Practical, plain-English guidance on audit, tax, VAT, accounts and advisory — written by our chartered accountants.
1224 articles · page 5 of 102
Tax evasion is illegal. It means deliberately not paying tax that is legally due, for example by hiding income, inventing expenses, keeping cash sales off the books or filing a return you know is…
Read articleThe intestacy rules decide who inherits when someone dies without a valid will. In England and Wales, a surviving spouse or civil partner with no children or other descendants inherits everything.…
Read articleIFRS 16 is the international accounting standard for leases. Its central rule is that a lessee recognises almost every lease on its balance sheet: a right-of-use asset and a lease liability…
Read articleSince 6 April 2024, no self-employed person has to pay Class 2 National Insurance. If your self-employed profits are £7,105 or more in 2026/27 (the small profits threshold), Class 2 contributions…
Read articleTo pay employers' PAYE, pay HMRC by the 22nd of the next tax month (or the 22nd after the quarter end if you pay quarterly). A cheque through the post must arrive by the 19th . For a bank transfer…
Read articleYou pay Stamp Duty Land Tax when you complete the purchase, not when you exchange contracts. The law gives you 14 days after the effective date , which is usually the completion date, to file the…
Read articleUnder automatic enrolment, an employer must pay at least 3% of an eligible worker's qualifying earnings into a workplace pension, within a total minimum of 8% from employer and worker together.…
Read articleForm SSP1 is the form an employer must give an employee when they cannot get Statutory Sick Pay , or when their SSP has ended or is about to end while they are still ill. The employee uses it to…
Read article31 July is the Self Assessment deadline for your second payment on account : an advance payment towards the current year's tax bill, equal to 50% of the previous year's Self Assessment liability.…
Read articleBIK means benefit in kind : a non-cash perk from an employer, such as a company car, private medical insurance or a cheap loan. The employee pays Income Tax on its taxable value, usually through a…
Read articleThe starter checklist is HMRC's form for a new employee who has no P45 . It replaced the old P46. The employee picks Statement A, B or C , and that choice tells the employer which starting tax…
Read articleCost of sales is the cost of the goods or services a business actually sold in the period, and it is the line that sits between turnover and gross profit in the UK statutory profit and loss…
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