How to Check the Creditworthiness of New Customers
Before extending credit to new customers, it’s essential to assess their financial reliability. Checking their creditworthiness helps protect your business from potential losses
Small duty cuts on draught products from 1 February 2025
From 1 February 2025, alcohol duty on draught pints has been cut for the first time in a decade, saving drinkers 1p per pint. Small breweries also benefit from tax relief. However,
When is a hobby a business
Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and
31 January deadline met by more than 11.5 million people
Over 11.5 million people met the 31 January 2025 self-assessment deadline, but 1.1 million taxpayers missed it. If you're one of them, expect a £100 penalty. Learn about late fees
How umbrella companies work
Umbrella companies offer an easy way for freelancers and contractors to get paid without running a limited company. They handle payroll and tax via PAYE, ensuring compliance and
Tax on inherited private pension pots
Private pensions can be a great way to pass on wealth, but tax implications depend on the age of the deceased and the type of pension. Some beneficiaries may receive funds
Tax chores if managing a deceased person’s estate
When someone dies, their personal representative (executor or administrator) must value their estate to determine if Inheritance Tax (IHT) is due. This involves assessing assets,
Tax Diary March/April 2025
1 March 2025 - Due date for Corporation Tax due for the year ended 31 May 2024.
2 March 2025 - Self-Assessment tax for 2023-24 paid after this date will incur a 5% surcharge
A Small Business Guide to Exporting and International Trade
Expanding into international markets can be a game-changer for UK small businesses, opening up new revenue streams and increasing business resilience. With the right knowledge and
Late Payment Support for Small Businesses – How to Protect Your Cash Flow
Cash flow is the backbone of any small business, yet late payments continue to be a major challenge for entrepreneurs across the UK. According to the Federation of Small Businesses
Student and postgraduate loan thresholds and rates
From 6 April 2025, new thresholds for student loan repayments will take effect, impacting borrowers across the UK. Whether you're on Plan 1, Plan 2, Plan 4, or repaying a
Self-employed must report profits on tax year basis
Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and