Making Tax Digital for Income Tax: What It Means & How to Stay Compliant From April 2026, the way many self-employed individuals and landlords report their income to HMRC is changing. This is part of Making Tax Digital for Income Tax Self Assessment (MTD ITSA) — and if you’re affected, it’s important to understand what’s coming and […]
As a director of a limited company, it’s easy to get caught up in the admin and forget to take advantage of the small perks available to you. One of those is the trivial benefits exemption — a simple, tax-free way to treat yourself or your employees. 🧾 What Are Trivial Benefits? Trivial benefits are […]
Spring Statement 2025: Key Tax Changes You Need to Know As part of its Spring Statement 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, has announced several key tax-related measures that could affect both individuals and businesses. Here at Hawkins & Co Accountants & Bookkeepers Ltd, we want to ensure that […]
Year-End Tax Planning Guide for UK Limited Companies Hawkins & Co Accountants & Bookkeepers Ltd As the financial year draws to a close, it’s crucial for limited company directors to review their tax position and implement strategies to minimise their liabilities while staying compliant with HMRC regulations. Here’s a comprehensive year-end tax planning checklist for […]
Filing a tax return can feel a bit daunting, but it’s an important part of staying on top of your finances. To help make things clearer, let’s go through the situations when you’ll need to send a Self Assessment tax return to HMRC in the UK. Who Needs to Send a Tax Return? You might […]
With Chancellor Rachel Reeves delivering the first budget under the labour government yesterday, our main accounts software provider Quickbooks have provided a detailed breakdown for Self employed individuals and small business owners, and you can read here how it will impact you most: The UK Chancellor Rachel Reeves has shared the first budget […]
As an employer, there are several key responsibilities you need to fulfil regarding pensions for your employees. These responsibilities are designed to ensure that your employees are adequately prepared for retirement and that you follow legal requirements. Here is a detailed overview of what you need to do: Understand the Legal Requirements Automatic Enrolment: Most […]
The Federation of Small Businesses (FSB) is a UK-based membership organisation that supports small businesses and the self-employed. The FSB advocates on behalf of its members to ensure their voices are heard in government and other influential areas. The organisation offers a wide range of services to its members, including: Advice and Guidance: Providing expert […]
When it comes to overseas business trips that include family members, the tax implications can be complex. Here are some key considerations for determining the tax treatment of such trips: Business Expenses VS Personal Expenses Business Related Costs: Expenses that are wholly and exclusively for business purposes are genuinely deductible. These include travel, accommodation, meals, […]
In the UK, Capital Gains are the profits made from selling or disposing of an asset that has increased in value. The tax on these profits is knows as Capital Gains Tax (CGT). Here’s how it works: What are Capital Gains? Capital Gains occur when you sell or dispose of an asset for more […]
The Construction Industry Scheme (CIS) is tax scheme introduced by HMRC to regulate payments made by contractors to subcontractors in the construction industry. The main goal of the CIS is to improve tax compliance and reduce tax evasion within the construction sector. Here are the key elements and functions of the CIS: Who Is Involved? […]
QuickBooks, developed by Intuit, is an accounting software designed to help small and medium-sized businesses manage their finances. It offers various features to simplify tasks like accounting, payroll, payments, and inventory management. Key Features Accounting and Bookkeeping: Tracks transactions, manages bills and invoices, and reconciles bank statements. Invoicing: Creates and sends customised invoices, tracks payments, […]
