As we enter the 2025/26 tax year, Bells Accountants keep you abreast of several significant updates affecting personal and corporate taxation. Personal Tax: Thresholds and Allowances: Personal Allowance: Remains at £12,570. Income Tax Bands: Basic rate (20%) up to £37,700. Higher rate (40%) from £37,701 to £125,140. Additional rate(45%) above £125,140. Dividend Allowance: £500. Savings…
Doing a VAT return isn’t exactly the most exciting part of running a business. But getting it right is important. A mistake could mean paying more tax than needed or even facing penalties from HMRC. If the thought of VAT returns makes your head spin, don’t worry—you’re not alone! Many business owners find it confusing,…
If you’re a contractor in the UK, you’ve probably heard the term IR35 thrown around. But what exactly does it mean for you, and why is it important to understand whether you’re inside or outside IR35? Understanding the key differences between inside IR35 and outside IR35 can be the key to managing your tax liabilities…
When running a small or medium sized business, cash flow management is one of the most essential aspects you can focus on. Without a clear understanding of how to master cash flow management, you might face financial challenges that could harm your growth. If you need to talk to a friendly accountant who can help…
Running a small or medium sized business in the UK comes with numerous financial responsibilities, from managing daily transactions to ensuring tax compliance. Many business owners find themselves asking: What does a bookkeeper do? While accountants focus on broader financial strategy and tax planning, bookkeepers play a vital role in keeping financial records accurate and…
Running a business is exciting, but let’s be honest, managing taxes can be a bit of a headache. Every year, you might feel the weight of tax bills creeping up, but what if we told you that good tax planning can actually give your business the boost it needs to grow? It’s true! With the…
If you run a small business, financial statements might seem like a mystery. Numbers, reports, jargon—it’s enough to make your head spin! But don’t worry. We’ll break it down into simple terms so you can understand what’s happening with your money. Think of financial statements like a health check for your business. They tell you…
Starting and running a business is exciting, but let’s be honest, managing money can feel overwhelming. Don’t worry, though – you don’t need to be a financial whizz to get your business budget right. Let’s break it down into simple steps that anyone can follow. If you feel you want to speak to a friendly…
We know taxes can sound scary – especially when you’re just starting a business. It might feel like a lot of complicated numbers and jargon that doesn’t make much sense. But don’t worry! We’re here to simplify things for you. In this blog, we’ll break down what corporation tax is, how to calculate it, and what…
Running a business or managing a startup comes with its challenges, but with the right support, staying in control is entirely achievable—especially when it comes to finances. Alongside juggling daily operations, keeping customers happy, and driving growth, managing taxes is a key part of ensuring your business’s success. While missed tax obligations can lead to…