Accounting Blog

Cash may feel simple, but poor handling creates risk. This guide shows small businesses how to manage cash payments securely and accurately, from tills and floats to reconciliation, deposits, petty cash, and compliance, helping reduce errors, prevent theft, and keep records clean while balancing cash with digital payments effectively today.

Learn which business expenses you can legally claim without receipts, including mileage, home office costs, per diems, and small cash purchases. Discover acceptable alternative evidence, audit risks, record-keeping best practices, and common mistakes to avoid while maximizing deductions and staying compliant with tax authorities for freelancers, self-employed, and small businesses.

Learn what a trading allowance is, how it works, and who can use it. This guide explains tax-free thresholds, simplified expense options, and common misconceptions for side hustlers, freelancers, gig workers, and online sellers, helping you stay compliant while minimizing paperwork as your small trading income grows over time easily.

Startup costs often arise before you register as self-employed, but many can still be claimed. This guide explains when pre-registration expenses qualify, how tax authorities define starting a business, which costs are deductible or capital, and how good records help you claim confidently and avoid common mistakes from day one.

Learn how to calculate your sole trader tax bill with confidence. This step-by-step guide explains taxable profit, allowable expenses, capital allowances, income tax bands, and contributions. Discover common pitfalls, practical examples, and simple planning tips to estimate your bill accurately and avoid cashflow surprises throughout the tax year ahead easily.

Learn how to claim phone and internet costs as business expenses. This guide explains mixed-use rules, when costs are deductible, how to calculate a reasonable business-use percentage, what records to keep, and common pitfalls to avoid for freelancers, employees, and company directors working from home or hybrid arrangements worldwide taxes.

Learn how to close a sole trader business in the UK correctly, from choosing a cessation date to notifying HMRC, handling Self Assessment, VAT, PAYE, assets, and records. This practical guide explains each step clearly so you can stop trading compliantly and move on with confidence.

Confused about what “income” means on your UK Self Assessment? It’s more than salary: include employment benefits, freelance and platform payouts, rental profits, interest, dividends, pensions, foreign income, and even crypto rewards or capital gains. This guide highlights commonly missed payments and simple recordkeeping tips to file accurately.

Making Tax Digital for Income Tax changes how UK sole traders and landlords report income to HMRC. This guide explains who must register, what you need before starting, how the registration process works, common pitfalls to avoid, and how to set up digital records and software for smooth ongoing compliance.