Author Archives: Bayley McTaggart

There’s a test we’d invite every business owner to try. Without looking anything up, can you answer the following? What percentage of your revenue is left after you’ve paid your direct costs? How much do you need to sell each month just to break even? How many days does it take, on average, for your […]

Value added tax (VAT) is a tax added to most products and services in the UK.  Businesses add VAT to the price they charge consumers or other businesses they sell to, which they then collect and pass to HM Revenue & Customs (HMRC). The current standard rate of VAT is 20%, though there is a […]

For UK limited companies, preparing year end accounts is a legal requirement, but their importance extends beyond compliance. These accounts provide a clear picture of a business’s financial performance and position, helping directors, shareholders, lenders and investors understand how the company has performed over the financial year. All UK limited companies must prepare year end […]

Operating as a sole trader is one of the most common and accessible ways to start a business in the UK. For many professionals it offers a straightforward route into self-employment. However, simplicity doesn’t mean risk-free, and understanding the financial and legal responsibilities involved is essential. What does it mean to be a sole trader? […]

The Chancellor of the Exchequer, Rachel Reeves, presented her 2025 Autumn Budget on Wednesday 26th November. With an aim of addressing the UK’s £22bn fiscal shortfall, she outlined a package of tax and economic measures to be introduced over the next five years.  These include the freezing of personal tax thresholds, the extension of National […]

When you’re running a business, expenses are an inevitable part of the journey. From supplies and travel to equipment and utilities, most business owners spend money to keep their operations running smoothly. But understanding what counts as a business expense and what you can claim for tax purposes is essential to managing your finances effectively. […]

For directors of companies, deciding how to pay themselves is more than just a question of income. It’s about achieving tax efficiency, staying compliant with legal obligations, and safeguarding the financial health of the company. This is where a well-thought-out directors’ remuneration strategy becomes essential. Directors’ remuneration refers to all the financial compensation a director […]

Hiring your first employee is an exciting milestone. But it also brings a series of legal and administrative responsibilities. Getting these right from the start will help you create a strong foundation for your business. Here’s everything you need to know when employing someone for the first time in the UK. Pay and Entitlements You’ll […]