Blog

7 April 2022

Sole trader National Insurance explained

Sole traders need to register to pay National Insurance contributions to HMRC. This guide will take you through what they are, how much you need to pay, and how to make your payment. What is National Insurance? National Insurance contributions… Read more

6 April 2022

Complete guide to UK taxes and rates

When you run your own business or work as a sole trader, you become responsible for taking care of your taxes. In the UK there are several different types of taxes which could affect you or your business. The current tax year falls between 6 April… Read more

30 March 2022

9 things to expect in your first year running a business

Becoming a new business owner for the first time is exciting, but it can feel a little daunting too. To help you get prepared, here’s a list of things you could expect from your first year of running a business. Setting up a business Whether you… Read more

21 March 2022

7 reasons to check your reports

Reports generated from your accounting are useful tools to help you understand your business. Find out why you should check your reports and what you can use them for. 1. Check your business performance The first reason to take a look at your… Read more

15 March 2022

How to track your business expenses

Tracking your expenses is easy when you use online accounting software. Here’s how to record your expenses, track them, and prepare for your Self Assessment tax return. Record them in your accounting software The easiest way to track your business… Read more

10 March 2022

What is a limited partnership

Find out everything you need to know about a limited partnership, including what a limited partnership is, how to start one, which taxes you need to pay and how to do your accounting. What is a limited partnership? A limited partnership has at least… Read more

28 February 2022

How to pay yourself as a sole trader

When you start working as a sole trader it can be confusing to know how to pay yourself when you no longer receive a salary from your employer. Find out how to pay yourself as a sole trader, how much to pay yourself, and why it’s a good idea to have… Read more

21 February 2022

What is an LLP?

If you want to start a business with another person or company, then you need to know about running an LLP, and how this is different from a normal partnership. What is an LLP? LLP stands for limited liability partnership. When you ‘incorporate’… Read more

15 February 2022

What is Making Tax Digital?

As of April 2019, VAT-registered businesses with a turnover of more than £85,000 are required to use the Making Tax Digital (MTD) service to keep records digitally and use accounting software to submit their VAT Returns. This will enable businesses… Read more

7 February 2022

What can you claim as allowable expenses?

You can reduce your tax payment by deducting allowable expenses, so it’s important to know what you can claim on. What are allowable expenses? Allowable expenses are running costs for your business. You can deduct them from your profit, so you don’t… Read more

2 February 2022

How to do your bookkeeping quickly

If you want to do your bookkeeping quickly and easily, using online accounting software is a great solution. Here’s why: Import transactions with bank feeds Bank feeds are when you connect your bank account to your bookkeeping software, and your… Read more

25 January 2022

What is a partnership?

If you want to start a business with another person or company, then you need to know about running a partnership. What is a partnership? A partnership is when you and your partner(s) share responsibility for your business. A partner doesn’t have to… Read more

18 January 2022

What is a trial balance report?

Your trial balance report can be a useful tool to help you find errors in your accounting. Find out everything about trial balance reports, from what they are to how to read one. What is a trial balance report? The trial balance gives the closing… Read more

11 January 2022

What's the difference between amortisation and depreciation?

It’s important to know the difference between amortisation and depreciation when you’re managing assets. Find out what you need to know about assets and how to manage them in your accounting. First, what are assets? An asset is something that you… Read more

13 December 2021

How to do an invoice

Getting paid is critical for the livelihood of your business. You need your customers to pay on time and be aware of the terms and conditions attached to the transaction. So, sending out complete invoices with a professional look is important! Get… Read more