🚴‍♂️ Cycle to Work Scheme: Ride into Tax Savings!

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

🚨 How Long Should You Keep Accounting Records? 📂

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

Statutory Sick Pay When You’re Self Employed

Being self-employed means you won’t have access to Statutory Sick Pay (SSP) when you’re ill. However, you can still apply for financial support through several benefits: 1. Employment and Support Allowance (ESA): You can claim ESA if you’re unable to work due to illness or injury, but don’t have to stop work entirely if you … Read more

5 Steps to Get Your Invoices Paid on Time 💰⏰

Welcome to the world of freelancing and small business ownership! While the freedom to set your own rates and manage your income is fantastic, it often comes with the challenge of chasing unpaid invoices. Don’t worry – we’ve got you covered with our 5-Step Approach to getting paid without damaging client relationships. Step 1: Remember, … Read more

Dividend Tax Changes for 2024/25: What You Need to Know

Hello again, company directors and shareholders! It’s time to revisit the thrilling topic of dividend taxes. 😅 The rules are set to change for the 2024/25 tax year, so let’s make sure you’re up to speed. Dividend Allowance Takes Another Hit In the 2022/23 tax year, the tax-free Dividend Allowance was reduced to £1,000. Well, … Read more

Pensions for the Self-Employed: It’s Time to Get Started! 🚀

Hey there, self-employed superstars! 🌟 We know you’re busy being your own boss and conquering the world, but let’s take a moment to talk about your future. Specifically, let’s chat about pensions. 😊 Why Bother with a Pension? You might be thinking, “I’m young and fabulous, why should I worry about a pension now?” Well, … Read more

Decoding UK Tax Rates, Thresholds, and Allowances for 2023/24 and 2024/25 🎯

Hey there, business owners and tax enthusiasts! 🙌 Are you ready to dive into the exciting world of UK tax rates, thresholds, and allowances? We know it can be a bit overwhelming, but don’t worry – we’ve got your back! 💪 In this blog post, we’ll break down the key information you need to know … Read more