Blogs

How to File a Confirmation Statement – A Basic Guide for Beginners

How to File a Confirmation Statement – A Basic Guide for Beginners

Companies House required every limited company to send a confirmation statement (CS) once a year. It is necessary to verify...
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Trading Income Allowance – A Small Guide for Beginners

Trading Income Allowance – A Small Guide for Beginners

If you're a newly self-employed person looking to set up a business, then you may be concerned about the taxes....
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What is the Difference Between Financial Accounting and Managerial Accounting?

What is the Difference Between Financial Accounting and Managerial Accounting?

In financial accounting, accounting data is collected to generate financial statements. On the other hand, the internal accounting procedure that...
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Accrual Basis vs Cash Basis Accounting: Pros and Cons

Accrual Basis vs Cash Basis Accounting: Pros and Cons

Every person's dream is to grow his business and make a name for himself in the business world. Accounting is...
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How to Avoid Emergency Tax – Basic Guide

How to Avoid Emergency Tax – Basic Guide

Your employer will deduct emergency tax from your paycheck if you do not provide complete information of tax at the...
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Tax Implications of Taking Money from a Limited Company for Home Office

Tax Implications of Taking Money from a Limited Company for Home Office

Due to COVID-19, numerous people are shifting towards WFH (work from home). Operating from home is benefiting people in reducing...
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What is Cost of Sales and How to Calculate it?

What is Cost of Sales and How to Calculate it?

In the United Kingdom, there are around 5.9 million small companies. One out of every three companies is experiencing cash...
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How Overdraft Works? Types, Limit, Cost

How Overdraft Works? Types, Limit, Cost

If you are looking for a significant source to know what an overdraft is, how overdraft works, its types and...
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The Difference Between Shareholders and Stakeholders

The Difference Between Shareholders and Stakeholders

Both shareholders and stakeholders are closely interrelated in the business world and are considered alternatives. However, closer insights show that...
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What are Company Accounts? Cash Flow Statement, P&L Statement and Balance Sheet

What are Company Accounts? Cash Flow Statement, P&L Statement and Balance Sheet

Understanding company accounts is crucial if you have just started your own business or are already in a business. If...
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How Do I Register as a Sole Trader? – Basic Guide

How Do I Register as a Sole Trader? – Basic Guide

It is a fact that there are many benefits of establishing your own business. That's where the sole proprietorship, the...
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What is Professional Indemnity Insurance? – Basic Guide

What is Professional Indemnity Insurance? – Basic Guide

Mistakes are unavoidable in life. However, in the business world, a minor blunder might lose you a lot of money....
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Tax Information For Freelancers: How to Pay Tax on Freelance Work UK?

Tax Information For Freelancers: How to Pay Tax on Freelance Work UK?

A government study found that a wide range of individuals works for themselves within the UK. If you’re one of...
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What Capital Allowance Can I Claim?

What Capital Allowance Can I Claim?

If you own a business property, capital allowances are a great source of tax relief. You can claim it regardless...
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What is a P11D? Everything You Need to Know!

What is a P11D? Everything You Need to Know!

When employers provide employee benefits to their workers, they need to file a P11D form to inform HMRC about their...
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What is Retained Profit? Formula, Advantages and Disadvantages

What is Retained Profit? Formula, Advantages and Disadvantages

Retained profit is a crucial part of any trade. If you’re thinking to set up a profitable business and looking for a...
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Limited Company: Advantages and Disadvantages

Limited Company: Advantages and Disadvantages

Establishing a limited company is one of the popular ways to set up a business in the UK. According to...
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What is Net Pay? Net Pay Vs Gross Pay – Definitions & Formulas

What is Net Pay? Net Pay Vs Gross Pay – Definitions & Formulas

Do you know what’s being deducted from your annual salary and what is progressing to be your take-home pay? So,...
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What are Abridged Accounts? A Basic Guide

What are Abridged Accounts? A Basic Guide

Business owners have different options available to file their company's account: full, micro-entity, dormant and abridged accounts. For startups and...
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Difference Between Zero-Rated Vat Items and Exempt Supplies

Difference Between Zero-Rated Vat Items and Exempt Supplies

If your company is bringing out zero rated VAT items, why not enroll for VAT and claim back the charge...
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How to Pay Yourself from a Limited Company?

How to Pay Yourself from a Limited Company?

There are a lot of benefits for operating a limited company. From limited liability to various tax benefits attract many...
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