Lucy Cohen

A Confirmation Statement is a document that limited companies must file with Companies House at least once every 12 months.Its purpose is to confirm that the information Companies House holds about...

You must deregister for VAT if you stop trading or stop making VAT taxable supplies. You can also apply to deregister if your taxable turnover falls below the deregistration threshold.Deregistering...

What is an SA302?SA302 is the name many mortgage advisers and lenders still use for a Self Assessment tax calculation.HMRC now generally refers to this as your SA302 tax calculation and your tax ye...

Different taxes are paid in different ways and to different HMRC accounts. It is important to use the correct reference number so HMRC can allocate your payment properly.Below is a clear guide to p...

A Director’s Loan Account, often shortened to DLA, records money moving between a limited company and its director that is not: Salary processed through payroll Dividends that have been properly de...

If you cannot pay your tax bill in full, it is important not to ignore it.HMRC charges penalties and interest for late payment, but they will often agree a payment plan if you contact them in time....

If you run a business, you can deduct allowable business expenses from your income before calculating tax.You pay tax on profit, not turnover. Claiming the correct expenses reduces your taxable pro...

Many tax surprises happen because profit and cash are not the same thing.Understanding the difference is essential for managing your business and planning for tax.What is profit?Profit is what is l...

This is one of the most common questions business owners ask.In most cases, a higher than expected tax bill is not a mistake. It is usually caused by one of the reasons below.1. Payments on account...

Payments on account are advance payments towards your next Self Assessment tax bill.They apply to most sole traders and individuals who complete a Self Assessment tax return.Many people are surpris...