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…
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…
Your end of year accounts checklist
The tax year runs from April 6th to April 5th each year, which means that the end of the 2022/23 tax year is just days away and for most businesses this also marks the end of the accounting year too. If this is the case for you and your small business, you don’t have much…
Business mileage rates – who can claim?
Driving your own car for business purposes can end up being incredibly expensive! After all, by the time you factor in your fuel costs, as well as the wear and tear on your car, it can quickly leave a hole in your pocket. The good news is that, as with other expenses, there are…
Our guide to completing a VAT return
As soon as you reach the VAT threshold, which is currently £85,000, you will be expected to pay VAT on all taxable sales. However, you may also be entitled to claim back VAT that has been charged on business purchases. As part of this process, you will also need to submit a VAT return to…
When should your business register for VAT?
No matter what industry you operate your business in, by law, you must register for VAT if your VAT taxable turnover goes over £85,000, or that you know that you will go over the tax threshold by the end of the year. And, when it comes to working out your VAT taxable turnover, you must…
How to go self employed
How to Become Self-Employed: A Comprehensive Guide Since the beginning of the pandemic, there has been a significant increase in the number of people becoming self-employed. With more individuals re-evaluating their careers and seeking new opportunities, self-employment has become an attractive option for those looking to take control of their professional lives. If you’re considering…
What to do about deferred VAT payments – everything you need to know.
Back March 2020, when Covid first locked down the UK, HMRC announced that they would allow business owners to defer VAT payments due between 20 March 2020 and 30 June 2020 to 31 March 2021, helping struggling businesses during the pandemic. This came as welcomed news to many businesses operating across a diverse range of…
Your guide to self-assessment tax return
Your guide to self-assessment If you find the thought of filing your self-assessment tax return form a daunting prospect, you’re certainly not alone! It’s a common misconception that filling out your self assessment form is a complex process when in fact, if you are organised, prepared and understand what you need, the process can be…
