Tax Rates and Allowances 2025/2026 As the new tax year commences in April 2025, several significant changes have been introduced that will impact businesses across the UK. At Simply Balanced Solutions, your trusted bookkeeping partner in Clanfield, Hampshire, we aim to keep you informed and prepared. Here's a breakdown of the key updates: Income Tax…

If you're self-employed in Hampshire—whether you're a builder in Clanfield, a consultant in Petersfield, or a hairdresser in Waterlooville—digital bookkeeping is no longer just a "nice to have." It’s becoming essential. Thanks to the UK government's Making Tax Digital (MTD) initiative, big changes are coming for how sole traders manage their finances. And with the MTD for…

As the new tax year commences in April 2025, several significant changes have been introduced that will impact businesses across the UK. At Simply Balanced Solutions, your trusted bookkeeping partner in Clanfield, Hampshire, we aim to keep you informed and prepared. Here’s a breakdown of the key updates: Income Tax Rates and Thresholds The income…

If you’re a self-employed builder, you’re probably no stranger to long days, tight deadlines, and chasing up payments. But when it comes to bookkeeping, it’s easy for the paperwork to pile up—and cost you money without you even realising it. In this post, we’re breaking down 5 common bookkeeping mistakes builders make—and how to avoid…

If you’re running a small business or working for yourself—whether as a tradesperson, consultant, or beauty professional—you probably already have an accountant. But here’s the question most business owners don’t ask: 👉 Should you also have a bookkeeping firm? The answer is a confident yes—and here’s why. In this post, we’ll break down four key reasons why…

Running a beauty business is more than just making people look good—it also means managing your money, tracking expenses, and submitting accurate tax returns to HMRC. If you’re a self-employed hairdresser, lash technician, nail tech, or makeup artist, the good news is: 👉 You can claim a wide range of business expenses to reduce your tax…

As we near the end of the tax year, it’s important that employers (and employees) are aware of the increases in minimum wage and benefits that come into effect from 1 April 2023. National Minimum Wage (NMW) NMW is the minimum hourly rate that employers must pay to workers aged between 16 & 222 –…

It’s that time of year again – Christmas! Every year we get asked questions about the rules for entertaining & gifts for clients and staff so that you stay on the right side of HMRC. As always if you any questions please get in touch before you buy gifts etc.  that way we can help…

Did you take advantage of the option to defer paying VAT as part of the Government support to businesses during the Coronavirus Crisis?  At the time you didn’t have to do anything, you just didn’t have to pay the VAT due until March 2021.   As we are now approaching this deadline HMRC has published guidance…

From 1st March 2021 VAT is changing within the construction industry It has been brought in to cut down on VAT fraud in the construction sector. Who does it affect? The new rules apply to contractors and subcontractors within the Construction Industry Scheme (CIS) who are VAT registered. Under the new rules when a subcontractor…

More and more business owners are turning to cloud accounting software to manage their business finances. Cutting edge technology is perhaps not what first springs to mind when you think of bookkeepers, we do tend to be a cautious bunch. But most of us are now embracing the power of the cloud when it comes…

Not sure if you need a business bank account? You’re not alone. This is one of the most common questions we get asked, and the answer is that it depends on your business structure. Are you a sole trader or limited company? Sole Traders As a sole trader, your personal and business affairs are treated…

Self-assessments and payment on account can cause a lot of angst if you’re self-employed. The annual rush to get your tax return submitted on time coupled with unexpected tax bills is far from fun. Payment on account is a commonly misunderstood part of the self-assessment process. It was developed by HMRC to help self-employed people…

If you’re self-employed and use your own car to make business journeys, then you can claim expenses to help reduce your tax bill. Unfortunately like a lot of things to do with HMRC, it can be complicated. But don’t worry, we’re here to help! Let’s get started. When are motor expenses classified as “allowable expenses”?…