You must register as an employer with the HM Revenue & Customs (HMRC) if you are running a company or a business that employs staff to carry out work on your behalf for exchange of salary or benefits. ‘Pay As You Earn’, or PAYE, is the system by which HMRC collects income tax and National
Covid-19 and the Impact on Small Business
Archived article: this was published in September 2020 and reports on the impact of the Covid-19 lockdown at that time. For help with your business finances today, see our forecasting and budgeting service or contact us. At peak of the Covid-19 lockdown, small business revenues fell by 27% in the
COVID-19 Self-Employment Income Support Scheme (SEISS)
Archived article: this was published in May 2020 during the Covid-19 pandemic. The Self-Employment Income Support Scheme has now closed and no new claims can be made. For current support, see our grants and funding page or contact us. Background The Chancellor announced the following new measures
Covid-19 – Bounce Back Loans
Archived article: this was published in May 2020 during the Covid-19 pandemic. The Bounce Back Loan Scheme closed to new applications on 31 March 2021. For current funding options, see our grants and funding page. Small businesses (limited companies, sole traders and partnerships) are eligible for
A guide to Budget 2020
This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It’s an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where necessary. The message from the
How to get the most out of Xero right from the start
When you start using Xero, you’ll wonder how you ever managed without it. We’re big fans here at Taxlab and know how happy clients are when they can see their cash flow situation whenever they want, send online invoices, pay bills and run their businesses more effectively. While we set up the basics
Never lose sight of the bottom line
Make something people want … There’s nothing more valuable than an unmet need that is just becoming fixable. If you find something broken that you can fix for a lot of people, you’ve found a gold mine.Paul Graham, Founder of Y Combinator, Venture Capitalist and essayist at
Benefits of using a company
Updated October 2026: tax rates and thresholds revised for the 2026/27 tax year. Limited Liability Protection A company and its owners are separate legal entities in the eyes of the law. In legal terms, this is often known as the 'veil of incorporation.' In practice, this means that a
Making Tax Digital
Archived article: this was published in December 2018. Making Tax Digital for VAT now applies to all VAT-registered businesses, the VAT registration threshold is £90,000, and MTD for Income Tax began on 6 April 2026. Read Making Tax Digital for Income Tax: where things stand in October 2026 and see
The role of social media
The term ‘social media’ encompasses a range of tools that we are familiar with in our lives - from Facebook and Twitter to LinkedIn we may use all, or some of them, every day. Organisations are expected to have a social presence. Finance cannot ignore this as just an activity for marketing - as