Telling the truth about SME life today

Mileage Rates For Company Cars in 2024

mileage rates for company cars

In the UK, it is standard practice for many businesses to offer their employees benefits, which can include company cars. Where cars are not provided, employees will be able to claim back money against the cost of the use of their car and the amount claimed is worked out using a ‘mileage rate’. To calculate […]

5 Payroll Tools To Automate The Generation Of Payslips & Get Your Team Paid

Payroll automation

Header Image Source: Pexels Ensuring that everyone at your company gets paid accurately and on time is vital. Doing so impacts your team’s motivation, their perception of your company, and your legal compliance. However, manual payroll administration, either on-house or with an external service provider, can be time-consuming and error-prone, causing bottlenecks and delays in […]

The Difference Between an Invoice and a Purchase Order

The Difference Between An Invoice & A Purchase Order

Have you ever scratched your head trying to figure out the difference between an invoice and a purchase order (PO)? You’re not the only one. While both have roles in buying items, they do different things and have their own special features. A Purchase Order (PO) is a request for goods that is sent from […]

What Are Management Accounts? (Including Some Good Examples)

Management accounts examples

Every business requires ongoing financial reports to ensure the company’s financial health is optimal – these reports are compiled from the management accounts. Management accounts provide crucial information about the company’s ongoing financial performance. Management accounts are internal financial reports which normally include a profit and loss report and balance sheet. In contrast, statutory accounts […]

How To File Accounts To Companies House

File accounts Companies House

Do you own a limited company in the United Kingdom? If so, you have a legal obligation to file accounts with Companies House. Accounts must be filed with Companies House even if your company is considered dormant and isn’t currently trading. It’s important to remain compliant as a UK limited company, and filing accounts is […]

What To Do If You’re Struggling To Pay Your Self Assessment Tax Bill

Self assessment tax

If you’re struggling to pay your self assessment tax bill there are options available to you so you don’t need to struggle in silence. Contact HMRC in the first instance to discuss your situation. They may be able to assist with a payment plan that makes your tax burden more manageable. Review your finances to […]

What Is A SIC Code & Who Needs One?

find out SIC code

In business administration, SIC codes play an important role in categorising and labelling a company’s operations. SIC codes are standardised industrial classification codes that make them universally understandable to government agencies, financial institutes and other stakeholders when they need to understand the type of work a business does. Whether you’re a small business or manage […]

What Are The Important Dates In The UK Tax Year?

tax year dates

Keeping on top of key tax dates is an important part of managing your finances and tax obligations in the UK. From sole traders, partnerships and the directors of limited companies, there are several key dates in each tax year and calendar year that you need to be aware of including: April 6th – Start […]

What Is An Invoice Number & Why Are They Important?

What Is An Invoice Number & Why Are They Important

Invoice numbers are a series of unique, sequential identifiers which are included on every invoice a business sends, whether big or small. These numbers help in keeping track of sales and purchases, provide proof of payment made between two entities and ensure accuracy and credibility of financial records for tax payment processing. Let us look […]

How To Change Your UK Tax Code

How To Change Your Tax Code UK

Need to know how to change your tax code? You can change your tax code by requesting a change with HMRC by phone, online, or via your accountant.  There are different options available for changing your tax code. Whether you choose to contact HMRC by phone directly at 0300 200 3300, or access your tax […]

What Is Operating Profit & How Is It Calculated?

what is operating profit & how to calculate operating profit

Interested in the working principle of operating profit and how the calculation is made? Operating profit is the resulting profit made by a company after deducting cost of goods sold and operating expenses. It’s also known as EBIT “earnings before interest and taxes.” Calculating a company’s operating profit is necessary, as it’s a very efficient […]

Self Assessment Deadline – What Is It For 2023

self assessment deadline

Understanding how to determine the Self Assessment deadline of a business year is crucial for accurately filing tax returns. For 2023, the self-assessment deadline is 31st January 2023 and covers the financial period from 6th April 2021 to 5th April 2022. Similarly, the 2022/23 tax year has a self-assessment deadline of 31st January 2024. It […]