Accounting Blog

Starting to trade mid-tax year doesn’t trigger special penalties. This guide explains how profits, losses, expenses, and records are treated when you begin partway through a tax year, covering classification, reporting, thresholds, and common pitfalls so you understand what changes, what doesn’t, and how to stay compliant with confidence today.

Learn what “self-employed with a side hustle” really means for taxes. This guide explains income classification, deductions, recordkeeping, estimated taxes, and common pitfalls, helping freelancers, gig workers, and creators understand their obligations, avoid surprises, and manage side-hustle tax rules with confidence.

This guide explains the accounting treatment of deposits and advance payments, clarifying the difference between cash received and revenue earned. Learn how to record customer deposits, deferred revenue, security deposits, and prepayments correctly, avoid common bookkeeping mistakes, improve cash-flow visibility, and keep financial statements accurate and audit-ready.

Wondering if apps and online tools you pay for at work are tax deductible? This practical guide explains when software subscriptions, digital services, and online platforms can be claimed, how rules differ for employees and self employed people, how to handle mixed use, and what records to keep for compliance.

You can often claim business phone expenses even if the contract is in your personal name. What matters is business use, reasonable apportionment, and good records. This guide explains how sole traders and limited companies can claim phone costs, avoid common mistakes, and handle mixed personal and business use correctly.

Missed a VAT registration deadline? This guide explains what happens if you register late, how authorities backdate registration, calculate VAT on past sales, apply penalties and interest, and whether you can reclaim input VAT. Learn practical steps to fix errors, manage cash flow, and reduce penalties for your business confidently.

Learn how to calculate profit when buying stock in bulk, whether inventory for resale or company shares. This guide explains landed cost, net revenue, gross margin, batch versus period profit, and common mistakes, helping you price correctly, manage cash flow, and make smarter bulk buying decisions.

Can you claim expenses for business gifts to clients? This practical guide explains when client gifts are deductible, how tax authorities distinguish gifts, marketing, and entertainment, common limits and red flags, VAT considerations, and how to document business purpose so your claims are defensible and compliant across different tax systems.

Learn what details a UK business invoice must include, from invoice numbers and dates to VAT requirements and payment terms. This practical guide explains legal expectations, common mistakes, and best practices to create clear, compliant invoices that get approved faster, reduce disputes, and improve cashflow for small businesses and freelancers.