Practical, plain-English guidance on audit, tax, VAT, accounts and advisory — written by our chartered accountants.
1224 articles · page 1 of 102
Statutory Sick Pay (SSP) is the minimum an employer must pay an employee who is too ill to work. For 2026/27 it is £123.25 a week or 80% of the employee's average weekly earnings, whichever is…
Read articleA UTR number is your Unique Taxpayer Reference : a 10-digit number HMRC issues when you register for Self Assessment or set up a limited company. It identifies your tax records for Self Assessment…
Read articleA P60 is the end-of-year certificate your employer gives you. It shows your total pay and the income tax and National Insurance deducted from it during the tax year, which runs from 6 April to 5…
Read articleNational Insurance is a contribution paid on earnings and self-employed profits. It builds your entitlement to the State Pension and certain benefits. In 2026/27 employees pay 8% on earnings…
Read articleStatutory Maternity Pay (SMP) is paid by an employer for up to 39 weeks . It is 90% of the employee's average weekly earnings for the first 6 weeks , then £194.32 a week or 90% of average weekly…
Read articleThe UK Personal Allowance for the 2026/27 tax year is £12,570 . It is the amount of income you can receive each tax year before paying income tax. It shrinks by £1 for every £2 of adjusted net…
Read articleFor the current 2026/27 tax year (6 April 2026 to 5 April 2027), the UK income tax brackets in England, Wales and Northern Ireland are: 0% up to £12,570 , 20% from £12,571 to £50,270 , 40% from…
Read articleYour tax code tells your employer or pension provider how much tax-free pay to give you and which tax rates to apply. The most common code for 2026/27 is 1257L . The number is your tax-free…
Read articleCorporation tax is the UK tax on the profits of limited companies and certain other organisations. For the financial year starting 1 April 2026 , the main rate is 25% on profits over £250,000 .…
Read articleA trust fund is money, investments or property held by one person or group (the trustees ) for the benefit of others (the beneficiaries ), under terms set by the person who created it (the settlor…
Read articleA P45 is the form your employer must give you when you leave a job. It records your leaving date , your total pay and tax from 6 April to the date you left , and your tax code , along with your…
Read articleYou register for Self Assessment by telling HMRC that you have income it does not already know about, and the deadline is set by statute: 5 October after the end of the tax year in which the…
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