Accounting Blog

Cash tips are real income and need proper records. This guide explains what cash tips are, why tracking them matters, and how to log them simply. Learn step-by-step methods for employees and gig workers to record tips, handle pools, stay tax-compliant, and avoid common mistakes with practical examples included inside.

Learn how to account for refunds that are reversed later, including processor reversals, rejected returns, and disputes. This guide explains cash vs accrual treatment, journal entries, tax and inventory impacts, merchant clearing accounts, and best practices to restore revenue accurately without inflating sales or breaking reconciliations and audit-ready financial reporting.

Business-related consultancy fees cover professional advice that supports day-to-day trading, compliance, and growth. This guide explains when consultancy costs are tax-deductible, how to handle mixed or personal elements, the capital versus revenue distinction, required documentation, and common pitfalls that lead to disallowed expense claims for business owners and companies.

Learn how to prepare accounts with very few transactions using simple, practical bookkeeping steps. This guide explains organizing documents, choosing cash or accrual accounting, recording and reconciling entries, tracking expenses, generating reports, and staying tax compliant—helping individuals and small businesses maintain accurate, stress-free financial records with minimal effort efficiently today.

Learn whether cloud accounting training costs are claimable business expenses. This guide explains eligibility rules, qualifying courses, documentation requirements, and deductible costs for businesses and self-employed professionals. Discover how training in Xero, QuickBooks, and other platforms can improve efficiency while maximizing legitimate tax deductions for modern accounting teams today globally.

Received an HMRC penalty notice as a sole trader? This practical guide explains why penalties happen, how to check if they’re correct, when you can appeal, and what counts as a reasonable excuse. Learn step-by-step actions to reduce stress, avoid extra charges, and prevent future HMRC penalties with confidence today.

Learn what it really means when HMRC applies a penalty incorrectly. This guide explains common errors, from wrong facts and miscalculations to legal and procedural flaws, and outlines how to identify, challenge, reduce, or cancel incorrect HMRC penalties effectively.

Claiming office rent as a business expense can reduce taxable profit, but the rules are rarely as simple as they seem. This guide explains what counts as office rent, how mixed or home use affects claims, what documentation to keep, and common mistakes that trigger problems with tax authorities worldwide.

Learn what sponsorship income really is for creators, from cash payments to gifted products and comped trips. This guide explains how to track collaborations, value non-cash compensation, manage taxes, separate finances, and treat brand deals like real business income—without overwhelm or guesswork.