What Is Terminal Tax? Terminal tax is the final tax payment for a financial year. It’s the amount you still owe after subtracting any tax you’ve already paid, like provisional tax or PAYE. Here are some key points to remember: It’s based on your actual income for the year. If you didn’t pay enough tax during the year, you’ll need to pay the balance as terminal tax. If you paid too much, you’ll get a refund. Due Date : The terminal tax is usually due on 7 April following the

In today's competitive business world, having a solid budget is not just smart; it’s vital for success. A well-planned budget serves as a roadmap, guiding you through your organization's financial journey. It enables informed decisions that lead to growth and profitability. Whether you're a small start-up or a well-established company, mastering the art of budget creation can significantly boost your business management skills. As we start the new financial year, now is the i

Forecasting - taking the guesswork out of your finance strategy

Being self-employed requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to understand what expenses you can and can’t claim. This means you’ll keep the right receipts and track the right expenses. Figuring out

Are you making any of these accounting mistakes>? We've outlined the top 5 accounting pitfalls that small business owners trip over, so you don't have to make the same mistakes: Starting a business can be a challenging experience, especially when it comes to managing your numbers and staying on top of your financial management. Unless you’ve got some experience in finance, the bookkeeping and accounting requirements can be quite daunting. And even with today’s helpful cloud a