Good Business Start

Understanding the rules on Director's Loan Account is important for tax planning As a company director, you're intimately familiar with the ebb and flow of business cash. Some months, your company needs you – perhaps a key supplier requires payment before your biggest client settles their invoice, or an essential piece of equipment breaks down at the worst possible time. You step in with your personal funds to keep the business running. Other months, you need your company. An

Registering as a Self-Employed How to Register as Self-Employed in the UK: A Quick Guide Good news: registering as self-employed isn't rocket science! HMRC understands that starting a business is challenging enough, so they've made the registration process refreshingly straightforward. The £1,000 Trading Allowance: Do You Even Need to Register? Here's something many new business owners don't realise: you don't need to register before you start trading. This is particularly he

When is the best time to incorporate? You've heard it before. "Once you hit £50,000 profit, you need to incorporate." Or maybe it was £40,000. Or £60,000. Every business owner seems to have their magic number, and they're all absolutely certain about it. Here's what makes me uncomfortable about this advice: for most single-person businesses, staying as a sole trader is actually more tax-efficient. And with recent tax changes, that gap is widening, not shrinking. I know this g

Don't miss out on your pre-incorporation loss relief! You've been running your business as a sole trader for a few years. The first year was rough - you made a loss. Maybe the second year too. But now you're profitable and you're planning to incorporate into a limited company for tax efficiency in the next few months. Here's the question nobody seems to answer clearly: what happens to those losses you've been carrying forward? The short answer? They don't transfer to your new

If you're running a small business, you're probably juggling a dozen roles at once. The last thing you want is to spend hours buried in spreadsheets. But here's the truth: avoiding your numbers doesn't make financial problems disappear—it just makes them more expensive to fix later. The good news? You don't need to become an accountant overnight. A simple 15-minute monthly review can save you from nasty surprises at year-end, help you spot problems early, and keep your accoun

Making Tax Digital (MTD) is transforming the way self-employed individuals and landlords manage their taxes in the UK. If you haven’t already adapted to the new rules, now’s the time to get up to speed. Whether you’re a sole trader, a property owner, or both, MTD will likely affect how you record, report, and submit your tax information. Who Needs to Follow MTD Rules? MTD for VAT All VAT-registered businesses , regardless of turnover, must already comply with MTD. You must ke

Reviewd and updated 08/11/2025 Bookkeeping is vital for businesses, ensuring accurate financial records and informed decision-making. By doing your own bookkeeping, you gain benefits such as cost savings and a deeper understanding of your financial health. In this blog post, we will share valuable insights into the world of bookkeeping and provide you with a step-by-step guide on effectively managing your own bookkeeping independently, empowering you to take control of your f

So, the tax year has ended. As a small business owner in the UK, filing a tax self-assessment can be a daunting task. However, preparing...

We have already talked about liquidity and financial position, which are vital for the survival and stable structure of your business....

In my last post, I wrote about liquidity ratios. I have explained why I think they are the most important of all the ratios. Let me...

I truly believe that accounting ratios are underestimated, and not used often enough by self-employed and small business owners. I often...

Starting your first-ever business can be daunting. without the right knowledge and support, it's difficult to know if you're going in the...

Since the UK have left the European Union, all of the VAT rules have changed. Now, EU MOSS is not available for us, and in most of the...

The end of the tax year is here! I'll keep it short and simple. I'm a strong believer in the power of preparing early. Organise all your...

Today instead of post, you can download a Microsoft Excel income and expense tracker for the self-employed. It is quite a simple format,...

If you are like just about any other VAT registered self-employed, chances are VAT calculations and returns are something you are...

Last week I have written a post about property income tax. As I was writing it, it dawned on me, that I should write a whole series of...

In this week's post, I would like to help you understand the process of calculating your tax if you rent a property. For the purpose of...

Why should you listen to podcasts? My life is pretty busy and intense. Is yours? I think all small business owners' lives are. The last...

If you are only starting your business, or even when you work for yourself for a number of years, but your turnover is not more than...