AWOC BUSINESS BLOG
Second Income Stream in the UK: Complete Guide to Starting a Side Hustle in 2025
Quick Answer If you're starting a side hustle in the UK, you must register as self-employed with HMRC if you earn over £1,000 annually from your extra income. A second income stream can be combined with an LTD company, but different tax rules apply. The key: register...
Green Tax Reliefs in the UK: How to Save with Sustainable Investments in 2025-2026
Did you know your business could save over £20,000 annually with green investments? The UK government is offering substantial green tax reliefs in October 2025 for businesses moving towards sustainability. But it's not enough to simply buy an electric vehicle or...
HMRC Compliance Check 2025: How to Prepare for an Inspection
Quick Answer: An HMRC compliance check in 2025 doesn't have to be a nightmare. If you keep your records regularly, save all invoices, and get expert help in time, you can face the inspection with confidence. HMRC mainly checks businesses where they spot...
Post-Brexit EU-UK Trade 2025: 7 Critical VAT, Carnet and Import Rules Every Small Business Must Know
Quick Answer: What Small Businesses Need to Know About Post-Brexit Trade Post-Brexit EU-UK trade in 2025 requires small businesses to navigate complex new VAT implications, ATA Carnet systems, and evolving import regulations under the Windsor Framework. Key changes...
Employment Rights Bill: 5 Game-Changing Reforms Transforming UK Workers’ Rights
Quick Answer: What You Need to Know About the Employment Rights Bill The Employment Rights Bill represents the most significant overhaul of UK employment law in 50 years. This landmark legislation will eliminate the two-year qualifying period for unfair dismissal...
UK Child Benefits 2025: Complete Guide to Child Benefit, Universal Credit and Free Childcare
Quick Answer: What You Need to Know About UK Child Benefits in 2025 UK child benefits in 2025 offer comprehensive support for families through Child Benefit, Universal Credit childcare elements, and expanded free childcare provision. The most significant changes...
UK Electric Car Tax Benefits 2025: Company Car & Salary Sacrifice Optimisation
Quick Answer Electric vehicle BIK (Benefit in Kind) rates have risen from 2% to 3% from April 2025, yet still offer substantial tax savings compared to petrol and diesel cars, which can attract BIK rates of up to 37%. Salary sacrifice schemes continue to provide...
Making Tax Digital Explained: Your 2025 Guide to Staying Compliant and Stress-Free
Making Tax Digital (MTD) is one of the biggest shifts in how UK businesses and individuals manage their taxes — and with new changes coming in 2025, it’s time to make sure you’re ready. If you’re confused about what MTD means, who it applies to, and what you need to...
Avoid Surprises in the 2025/26 Tax Year – The Essential UK Business Checklist
The new tax year is just around the corner, starting on 6 April 2025, and it brings major changes that every UK business owner should know about. Whether you run a small business, a limited company, or you’re a sole director, preparing now can save you money and...
Avoid Paying More National Insurance in 2025 – What Small Business Owners and Directors Need to Know
Big changes are coming from April 2025, and if you run a small business or you’re the director of your own company, this will definitely affect you. In this article, we’ll explain how to avoid paying more National Insurance (NIC) than you need to — and what actions...
How to Keep Your Car Tax-Free for Another Year – But You Need to Act Fast
If you want to avoid paying road tax for as long as possible, here’s the good news: you still have time to lock in one more year of free road tax – but only if you act before 31st March 2025. From 1st April 2025, the free road tax scheme comes to an end for everyone —...
The Beginners Guide to Capital Allowances
When you purchase assets for your business, you can lower your tax burden by claiming capital allowances. These might be business vehicles, computers, machinery, or software development. Capital allowances are an essential aspect of corporate tax regulations because...
Different types of Capital Allowances
Different Types of Capital Allowances Capital allowances are a (horrendously) complex area of UK tax, but claiming allowances wherever possible can help a business to make a big dent in its tax bill. To make things extra confusing, there are different types of capital...
VAT For Businesses
VAT isn't the easiest concept to grasp, and the language may make it appear much more difficult. To help you make sense of it all, we explain what HMRC means by some of the most used VAT lingo. 12-Month Period This is the rolling 12-month period before this point in...
The Beginners Guide to Capital Allowances
When you purchase assets for your business, you can lower your tax burden by claiming capital allowances. These may include business automobiles, computers, machinery, or even software development. Capital allowances are an essential aspect of corporate tax...
What is VAT?
The majority of people have heard of VAT. What many people do not realise is that VAT accounts for one-third of all government revenue. So, in fact, it impacts not just businesses, but each of us on a daily basis, in numerous transactions that we do (both online and...
The Basics of Capital Gains Tax
Capital Gains Tax (CGT) is a tax on the profit (the gain) made when you 'dispose' of an asset you own. The term "disposal" usually refers to the sale of an asset, but it can also refer to giving it away, exchanging it for something else, or receiving compensation for...
Preparing Your Business for Making Tax Digital
Making Tax Digital (MTD) is at the heart of HMRC's strategy to become one of the world's most digitally advanced tax administrations. The plan, which was first announced in March 2015, is to simplify tax by replacing existing processes with digital record keeping and...
How Do I Register A Business Partnership?
A general partnership, like other types of business structures, must register with HMRC. This means that both the partnership and its partners accurately declare and pay their taxes. A selected partner will be assigned to the partnership and will be responsible for...
How Soon Should I Submit My 2020-21 Self Assessment Tax Return?
Submitting your tax return as soon as the new fiscal year begins may seem strange, but it has advantages. Rather than postponing your Self-Assessment tax return until January, read our guide to why filing it sooner is preferable. How early can I submit my Self...
We’ve launched Crypto Tax Online!
We are happy to announce that our partner site 'Crypto Tax Online' has officially been launched! The confusing world of Crypto is constantly changing, this makes it increasingly difficult to stay on top of everything in the industry. Crypto Tax Online is here to...
What’s the Most Tax Efficient Director’s Salary in 2022/23?
Even if you're also the owner, you're legally separate from your limited company as a director. This means that, unlike a solo trader, you are not allowed to retain all of the gains for yourself. Instead, you'll have to figure out how much you're going to pay...
Our Newly Launched HMRC Tax Crypto Guide
Interested in learning more about UK crypto taxation and how HMRC views Bitcoin and other cryptocurrencies? Don't be perplexed any longer. HMRC was one of the first tax administrations in the world to issue explicit instructions on cryptocurrency taxation in the...
An employers’ guide to reclaiming COVID-related SSP using the Coronavirus Statutory Sick Pay Rebate Scheme (SSPRS)
The government is assisting small businesses by changing the way Statutory Sick Pay (SSP) handles absences due to coronavirus. We will explain how the SSP relief package works and who is eligible to receive it. What is the Statutory Sick Pay Rebate Scheme (SSPRS)? The...
What’s the difference between a Sole Trader and a Limited Company?
It can be difficult to make the decision to leave the standard professional path and create your own company. The ability to control your finances and the flexibility to choose your working hours motivates you, but there's a lot to learn along the road. The first...
The Autumn 2021 Budget Update
The new Autumn 2021 budget update contains important key information for small businesses, sole traders, and employers. In this article we look at what changes have been made, so that your business can stay up to date with the latest ongoings. New Health &...
How To Calculate Crypto Taxes in UK
HMRC has released solid guidance on how cryptocurrencies are taxed in the UK. It's all straight forward, mining/staking income is the same as any non-crypto source, and profits or losses made from crypto trading can be treated like those experienced by someone who...
Trivial Benefits, what are they?
In April 2016 a set of new rules emerged which stated that, employers could now provide ‘trivial benefits’ to employees and not have to worry about declaring these to HMRC. To gain a better understanding of this, we must ask ourselves what exactly trivial benefits are...
Welcome to the AWOC Accounting Blog
Welcome to the AWOC Accounting blog. We look forward to sharing lots of informative and helpful business tips.
