Is there a penalty for late self assessment tax return submissions?

So, you’ve quit your job and decided to move into a different avenue: working for yourself. Registering as a sole trader is typically the preferred option for people looking to set up their own businesses. But there are lots of responsibilities that come with the…

Deciding to break off from the traditional career ladder and start your own business can be daunting. You’re motivated by the opportunity to manage your finances and the freedom of choosing your working hours – but there’s a lot to learn along the way. The first…

Shocking research conducted by Accounting Firm Mazuma shows that 83% of Plumbers are not ready for the changes to tax filing that will become mandatory from April 2026. Making Tax Digital (MTD) is the biggest overhaul of the tax filing regime in generations. From 2026 any business, sole trader,…

The easiest way to open a business is to start off as a self-employed sole trader. As a sole trader, either on your own account or in partnership, you run your own business as a self-employed entity. A sole trader needs to ensure they are registered with HMRC and…

What is bookkeeping? Bookkeeping is the process of recording all of the financial transactions of your business in a set format. This includes keeping them in some form of the ledger (in the old days, this was a physical ledger book!), or using bookkeeping software in order…

The rules for deciding what business expenses can be deducted from your profit for tax purposes can be quite complex. The importance of claiming all your allowable business expense deductions cannot be overstated. When a limited company claims allowable expenses, they will reduce their profit which in turn reduces Corporation…

There’s no doubt about it, both Mazuma and Xero are market leaders when it comes to what they do. Since their launch in 2006, Xero has set the benchmark for cloud accounting software. And since Mazuma launched in 2006, they have paved the way for Accountancy subscriptions for…

Ltd Companies and Director’s Loan Accounts When you operate your small business through a Ltd Company, you’ll need to get used to lots of new vocabulary around Accountancy. One of the most frequently misunderstood terms (and areas of Accountancy) for a small Ltd Company is the Director’s Loan Account. But…

The co-founder of the UK’s leading online accountancy firm for small and micro businesses is celebrating a win at a prestigious accountancy award ceremony. Mazuma co-founder Lucy Cohen was named Woman of the Year – Technician at the first ever Women in Accountancy and Finance Awards in London. The event,…

The UK’s leading online accountancy firm for small and micro businesses has been chosen to join forces with the FreshBooks, the number 2 small business invoicing and accounting software in America, with paying customers in 100+ countries. Mazuma has a proven track record of being tech-focused and working…

If you’re a freelancer, sole trader or self employed in any other way, you were probably working from home way before COVID-19 was on the scene, right? You might even say that you were the pioneers of flexible working before everyone was doing it! Nowadays, the amount of people working from…

The sense of independence and freedom you’ll feel as a sole trader is amazing, but there are important administrative tasks to follow before your adventure begins. As a sole trader, you’ll classify as self-employed and have your own set of tax rules and regulations to follow – but don’t worry! We’re…

“’Tis impossible to be sure of anything but Death and Taxes.” Quote from The Cobbler of Preston by Christopher Bullock, 1716   Starting your own business is both exciting and daunting. Although it’s hard to know what the future may hold, you can be sure of one thing – you’ll have to…

In late November, my attention was drawn to a petition that had launched online. Briefly, it seems that in the USA, Quickbooks had been directly targeting the clients of bookkeepers who had previously partnered with Intuit and sold Quickbooks to their base.  The bookkeepers in question were protesting.

Did you know that after ‘sole trader’, ‘limited company’ is the most popular business structure in the UK? There were over three million businesses on Companies House’s register in July 2017. If you’re thinking about taking the next step for your business and becoming a limited company, then…

The Chancellor of the Exchequer, Rachel Reeves, has delivered her Spring Statement March 2025 to the House of Commons. The government continues to be faced with challenging economic conditions as the global economy appear to be faltering. The Chancellor had very little good news to deliver with the Office for…

Currently, it seems like we can’t catch a break in the UK. After two years of a pandemic and ongoing economic uncertainty, we’re still facing a cost of living crisis, soaring energy bills, and expenses that make us feel like we are burning money. It might be surprising…

Our very own Lucy Cohen, founder of Mazuma, has been nominated for the St David Award in the Business category. The Welsh Government has recognised her for making a real difference to Wales, and we couldn’t be prouder! The St David Awards are the national awards of Wales, celebrating outstanding…

Exit planning is an integral part of running a business as it plots a roadmap for the business following your exit. An exit plan that’s fit for purpose gives the business the power to operate independently and maintain operations after your departure, regardless of the circumstances. With an exit plan…

Starting your own business as a self-employed individual can be an exciting and empowering experience. However, it comes with its own set of challenges, one of which is managing your self employed accounting finances. Proper accounting is essential to ensure that your business runs smoothly, remains compliant with tax…