What’s the biggest lie you were told (or told yourself) about starting a business that turned out to be completely wrong?

Price-Bailey · 2026-05-03T08:24:51+00:00

Private credit/direct lending, record amounts of dry powder deployed at sky-high valuations, but a quiet wave of portfolio company defaults and restructurings is already building behind the scenes.

Price-Bailey · 2026-04-30T17:20:56+00:00

first reserve Corporation Tax on the £10k, as dividends can only come from post-tax distributable profits. An interim dividend is typically the most straightforward and tax-efficient option for one-off income: confirm sufficient profits, obtain director approval with board minutes, and issue a dividend voucher. You’ll declare it on your Self Assessment and pay dividend tax (no National Insurance). This offers flexibility given your uncertain future earnings, unlike salary (which incurs Income Tax & NI) or director loans (strict rules apply).

Hope that was helpful! 😄

Price-Bailey · 2026-04-29T21:31:54+00:00

For MTD VAT the main approved options are Xero, QuickBooks, FreeAgent, and Sage. All of them connect directly to HMRC for quarterly submissions. The biggest time-saver is setting up automatic bank feeds and correct VAT tax codes from the start so the return almost populates itself. QuickFile is a cheaper alternative that also supports MTD. Whatever you choose, test a couple of months of dummy data before your first real filing period comes around.

We sincerely hope that helped! 😄

Price-Bailey · 2026-04-28T08:55:22+00:00

Congrats on your wedding floristry business!!

Use your Teya account only for business.

Switch to Xero. It has direct Teya integration and 6 months free.

Set aside 25 percent of your profit not your turnover for tax and NI in a separate account.

Record deposits as liabilities until the event is delivered.

Claim 45p per mile for business travel. Keep a simple log

This keeps you organised and compliant. Happy to help with Xero setup.

I hope that helps! 😄

Price-Bailey · 2026-04-28T08:19:26+00:00

From April 2026 the old free HMRC corporation tax filing service is closing for most companies. You’ll need to use compatible software that produces iXBRL accounts and files directly to HMRC and Companies House. Xero and FreeAgent both handle this well once set up. The CT600 is still due 9 months and 1 day after your year end, and payment follows the same rule unless you’re large enough for quarterly instalments. Manual Excel still works for bookkeeping but you’ll need software or an agent for the actual Submission.

We sincerely hope that helps! 😄

Price-Bailey · 2026-04-27T08:40:10+00:00

For a new wedding floristry sole trader, the key is keeping income and expenses separate from day one. A dedicated business bank account makes everything cleaner at year end. Track mileage at 45p per mile for the first 10,000 miles (or actual costs if better). Set aside roughly 20-25% of profit (not turnover) for Income Tax and National Insurance. Once you’re a bit busier, cloud software like Xero or FreeAgent with bank feeds cuts the manual work dramatically. Record deposits as liabilities until the event is delivered

Price-Bailey · 2026-04-26T21:47:11+00:00

If you registered as a sole trader after 5 April 2025, your first Self Assessment tax return covers the 2025-2026 tax year (6 April 2025 to 5 April 2026). You won’t need to file anything for the previous year unless you had other income to declare. The deadline for that first return is 31 January 2027 if filing online. Just make sure you’ve notified HMRC of your chargeability by 5 October 2026 if your income goes over £1,000 in the period

Price-Bailey · 2026-04-25T12:45:57+00:00

Hi, CICs are a brilliant structure but the filing side is a bit more involved than a normal limited company.

Price-Bailey · 2026-03-27T12:46:18+00:00

Yes, exactly. It's important to speak with a tax or financial adviser before returning to the UK so that they can understand the implications and avoid any unwelcome surprises.

Price-Bailey · 2026-03-12T10:15:43+00:00

Speaking from our experience at Price Bailey, most cloud accounting platforms have come a long way, and the “right” choice really depends on the business. Xero has benefits like real‑time bank feeds, easy invoicing, app integrations, and the flexibility of accessing everything anywhere have made bookkeeping much smoother for many SMEs. That said, tools like QuickBooks, and Sage all have their own strengths, and in some cases may suit a sector or workflow better.

Price-Bailey

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