Category Archives: Accounting Tips

Expanding the cash accounting basis to all self-employed businesses

Tax Return

As part of his 2023 Autumn Statement , the Chancellor announced that the cash basis will replace the accruals basis as the default method for preparing accounts for all unincorporated businesses from 6 April 2024.  The announcement means expanding the cash accounting basis to all self-employed businesses. This will apply to sole traders as well […]

What is duality of purpose?

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As accountants, we have become accustomed to seeing situations where our clients combine their business and personal expenses.  Our role is often (especially when we are doing the bookkeeping) to sift through these expenses and explain the duality of purpose to our clients. So, what is duality of purpose?  Simply explained duality of purpose is […]

Bookkeeping tips to help small businesses

cloud accounting

Have you ever wondered how bookkeeping done well can help your small business?  Well bookkeeping and financial data are crucial to managing your business.  So here’s some great bookkeeping tips. As a small business when things are tight (and even when they are not), it’s important that you keep on top of what comes in […]

Why is it important to file your accounts on time ?

Most of us accountants are keen to make sure that you file your accounts on time.  If you are a seasoned business owner, you will already know that if you file your accounts late you will receive penalties. But why else is it important to file your accounts on time? You can review the full […]

To Incorporate or not to Incorporate?


Operating through a Limited Company is the most common way to work in the UK if you are working for yourself.  This is because it is relatively cheap and easy to set up.  It is also perceived to be the most tax advantageous way of operating.  But the tax advantages are increasingly being reduced. So, […]

Making Tax Digital (MTD – Updated January 2023

Cloud Accounting

The introduction of Making Tax Digital (MTD) has been delayed until 2026. What is MTD Making Tax Digital is an initiative introduced by HMRC in an attempt to modernise our tax system in the digital age. MTD for ITSA (Income Tax & Self-Assessment) comes into effect from April 2026 (previously 2024) if your “qualifying income” […]

Business expense if you don’t charge a market rent?

Are you a landlord? Have you let out your property at an undervalue? If so, what business expense can you claim if you don’t charge a market rent? As a landlord and a tax payer you want to maximise tax savings and claim all the possible expenses against your rents.   Why would you not […]

Capital or Revenue Expenditure

Knowing whether business expenditure is capital or revenue is essential to the preparation of correct accounts and tax returns, but it is sometimes difficult to decide what is the right treatment. HM Revenue and Customs (HMRC) has recently updated its guidance on the most common errors. First the basics: revenue expenditure is deductible in computing […]

The Ups and Downs of Tax

We are now in the new tax year 2022-2023 which started on 6th April 2022.  Did you know the chosen year end of 5th April was first introduced in 1752? Back then the new tax year started on 25th March and ended after full 365 days which would be on 4th April. But in 1800 […]

Desktop Vs Cloud Accounting – what’s the best accounting software for my business?

cloud software, digital accounting

Even the most experienced decision makers rely on accurate data to help them make sound decisions. As a forward-thinking business owner, you deserve a forward thinking accounting software to provide you with the financial data you need to drive decisions.    As you grow your business even the more simple tasks, like keeping records of […]