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Accounting &
Tax Blog
Practical tax tips, accountancy news, and business advice — written by our accountants for UK businesses.
Making Tax Digital (MTD) Is Live – What It Means for You?
Making Tax Digital (MTD) for Income Tax has officially gone live as of April 2026, marking one of the biggest changes to the UK tax system in decades. If you're a sole trader or landlord, this isn’t j
Why Moving from a Sole Trader to a Limited Company Could Save You Tax, in 2026
When reviewing your current and projected income, it’s not just about how much you earn, it’s about how that income is structured and taxed. For many growing businesses, remaining a sole trader can be
Understanding the Average Wage in the UK: Trends Over the Last 25 Years and Inflation-Adjusted Comparisons
The average wage in the United Kingdom is a critical measure of economic well-being, reflecting workers’ earning power and influencing living standards. Over the past 25 years, wages have been shaped
The Information Commissioner’s Office (ICO) and your responsibilities
Every organisation or sole trader who processes personal information needs to register with the Information Commissioner’s Office (ICO) and pay a data protection fee to the ICO, unless they are exempt
Changes to Companies House Filing Fees – Effective 1st February 2026
In a recent development for UK Limited Company administrators and entrepreneurs, Companies House has announced modifications to several key digital filing fees, set to take effect from the 1st Februar
Completing your Self Assessment Tax Return for the year ended 5th April 2026.
With a new tax year fast approaching, now is the ideal time to get your finances organised and avoid the January rush.
Companies House WebFiling security issue
On 16th March 2026, Companies House published an update confirming that a security issue had affected its WebFiling service. According to the announcement, the issue meant that a logged-in WebFiling u
MTD for Income Tax: What Sole Traders Need to Know
Making Tax Digital for Income Tax Self Assessment is one of the biggest changes to UK tax in decades. Here's what sole traders need to know.
Spring Statement 2026: Stability, Prudence and What It Means for SMEs
On 3rd March 2026, Chancellor Rachel Reeves delivered the Spring Statement 2026, offering an interim update on the UK’s economic and fiscal position. As expected, the statement focused on stability ra
IR35 in 2026: Latest Updates for Contractors
IR35 continues to be one of the most important topics for UK contractors. Here's what you need to know about the off-payroll rules in 2026.
New Child Benefit tax rates from 6th April 2026
The child benefit rates for the tax year ended 5th April 2027 will increase to £27.05 per week for the first or only child, and £17.90 per week for younger children. These rates increase by 3.84% from
Maximising your 5th April 2026 tax allowances
In most scenario's it makes sense to withdraw as much money from the company at the lower tax rates, rather than let any reserves build up for a future year as your circumstances can easily change, as
What are dividends and how are they taxed?
For most small business owners, the best take-home pay solution is a mixture of salary and dividend, whereby you take your tax-free personal allowance as salary and the rest of your income as a divide
The Scottish Budget 2026-27: Key Changes and Implications for SMEs
The Scottish Budget for 2026-27, presented to the Scottish Parliament on 13 January 2026 by Cabinet Secretary for Finance and Local Government Shona Robison, outlines the Scottish Government's propose
5 Tax-Saving Tips for Limited Company Directors
Running a limited company gives you more flexibility when it comes to tax planning. Here are five strategies our accountants recommend.
Bank of England Delivers Interest Rate Cut to 3.75%
Today, the Bank of England's Monetary Policy Committee (MPC) announced a reduction in the Bank Rate by 0.25 percentage points to 3.75%. This decision, reached by a 5–4 majority vote, marks the fourth
Expenses You Can Claim as a Sole Trader
Claiming all your allowable expenses is crucial for reducing your tax bill as a sole trader. Here's a comprehensive guide to what you can and can't claim.
Understanding the UK Autumn Budget 2025: What Small and Medium Businesses Need to Know
Chancellor Rachel Reeves delivered the 2025 Autumn Budget today, outlining a package aimed at restoring fiscal stability at a time of weak productivity and sustained high borrowing costs. Below is a p
Sole Trader vs Limited Company: Which Is Right for You?
Choosing between sole trader and limited company is one of the most important decisions when starting a business. Here's how to decide.
Rachel Reeves' Pre-Budget Press Conference: Navigating Uncertainty Ahead of the Autumn Statement
In an unprecedented move, Chancellor Rachel Reeves convened a pre-Budget press conference this morning at Downing Street, just three weeks before delivering her Autumn
VAT Registration: When & How to Register
VAT registration is something every growing business needs to understand. Here's your guide to when you must register and whether voluntary registration makes sense.
Understanding the Average Wage in the UK: Trends Over the Last 25 Years and Inflation-Adjusted Comparisons
The average wage in the United Kingdom serves as a vital indicator of economic well-being, encapsulating workers' earning capacity and its implications for living standards. Over the past 25 years, wa
Autumn Budget 2025 Now Scheduled for November
The Treasury has announced that the Autumn Budget 2025 will be delivered on the 26th November 2025. The Autumn Budget is a significant event in the nation's financial calendar that will have implicati
Unlock the Power of the HMRC App
We are always looking for ways to help you manage your finances efficiently and stay on top of your tax obligations. We want to bring your attention to a valuable tool that can simplify your financial
Step-by-Step Guide to the HMRC App
Following on from our previous article about the benefits of the HMRC app, we've put together a simple guide to help you download, set up, and start using it to manage your personal and business tax a
Making Tax Digital for Income Tax Self-Assessment (MTD ITSA)
As you may already be aware, HMRC will shortly be changing the way some individuals need to report their income and expenses.Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) is part of a p
Draft Finance Bill 2025/26
The UK government has published the draft Finance Bill 2025/26 for technical consultation, with many of its key measures expected to come into effect from April 2026 or later. The consultation period
Class 2 NICs computation issues - Update from HMRC
A recent issue with Class 2 National Insurance Contributions (NICs) for the 2024/25 tax year has come to our attention, and we want to ensure you’re aware of what’s happening and what it means for you
Understanding Relevant Life Insurance: A Key Benefit for Limited Company Contractors and Directors
As an accounting firm, we often guide limited company contractors and directors through the maze of financial planning, ensuring they make informed decisions to secure their future and optimise their
Proposed P&L Filing Changes for Small Businesses Face Potential Reversal
The UK government's plan to overhaul profit and loss (P&L) filing requirements for small companies, introduced under the Economic Crime and Corporate Transparency Act 2023, is under review and may be
Payments on account guide – 2024-25 and 2025-26 tax years
If your personal tax bill for the year ended 5th April 2022 exceeds £1,000, you will likely be required to make payments on account of the year ended 5th April 2023. This will be made up of half your
R&D Tax Relief: What Retail Clients Need to Know
We want to ensure you’re well-informed about recent communications from HM Revenue and Customs (HMRC) regarding Research and Development (R&D) tax relief claims, particularly for companies in the reta
UK Corporation Tax guide
When you set up and run a limited company using our online bookkeeping service, it’s important to understand how Corporation Tax works. Your company’s Corporation Tax calculation is based on the annua
Corporation Tax Reliefs – How to reduce your tax bill?
Corporation Tax is a good example of a tax liability that can be significantly reduced if done right. By aligning your company’s annual profit against its annual costs, you may be able to lower your t
Important Update on HMRC Phishing Fraud: Protecting Your Tax Affairs
You may have seen recent news about a significant phishing scam that cost HMRC £47 million, impacting around 100,000 taxpayer accounts. We want to share what this means for you, how we’re protecting y
Rachel Reeves' 2025 Spending Review: Impact on Business and Beyond
On 11th June 2025, Chancellor Rachel Reeves unveiled the UK's first multi-year Spending Review since 2021, setting out government spending plans for the next three to four years. The review, a pivotal
P11D Payrolling Delay: What Employers Need to Know About the Shift to 2027
The UK government’s plan to modernize the tax system by mandating the payrolling of Benefits in Kind (BiK) has been a significant topic for employers, payroll providers, and software developers. Origi
Understanding the Economic Crime and Corporate Transparency Act: Key Changes to UK Company Law
Understanding the Economic Crime and Corporate Transparency Act: Key Changes to UK Company Law
Spring Statement 2025: Key Implications for UK Businesses
Yesterday, The Chancellor, Rachel Reeves delivered the government's 2025 Spring Statement, presenting a number of developments that UK businesses should carefully consider. Below, we highlight the key
Preparing for the New Tax Year: Why £12,570 Could Be the Optimal Salary for Directors
It's time to make important decisions about your salary for the year ending 5th April 2026. Following changes introduced in the Autumn Budget 2024, selecting the right salary is more important than ev
Completing your Self Assessment Tax Return
With the start of a new tax year just around the corner, it’s a good idea to start getting your finances in order so that you don’t have a last-minute panic. Last year, 12.5 million taxpayers submitte
Tax return deadlines to remember for limited companies
our first year as the owner of a limited company can seem like a whirlwind of accountancy-related deadlines. There are dates to remember for filing your year-end accounts, your self-assessment tax ret
Companies House to Undergo Planned Downtime from December 5th, 2024
Companies House has announced a scheduled downtime for their systems, starting from the evening of Thursday, December 5th, 2024, and expected to resume on Monday, December 9th, 2024. This planned down
Broadband, mobile and telephone expenses
Broadband, mobile and telephone costs are some of the most common expenses recorded by limited company owners. It would be impossible to run a business without these essential services. Here, contract
Claiming for pre-trading expenses from your limited company
Starting a new business may involve some costs. You may need to pay for a number of products and services before your limited company is actually formed. In this guide, James Leckie – who runs ITContr
Coworking spaces in Leeds for freelancers and entrepreneurs
With an increasing demand for creative and digital talent, Leeds freelancing community has grown by leaps and bounds and along with it, the co-working culture of the north. Here is our guide to some o
How cryptocurrency is being taxed in the UK?
It is estimated that more than 3 million people in the UK currently own a cryptocurrency. Since 2008, over 9 million Brits were engaged in purchasing a crypto coins. As digital currencies become incre
Can you freelance and be employed at the same time?
For some, juggling between full-time employment and freelancing is a sensible employment structure while they're taking their first steps as self-employed. In this article, we'll look at some of the
How to protect your business ideas
Success in business is all about staying ahead of the curve. Whether it’s a new way of doing things, a groundbreaking new product invention or a fresh new business name or concept, you’ll usually have
Health and medical expenses for limited companies
Looking after the health of your employees (and yourself) will always be high on your priority list if you run a limited company. Here, contracting industry veteran, James Leckie, looks at the typical
Why consolidate your pensions as a self-employed professional?
Planning for the future as a contractor or freelancer isn’t always easy. From managing your own pension contributions to organising your different pots, it can feel like an uphill task. But can consol
Safeguarding your business Identity – the essential role of trademarks
In this article, we delve into the intricacies of trademarks, discussing their definition, exploring their importance and guiding you through the process of registering a trademark for your small busi
Autumn Budget 2024 – A tax raid, spending spree and increase in debt?
Today, Rachel Reeves delivered her first budget, since becoming chancellor on 5th July 2024. We have detailed below what changes have been announced and provided a summary of the impacts on business a
Proposed increase to Company Size thresholds from 6th April 2025
The UK government is planning to increase the thresholds that determine the size categories for companies. Originally announced by the Conservative government in March 2024, on 14th October 2024 the n
HMRC Reports Record Corporation Tax Statistics in 2024
Last month, HMRC released its accredited official statistics Corporation Tax statistics commentary 2024, reporting the latest record year, since its inception in 1965. Here are the key Highlights:
Christmas Parties, Entertainment & Trivial Benefits
With the festive season fast approaching, and in the season of goodwill, you may be thinking of hosting a gathering or buying a few gifts for colleagues or customers. Here’s a quick reminder of the re
Property and rental losses guide for private landlords
Rental losses will normally be created when property expenditure surpasses the rental income generated, during a single tax year. It's quite common for this predicament to occur during the first year
Family Investment Companies
In recent years, Family Investment companies (FIC) have emerged as a popular option for wealth protection and the succession of family assets between generations. In this guide, we'll explore the adva
What is Capital Gains Tax and how is it claculated?
It is quite common to assume that Capital Gains Tax (CGT) only affects professional investors or large corporations but that isn’t really the case. CGT will normally be applied to gains made from the
Clever Accounts is now an FCSA Accredited Member
In recent months, our team at Clever Accounts have been undergoing an FCSA (Freelancer and Contractor Services Association) auditing in order to gain an accredited membership.
The tax saving benefits of limited company pension contributions
When you have your own limited company, you could get significant tax benefits through your company making contributions to your personal pension, as well as increasing your pension pot for future ret
What is a Members Voluntary Liquidation (MVL)?
Are you thinking about closing your limited company? As long as you have over £25,000 of net assets to distribute between shareholders a Members’ Voluntary Liquidation (“MVL”) will probably be the mos
Self-Assessment – Important Tax Rates and Deadlines Explained
With the deadline for submitting your Self-Assessment Tax Return just around the corner, it’s a good idea to start getting your finances in order so that you don’t have a last-minute panic. It really
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