Insights
Practical notes on tax, VAT, payroll and running a small business — written in plain English.
Self-assessment: what to prepare before the deadline
The Self-Assessment deadline is 31 January following the end of the tax year — 31 January 2027 for 2025/26. Preparing early, with income records, expenses and pension contributions to hand, helps you avoid last-minute errors and penalties.
Do you need to register for VAT?
You must register for VAT if your taxable turnover exceeds £90,000 in a rolling 12-month period — or you can register voluntarily below that threshold. Understanding the rules helps you make the right decision for your business.
What auto-enrolment means for a growing team
UK workplace pension auto-enrolment requires eligible employees to be enrolled with the correct employer contributions. Getting payroll and pension processes right from the start helps you stay compliant and avoid penalties.
Setting up bookkeeping that scales with you
An organised bookkeeping system from day one helps you track income, expenses and cash flow as you grow. Suitable software and regular reconciliation save time and make year-end reporting easier.
Reading your management accounts with confidence
Understanding turnover, gross profit, operating costs, cash flow and budget variances helps you spot trends and make informed decisions before small issues become bigger problems.
Staying organised as an ATOL-holding business
ATOL-holding businesses need organised records of customer receipts, bookings and supplier payments. Regular reconciliation of customer funds supports compliance and strengthens financial controls.
Safeguarding audits for FCA-authorised PIs and EMIs
Firms required to safeguard more than £100,000 of relevant funds at any point in the previous 53 weeks generally need an independent safeguarding audit, providing assurance over the systems used to protect customer funds.
CAA ring-fencing reports for ATOL-protected businesses
ATOL holders within a wider group may be assessed by the CAA on a ring-fenced basis, confirming the ATOL business could remain financially viable if other group entities failed.
Accountant's Reports for solicitors holding client money
Solicitor firms holding client money generally need an independent Accountant's Report within six months of their accounting period end, unless client balances stay below the SRA's exemption thresholds.
Statutory and voluntary audits for businesses and charities
From 6 April 2025, small companies qualify for audit exemption by meeting two of: turnover of £15 million or less, assets of £7.5 million or less, and 50 or fewer employees. Charity requirements depend on income and circumstances.