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Accounting Wise - what expenses can a limited company claim

Limited Company Expenses: A Practical Guide to What You Can Claim

10th February 2026

Knowing what expenses a limited company can claim is one of the simplest ways to reduce Corporation Tax legally. This practical UK guide explains allowable and non-allowable expenses, HMRC rules, and common pitfalls directors should avoid, with clear examples and up-to-date guidance for 2026 and beyond.

Accounting Wise - what is OSS or IOSS for e-commerce

What is OSS/IOSS for Ecommerce?

6th February 2026

Selling to EU customers from the UK? This practical guide explains OSS and IOSS, when UK ecommerce sellers need them, common VAT mistakes to avoid, and how to stay compliant as you scale across the EU.

Tips for Keeping Records to Simplify Your CIS Tax Return

3rd February 2026

Keeping accurate records for CIS tax returns is essential for contractors and subcontractors working in construction. This guide explains what records you must keep, common mistakes to avoid, and how good record-keeping can simplify CIS returns, reduce HMRC risk, and help you claim the tax refunds you are entitled to.

Protecting Your Limited Company from Fraud and Financial Mismanagement

30th January 2026

Fraud and financial mismanagement can quietly destroy a limited company. This practical guide explains how to spot warning signs, understand your legal duties as a director, and put systems in place to protect your business from accounting fraud, HMRC penalties, and costly mistakes.

What Happens If You Miss the Self Assessment Deadline

26th January 2026

Missed the Self Assessment deadline? HMRC penalties can apply even if you owe no tax. This guide explains what happens next, how fines and interest build up, when you can appeal, and the practical steps to limit the damage.

Accounting Wise - February 2026 accounting dates and deadlines-new

Important February 2026 Accounting Dates and Deadlines

22nd January 2026

February 2026 brings important accounting deadlines for UK businesses, covering VAT, PAYE, CIS, National Insurance and Corporation Tax. This guide breaks down what’s due, when, and who it applies to - helping you stay organised and avoid late filing penalties.

12 Accounting Mistakes New Businesses Make

19th January 2026

Starting a business is hard enough without accounting mistakes quietly draining cash flow or creating tax problems. This guide covers the 12 most common accounting mistakes new UK businesses make and shows you how to avoid them before they become expensive.

Self Assessment Guide for Landlords UK

16th January 2026

If you earn income from rental property, HMRC usually expects a Self Assessment tax return. This practical UK landlord guide explains what to declare, what you can claim, key deadlines, common mistakes to avoid, and how upcoming tax changes may affect you.

Guide to Self Assessment for Side Hustles in the UK

14th January 2026

Running a side hustle in the UK? This practical guide explains when you need to file a Self Assessment tax return, how the £1,000 trading allowance works, what expenses you can claim, key deadlines, and the mistakes that catch people out. Clear, up to date, and written for real side hustlers juggling tax with a full-time job.

10 Benefits of Hiring A Small Business Accountant

12th January 2026

This is where hiring a professional small business accountant shifts from being an expense to becoming a genuine competitive advantage. A skilled accountant does far more than prepare accounts or file tax returns.

Common Self Assessment Mistakes to Avoid

9th January 2026

Self Assessment mistakes are rarely about complicated tax rules. They’re usually caused by missed deadlines, forgotten income, incorrect expenses, or last-minute rushing. This practical guide breaks down the most common Self Assessment errors UK taxpayers make, explains what they cost, and shows you exactly how to avoid them.

What is Double Entry Bookkeeping

5th January 2026

Double entry bookkeeping is the foundation of proper business accounting. This guide explains how debits and credits work, why double entry matters in the UK, and how it helps you produce accurate accounts, spot errors early, and stay compliant with HMRC requirements.

Accounting Wise - Self Assessment Checklist

Self Assessment Checklists

2nd January 2026

A practical Self Assessment checklist for UK taxpayers. From confirming whether you need to file to claiming expenses, avoiding penalties, and staying organised year-round, this guide walks you through Self Assessment step by step - without the stress.

How To Choose the Right Accountant

1st January 2026

Choosing the right accountant can transform your business. This guide walks you through what to look for, the questions to ask, typical UK pricing, and how to avoid costly mistakes so you can confidently select the best accounting partner for your needs.

2026 Business Resolutions: Smarter Goals for a Stronger Year Ahead

1st January 2026

From cash flow and compliance to pricing, digital systems, sustainability, and long-term planning, these practical resolutions will help UK business owners build resilience, reduce risk, and increase profitability in the year ahead.

2026 Finance Tips & Trends to Watch Out For

31st December 2025

Discover the key finance trends shaping 2026 - from digital tax and AI automation to cash flow resilience, fintech growth and green finance. A practical, expert-led guide for UK businesses preparing for the year ahead.

Quick Guide to Pensions for the Self-Employed

26th December 2025

A clear, practical quick guide to pensions for the self-employed, covering the best pension options, tax relief, contribution strategies and how to build a secure retirement plan when you work for yourself.

What is the CWF1 Form?

24th December 2025

The CWF1 form is your first step in registering as self-employed with HMRC. This post explains what it is, when you need to submit it, how to complete it online, and the key responsibilities that follow.

Accounting Wise - handle and distribute profits in a limited company

How to Handle and Distribute Profits in a Limited Company

22nd December 2025

Understanding how to manage and distribute profits in a limited company is essential for directors who want to stay compliant and tax-efficient. This guide explains how profits are calculated, the rules for paying dividends, the role of salaries and pensions, and how reinvesting or retaining profits can support long-term business growth.

What is Corporation Tax?

19th December 2025

If you run a limited company in the UK, you’ll need to pay Corporation Tax. It’s one of the most important business taxes, yet many new directors find it confusing. So, what exactly is Corporation Tax? How is it calculated, who pays it, and what do you include in a company tax return?

Accounting Wise - Important UK Accounting Deadlines January 2026

Important January 2026 Accounting Dates and Deadlines

17th December 2025

Stay compliant with all key January 2026 UK tax deadlines, including Self Assessment, PAYE, VAT, Corporation Tax, CIS, IR35 and more. A clear, expert guide for businesses, employers and the self-employed.

The Best Accounting Software for Contractors in the UK

16th December 2025

A clear guide to the best accounting software for UK contractors, comparing Xero, QuickBooks, FreeAgent, Zoho Books, Sage and The Balance App to help you choose the right tool for your business.

Accounting Wise - calculating your limited company’s ROI

How to Calculate and Maximise a Limited Company’s Return on Investment

15th December 2025

For every pound your limited company spends, you should be able to see what you’re getting back. That’s where your return on investment (ROI) becomes invaluable. In this post, we break down how to calculate limited company ROI, why it matters for UK directors, and the practical steps you can take to maximise the returns your business generates.

What is a Limited Company?

12th December 2025

Thinking of starting a limited company in the UK? This post breaks down what it is, how it works, and why it’s a popular choice - plus how our sister company Formations Wise can help you set up quickly and compliantly.

Accounting Wise - making the most of the small business rate relief for your limited company

How to Make the Most of the Small Business Rate Relief for Your Limited Company

10th December 2025

Small Business Rate Relief (SBRR) is one of the most valuable cost-saving opportunities available to UK limited companies with physical premises. This guide explains how business rates work, who qualifies for relief, and the steps you need to take to reduce your bill.

How to Register as Self-Employed in the UK

8th December 2025

Thinking of becoming self-employed in the UK? This step-by-step guide explains exactly when and how to register with HMRC, what information you’ll need, the deadlines to watch, and the common mistakes new sole traders should avoid. Learn how Self Assessment, National Insurance, allowable expenses, and UTR registration all work - plus why getting early support from an accountant can make the process smoother and fully compliant.

Why Hiring a Remote Bookkeeper Makes Sense for UK Businesses

5th December 2025

Remote bookkeeping gives UK businesses faster, more accurate, and more cost-effective financial management through secure cloud tools and expert support. This guide explains how remote bookkeepers work, why they’re more efficient than traditional methods, and how to choose the right provider for your business.

Accounting Wise - your quick guide to essential sole trader expenses

Quick Guide to Sole Trader Expenses

3rd December 2025

Claiming the right expenses as a sole trader can significantly reduce your tax bill, but only if you understand what HMRC allows. This quick guide breaks down the rules, highlights common allowable costs, and shows you how to stay compliant while maximising your tax efficiency.

Accounting Wise - restaurant bookkeeping tips for hospitality businesses

Restaurant Bookkeeping – Essential Tips for Food and Hospitality Businesses

1st December 2025

Restaurant and hospitality bookkeeping isn’t just about staying organised - it’s the backbone of a profitable food business. With tight margins, complex VAT rules, fast-moving stock, and constant daily transactions, pubs, cafés, and restaurants need clear, accurate financial systems to stay compliant and protect their bottom line.

Accounting Wise - Autumn budget 2025 - what it means for your business

Autumn Budget 2025 and what it means for your business?

27th November 2025

The Autumn Budget 2025 could bring meaningful changes for SMEs, freelancers, and company directors. While we don’t know all the details until 26 November, preparing your business now is the best defence against unexpected costs.

Accounting Wise - creating a budget for your limited company

How to Create a Realistic Budget for Your Limited Company

26th November 2025

Creating a realistic budget is one of the smartest steps a UK director can take to strengthen cash flow, control costs, and plan confidently for growth. This guide walks you through the essential budgeting process - from analysing past performance to forecasting revenue, managing expenses, planning for tax, and building a financial buffer that keeps your limited company resilient and future-ready.

Key Accounting Dates December 2025

23rd November 2025

Staying ahead of your accounting and tax deadlines is one of the simplest ways to keep your business compliant and avoid any unwelcome surprises from HMRC. December might be dominated by year-end prep and the festive rush, but there are still several important dates that UK business owners, freelancers, and employers need to keep firmly on their radar.

What are CIS Returns – A Guide for UK Contractors

19th November 2025

Understanding CIS Returns is essential for staying compliant as a UK contractor. This guide breaks down how CIS works, who must file, key deadlines, common mistakes, and how subcontractors reclaim tax. Perfect for contractors who want a stress-free, penalty-free approach to CIS compliance.

Accounting Wise - claiming tax deductions as a sole trader

How to Claim Tax Deductions and Save Money as a Sole Trader

17th November 2025

Understanding which expenses you can claim as a sole trader is one of the simplest ways to reduce your tax bill. This guide breaks down the rules on allowable expenses, capital allowances, home office costs, and mileage so you can confidently claim every deduction you're entitled to — and avoid paying more tax than you need to.

Accounting Wise - avoiding common CIS return mistakes

Common Mistakes in CIS Returns and How to Avoid Them

14th November 2025

The Construction Industry Scheme (CIS) is full of strict rules and monthly deadlines, making it easy for contractors and subcontractors to slip up. From missed filings and incorrect deduction rates to poor record-keeping, simple CIS mistakes can quickly lead to penalties and delayed refunds. This post breaks down the most common CIS errors and tips to avoid them.

What are Bookkeeping Ledgers

12th November 2025

Bookkeeping ledgers are the foundation of every accounting system. Discover what they are, how they work under double-entry bookkeeping, and why they remain vital for UK businesses using modern digital tools.

Accounting Wise - managing VAT as a Sole Trader

How to Manage VAT as a Sole Trader in the UK

10th November 2025

VAT can be confusing for sole traders, but it doesn’t have to be. This post looks at when to register, which VAT scheme suits your business, and how to manage returns under Making Tax Digital.

CIS vs PAYE: Understanding the Difference

6th November 2025

CIS and PAYE are two key tax systems in the UK construction industry, but they apply to very different types of workers. This post explains how each works, who they affect, and what contractors and subcontractors must do to stay HMRC compliant - helping you avoid penalties and ensure correct payments every time.

Accounting Wise - hiring a remote bookkeeper

Hiring a Remote Bookkeeper: What You Need to Know

31st October 2025

As UK businesses continue shifting toward flexible, digital-first operations, traditional office-based bookkeeping is quickly being replaced by remote, cloud-based solutions. This change isn’t just about convenience — it’s about smarter, more efficient financial management.

AI Bookkeeping – How Artificial Intelligence is Changing Small Business Finance

29th October 2025

Discover how AI bookkeeping and automated bookkeeping are reshaping small business finance. Learn the benefits, limitations, and where accountants still add value.

How to Claim Employment Allowance: A Step-by-Step Guide

25th October 2025

If you run a small business or charity, claiming Employment Allowance can significantly lower your employment costs. Here’s everything you need to know to claim it successfully.

Accounting Wise - key UK accounting dates November 25

Key Accounting Dates November 2025

23rd October 2025

Staying on top of your accounting and tax deadlines is essential for keeping your business compliant and avoiding unnecessary HMRC penalties. November may not be the busiest month of the financial year, but there are still several key dates that every UK business owner, freelancer, and employer should have on their calendar.

Accounting Wise - Virtual Accountant vs. Traditional Accountancy

The Benefits of Having a Virtual Accountant vs. Traditional Accountancy Services

23rd October 2025

As more UK businesses embrace digital operations, the way they handle their finances is evolving too. Traditional accountancy - with face-to-face meetings, piles of paperwork, and fixed office hours - is rapidly being replaced by virtual accountants offering a flexible, digital-first approach.

What Documents Do You Need for Self Assessment?

22nd October 2025

For many people, completing a Self Assessment tax return can feel daunting - especially if it’s your first time. One of the most common stumbling blocks is simply knowing which documents you need to gather before you start.

Accounting Wise - understanding statutory sick pay (SSP) rules

Understanding the Statutory Sick Pay (SSP) Rules for Employers in the UK

21st October 2025

As an employer in the UK, you're legally required to provide Statutory Sick Pay (SSP) to eligible employees who are off work due to illness. But with qualifying conditions, payment thresholds, and HMRC reporting obligations, it’s crucial to understand the SSP rules for employers to ensure compliance and fair treatment of your staff.

Self-Assessment Guide for Freelancers

17th October 2025

If you're a freelancer in the UK, understanding and managing your self assessment tax obligations is essential. Whether you're just starting out or have been self-employed for years, getting your tax return right means avoiding penalties, maximising allowable expenses, and staying in control of your income.

What is a Personal Service Company?

15th October 2025

In this post, we unpack exactly what a personal service company is, where it fits within the IR35/off‑payroll working rules, how recent and upcoming changes affect you, and the practical steps to stay compliant while running a sustainable business.

Year End Accounts Checklist UK

13th October 2025

The end of the financial year is a critical time for any small business owner in the UK. It's when you need to ensure all your financial records are in order, your accounts are up to date, and you’re ready to submit your tax returns.

What is Non-Resident Landlord (NRL) Scheme

10th October 2025

If you own property in the UK but live overseas, you’re not exempt from UK tax rules. Any rental income you receive from UK property may still be subject to UK tax and this is where HMRC’s Non-Resident Landlord (NRL) Scheme comes in.

Accounting Wise - UK Business Guide to Withholding Tax Limits

A UK Business Guide to Withholding Tax Limits

8th October 2025

If your business operates across borders, you are likely to encounter the concept of withholding tax. This is a tax that is deducted at source – meaning it is taken out of certain types of payments before the recipient receives the funds.

What is PILON? A Guide to Payment in Lieu of Notice

6th October 2025

PILON is a common feature in UK employment law and can appear in both standard contracts and negotiated settlement agreements. It’s important for both employers and employees to understand how it works, because it affects contractual rights, final pay calculations, and even tax treatment.

Accounting Wise - Debt Financing for Small Businesses Overview

What is Debt Financing for Small Businesses

29th September 2025

In the UK, debt financing for small business is one of the most common and accessible ways to raise capital. From traditional bank loans to alternative online lenders, government-backed schemes, and trade credit, debt financing provides a crucial lifeline for businesses that need funds without giving up ownership.

Tax, eBay Stores and the HMRC

26th September 2025

Running an eBay store in the UK can be a profitable side hustle or a full-time business. But while listing, selling, and shipping products may be your main focus, understanding your tax responsibilities is just as important.

Key Accounting Dates for October 2025

24th September 2025

October is a busy month for UK businesses when it comes to tax and compliance. From Corporation Tax payments and returns to Self Assessment notifications, PAYE, CIS, and even Plastic Packaging Tax, there are several key deadlines that business owners need to keep firmly on their radar.

How to File Landlord Self-Assessment in the UK

22nd September 2025

For many landlords, especially first-timers, the idea of filing a Self-Assessment can be daunting. The rules around allowable expenses, property income bands, tax relief, and deadlines can feel overwhelming.

How to Create Accurate Contractor Cost Estimates

19th September 2025

Accurate estimates are more than a pricing exercise they’re the foundation of sustainable business. They protect your margins, win client confidence, and help you manage cash flow effectively.

How to Track and Manage Expenses for Your Sole Trader Business

17th September 2025

Everything you need to know about tracking sole trader expenses from setting up systems and tools to common pitfalls to avoid.

Accounting Wise - how to reinvest in partnership business for growth

How to Reinvest in your Partnership Business for Growth

15th September 2025

Running a partnership business in the UK offers flexibility, shared responsibilities, and the ability to pool resources and skills. But once your partnership begins generating profits, one of the most critical decisions you and your partners face is what to do with those profits.

Accounting Wise - Dividends and Salaries for Maximum Limited Company Tax Savings

How to Structure Dividends and Salaries for Limited Company Tax Savings

12th September 2025

Running your own limited company in the UK offers you more flexibility and control than being self-employed. But with that flexibility comes responsibility particularly when it comes to deciding how you pay yourself.

How to Structure Profit Shares in a UK Limited Liability Partnership

10th September 2025

Unlike a limited company, where profits are usually distributed as dividends in proportion to shareholdings, an LLP allows its members (sometimes called partners) to decide for themselves how profits should be divided.

How to Track Your Time and Boost Productivity as a Freelancer

8th September 2025

Freelancing offers freedom, flexibility, and the chance to be your own boss. But with that independence comes a challenge: keeping track of your time. Without a manager watching the clock or a traditional 9-5 routine, it’s all too easy to lose hours.

How to Manage Cash Flow Effectively in Your Electrician Business

5th September 2025

Running an electrician business in the UK is rewarding but financially demanding. Even with a diary full of jobs, many electricians face the same challenge: cash flow problems.

Accounting Wise - how to choose the right e-commerce platform

How to Choose the Right E-commerce Platform for Your Business

3rd September 2025

In today’s digital-first world, selling online is essential for growth. But with so many platforms available from Shopify and WooCommerce to BigCommerce and Squarespace choosing the right e-commerce platform can feel overwhelming.

What is Plastic Packaging Tax (PPT)?

1st September 2025

Plastic is everywhere in modern life from food packaging and drink bottles to e-commerce deliveries. But with growing concern about plastic waste and its environmental impact, the UK government has introduced the Plastic Packaging Tax (PPT) to encourage businesses to use more sustainable alternatives.

Accounting Wise - capital gains for landlords selling properties

Capital Gains Tax When Selling Rental Properties Guide for UK Landlords

29th August 2025

In this post, we’ll explain everything you need to know about Capital Gains Tax when selling rental properties in the UK, from how it’s calculated to the latest rates for 2025, key exemptions, and proven strategies to legally reduce your liability.

Inheritance Tax Planning for UK Business Owners

26th August 2025

As a business owner in the UK, one of your top priorities should be ensuring the future of your business, particularly when it comes to passing it down to the next generation or other beneficiaries.

Accounting Wise - the importance of worklife balance for the self employed

How to Balance Work and Personal Life as a Self-Employed Professional

24th August 2025

Being your own boss sounds like the ultimate dream. Freedom. Flexibility. Control over your income and your time. But as many in the UK self-employed community will tell you, there’s a flip side: the constant juggling act between business and personal life.

Accounting Wise - key UK accounting dates for September 2025 -NEW

Key Accounting Dates September 2025

21st August 2025

September brings a variety of Corporation Tax, VAT, PAYE, NIC, and Construction Industry Scheme (CIS) deadlines plus updated advisory fuel rates and the due date for the Economic Crime Levy.

Accounting Wise - what is the small profits threshold

Small Profits Threshold Explained

18th August 2025

In this detailed post, we’ll explore exactly what the Small Profits Threshold is, how it’s calculated, the rates for 2025, who it applies to, and how it fits into broader self-employment tax planning.

What is Voluntary National Insurance?

16th August 2025

If you’ve spent time working in the UK, you’ve probably paid National Insurance (NI) a key contribution that helps fund state benefits like the State Pension. But what happens if there are gaps in your NI record?

How to Use Digital Tools to Manage Your Small Business Finances

14th August 2025

How to use digital tools to manage your small business finances more efficiently. Whether you’re just starting out or looking to upgrade your current systems, you’ll find practical advice, real-world examples, and trusted resources to help you save time, reduce stress, and improve your bottom line.

How to Calculate and Maximise Your Profit Margins as a Sole Trader

13th August 2025

In this post, we’ll break down how to calculate and maximise your profit margins as a sole trader, step-by-step. We’ll cover the different types of profit margins, why they matter, and the actionable strategies you can use to increase them.

Essential Business Tools for your Plumbing Business

11th August 2025

In this post, we’ll explore the essential business tools for plumbing business owners, with a focus on administrative, accounting, and management solutions. We’ll also include expert tips from an accounting perspective to help you improve efficiency, compliance, and profitability.

What Is Class 4 NIC?

6th August 2025

If you’re self-employed in the UK, understanding your National Insurance obligations is vital for staying compliant and avoiding unexpected tax bills. One key component is Class 4 National Insurance Contributions (NICs). But what exactly is Class 4 NIC, how is it calculated, and when do you need to pay it?

Accounting Wise - handling corporation tax for a partnership or LLP

How to Handle Corporation Tax for a Partnership or LLP

4th August 2025

In this post, we look at the essentials of how to handle corporation tax for a partnership or LLP in the UK, including the latest updates for the 2025/26 tax year. Whether you're starting out or looking to ensure compliance, here’s what you need to know.

Borrowing Money from Your Limited Company

3rd August 2025

Running a limited company in the UK offers a range of financial and tax planning opportunities, but borrowing money from your own company isn’t as straightforward as transferring funds from one account to another. As a director, you need to understand the tax implications, legal rules, and reporting requirements that apply.

Can a Sole Trader Employ Staff in the UK?

31st July 2025

While sole traders often operate alone, there’s no legal barrier preventing them from building a team. Whether you run a small café, offer plumbing services, or freelance in digital marketing, you may find yourself needing an extra pair of hands as your business grows.

Accounting Wise - Common Ecommerce Accounting Mistakes

Common Ecommerce Accounting Mistakes UK Businesses Should Avoid

28th July 2025

Running an ecommerce business in the UK is fast-paced, competitive and often complex especially when it comes to accounting. With multiple sales channels, digital tools and tax regulations to consider, it’s easy to slip up. But accounting errors can lead to cash flow problems, HMRC penalties, or even long-term financial instability.

Accounting Wise - essential tax documentation for the UK self-employed

Essential Tax Documentation for Self-Employed Workers in the UK

24th July 2025

If you’re self-employed in the UK whether as a sole trader, freelancer or contractor then keeping proper tax documentation isn’t optional. It’s essential for accurate reporting, maximising allowable expenses, and staying compliant with HMRC.

What Is Financial Forecasting?

23rd July 2025

Financial forecasting is the process of estimating a business’s future financial performance based on historical data, current market conditions, and anticipated trends.

Companies House ID Verification Changes

21st July 2025

Companies House has been rolling out voluntary identity verification for company directors, Persons with Significant Control (PSCs), and individuals submitting filings on behalf of a company. This forms part of a wider set of reforms introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCTA).

Accounting Wise - key UK accounting dates for August 2025

Key UK Business Accounting Dates for August 2025

18th July 2025

Stay on top of your accounting with this guide to upcoming key UK tax and filing deadlines in August 2025. Avoid penalties with this checklist for businesses and the self-employed.

Donating to Charity Through Your Company

17th July 2025

Supporting charitable causes is not only good for society, but it can also be beneficial for your company’s finances and reputation. If you’re considering donating to charity through your business, there are several important tax rules, methods, and compliance requirements to keep in mind.

Accounting Wise - what is the D0 tax code

What is the D0 Tax Code? A UK Guide for Second Incomes and High Earners

14th July 2025

If you’ve seen the D0 tax code on your payslip or P45 and wondered what it means you’re not alone. The UK tax system uses various codes to help employers calculate how much tax to deduct from your wages, and D0 is one of the less common but more significant ones.

Accounting Wise - DeFi tax guide - how HMRC taxes decentralised finance

DeFi Tax Guide (UK) – How HMRC Taxes Decentralised Finance

11th July 2025

DeFi (Decentralised Finance) is one of the fastest-growing areas in crypto from staking and yield farming to liquidity pools and token swaps. But with growth comes complexity, especially when it comes to tax.

IR35 Explained A UK Guide for Contractors and Employers

9th July 2025

The IR35 legislation has long been a complex and often misunderstood part of UK tax law. Whether you're a self-employed contractor, a limited company director, or a business that hires off-payroll workers, understanding IR35 is crucial for staying compliant and avoiding unexpected tax liabilities.

Class 2 NIC for the Self-Employed Explained

7th July 2025

If you’re self-employed in the UK whether as a freelancer, sole trader, or contractor you’ve probably come across Class 2 National Insurance Contributions (NICs). But what exactly are they, how much do you pay, and why are they so important?

Accounting Wise - what is continuity of service for employees and workers

Continuity of Service: What It Means for UK Employees and Workers

3rd July 2025

Continuity of service is a key concept in UK employment law. It refers to the length of time an employee has been continuously employed by the same employer and it directly affects their eligibility for key employment rights such as redundancy pay, notice periods, and protection from unfair dismissal.

Common Accounting Questions for UK Small Businesses

2nd July 2025

Running a business comes with plenty of financial responsibilities and just as many questions. Whether you’re a sole trader, limited company, or freelancer, understanding the basics of business accounting is key to staying compliant, efficient, and profitable.

How to Reclaim Overpaid Tax for Your Business

1st July 2025

Mistakes in tax payments can happen, and businesses sometimes overpay HMRC. The good news is that reclaiming overpaid tax is possible, provided you follow the correct procedures.

How to Prepare for an HMRC Tax Inspection

30th June 2025

In this guide, we will walk you through some of the steps of preparing for an HMRC tax inspection, what to expect during the audit, and the best practices for ensuring that everything runs smoothly.

Is an External Audit of Accounts of a Limited Company Required?

26th June 2025

As a limited company in the UK, there are various legal and financial obligations you must meet, one of which is determining whether an external audit of your company's accounts is required.

What Work from Home Expenses Can I Claim?

23rd June 2025

With more businesses and employees embracing remote work, the topic of work from home expenses has become increasingly relevant. If you're working from home, it's important to understand which expenses you can claim and how to go about it.

Accounting Wise - key accounting dates for July 2025

Key Accounting Dates for UK Businesses in July 2025

18th June 2025

In this post, we’ve compiled all the key accounting and tax deadlines for July 2025 to help you stay organised and prepared.

What Is a EORI Number?

16th June 2025

We break down what a EORI number is, why it’s important for UK businesses involved in cross-border trade, and how to apply for one quickly and correctly.

What is an authorised corporate service provider (ACSP)?

12th June 2025

As part of a wider effort to improve corporate transparency and reduce economic crime, the UK government is introducing stricter requirements around company formation and reporting. Central to this is the new role of the Authorised Corporate Service Provider (ACSP).

What Are Salary Sacrifice Schemes?

10th June 2025

Salary sacrifice schemes are becoming an increasingly popular option for employees and employers in the UK. These schemes allow employees to exchange part of their salary for benefits, usually leading to both tax savings and a boost in overall job satisfaction.

Accounting Wise - top tax deductions for small businesses and how to claim them

Top Tax Deductions for Small Businesses in the UK

9th June 2025

Running a small business comes with a host of expenses, from office supplies to professional fees, but not all owners realise just how many of these costs can be claimed back to reduce their tax bill.

Accounting Wise - benefits of digital record-keeping for UK companies - make tax digital

Should Your Business Go Paperless? Benefits of Digital Record-Keeping for UK Companies

6th June 2025

As digital solutions continue to transform the way businesses operate, many small business owners are now asking the question: should we go paperless? The answer, for most UK businesses, is increasingly yes.

What Is the Standard Auto-enrolment Pension Contribution in the UK?

2nd June 2025

Saving for retirement is a critical part of financial planning, and in the UK, workplace pensions make it easier for employees to build a nest egg. Thanks to the government’s auto-enrolment scheme, both employees and employers contribute to a pension pot. But what are the standard contribution rates, and how do they work?

Top Tools for Freelancers in the UK (2025 Edition)

29th May 2025

The right digital tools can make your freelancer life easier, your business more efficient, and your clients happier. In this guide, we highlight the top tools for freelancers in the UK covering everything from time tracking to tax returns.

How to Calculate Your Hourly Rate as a Freelancer in the UK

27th May 2025

Whether you’re just starting out or looking to adjust your current pricing, understanding how to calculate your hourly rate as a freelancer is a critical step in building a sustainable and successful freelance business. Setting the right rate ensures you earn enough to cover your costs, reflect your skills and experience, and plan for the future.

Accounting Wise - Calculating Break-even Points

How to Calculate Your Break-Even Point and Why It Matters

20th May 2025

Understanding how to calculate your break-even point is one of the most important steps in running a profitable business. Whether you're launching a new product, reviewing your pricing strategy, or seeking funding, knowing the moment your business starts to cover its costs is essential.

What is Corporation Tax and How Does It Affect Your UK Business?

19th May 2025

If you run a limited company in the UK, you’ve likely encountered Corporation Tax - one of your business’s most important financial obligations. But what exactly is it, how much do you need to pay, and what are the consequences of getting it wrong?

Key Accounting Dates June 2025

16th May 2025

Staying on top of your accounting deadlines is essential for keeping your business compliant and avoiding penalties. Whether you're managing Corporation Tax, PAYE, VAT, or CIS obligations, June 2025 brings a number of key dates that UK businesses need to be aware of.

Tax Advice for Landlords: A Guide to Your Tax

13th May 2025

Owning and managing a property portfolio in the UK can be a lucrative investment, but it comes with its own set of tax responsibilities. Whether you’re renting out a single property or managing an entire portfolio, understanding your tax obligations and how to minimise them is crucial to maintaining healthy profit margins.

What are Double Taxation Treaties?

9th May 2025

Paying tax once is enough - so what happens when you earn income abroad? Without safeguards in place, you could be taxed twice: once by the UK and again by the country where the income originates. That’s where double taxation treaties come in.

A Guide to Bookkeeping for Shopify Store Owners

2nd May 2025

Running a Shopify store in the UK is an exciting opportunity, but along with sales and growth comes the responsibility of proper bookkeeping. Whether you're just getting started or scaling your online business, understanding bookkeeping for Shopify is essential for staying compliant, profitable, and financially in control.

Key Accounting Dates May 2025

28th April 2025

As a small business owner, staying on top of important tax deadlines is crucial to avoid penalties and ensure your operations run smoothly. May 2025 brings several key tax dates that all UK businesses must be aware of, from Corporation Tax returns to VAT payments and employee tax forms.

What Is a Unique Taxpayer Reference (UTR)?

16th April 2025

When starting a business or becoming self-employed in the UK, there are plenty of forms and numbers you need to keep track of. One of the most important identifiers you’ll encounter is the Unique Taxpayer Reference (UTR) number.

What are the Benefits of Paying Corporation Tax Early?

16th April 2025

Discover why UK companies choose to pay corporation tax early. Learn the benefits, HMRC interest rules, and how early payment can support your business.

What is National Insurance?

16th April 2025

This National Insurance overview aims to provide a detailed understanding of National Insurance, covering its purpose, the rates at which contributions are calculated, and the impact it has on your entitlement to state benefits and retirement planning.

What Is Tax Residency?

14th April 2025

Tax residency is a term that might sound niche - but it plays a major role in determining how much tax you owe, where you owe it, and what you need to report.

Limited Company VAT: What You Need to Know

11th April 2025

In this post, we’ll explore everything you need to know about Limited Company VAT, including when you need to register for VAT, how to manage VAT for your business, and the common VAT schemes available.

What is the Construction Industry Scheme?

9th April 2025

Under CIS, contractors are responsible for deducting tax from payments made to subcontractors for construction work. The deductions are then passed on to HMRC.

What is Capital Allowance?

7th April 2025

Minimising tax liabilities is a key concern for UK businesses, and capital allowances provide a valuable way to reduce taxable profits legally. These allowances enable businesses to claim tax relief on qualifying capital expenditures, effectively lowering their overall tax bill.

Managing Taxes as a Digital Nomad

3rd April 2025

Understanding how to manage your taxes as a digital nomad is essential to avoid legal pitfalls and ensure you're compliant with both UK tax law and the laws of any country you’re working in.

accounting Wise - small business budgeting how to create a budget that works

The Importance of Small Business Budgeting: How to Create a Budget that Works

2nd April 2025

In this post, we'll explore why budgeting is crucial for small businesses, provide a step-by-step process for creating an effective budget, and discuss tools and best practices for maintaining financial discipline.

How to Handle Payroll and PAYE for Your Limited Company

1st April 2025

When you run a limited company, managing payroll and understanding PAYE (Pay As You Earn) are essential aspects of your responsibilities. Not only does this involve paying your employees correctly, but it also ensures compliance with UK tax laws.

Accounting Wise - what is benefit in kind (BIK) for company cars

What is Benefit-In-Kind and Company Cars

31st March 2025

Benefit in Kind (BIK) tax applies to employees who receive perks from their employer that have a monetary value—such as a company car. If you drive a company car for personal use, it is considered a taxable benefit, and you'll need to pay BIK tax.

6 Important Financial Reports for Small Business

25th March 2025

Understanding and utilising the right financial reports can transform how you manage your business finances. These reports provide crucial insights into your company's financial health, helping you make informed decisions, identify potential issues, and plan for future growth.

Accounting Wise - Navigating April 2025 UK Tax Changes

Navigating April 2025 Tax Changes

18th March 2025

As we edge closer to the conclusion of the 2024/25 tax year on 5 April 2025, it’s the perfect time to explore the key tax changes set to take effect this year.

Key Accounting Dates April 2025

18th March 2025

April is a critical month for UK businesses as the new tax year begins, bringing with it a fresh set of accounting and tax deadlines. Staying on top of key dates is essential to avoid penalties and ensure smooth compliance with HMRC.

How to Register for Corporation Tax in the UK

13th March 2025

If you’ve recently set up a limited company in the UK, one of your key responsibilities is registering for Corporation Tax with HMRC. Failure to do so on time can result in fines, so it’s essential to understand the process and deadlines.

Accounting Wise - Explaining the Concept of Retained Earnings

Retained Earnings Explained

10th March 2025

In this guide, we give you a complete retained earnings explanation, how they are calculated, and why they are important for your company’s financial strategy.

how to account for R&D tax credits - accounting wise

How to Account for R&D Tax Credits in Your Limited Company

6th March 2025

Research and Development (R&D) tax credits are a valuable incentive for limited companies in the UK that are involved in innovation and technological advancements.

Understanding the Differences Between Accrual and Cash Accounting

3rd March 2025

The two most common methods used for accounting are accrual accounting and cash accounting. Each method has its own advantages and disadvantages, and choosing the right one depends on your business size, the complexity of your transactions, and your financial goals.

The Difference Between Bookkeeping and Accounting

28th February 2025

Though these terms are often used interchangeably, they refer to distinct processes that play crucial roles in your financial management strategy.

How to Plan Your Retirement as a UK Business Owner

26th February 2025

Planning for retirement as a UK business owner? Learn about small business retirement plans, tax-saving options, and how to secure your financial future today.

Key Accounting Dates for UK Businesses in March 2025

25th February 2025

In this guide, we'll outline the key accounting dates for UK businesses in March 2025, helping you plan ahead and keep your finances in order.

How to Set Up a PAYE Scheme for Your UK Business

20th February 2025

In this guide, we’ll take you through the step-by-step process of setting up a PAYE scheme for your business, ensuring you meet your legal obligations while managing payroll efficiently.

8 Benefits of Business Insurance: Protecting Your Business Assets

14th February 2025

In this article, we’ll explore the top benefits of business insurance and why it’s an essential investment for businesses of all sizes.

Understanding the Difference Between Net and Gross Profit - accounting wise

Understanding the Difference Between Net and Gross Profit: Why It Matters for Your Business

12th February 2025

Two key metrics that often cause confusion are gross profit and net profit. In this guide, we’ll break down the differences between the two, how to calculate them, and why they matter for your business.

What Is Flat Rate VAT in the UK? Simplified Guide for Small Businesses

10th February 2025

The UK’s VAT system can be complex, especially for small businesses juggling multiple tasks. To simplify VAT reporting, HMRC offers the Flat Rate VAT Scheme, which is designed to make life easier for smaller businesses by reducing administrative burden.

What is Business Equity?

5th February 2025

Understanding business equity is key to making informed financial decisions and ensuring the long-term success of your company. At Accounting Wise, we break down this essential concept to help you navigate the world of business finance.

Small Business Cash Flow: Tips to Improve and Manage Your Finances

3rd February 2025

Learn how to manage small business cash flow effectively. Discover strategies to improve cash flow, avoid shortages, and keep your business thriving.

Key Accounting Dates for UK Businesses in February 2025

27th January 2025

Staying on top of key accounting dates is crucial for any business in the UK. Missing deadlines can result in penalties, interest, or unnecessary stress. In February 2025, several important tax and filing deadlines are fast approaching

Why the 31st January Tax Deadline Is Crucial for UK Businesses

21st January 2025

For UK businesses, the 31st January tax deadline is more than just a date on the calendar. It’s a key milestone for compliance with HMRC’s tax regulations.

Sole Trader vs Limited Company: Which Is Right for Your Business?

20th January 2025

Deciding between sole trader vs limited company? Learn the key differences, advantages, and disadvantages to choose the best structure for your business.

Top 10 Tax Deductions Small Businesses Often Miss

17th January 2025

Maximise your savings with these top 10 tax deductions small businesses often miss. Learn what to claim and reduce your tax bill.

10 Common Small Business Tax Mistakes to Avoid in the UK

15th January 2025

Accounting Wise explore the top 10 tax mistakes made by small businesses in the UK and provide tips to help you steer clear of them.

How to Complete a Self-Assessment Tax Return – Top 10 Tips

13th January 2025

Submitting a self-assessment tax return can be daunting for many UK taxpayers, from self-employed professionals to landlords. We’re here to simplify it and this guide will help you complete your tax return correctly and efficiently.

Key Accounting Dates for UK Businesses in January 2025

27th December 2024

We highlight the key accounting dates in January and provide tips on effectively managing your obligations during this important time.

what business expenses can I claim as a Sole Trader?

What expenses can I claim as a Sole Trader?

20th December 2024

Discover the business expenses you can claim as a sole trader. From mileage and office supplies to accommodation and training, find out how to reduce your taxable profit

Capital Gains Tax Guide for Small Business: Key Information You Need

18th December 2024

As a small business owner in the UK, understanding Capital Gains Tax (CGT) is essential when you sell or dispose of business assets.

How to Choose the Right Accounting Software for Your Small Business

16th December 2024

Managing finances is a critical part of running a successful small business. Choosing the right accounting software can save time, improve accuracy, and help you make informed decisions.

Benefits of Cloud Accounting for Your Business

11th December 2024

With its accessibility, real-time updates, and enhanced security, cloud accounting is becoming increasingly popular among businesses of all sizes.

Understanding Auto-Enrolment for Your Small Business

10th December 2024

Introduced to help employees save for retirement, this legal requirement requires employers to automatically enrol eligible staff into a workplace pension scheme.

Outsourcing Payroll: Benefits and How It Can Help Your Business

9th December 2024

Managing payroll can be complex, time-consuming, and prone to errors. For many small businesses, outsourcing payroll is a smart solution that ensures accuracy, saves time, and reduces the stress of compliance.

Common Bookkeeping Mistakes for Small Business

3rd December 2024

Running a small business is not always plain sailing. Amidst the daily grind of managing operations, acquiring customers, and providing an excellent service, it’s easy for essential tasks like bookkeeping to take a backseat.

December 2024 Key Business Accounting Dates

Key Accounting Dates for SMEs and UK Businesses in December

27th November 2024

December is a crucial month for SMEs and UK businesses in terms of accounting and compliance. Being aware of these key dates will help you stay on track with your financial obligations and avoid potential penalties from HMRC.

What is a Directors Loan Account

8th November 2024

Discover everything you need to know about Director’s Loan Accounts in the UK. Learn how they work, tax implications, and best practices for managing DLA transactions effectively

What does the 2024 budget mean for your small business - accounting wise

What does the 2024 UK budget mean for your business?

4th November 2024

What does this Budget mean for businesses? Let’s break down the key announcements to see how they could affect your company.

what is vat registration - accounting wise

VAT Registration in the UK: When Is It Right for Your Business?

3rd November 2024

As a business owner in the UK, navigating the world of Value Added Tax (VAT) can be daunting. In this comprehensive guide, we’ll delve into what UK VAT registration means for your business.

November Important Accounting Dates - Accounting Wise

Key Accounting Dates for SMEs and UK Businesses in November: A Comprehensive Guide

1st November 2024

We look at the crucial accounting dates upcoming in November and provide insights on managing your obligations effectively.

What is a confirmation statement - accounting wise

What is a Confirmation Statement and Why Does Your Business Need It?

1st November 2024

Whether you’re a new business owner or managing an established company, understanding the Confirmation Statement and its significance can help you avoid penalties and ensure your business stays on the right side of the law.

setting up a limited company with accounting wise

How to set up a limited company – we make it easy

21st March 2024

We show you how to set up a limited company. Define your brand, own everything you do, and run your business in the most tax-efficient way.

Can clothing be claimed on expenses? Accounting Wise

Can Clothes Be Claimed for as a Business Expense?

14th March 2024

Tax and expenses can be confusing at the best of times, especially when working out what counts as an allowable business expense!

UK Dividend Tax Explained: Step-By-Step Guide

13th March 2024

Dividends are payments made to company shareholders from the profits of a company after Corporation Tax has been accounted for.

How to Set Up Your Personal Tax Account With HMRC

10th March 2024

In this comprehensive guide, we will walk you through the process of how to set up a personal tax account, ensuring that you have all the necessary information at your fingertips to manage your taxes with ease and confidence.

Do I Have to Do a Self Assessment Tax Return - accounting wise

Do I have to complete a Self Assessment tax return?

6th March 2024

Amongst all of the legal documentation that your business needs to operate successfully and within the law, a self assessment is one of the most important.

What is a government gateway ID and where to find it

5th March 2024

We’ve delve into the ins and outs of a government gateway ID so you have all the information covered if you ever need to set one up or what to do in the event that you lose it.

How to Register as a Sole Trader

3rd August 2021

One of the first decisions to make when registering as a sole trader is choosing between the pros and cons of different business structures. If you’ve decided to become a sole trader, that’s already progress!

what is a sole trade business - accounting wise

What is a Sole Trader Business?

19th May 2020

What is a sole trader? As the term suggests, when operating as a sole trader you’re running your business as an individual. Being a sole trader merely means that there’s no legal distinction between the owner and the business.

COVID-19 Self-employment Income Support Scheme

27th March 2020

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COVID-19 Government Support for Businesses

23rd March 2020

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Working from home? What you can and can’t claim as an expense

13th March 2020

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Changing your company year end

26th February 2020

There are several reasons why a company might consider changing its financial year-end, which will either shorten or lengthen the accounting period.

Should I have a company car, van or motorcycle?

3rd February 2020

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Changes to off-payroll working (IR35) rules effective from April 2020

31st January 2020

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How to issue a credit note to a client?

30th January 2020

When running a business, issuing a credit note is a task you may encounter. Whether due to returned goods, pricing errors, or adjustments in invoices, credit notes play a crucial role in maintaining accurate financial records. This guide will walk you through the steps of issuing a credit note and ensure you understand its importance for your business.