coming in and out of your bank account and assigning each item to the correct…

Xero: How to Add a Bank Account

This is a short guide on how to add a bank account to the Xero accounting package. From the Accounting drop down menu, select the Bank Accounts option. Next, you will see any business bank accounts that are already linked…

Understanding Income Tax and National Insurance

Income tax is one of the simpler taxes in principle, but many of us don’t really understand how it works until we have to look into it properly. I’d include myself in that - even after I first became an…

Understanding How Your Personal Tax Liability Is Calculated

The first time you get your personal tax return calculation it might be a little bit confusing. The way that it is presented is very logical to us accountants, but without knowledge of the tax system's intricacies, it's not always…

Why Use Accounting Software?

You might wonder why you’d use accounting software instead of leaving everything to your accountant. There are some very good reasons - and with HMRC’s Making Tax Digital (MTD) project rolling out across VAT, Corporation Tax, and Income Tax in…

Why Set Up a Limited Company?

This is the first in a series of articles on running a company, covering issues that come up with clients on a regular basis. When starting a business, one of the first decisions is choosing its legal structure. The…

When You Don’t Need A Tax Return

In a previous blog, I explained who might need to complete a self‑assessment tax return. This time, let’s look at the situations where you may not need to file one. Small Traders and HMRC HMRC has been encouraging small traders…

When Is My Tax Bill Due?

If you’re required to submit a self‑assessment tax return, your bill for that year becomes due on 31st January following the end of the tax year. Tax years run from 6th April to 5th April. So for the tax year…

What Is Self-Employment?

It might seem like there is quite an obvious answer to this, but there are nuances that affect your tax position, your legal status, and even your eligibility for government support. These distinctions became particularly important during the coronavirus support…

What Is My Tax Code?

Everyone has a tax code, but not many people know what it means or how it’s used. Here’s a short guide to help you understand how tax codes work and why they matter. What Is a Tax Code? Most people…

What Happens When I Enter the Higher Tax Bracket?

Crossing the higher-rate tax threshold - currently £50,270 for the 2025/26 tax year - can be a sign of progress. It might reflect a promotion, a pay rise, or your self-employed business going from strength to strength. But with that…

Tax Returns for English as Second Language Teachers

One of my oldest friends, Emma, teaches English as a second language to online students. She mentioned recently that questions around tax and accounting often come up on her teaching groups, and so I’ve written this article to help those…

Self-Assessment Tax Returns: Payments on Account

When you submit your personal self-assessment tax return, HMRC may ask you to make something called payments on account. This can feel confusing - you’ve just calculated your tax bill, and now you’re being asked to pay extra towards next…

Property Rental Basics

If you’re renting out a property in your own name, this is a taxable activity - and you’ll need to complete a self-assessment tax return each year. There are different rules if you’re renting out property using a limited company,…

An Overview of the New State Pension

Note: This blog relates specifically to the New State Pension, which applies to: Men born on or after 6th April 1951 Women born on or after 6th April 1953 If you were born before these dates, you’ll be entitled to…

How to Take Money Out of a Limited Company

There are several ways to take money out of a limited company, each with different tax implications. I’ll summarise the main options below, but feel free to get in touch if you’d like tailored advice. Loan Repayments If you’ve loaned…

How to Pay Your Personal Tax Bill

The end of January marks both the deadline for filing your personal tax return and, most importantly, payment. Paying Your Tax Bill We are often asked how to pay the tax bill. Previously it used to be quite complicated, but…

How to Pay Your Corporation Tax Bill

Any company that makes a trading profit will need to pay Corporation Tax. For most small businesses, this is a straightforward process - but it’s important to understand the deadlines and how to make payments correctly. Corporation Tax Rates for…

How to Close a Company

It’s a sad fact that many businesses close within their first year. Not all closures are negative - some business owners move on to new ventures, sell the company, retire, or return to employment or self-employment. Whatever the reason, there…

Do I Need an Accountant?

Earlier this year, a friend and prospective client asked me this question. It’s a good one — and one that many people wonder about. So I thought I’d write a short post to help others who might be asking the…

Do I Need A Tax Return?

The UK tax year ended last month, and HMRC may have contacted you asking for a self-assessment tax return. Even if you haven’t heard from them, you may still be required to submit one - and many individuals aren’t aware…

Compliance Duties as a Company Director

When you run your own limited company, there are several key filings you’ll need to stay compliant with Companies House and HMRC. Here’s a brief overview of what to expect. Companies House Confirmation Statement Each year, around the anniversary of…

Claim Back Costs When Working from Home

Working from home can lead to extra costs - from heating and lighting to phone bills and internet usage. Fortunately, there are ways to claim tax relief on these expenses. In this guide, I’ll outline three common methods and help…

Benefits and Support Available in the UK: Support for Those on Low Incomes

Following on from my earlier post about benefits for families, this guide offers a brief overview of the financial support available to those on low incomes. While we’re not specialists in this area, we hope this summary helps raise awareness…

An Overview of Child Benefit

Child benefit is available to any parent, but if you earn over a certain amount you may need to pay some or all of it back. In this guide, we’ll explain who can claim, how much you’ll receive, and when…

Accounting Issues for Psychologists

A significant number of our clients are psychologists running their own practice, so I’ve put together this guide to highlight some key accounting and tax considerations. Please let us know if there is anything below that I have not covered,…

What Is Making Tax Digital for Income Tax and Will It Affect Me?

HMRC’s Making Tax Digital (MTD) programme has been in development for several years. It’s already in place for VAT returns, and the next phase will extend to Income Tax Self Assessment (IT), with partnerships and Corporation Tax being further down…

What to Do When You Become Self-Employed

People can become self-employed for many reasons. It might be a long-term career plan, sometimes it happens by chance, and sometimes it's an accident – for example applying for a job and realising they want to take you on as…

How to Pay Your PAYE Bill

If you run a Pay As You Earn (PAYE) payroll within your company, you'll need to deduct any National Insurance (NI) contributions made by your employees, along with any Income Tax for which they're liable, and instead pay it directly…

Understanding National Insurance

National Insurance is collected by HMRC to provide state support for the sick, unemployed and retired. One of the main reasons you may want to ensure that you have made enough National Insurance contributions is to ensure you qualify for,…

How to Get Proof of Your Income

Sometimes it may be necessary to prove your earnings. The most common reasons include applying for a mortgage or loan, or if you've suffered loss of earnings. The exact requirements may vary depending on your situation, but the information below…

Benefits and Support Available in the UK: Support for Families

Updated reflecting the latest UK government support available to families as of May 2025. Many clients ask about the government support available to families. While this isn't my primary area of expertise, here's a brief overview of key…

Accounting Issues for Driving Instructors

As part of our ongoing series tackling accounting issues in specific sectors, this week we look at the problems faced by driving instructors. Self-Employment Most driving instructors are self-employed. I have written about self-employment in general here. This…

Things a Company Director Should Know

Starting up a limited company is a big step for you and your business. It's easy to get carried away in the excitement and miss some of the things you are required to do to be compliant with all the…