The UK offers special VAT schemes to help small businesses simplify VAT reporting and improve cash flow. Standard VAT Accounting SchemeThe most common scheme where businesses charge VAT on sales and reclaim VAT on purchases, submitting VAT returns usually quarterly.
The government is reporting that it has blocked hundreds of thousands of companies with outstanding or potentially fraudulent Bounce Back Loans from dissolving before they would have to pay anything back. It is reported that they have clawed back millions of pounds from companies that took out Covid loans that they were not entitled to, […]
The other most important question is, “if I do not tell HMRC about these hustles, will anyone tell them?”. On both questions, the short answer these days in most instances is YES. Changes that were brought in by HMRC in January now requires online e-Commerce and online services platforms to automatically report the income and […]
Financial knowledge/literacy simply means understanding how money works in everyday life. You don’t need to be an expert, but having the basics makes a big difference. Remember: the more you learn, the more confident you’ll feel making financial decisions.
Have you ever felt that there are no pension options when you are no longer full-time employed? Although workplace pensions are the most common way of contributing towards your pension, private schemes are also available and can provide flexibilities to enjoy. NEST is one of the safe pension schemes that support the self-employed with their […]
HMRC have released an important guidance to educate contractors on the nature of tax avoidance schemes being run by umbrella companies. Umbrella companies that encourage taxpayers to use tax avoidance schemes often move workers between different umbrella companies to hide the tax avoidance from HMRC. HMRC does not approve or endorse umbrella companies or tax […]
Budgeting is one of the most important skills for managing money, and the good news is — it doesn’t need to be complicated. At its core, a budget is just a plan that shows how much money comes in and how it is spent each month. Here’s why it matters: 1. Understanding Where Your Money […]
On 7 August 2025, the Bank of England reduced the base interest rate to 4.00% from 4.25%. The aim is to support the economy by making borrowing cheaper. But what does this actually mean for everyday people in the UK? Let’s break it down in simple terms. 1. Impact on Debt (Mortgages, Loans, Credit Cards) […]
Most Directors think this is a once-a-year effort. Reducing tax liability is a daily thought that involves thinking about the tax implications of all your actions, expenditure and plans for the business and personal. For example, HMRC allows the company to reimburse you for all allowable business expenses incurred personally by the director. The director […]
The UK Government will send a test Emergency Alert to mobile phones across the UK at around 15:00 on 7th September 2025.Emergency Alert to be sent to mobile phones across the UK. This is the second-ever national test of the system. The alert will sound at around 3 p.m. on Sunday, 7th September. The Emergency […]
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