The 60-Day Rule: What You Need to Know In 2021, HMRC introduced a significant change for UK residents selling property (not your main home). Now, if you sell a property and make a taxable profit, you must: Report the sale to HMRC within 60 days of the completion date. Pay any CGT due within the
Category Archives: Self-Assessment/ Personal Tax
Common Bookkeeping Mistakes, Self-Assessment Tips for Sole Traders, Tax Planning & Saving Tips
Accounting vs. bookkeeping: Clearing up the confusion
If you’ve ever found yourself wondering what the difference is between an accountant and a bookkeeper, you’re not alone. Many business owners use the terms interchangeably, assuming they mean the same thing. However, while accounting and bookkeeping often go hand-in-hand, they’re distinct roles with unique responsibilities – and understanding these differences can help you make
Bookkeeping, Common Bookkeeping Mistakes, Organising Your Receipts & Invoices, Self-Assessment Tips for Sole Traders, VAT Tips for Small Businesses, Xero Tips & Tricks, Year-End Preparation Tips
Behind the scenes of double-entry bookkeeping with Xero: Why the details matter
For many small business owners, bookkeeping might feel like a bit of a mystery. You upload receipts, reconcile bank transactions, and assign account codes, but what’s really happening behind the scenes? At DNA, we love pulling back the curtain to show how double-entry bookkeeping – the unsung hero of good financial management – works its
Director’s Pay vs Dividends, PAYE, Payroll Basics for Employers, Self-Assessment/ Personal Tax
Demystifying tax codes: a business owner’s guide to 1257L and 0T
When you dreamed of running your own business, you probably didn’t kick your heels in delight for the day you’d have to deal with tax codes! While a good understanding of them is needed to avoid paying more tax than necessary, they’re really not as complicated as they seem. Let’s look at how to find
Changes to Tax Rates & Thresholds, Director’s Pay vs Dividends, HMRC Updates & Changes, Self-Assessment/ Personal Tax
Dividend tax: what is it and how does it impact your business?
As a limited company owner, you’ll most likely pay yourself using a combination of salary and dividends. While it’s often the most tax-efficient way to withdraw money, be careful! Dividends have different tax rules compared to a normal salary. Don’t worry – we’re going to walk through what they mean for your business and how
Automating Your Finances, Bookkeeping, Organising Your Receipts & Invoices, Self-Assessment Tips for Sole Traders, Tax Planning & Saving Tips, Xero Tips & Tricks
Credit Control: Chasing invoices and lending clients money for no gain
In the bustling world of UK business, maintaining a healthy cash flow is paramount. Credit control, the process of managing a company’s credit policies, plays a crucial role in ensuring that invoices are paid on time and that the business does not inadvertently become a lender to its clients. Here’s a deep dive into effective
Automating Your Finances, Bookkeeping, Common Bookkeeping Mistakes, Self-Assessment Tips for Sole Traders, Tax Planning & Saving Tips, VAT Tips for Small Businesses, Xero Tips & Tricks
The importance of providing bank statements to your accountant despite Xero direct feeds
In today’s digital world, tools like Xero have made managing business finances much easier. With direct bank feeds, your transactions automatically show up in your accounting software, saving you time and effort. But even though this technology is fantastic, it isn’t perfect. That’s why your accountant might still ask for copies of your physical bank
Changes to Tax Rates & Thresholds, Self-Assessment/ Personal Tax
Understanding Inheritance Tax: A (hopefully) Simple Guide
Unfortunately, Inheritance Tax comes at a time when we are already having to cope with the grief of a lost loved one and having to think about this tax is a major stress to compound this. In addition, it’s a tax where some planning can be done via some simple measures if your loved one
Allowable Limited Company Expenses, Changes to Tax Rates & Thresholds, Corporation Tax, Self-Assessment/ Personal Tax, Tax Planning & Saving Tips
Moving Your Investment Property to a Limited Company: What You Need to Know
Thinking about moving your investment property into a limited company? You’re not alone! Many UK landlords are considering this move and in fact recently some of our clients have been doing just that. Let’s break down the practical stuff and the tax consequences so you can make an informed decision. Practical Stuff 1.Setting
HMRC Updates & Changes, Payroll Basics for Employers, Self-Assessment Tips for Sole Traders, Self-Assessment/ Personal Tax
Understanding the HMRC Payments on Account System
What Are Payments on Account? The payments on account system is designed for people with untaxed income sources like the self-employed, partners in partnerships, or those with investment, rental, or dividend income. Unlike PAYE (Pay As You Earn) where tax is taken directly from your salary or pension each month, these payments cover income that