The HMRC (Her Majesty's Revenue and Customs) allows you to claim certain expenses related to the use of your home for work purposes. These expenses can be claimed as a deduction from your taxable income, which can reduce the amount of tax you have to pay. The following expenses are allowable for the
How to Finance Your Business in the UK
Starting and running a business in the UK can be a costly endeavor. There are many expenses involved, from rent and utilities to inventory and marketing. As a result, it's important to have a solid financial plan in place. One of the most important aspects of this plan is how you will finance your
P11D – Expenses and Benefits
As an employee or employer in the United Kingdom, you may have come across the term "P11D" at some point. The P11D form plays a crucial role in the tax system of the UK, and it is essential to have a clear understanding of its purpose, requirements, and implications. In this comprehensive guide, we
Key Accounting Terms
Some common accounting terms include: Asset: A resource that a company owns and expects to benefit from in the future. Liability: A debt or obligation that a company owes to another party. Equity: The net worth of a company, calculated as the difference between its assets and liabilities. Revenue:
KYC Requirements for Accountancy Firms in the UK
Accountancy firms in the UK are required to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). These regulations are designed to prevent criminals from using the financial system to launder money or finance
The Byzantine General’s Problem and Bitcoin: Unraveling the Foundations of Trust
In the world of cryptocurrencies, Bitcoin stands out as the pioneering digital currency that revolutionised the way we perceive and transact value. At the core of its success lies a fascinating concept known as the Byzantine General's Problem, which forms the foundation of Bitcoin's trust model. In