The Complete Self-Assessment Registration Process for Beginners

Self-assessment is essential to the UK tax system for those earning untaxed income. For beginners—especially freelancers, contractors, or individuals with additional income sources, understanding how to register for self-assessment is critical to staying compliant with HM Revenue & Customs (HMRC) and avoiding penalties. This article simplifies the process of self-assessment registration for beginners, breaking it […]

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How to Choose Between a Company Limited by Shares or Guarantee

Business, Accounting, Limited Company

When starting a business, choosing the right company structure is a critical decision. Two common options are a company limited by shares or a company limited by guarantee. Each structure offers distinct advantages based on your business goals. Whether you’re planning to make a profit or run a not-for-profit organisation, selecting the appropriate structure can

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How to Claim Unclaimed Child Trust Fund Money

Accounting

If you or someone you know is between 18 and 22, there could be unclaimed cash waiting in a Child Trust Fund (CTF). HMRC recently announced that over 670,000 young adults in this age range have unclaimed CTFs, with an average balance of over £2,000. Here’s everything you need to know about checking and claiming

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Best Practices for Running a Successful Limited Company in the UK

Accounting, Business, Limited Company

Operating a limited company in the UK can bring both benefits and difficulties. Understanding and implementing best practices can significantly impact your company’s success. Whether setting up a new venture or managing an existing one, these guidelines will help you stay compliant, efficient, and competitive. In this article, we’ll cover essential best practices for running

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5 Common Myths About Self-Assessment

Accounting, Self Assessment

In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most widespread myths.

The press release seeks to dispel the

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File Early to Pay Self-Assessment Tax Through Your PAYE Tax Code

Accounting, Business, Self Assessment

Filing your tax return early can help you manage self-assessment payments more easily. If you meet certain conditions, you can pay off your tax bill through your PAYE tax code, spreading the payments out over the tax year instead of paying in a lump sum. What is Coding Out and How Does It Work? “Coding

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how to start correcting payroll mistake - Cartwheel International

How to Start Correcting Payroll Mistakes

Accounting, Business

Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or before each payday. They also need to consider other deductions such as pension contributions and

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