James Clayton

Thinking about starting your own business or going freelance? If you’re serious about making your venture official, it’s worth considering a private limited company. Setting up as a limited company isn’t just for the big players—it’s a smart move for solo operators and small businesses alike. Here’s why it might be the best decision for … Read more

Ever spotted the code 1257L on your payslip and wondered what on earth it means? You’re not alone! Understanding your tax code can feel like cracking a secret code, but it’s super important to get it right. Let’s break it down in plain English so you know exactly what’s going on with your money. What … Read more

Earning money through dividends is a smart move, but knowing how much tax you’ll pay on them is crucial to keeping that cash flowing. The UK government has shaken things up again for the 2024/25 tax year, so let’s break down exactly what you need to know about dividend taxes. 📉 Dividend Allowance Changes Here’s … Read more

If you’ve heard the term “Benefits in Kind” (BIK) and thought, “Huh?”, don’t worry—you’re not alone! BIK might sound complicated, but it’s simply a fancy way of saying perks you get from your employer that aren’t cold, hard cash. Let’s break it down, Dead Simple Accounting style. 😎 What Exactly Are Benefits in Kind? 🤔 … Read more

If you’ve ever heard your accountant mention a P11D form and thought, “Sounds boring!”—you’re right, it’s not the most exciting paperwork in the world. But it is important for keeping the taxman happy! Let’s break down what a P11D is, who needs it, and how it affects your tax bill, in plain English. What Is … Read more

The UK’s Cycle to Work Scheme is a win-win for employees and employers, letting you save on bike and accessory costs through salary sacrifice. Here’s how it works: How Does It Work? Employers provide bikes, and employees agree to a salary reduction to cover the costs. This reduces taxable income, cutting down tax and National … Read more

Whether you’re running a limited company, a sole trader, or managing payroll, keeping proper records is crucial for staying compliant with HMRC requirements. Not keeping records could lead to penalties and a lot of stress! Let’s break it down by type of business: Limited Companies 🏢 As a company director, you’re responsible for keeping all … Read more