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MTD for ITSA: What is it and what do you need to know
The government has confirmed in the Spring Budget 2025 that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is going ahead. No more speculation, it’s happening! Here’s the big news: From July 2029 at the latest, sole traders and landlords earning over...
When should I do my Tax Return?
When should I do my Tax Return? Firstly let’s see if you need to submit a Tax Return. If you are self employed as a sole trader or if you are a partner in a business partnership and have earned more than £1000 before any expenses have been taken into consideration,...
Construction Industry Scheme: What is it and how does it work
The Construction Industry Scheme (CIS) applies to contractors and subcontractors in the construction industry. It was introduced by HMRC to tackle tax evasion in the construction industry. Its purpose is simple: it ensures that contractors deduct tax from payments to...
Everything you need to know about being a Sole Trader in the Construction Industry
The UK construction industry is one of the most significant contributors to the nation’s economy, employing millions of workers across various trades. Many of these workers operate as sole traders, enjoying the flexibility and independence that self-employment offers....
Sole Traders in the Construction Industry: Kick start your journey
Sole Traders – How to get started! The construction industry is an ever evolving sector with ample opportunities for individuals looking to launch their own businesses. Trades in this field cover a wide range of specialties, including plumbing, electrical work,...
Top tips to improve cash flow
Managing cash flow is essential for the health and sustainability of any small business. One of the most effective ways to ensure a steady cash flow is by applying strong credit control practices. At Perfect Balance, we believe that helping clients stay on top of...
Organisational methods
Organisation reduces stress….. Organisation helps you sleep better….. Organisation increases productivity at work….. Organisation can improve relationships….. More than often the main causes of stress come from an ever growing to do list and money. Here...
What does the Budget mean for small businesses
Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010, after the party’s return to power in July’s general election. This latest Budget introduces a series of changes that will have a substantial impact on small businesses. Here’s a look at some of...
Essential bookkeeping tips for small businesses
Essential bookkeeping tips for small businesses As a small business owner in the UK, managing your finances effectively is essential to your success. While you may be passionate about your products or services, keeping your financial records in order can often feel...
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