Making Tax Digital for Income Tax: A Sole Trader's Checklist
Who needs to join MTD for Income Tax, when it applies, and what actually changes, explained without jargon.
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Resources
Free guides and checklists, no jargon, no catch.
Running a small business means making decisions about tax, software and cashflow long before you have an accountant on speed dial. These are the guides, checklists and templates we share with our own clients in Baildon, Shipley and across West Yorkshire, written in plain English by a CIMA-qualified accountant rather than lifted from an HMRC manual.
Everything here is free to download, with no sign up form and no follow up sales call. Use them to get to grips with Making Tax Digital, pick between QuickBooks, Xero and Sage, tidy up your bookkeeping or work out what your numbers are actually telling you. If a guide raises a question you would rather talk through, just get in touch and we will happily go through it with you.
Tax & Compliance
Director's Loan Account: A Plain-English Guide
How to take money out of your limited company properly, what counts as a director's loan, and the tax traps of going overdrawn.
Download PDFOverdrawn Director's Loan Account: What to Do Next
What happens when your director's loan account goes overdrawn, the section 455 tax charge, benefit-in-kind interest, and how to clear the balance.
Download PDFCar Leasing vs Buying: What's Best for Your Business?
The tax, cash flow and practical differences between leasing and buying a vehicle through your business, so you can pick the cheaper route.
Download PDFFRS 102 vs FRS 105: Which Should Your Company Use?
A quick guide to the two UK GAAP frameworks for smaller companies, covering thresholds, key accounting differences, filing privacy and how to choose the right standard for your business.
Download PDFLandlord Expenses Guide: What You Can and Cannot Claim
A plain-English checklist of allowable rental expenses, from mortgage interest and repairs to agent fees and council tax, for landlords preparing their tax return.
Download PDFSole Trader vs Limited Company: Which Structure Pays Less Tax in 2026/27?
A plain English comparison of sole trader and limited company tax for 2026/27, with a worked example showing take home pay at different profit levels.
Download PDFThe Construction Industry Scheme: A Guide for Contractors and Subcontractors
How CIS works, who needs to register, verification and deductions, monthly returns, and how to reclaim what you have overpaid.
Download PDFWorking from Home: What You Can Actually Claim
Which home working costs are allowable, the flat rate versus actual cost methods, and how the rules differ for sole traders and company directors.
Download PDFSalary vs Dividends: How to Pay Yourself from Your Company
How the salary and dividend mix affects your tax and National Insurance, the thresholds that matter, and how to set a tax efficient split.
Download PDFWhat Counts as a VAT Receipt (and What Doesn't)?
A plain-English guide to what a valid VAT receipt must show, when the £250 simplified receipt rule applies, and which expenses HMRC blocks regardless of the paperwork. Essential reading for small businesses in Baildon, Shipley and West Yorkshire.
Download PDFTravel & Subsistence: What HMRC Actually Lets You Claim
HMRC rules on business travel, mileage rates, subsistence and meals. Understand the 24-month and 40% temporary workplace rules, approved mileage allowances and what you can claim as a small business.
Download PDFBenefits in Kind: What Is a P11D and What Gets Reported?
A plain-English guide to P11D benefits in kind for small employers and directors. Covers what counts as a benefit, how company cars and vans are valued, Class 1A National Insurance, 2026/27 deadlines and the £50 trivial benefit exemption.
Download PDFAssociated Companies: How They Split Your Corporation Tax Thresholds
If you control more than one company, HMRC may treat them as associated and divide the £50,000 and £250,000 corporation tax thresholds between them. A plain English guide to control, family and business partner rights, dormant companies and what to check before setting up a new structure.
Download PDFSoftware & Systems
Choosing Cloud Accounting Software: A Decision Checklist
QuickBooks, Xero or Sage? A short decision tool to work out which one actually fits your business.
Download PDFSetting Up Your Chart of Accounts
How to structure a chart of accounts that gives you useful reports, whether you are on QuickBooks, Xero or Sage.
Download PDFGeneral Stuff
SOX UK Principles
A plain English look at UK SOX style principles: internal controls over financial reporting, who is responsible, and the practical habits smaller businesses can borrow to keep their records reliable.
Download PDFCRM for Small Business
A plain English guide to customer relationship management for small businesses: what a CRM actually does, when you need one, and how to choose and set up a system that fits how you work.
Download PDFSupply Chain Rules for Small Businesses
What the supply chain rules mean in practice for a small business, who they apply to, and the checks to keep your records in order.
Download PDFProduct and Service Lifecycle for Small Business
How products and services move through introduction, growth, maturity and decline, and what to do at each stage to protect margins and plan ahead.
Download PDFServices for New Limited Companies
A plain-English guide to setting up a limited company, from choosing accounting software and keeping records to VAT, Corporation Tax, payroll and monthly management accounts.
Download guideBank Accounts, Tills and Your Chart of Accounts
A practical guide for new company owners on choosing a business bank account, selecting a till or card payment system, and setting up a chart of accounts that actually makes your monthly reports useful. Covers bank feeds, Xero and QuickBooks integration, card fees, and how to avoid vague catch-all expense categories.
Download PDFWhat Counts as an SME? UK Company Size Criteria Explained
The turnover, balance sheet and employee tests that decide whether your company is micro, small, medium-sized or large, what that means for your accounts and audit duties, and the new thresholds for financial years starting on or after 6 April 2025.
Download PDFUnderstanding Your Numbers
Ratio Analysis
A plain English walk through the key financial ratios, profitability, liquidity, efficiency and gearing, with worked examples so you can see what your accounts are really telling you.
Download PDFBookkeeping Fundamentals
The basics of keeping clean books, what to record, how to stay on top of it, and why it makes everything else easier.
Download PDFUnderstanding Your Financial Statements
What your profit and loss, balance sheet and cash flow actually tell you about your business, in plain English.
Download PDFGross Profit Margin, Labour Cost and Overheads Benchmarks
Typical gross margin, labour cost and overhead benchmarks by sector, so you can see how your numbers compare.
Download PDFGross Profit Margin Calculator
A simple Excel calculator to work out your gross profit margin and test the impact of price and cost changes.
Download ExcelCashflow Forecasting for Small Businesses
How to build a cashflow forecast, what to include, and how to use it to see problems coming before they hit your bank balance.
Download PDFThe Budget Process: A Guide for Limited Company Directors
How to build a budget for your limited company, what to include, and how to use it to plan cash, tax and drawings through the year.
Download PDFThe Budget Process: A Guide for Sole Traders
A straightforward budgeting process for sole traders, forecasting income and costs so you always know what you can take out.
Download PDFOperational vs Planning Variances
A plain English guide to splitting the difference between your budget and your actual results into planning variances (the budget was wrong) and operational variances (the work went differently), so you know what to act on.
Download PDFBusiness Analysis Tools
Make or Buy Decisions
A plain English guide to deciding whether to make something in house or buy it in, covering relevant costs, spare capacity, quality and the practical questions to ask before you commit.
Download PDFPorter and Ansoff for Small Business
A plain English guide to Porter's Five Forces, the value chain and the Ansoff matrix, showing how to size up your market, your competition and your options for growth.
Download PDFSWOT Analysis Toolkit
A practical guide and template to work through your strengths, weaknesses, opportunities and threats, and turn them into actions.
Download PDFKey Performance Indicators: A Practical Guide
Which KPIs actually matter for a small business, how to calculate them, and how to use them to spot problems early.
Download PDFBreak-Even Analysis for Small Businesses
How to work out your break-even point, what it tells you about pricing and fixed costs, and how to use it to plan sales targets.
Download PDFMaslow's Hierarchy of Needs
How Maslow's hierarchy applies to small business, from covering the basics to motivating a team and understanding what your customers really want.
Download PDFBenchmarking for Small Businesses
How to compare your figures against similar businesses, which measures actually matter and what to do when your numbers look out of step with the rest of your sector.
Download PDFBalanced Scorecard
A plain English guide to the balanced scorecard: how to track financial, customer, internal process and learning measures so your business is judged on more than just the bank balance.
Download PDFPEST Analysis for Small Businesses
A plain English walkthrough of political, economic, social and technological factors, so you can spot what is shifting outside your business and plan around it.
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