Enterprise Management Incentive

Enterprise Management Incentive (EMI) – A Basic Guide!

The Enterprise Management Incentive (EMI) scheme offers tax advantages for many SMEs. It’s a share option scheme that allows employees to acquire shares after meeting some conditions. This scheme attracts employees by providing them the opportunity to equally participate in the business. Continue reading this blog to know more about EMI…!   We have a …

Read More
cost of sales

What is Cost of Sales and How to Calculate it?

You are required to understand the flow of money through your company in order to calculate the profits and debts accurately.  In addition, if you don’t have knowledge of how to move your money then it will be hard to manage the cash flow. And, cost of sales is one of the most important matrices …

Read More
Universal Credit

Universal Credit and other Benefits or Tax Credits!

If you are under state pension age and above 18, but you don’t have work. Or maybe you have work with low income. You must be looking for a solution that can help to meet your monthly expenses. We have got you covered here with our guide based on universal credit, a kind of financial …

Read More
business asset disposal relief

Business Asset Disposal Relief – Guide for Beginners!

The Entrepreneurs’ Relief has been renamed Business Asset Disposal Relief (BADR) since March 2020. It minimises the capital gains tax rate to 10 percent on shares. This makes the United Kingdom tax heaven for business persons. So, if your looking for a significant source to know about BADR, you just have found the right source. …

Read More
Chart of Accounts

Chart of Accounts – A Basic Guide!

You are required to set up the chart of accounts (COA) in case you are taking over bookkeeping in your new company. If you do it rightly, your other tasks will be too easier to manage. The foundation of accounting is bookkeeping, and the initial step to managing your accounts correctly is “setting up the chart of accounts.” …

Read More
what is a close company

What is a Close Company – A Basic Guide!

Within the United Kingdom, the term close company is totally different from closing the company, and it solely impacts private limited corporations. This term does not affect LLP or sole traders. A close company consists of participators that are less than or equal to five. Therefore, to know more about what is a close company and …

Read More
Self-employed and employed

Can I be Self-Employed and Employed at the Same Time?

If you’re looking for a way to increase your income while still working full-time, you might be thinking if you can be self-employed and employed at the same time. The short answer is a resounding yes! If you’ve already had a full-time job while running your own business, you’re probably aware of the liabilities that …

Read More
What is Child Benefit

What is Child Benefit and How to Claim It?

If you want to raise your family budget and you’ve just had a baby, you can claim child benefit anytime, but it is better to do so before the infant is three months old. You still need to apply, even if you believe that you won’t get anything. In this way, you won’t fail to …

Read More
How does Crowdfunding work? It is a way to quickly raise large sums of capital from various lenders, customers, or investors, Learn more

What is Crowdfunding and How Does It Work?

The crowdfunding platforms provide small businesses a way to quickly raise large sums of capital from various minority lenders, customers, or investors in a short period of time. This type of fundraising is becoming more popular, and it is being utilised to fund not only businesses but also creative projects, social movements, etc. Therefore, in …

Read More
What is Br tax code

What is BR tax code – A Basic Guide!

BR tax code is one of the most used tax codes, but only some people knew about it. The employees within the United Kingdom are paid under Pay As You Earn (PAYE). They are provided with a UTR number that is used to determine the tax they need to pay on their income. In addition, …

Read More
corporate finance

What is Corporate Finance? – A Basic Guide!

You should think twice if you consider corporate finance apart from the actual company’s operations. Nevertheless, almost every business decision has financial consequences, and any decision requiring the use of money is a corporate finance decision. Therefore, in this blog, you will know what is corporate finance and what are its primary activities.    Don’t …

Read More
how overdrafts work

How Overdraft Works? Types, Limit, Cost

In case you need to pay the unexpected expenses, an overdraft may be a thoughtful way of borrowing money from your bank in the short term. However, before using an overdraft, you should be aware of everything associated with it. Understanding the advantages and disadvantages of an overdraft can assist you in minimising, and even …

Read More
How to Avoid Emergency Tax

How to Avoid Emergency Tax? A Basic Guide!

When you start work and fail to provide accurate and complete details to your employer, he will deduct the emergency tax from your paycheck. In addition to that, you will also pay an emergency tax on your pensions. So, read this blog to know how to avoid emergency tax and stop paying this.   Reduce …

Read More
how to claim overpaid tax

A Guide Based on How to Claim Overpaid Tax from HMRC?

If you are looking for a significant source to know about how to claim overpaid tax from HMRC, then you just have found the right post. First, we will see the P800 tax calculation process of HM Revenue & Customs. This means that HMRC will automatically issue any tax repayment; you don’t have to claim it. …

Read More

What Is HMO? A Basic Guide for Beginners

The landlords can have more occupants and earn more rental revenue by letting an HMO (House in Multiple Occupations). However, there are many rules and responsibilities like minimising size requirements, overcrowding, and licensing to HMO landlords. To know more about HMOs’ responsibilities, read this blog till the end.   Talk to one of our chartered accountants …

Read More
Allotment of Shares

What is the Allotment of Shares & What are the Reasons for Issuing Shares?

You may want to change your company’s share structure by adding a new shareholder, or changing the current percentage of shares between the shareholders; this is where the allotment of shares comes into play. In the allotment of shares, the company issues and allots shares to new or existing shareholders. The shares can be allotted …

Read More

Cash In Hand Work – How Tax Works On It?

Are you accepting cash in hand work? If yes, then you should know how you’ll be taxed on it. The taxes will be based on your circumstances, for instance, whether you are a registered self-employed person, a student, or have a job.  This blog will explain how HM Revenue & Customs reviews cash in hand …

Read More
Accounts payable and Accounts receivable

Accounts Payable and Accounts Receivable – A Basic Guide!

Small businesses need to know about accounts payable and accounts receivable and their differences because helps them to get a better knowledge of their accounting process. In the world of business, where often you need to buy goods on credit, while you may also sometimes be needed to sell out them on credit. That is where …

Read More
financial accounting and managerial accounting

What is the Difference Between Financial Accounting and Managerial Accounting?

Accounting data is collected in financial accounting to generate financial statements. Managerial accounting, on the other hand, is an internal accounting method that is utilised to account for all company transactions. This is the key distinction between financial accounting and managerial accounting. This blog will let you know about the differences between these two types …

Read More
Accounting Cycle

A Beginner’s Guide to The Accounting Cycle

Financial statements are essential for your business as you can not secure loans, sell your business, or plan expenses without them. These statements are produced through the accounting cycle. So, to run your business smoothly, many employers require an ongoing cycle of tasks. This cycle consists of multiple steps that are designed to turn all …

Read More