Common Questions

For unincorporated businesses, from 6 April 2024 onwards the cash basis is the default basis of accounts preparation. Unlike the accruals basis under which income and expenditure must be matched to the accounting period to which it relates

If you do not use your 2024/25 personal allowance by the end of the tax year, you will lose it.

Which one will be right for you?

making use of the allowance can still generate tax savings of up to £720

Don't assume your state pension is fully topped up even if you have been employed or self-employed.

This is the first in a series of updates for Making Tax Digital (MTD)

Tax due under Self Assessment for 2023/24 should have been paid in full by midnight on 31 January 2025, along with the first payment on account for 2024/25

If you are the owner of a personal or family company, it is prudent to review your dividend strategy before the 2024/25 tax year comes to an end

Here are some useful things to know for UK freelancers and small businesses over the festive period:

Working from home has become the norm for many, and with that comes the opportunity to claim tax relief on certain expenses.