National insurance has had changes over the years but the fundamental concept is that it is a form of tax paid by workers (employees) and the self-employed to fund state benefits including the state pension. If you are in employment, your employer will deduct national insurance on your behalf, if applicable, and pay this to … Continue reading Self Employed National Insurance →

One of the most common questions we get asked is why the profit per the accounts differs from the taxable profit, whether a sole trader, partnership or a company. Here we look at some of the more common adjustments below: Disallowable expenses When calculating business profits there are a number of costs that the business … Continue reading What is adjusted profit for tax purposes? →

We have recently lost a great and well-loved comedian when Ken Dodd passed away a few weeks ago. One of the last of the old “music hall” artists he continued to work until a few months before his death. His final performance was on 28th December last year, just 3 months before his death, at … Continue reading How Tickled I Am, And Up Yours, Mr Taxman →

It is just over a week to Budget Day, and there is nothing worse for an accountant and tax adviser than to be told that he needs to write his column for the magazine before the Budget is presented in the full knowledge that it will not be read until after the Chancellor has done … Continue reading Christmas Cheer →

When running a business, managing your cash flow is a crucial component. Essentially, cash flow is monitoring the money that’s going into your business, i.e. profit, and the money going out, i.e. bills. According to research conducted by score.org, 82% of small businesses fail because they have poor cash flow management skills, or a lack … Continue reading Cash Flow Management & Monitoring →