Accounting News And Articles

If there’s one thing that keeps accountants on our toes (and shaking our heads), it’s VAT. Specifically, it’s what VAT rates apply to. Because in this great nation, where biscuits can become cakes and cakes can become court cases, VAT has a way of turning the ordinary into the absurd. What Are VAT Codes? In plain English, VAT (Value Added Tax) is the tax you pay on most goods and services in the UK. Businesses charge it, collect it, and send it off to HMRC if they’re VAT-reg

From November 18th, 2025 , new rules mean that anyone involved in running a UK company will need to verify their identity with Companies House . We want to ensure our clients are fully prepared for these changes, so below we’ve broken down what the changes mean, who needs to take action, and how we can help you stay compliant without the stress. Why Identity Verification Matters The government is introducing these checks to make the Companies House register more reliable and

We know that running a business is hard enough without juggling deadlines, forms, and government portals. One form you can’t ignore is the confirmation statement . Think of it as your company’s annual “check-in” with Companies House. It ’s how the government knows your company is still alive and kicking. What Exactly is a Confirmation Statement? A confirmation statement is a legal requirement for all UK limited companies and Limited Liability Partnerships (LLPs), filed at

Finding the right accountant is a bit like choosing a business partner, you need someone who’s not only qualified but honest, up-to-date, and communicates clearly. Unfortunately, not everyone in the accounting world fits that description. Here are five subtle (but serious) warning signs to watch for, and what to look for instead. 🚩 Red Flag 1: They Guarantee a Big Tax Refund or Zero Tax Bill In 2025, tax rules are more complex than ever, particularly with the evolving legi

Navigating VAT as a business owner can be tricky, even if you've dealt with it before. If you're approaching the VAT registration threshold, it's a good time to consider how this change might impact your pricing strategy and your bottom line. In this guide, we’ll break down how VAT registration can affect your fees, margins, and pricing decisions, plus the key things to think about before making the move. VAT & Pricing: Why It Matters Once your taxable turnover reaches the VA

As a director, you are legally a separate 'entity' from your limited company, even if you are its sole shareholder. That means you can’t simply take profits from the company like a sole trader would. Instead, you need to decide how to pay yourself in the most tax-efficient way, typically a combination of a low salary and dividends . Let’s break down how this works, what you need to consider, and exactly how much salary to take in the 2025/26 tax year to keep more of your h

When you're running your own limited company, it can be tempting to buy a car through the business. After all, it seems more tax-efficient to have the company foot the bill — but is it really? This post breaks down the pros and cons of buying a car through your limited company vs paying for it personally . Option 1: Buying the Car Through Your Limited Company ✅ The Positives 1. Corporation Tax Relief : Your company can claim capital allowances on the car purchase price, whic

The Chancellor’s Spring Statement 2025 has landed, and while the headlines focused on defence and civil service reform, there were some sneaky little tax and business updates that you really need to know about. As accountants, here’s what stood out — and what you should be thinking about next. Tax and Compliance: HMRC Gets More Teeth This Spring Statement sends a strong message: closing the tax gap is high on the government's agenda. The government is pumping £300 million i

National Apprenticeship Week is the perfect time to recognise the value of apprenticeships and highlight how they benefit not just individuals but businesses across all industries. At Revis & Co we've seen firsthand how investing in apprentices pays off for the entire team. It strengthens our workforce, helps us grow, and keeps us ahead of the curve. Why hiring apprentices is good for business: ✅ Train Talent to Fit Your Needs Apprentices learn on the job, gaining skills tail

Your tax bill is calculated based on your total taxable income for the year, minus any tax-free allowances and reliefs. Here are the main components you will see on your tax return: Income Tax: The personal allowance for the 2023/2024 tax year is £12,570. Income above this threshold is taxed at varying rates: 20% on income between £12,571 and £50,270. 40% on income between £50,271 and £125,140. 45% on income over £125,141 (personal allowance is tapered to zero for incomes abo

For business owners, Christmas is an opportunity to reward staff, show appreciation to customers, and indulge in the celebrations. The good news is that HMRC does offer some tax relief to help with costs but, as always, they come with some pretty strict rules. In this blog post, we will answer some commonly asked questions about Christmas expenses, so you can enjoy the season without getting caught out! Is my Christmas Party tax deductible? The answer to this is a little bit

After weeks of anticipation, Chancellor Rachel Reeves has unveiled her Autumn budget, packed with updates on taxes, wages, and benefits. The Chancellor opened her speech with a bold claim: this budget aims to raise taxes by £40 billion. But what exactly does that mean for you? Here’s everything you need to know about the key changes in this budget. National Minimum Wage Increases One of the biggest announcements in this budget is the rise in the National Minimum and National

When it comes to compensation, most people think of their salary, but many employers also provide something called Benefits in Kind (BIK). These are perks or extras that come in addition to your regular pay and can enhance your overall compensation package. What are Benefits in Kind? Benefits in kind are non-cash perks that employers provide to employees. Instead of giving you additional money, they give you something of value. Examples of Benefits in Kind include: Company ca

The UK state pension is a crucial piece of your retirement plan, and it's important that you understand how it works so you can maximise your benefits and improve your financial stability later on in life. What is the State Pension? The State Pension is a 4-weekly payment from the government that most people can receive when they reach state pension age, provided they have made enough National Insurance contributions. The amount you receive is based on how many year's contrib

The newly appointed government, led by Prime Minister Sir Kier Starmer, has already initiated several changes to legislation. One of the most significant areas they plan to reform is the realm of taxes, changes that will affect everyone from business owners to individual taxpayers. So, let's delve into what we can expect. Personal Tax Changes Labour has made it clear that there will be no increase in income tax or National Insurance rates in the near future. However, they wil

Last year alone, HMRC opened over 320,000 tax investigations , many of which were randomly selected . That means anyone , from individuals to businesses, can be subject to an investigation at any time. These inquiries can cover a wide range of tax areas, including Self-Assessment , VAT , and Corporation Tax . About investigations HMRC has the authority to inspect your business records and assets on-site and can request documentation going back as far as 20 years . These inves

Dividends are a source of income, so inevitably you will need to report and pay tax on any you receive. The tax rate for dividends is different from what you may pay on your regular income, which can make them confusing. In this blog post, we will explain exactly what dividends are, what they entail, and how they are tax-efficient. What is a dividend? A dividend is a payment made by a limited company to its shareholders, to distribute the profits generated in a period after p

We know paying HMRC can feel a little overwhelming sometimes, having to rely on references and bank details to get your payment sent to the right place can be risky. So, we've created this little how-to guide to let you know exactly how and when to pay each type of tax you could come across, just to make your life that little bit easier! Self Assessment Balancing payments from your tax return are due by the 31st January each year, with a possible payment on account due on the

Chancellor Jeremy Hunt announced his Spring Budget in parliament yesterday, bringing us eagerly awaited tax cuts and increased allowances. In this blog post we are dissecting the highlights and implications of his decisions, and letting you know how all of this affects you! National Insurance The first major change made to National Insurance is the rate for employees (class 1) will be decreasing from 10% to 8% from April. This is expected to save workers on an average salary

There are many options when it comes to paying your tax bill, including bank transfer, debit card, and direct debit. Payment deadlines The deadline to pay your balancing payment of tax due for the 2023 tax year is the 31st of January. This is also the deadline for the first payment on account for the 2024 tax year- please see these explained below, as they may not apply to you. HMRC accepts payments towards your tax bill via: Direct debit Bank transfer Telephone bank transfer