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 freedom…

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…

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…

By Lucy Cohen, Co-Founder of Mazuma Beware the FinTech Wolf in Collaborator’s Clothing 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…

Healthy cash flow is the lifeblood of a business. It supports its day-to-day operational needs as well as longer-term growth. Without a strong debt collection strategy in place, however, it is easy for a company to experience cash shortages and difficulty in paying its bills. The late or non-payment of…

Cash flow is at the heart of every successful business. Healthy cash flow is what allows a company to cover its monthly overheads and other liabilities as and when they fall due, using the money coming into the business to cover these costs. Cash flow, however, is a two-way street…

Deciding If You Must: Do I Need to File a Tax Return This Year? Determining “do I need to file a tax return” can be less than straightforward! This article provides clear guidance on tax filing obligations for a variety of scenarios, such as self-employment, exceeding income thresholds, or dealing…

On 22 November 2023, the Chancellor delivered his Autumn Statement which is not the same as a Budget. That is another UK Government ‘fiscal event‘ held around March each year. Jeremy Hunt said his Autumn Statement this was the result of ‘eight months hard work’ which contained 110 measures to…

Find Accountants Near Me Now – Accountants Near Me for Your Needs Are you struggling to keep your business finances in order and need expert advice? It’s time to find the perfect accountant for your business needs. In this guide, we’ll explore the world of local accountants…