Starting out as a sole trader is usually the simplest way to run a small business. There’s less admin, fewer formal reporting requirements and you can get on with running the business. But as your business grows, you may start wondering whether it is time to become a limited company. There’s no magic profit figure […]
Growing a business is exciting. Gaining more customers, watching turnover rise and appointing your first employees are rewarding steps for any small business owner. But growth also brings new tax responsibilities, and the things that worked when you started out may no longer suit you. Here are some of the common tax mistakes small businesses […]
The second Self Assessment payment on account is due on 31 July, and many self-employed people, landlords and company directors will simply pay the amount stated in their letter from HMRC. But it’s worth checking whether that figure still reflects your current circumstances. Your July payment is based on your previous tax bill, so if […]
Making Tax Digital (MTD) for Income Tax is now in force. The first phase of HMRC’s new reporting requirements officially began in April 2026, bringing changes for many sole traders and landlords across the UK. The good news is that MTD doesn’t change how much tax you pay. It just changes how you keep records […]
Two new topics are on the agenda for small businesses: changes to the HM Revenue & Customs off-payroll working rules (commonly known as IR35) and the government’s plans to introduce mandatory e-invoicing from 2029. While neither represents an overnight change for most businesses, both are part of a wider move towards increased compliance, digital reporting […]
A question we’re hearing more frequently as new tax changes take effect is whether directors should move away from the traditional salary-plus-dividends model and take all income as PAYE salary instead. It’s a fair question. What’s changing? From April 2026, dividend tax rates will increase by 2 percentage points for basic and higher rate taxpayers. […]
As the 5 April deadline approaches, it’s not too late to reduce your future tax bill. Even small last-minute steps can lead to meaningful savings. With some key allowances reduced in recent years, tax planning is more important than ever. Here are some practical steps to consider before the tax year ends. 1. Use […]
Good bookkeeping is the backbone of every successful small business. Whether you’re a sole trader just starting out or a growing company with employees, keeping your financial records in order isn’t just a legal requirement — it’s the key to staying organised, informed, and in control of your money. If bookkeeping feels overwhelming or you’re […]
The start of a new year is the perfect time to reset and put better habits in place — and that applies just as much to your business finances as to personal goals. For small business owners, making tax planning part of your New Year’s resolutions can save time, reduce stress and often result in […]
On 18 November 2025 new changes came into force from Companies House, requiring company directors to verify their identity. The aim is to make the UK company register more reliable, transparent and resistant to fraud. Why are these changes happening? In recent years, concerns about economic crime and fraudulent activity have driven changes to strengthen […]