The financial year begins on April 6th and finishes on April 5th the following year. The government raise revenue from taxes to pay for national services such as: transport system, education, national health services, etc. HM Revenue & Customs (HMRC) departments are responsible for the day-to-day running of the tax system.

The tax affairs of employment personnel and pensioners are administrated by the tax office that deals with Pay As You Earn (PAYE). If you are self-employed, your local tax office usually deals with your business. It is best to employ the services of a qualified accountant.

Why Writing A Will Is Important!

If you’re a homeowner wanting to leave your estate to a partner, pass it on children or other beneficiaries, a will is the best way to ensure your wishes are followed. Without a valid will, government rules of ‘intestacy’ will decide what happens to your estate, which may be what you would have done.


Credit Card

Instead of using the credit card, save up for the things you want to buy. 

A credit card can be beneficial, but its important to stay out of debt. Avoid paying interest where possible.

Pay back on a monthly repayment plan, on a balance transfer card. If you miss a payment, the provider could cancel the deal.


Income Tax – what we pay annually on earnings, pensions, and income from savings.

Capital Gains Tax – paid only when profits on sales and other types of assets are acquired.

Inheritance Tax – chargeable on some lifetime gifts, and on the value of your estate at the time of death.

Value Added Tax – included in the price of many goods and services we buy.

National insurance – contributions paid based on your earnings, or profits of a business.

Social Security – benefits that we may claim if qualified, including a pension from the state.

Tax Credits – you may be eligible, find out how, where and what you can claim.

Working For Yourself

If you run your own business, you are classified as self-employed for tax purposes. Your business could be a trade, profession, or vocation. For the supply of goods or services, having a contract in place is good business practice for all transactions. Register your business with HMRC online at –

Register with HMRC for a government gateway account – Class 2 National Insurance – Form SA1. You will also need a Unique Taxpayer Reference number – UTR. We use the UTR to enrol for self-assessment on-line. You can earn up to £12,500 as a personal allowance before you begin paying tax. 

Book-keeping and records are extremely important. Receipts, invoices, records of all expenditure and incomes. Daily direct and indirect costs. Calculate profits. ACAP!