Strategies for Reducing Corporation Tax in 2024/25

Strategies for Reducing Corporation Tax

The recent increase in the Corporation Tax basic rate to 25% has significantly heightened the tax burden for many companies. In light of this, it is imperative for businesses to explore viable strategies to mitigate their Corporation Tax liabilities and ensure they pay only what is necessary. Here is DabHand Accounting’s guide to the various […]

Research & Development Tax Relief – Can Your Business Claim?

Research & Development Tax Relief

What is R&D? Research and Development (R&D) is a process that many businesses go through in order to develop or improve on their products, services or processes. You may not even consider some of the day-to-day activities your business goes through as R&D, as it’s just “something you do”. But going through the R&D process […]

Is Your Business Ready for the National Minimum Wage Increase on 1st April 2024?

uk wage increase

The UK government’s National Minimum Wage increase, scheduled to take effect from 1st April 2024, is the largest ever increase, and businesses will need to be prepared well ahead for the increased employment costs. For the first time, the National Minimum Wage will apply to all workers aged 21 and over, previously applying only to […]

The Importance of Cash Flow – the Lifeblood of Your Business

Cashflow in your business

Cash flow is the lifeblood of any business, large or small. Understanding and managing cash flow is essential for your business’s survival and growth. Here, we explain the importance of cash flow, what it is, why it matters, how it affects daily operations, and strategies for effective management. What is Cash Flow? Cash flow, simply […]

How are the Penalties for Late Self-Assessment Tax Returns and Payments Changing?

Penalties for Late Self-Assessment Tax Returns and Payments

In a bid to reform the system of penalties for late submission of tax returns and late payment of tax, the government is introducing significant changes. This comprehensive guide will walk you through these upcoming modifications to penalties for Income Tax Self-Assessment (ITSA). Understanding Current Penalties Before we go into the changes, it’s essential to […]

Tax Return Deadline 2024: Everything You Need to Know

Tax Return Deadline 2024 Everything You Need to Know

As we see in the New Year, January is not only a time for celebration, but also for the tax return deadline on the 31st. Make it your New Year’s resolution to submit yours on time! The Crucial Date: 31st January 2024 The tax return deadline for 2024 is set for 31st January. This date […]

New Side Hustle Tax Rules from HMRC – Be Prepared!

New Side Hustle Tax Rules from HMRC

There are now more ways than ever for people to make a bit of extra cash on the side. But HMRC is on to you, and it’s essential that everyone stay informed about the latest tax regulations. HMRC has always been vigilant in its pursuit of tax discrepancies. However, significant changes are on the horizon […]

Understanding Self-Employed Expenses: What Can You Claim?

self employed expenses

In today’s dynamic job market, being self-employed has become increasingly common. Whether you’re a freelancer, contractor, or sole trader, the flexibility and independence that come with self-employment are appealing. However, it also means you’re responsible for your income tax, making it crucial to maximise your allowable business expenses. In this comprehensive guide, we’ll delve into […]

London’s ULEZ Charge Now a Tax-Deductible Expense for the Self Employed

London's ULEZ Charge Now a Tax-Deductible Expense

London’s Ultra-Low Emission Zone (ULEZ) has undergone significant expansion, effective from Tuesday 29th August. This expansion has propelled it to become the most extensive pollution charging initiative worldwide. However, this move has sparked outrage among individuals grappling with financial strain due to the cost of living crisis. The expansion of the ULEZ Mayor Sadiq Khan, […]

Claiming Business Expenses When You’re Self Employed

Claiming Business Expenses When You're Self Employed

As a savvy entrepreneur, you know the importance of maximising your profits and minimising your tax liabilities. One way to achieve this is by claiming business expenses. However, there are a few misconceptions that need to be cleared up. First and foremost, claiming business expenses doesn’t mean you’ll get money back from some mysterious source. […]

What You Need to Know About MTD (Making Tax Digital)

Making Tax Digital

MTD, or Making Tax Digital, is an initiative by the UK government, starting in April 2026, designed to make life easier for businesses and sole traders by getting their tax right. MTD is legislation requiring that all tax data and submissions to HMRC be made digitally. What happens from April 2026? Only sole traders and […]

When Do I Need To Register For VAT?

When Do I Need To Register For VAT?

Introduction When it comes to running a business, it is essential to understand the various tax obligations that come with it. One such obligation is the requirement to register for Value Added Tax (VAT). VAT is a consumption tax that is added to the price of goods and services at each stage of production and […]