Turnover is one key indicator and profit another although the two are not be confused. Our quick guide will explain exactly what turnover is, why it matters, and how to differentiate it from profit.

As the well-known saying puts it, the only two certainties in life are death and taxes, which is definitely where inheritance tax (IHT) comes in. But what exactly is IHT, and is there anything you can do to mitigate the effects of this on an estate?

Sending out invoices for the goods or services you provide is a key task for limited company owners. If your invoices lack certain details, this could cause a delay in receiving payment, possibly resulting in cash-flow problems.

There are few things business owners dread more than being on the receiving end of an HMRC tax investigation. But the situation may not be quite as stressful as you might think.

Capital Gains Tax (CGT) is pretty easy to understand: it’s the tax you have to pay when you sell an asset that has grown in value. You will only pay CGT on any profit you made from the sale and not on the overall sum you received.

Record keeping is vital for every incorporated business. If you do not keep the right records for the correct length of time, HMRC can fine your company £3,000 or disqualify its directors for up to 15 years. Even if these penalties only apply in extreme cases, they illustrate the importance of the task.

If you’re running a limited company, your company accounts will contain a balance sheet and profit and loss statement. They form part of your statutory annual accounts. But what exactly do these terms mean, and when are you likely to need to use these documents?

To encourage entrepreneurship in the UK, eligible individuals pay a lower 10% rate of Capital Gains Tax on the disposal of business assets, subject to a lifetime limit.

Since January 2013, if you (or your partner) earns £50,000 or more, your family is not eligible to receive the full state Child Benefit entitlement. Here we look at how this charge works, and why it creates a controversial anomaly in the tax system.

If you are a new business owner, bookkeeping in some form is going to be essential to organising your finances, allowing you to keep up-to-date records of both your income and your outgoings.