At LT Accounting, we recognise that keeping up-to-date with the latest accountancy news and regulatory changes is not merely a requirement—it’s a strategic edge for your UK business. Our knowledge hub is committed to delivering the most current and influential accounting insights, trends, and updates.
UK Tax Rates and Thresholds for Sole Traders, Limited Companies, Partnerships & Employers
Understanding UK tax can be challenging due to the variety of taxes, tax bands, thresholds, allowances, rates, and relief schemes. This guide aims to provide a comprehensive overview of the tax brackets and rates for the 2023/24 and 2024/25 tax years, explaining how different types of tax might affect your [...]
What Are Sundry Expenses?
What Are Sundry Expenses? The meaning of Sundry expenses, sometimes referred to as miscellaneous expenses, are minor, one-off costs that do not fit into the standard categories of business expenses. These expenses are typically low in value and can appear random. Examples of sundry expenses include one-off office decorations, charitable [...]
What Is A Creditor On A Balance Sheet?
Understanding the concept of a creditor on a balance sheet is essential for anyone involved in business finance or accounting. This article will delve into the definition of a creditor, the types of creditors, their significance, and how they are presented on a balance sheet. By the end of this [...]
What Is A Tax Reference Number?
What Is A Tax Reference Number? A tax reference number is a unique identifier used by HM Revenue and Customs (HMRC) to track and manage individual or business tax records. This number is crucial for both employees and employers to ensure that tax is correctly calculated and reported. Here’s a [...]
What Is Cash Basis Accounting?
What is cash basis accounting? It is one of the fundamental accounting methods utilised by businesses to record their financial transactions. It is particularly favoured by small businesses and sole proprietors due to its simplicity and straightforward approach. Unlike the accrual basis accounting method, which records income and expenses when [...]
HMRC VAT Late Payment Interest
Value Added Tax (VAT) is a critical component of the UK tax system, applied to most goods and services. For businesses, it’s not just about collecting VAT from customers but also about ensuring timely remittance to HMRC. Failing to do so can lead to significant financial repercussions, including VAT late [...]