What is a year-end financial statement
Let’s be honest, when you hear “year-end financial statement,” you probably picture dreadful reports and complicated jargon. It feels like a piece of mandatory paperwork, not a useful tool. However, here at React Accountancy, we believe this vital annual document should be clear and insightful, not confusing. After all, your year-end financial statement isn’t just…
What is preparing financial statements
In the world of business, financial statements are the backbone of all fiscal operations. They are the essential reports that provide a clear and concise picture of a company’s financial health, performance, and cash flow. And. for any business owner, from a small start-up to a large corporation, understanding what is preparing financial statements is…
When does the new tax year start
For individuals and businesses across the UK, there’s one date that marks a financial reset and the beginning of a new chapter – the start of the tax year. But unlike the calendar year which begins on January 1st, the UK tax year follows its own unique rhythm. So, when exactly does the new tax…
When does the tax year end?
In the UK, the tax year doesn’t follow the calendar year. It’s a financial period that runs from April 6th to April 5th of the following year. This schedule is a holdover from a major historical event and is a crucial detail for anyone managing their finances, from individuals to small business owners. Here at…
Unlocking Your Side Hustle Potential: Understanding HMRC’s New Tax Thresholds with React Accountancy
In an age where the “side hustle” has become a pervasive and often essential part of modern life, navigating the complexities of taxation can feel like an additional burden. Whether you’re a budding entrepreneur selling handmade crafts, a freelancer offering your skills online, or a gig economy worker, understanding your tax obligations is crucial. For…
What are statutory accounts?
What are statutory accounts? | 2-minute read When you’re running a business, there are a number of tax returns, accounts, and other financial obligations you should be aware of. All private limited companies operating within the UK must complete statutory accounts, accurately and on time. Statutory accounts are also known as annual accountants. They are…
A guide to 2024/25 dividend rates in the UK
All limited companies operating throughout the UK, regardless of their size, should be aware of the 2024/25 dividend rates. This is because there are a whole host of dividend tax rates that affect how much money you can take from your company in the form of dividends. Understanding dividend rates is crucial for ensuring you comply…
Financial Year-End Checklist
Financial Year-End Checklist | 2-minute read With the financial year drawing to a close and dare we say it, Christmas just around the corner, now is the perfect time for businesses of all different shapes and sizes to start thinking about getting their financial records in order. After all, a financial year-end checklist is essential…
Reeves increases Taxes by £40 Billion in Post-Election Budget
Reeves increases Taxes by £40 Billion in Post-Election Budget | 4 minute read UK Chancellor, Rachel Reeve’s highly anticipated budget reveals plans to raise taxes by £40 billion overall – the highest tax raising budget in modern times, topping Normal Lamont’s tax hike in 1993. The Finance Minister started proceedings by highlighting that the Labour…
Autumn Budget 2024: What can small businesses expect?
Autumn Budget 2024: What can small businesses expect? | 2-minute read What is the Autumn Budget? The Autumn Budget is an annual financial statement delivered by the UK Chancellor. It provides an overview of the government’s spending plans, revenue streams, and overall economic strategy for the coming year. This year, Chancellor Rachel Reeves will deliver…
How do accounting firms use artificial intelligence?
How do accounting firms use artificial intelligence? | 2-minute read Artificial intelligence is a hot topic in the world of accountancy. We’ve previously discussed why outsource in the age of AI, how AI and outsourcing can transform your accounting, the ethics of using AI, and even how to prepare your business for the future with…
Why outsource accounting in the age of AI
Why outsource accounting in the age of AI | 2-minute read The role of AI in modern accounting As the popularity of AI spreads, more businesses than ever before are relying on AI-driven tools to transform accounting processes. By automating tasks like data entry, invoice processing, and financial forecasting, many businesses of all shapes and…
