Introduction What is maternity pay? Maternity pay is the financial support offered by the government to the to be mums. There is a difference in the way government supports an employee or a self employed individual. This is due to the fact that employees have more statutory rights towards their employer as opposed to a self-employed individual who is on their own being their own boss.   Understanding and getting maternity pay can be more challenging for self-employed as they have to understand and manage it themselves. Who is Self-Employed It is important to distinguish between an employe ..read more

Introduction  Making Tax Digital (MTD) for Income Tax represents a significant shift in the way taxpayers record and submit their tax information to HM Revenue & Customs (HMRC). This initiative is part of a broader digital transformation to make tax administration more effective, efficient, and easier for taxpayers through a fully digital tax system. In essence, MTD for Income Tax requires individuals to maintain digital records and use software to submit quarterly updates to HMRC. Taxpayers and professionals need to grasp the scope of MTD for Income Tax, as it affects self-employe ..read more

Introduction When a company offers a loan to its employees, it’s important to understand the tax implications that come with it. These loans can range from getting paid early to helping to buy necessary items like train tickets for commuting. With the help of Pearl Accountants, one of the top accountants in London, we’ll go through the rules and give you practical advice. Whether you’re an employer who gives loans to your staff or an employee who gets these benefits, this guide will give you the information and strategies you need to manage your finances well. Understanding Employee Loans Empl ..read more

What is VAT Value Added Tax (VAT) is the tax that we pay on the purchase of goods or services. It is applied at each stage of a supply chain. The standard rate of VAT in the UK is 20%. There are different VAT rates in each EU member state. How does a VAT refund work VAT refunds are claimed by filing VAT returns to the tax authorities of a country. Businesses registered for VAT in the UK are required to file their VAT return to HMRC normally on a quarterly basis. It is the process through which businesses can recover the VAT they have paid on business-related expenses. Businesses charge Output ..read more

What is a share in a company? In financial terms a share represents a part or portion that you own in a company. In order to become a shareholder, capital is exchanged by the investors in return for ownership/share in the company. The number of shares you hold directly affects the percentage of ownership you have in the company. What is the nominal value of a share? The nominal or par value of a share is the amount assigned to each share when the company is incorporated. This amount is stipulated in the memorandum of association of the company. If you are a busy entrepreneur with no time to s ..read more

This blog post will explore what exactly crowdfunding is, how it works, and its advantages and disadvantages. So, if you’re interested in learning more about this exciting field, keep reading! What is Crowdfunding Crowdfunding is a popular financing method that enables individuals, start-ups, and small businesses to raise funds for their projects by seeking contributions from many people.  Instead of relying on a single investor or financial institution, crowdfunding leverages the power of the internet to connect entrepreneurs with a vast network of potential supporters. With the ability ..read more

When a business is facing financial difficulties, several different options and processes can be pursued to resolve the situation. Insolvency, liquidation, bankruptcy, and administration are commonly used in this context, but it can be challenging to understand the differences between them.  This blog will explain these terms clearly and concisely and help you understand the critical differences between insolvency, liquidation, bankruptcy, and administration. What is Insolvency? Insolvency refers to a financial situation in which a company cannot pay its debts as they become due. It can o ..read more

Small businesses play a vital role in the UK economy, driving growth and innovation and providing employment opportunities. However, in recent years, small businesses have faced significant challenges, including the impact of the pandemic. To support these businesses and the UK’s economic recovery, the government has extended its support through the Small Business Rates Relief scheme. What is Small Business Rates Relief? Small Business Rates Relief is a government scheme aimed at providing financial support to small businesses. The scheme reduces business rates for eligible properties, providi ..read more

In this blog, we will explore the meaning of business creditors and debtors in more detail, their roles in a company’s financial operations, and their impact on a business’s overall financial health. Creditor vs debtor: The difference Creditors and debtors are terms used to describe the relationship between a business and its lenders or borrowers. A creditor is a person or entity that lends money to a business, while a debtor is a person or entity that owes money to a business. The key difference between these two terms is that a creditor has a claim on a business’s assets, while a debtor must ..read more

If you own a UK property and are considering upgrading your heating system, now is the time to do so. The government has implemented a boiler upgrade scheme encouraging you to opt for low-carbon heating systems. This blog will explain everything you need to know about the government boiler scheme, from eligibility to make a claim. What is The Boiler Upgrade Scheme? The boiler upgrade scheme is part of the UK’S heating and building strategy. The strategy aims to decarbonise homes, commercial, industrial, and public sector buildings by 2050. The schemes provide grants to help property owners fu ..read more