Catherine Heinen, FCCA
Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
Top challenges for business owners and tips to help overcome them
Business owners can face various challenges while trying to grow their business. Chasing late payments, managing deadlines and ensuring a healthy work/life balance are only some of the many plates bus...
Find out moreEssential updates for employers: Autumn 2024
As an employer, keeping to date with the latest changes in employment law and regulation is ongoing and crucial to ensure you’re acting as you should be.
Find out moreHow to find the right local bookkeeper
Managing your business’ books is important for business owners, freelancers, and individuals. Finding good and local bookkeepers that are trustworthy and professional is essential for success.
Find out moreAre payments in kind taxable?
I am a social media influencer and as well as being paid in cash I also get discounted or free products and services. Do I have to tell HMRC about these items?
Find out moreMaking Tax Digital for landlords
Discover when Making Tax Digital for landlords will come into effect and what landlords will need to do.
Find out moreKey dates all employers need to know
Staying on top of dates for employers will ensure you keep on track and meet deadlines. With lots more to remember, including dates for self-employed and dates for limited companies, we’ve listed date...
Find out moreShould I get a PAYE settlement agreement?
As an employer, I am looking at providing gifts to employees; should I get a PAYE settlement agreement?
Find out moreAre you paying the right crypto tax?
If you have dabbled with crypto currency, such as Bitcoin or Ethereum, you may not have been aware that your crypto trading could have resulted in a tax bill.
Find out moreWhat is a simple assessment tax bill?
I have received a simple assessment from HMRC that has asked me to pay tax. I do not usually prepare a tax return so why do I need to pay this tax?
Find out moreHow to run a successful and effective business partnership
Discover our tips on how to run a successful business partnership, including managing finances and understanding profit sharing.
Find out moreWhat expenses can performers claim?
As a musician I have many expenses when performing including travel and make up. Please could you clarify what expenses musicians and performers can include on tax returns as business claimable expens...
Find out moreWhat is the Tipping Act
I run a restaurant and I want to know how the changes being introduced to tipping will affect me and my workers.
Find out moreThe Government to remove exemption of VAT on private school fees
The Government has confirmed that from 1st January 2025, VAT will apply to private school fees and boarding fees, including the pre-payment of fees.
Find out moreWhat to do when an employee leaves
When an employee hands in their notice, it can come as a shock. It's essential you handle the situation smoothly so that the business continues to excel, and the other members of the team aren’t affec...
Find out moreYour guide to directors’ pay in the UK
Understanding the various ways directors can be paid is essential for maximising earnings and managing tax liabilities both personally and for the company.
Find out moreYour guide to Capital Gains Tax for landlords
The buy-to-let market in the UK has been an appealing side-hustle or main business venture for many landlords. With fluctuating property prices, the cost-of-living crisis and changes to tax legislatio...
Find out moreHow do I get a tax refund?
I am an employee and have received a letter from HM Revenue and Customs (HMRC) saying I have a PAYE overpayment. How do I get a tax refund?
Find out moreUnderstanding Capital Gains Tax for individuals
Capital Gains Tax (CGT) is a tax on the profit/gain from selling, transferring, gifting or otherwise disposing of certain assets.
Find out moreGrowth Guarantee Scheme launched to help 11,000 smaller businesses in...
The British Business Bank has released details about the new Growth Guarantee Scheme which will support around 11,000 UK small businesses over the next two years.
Find out moreEssential updates for employers: Summer 2024
In the dynamic world of UK employment, the only constant is change. Staying abreast of the latest updates is imperative for employers.
Find out moreShould I use the VAT flat rate scheme?
I run a self-employed business as a builder, my annual turnover is approximately £100,000. I am registered for VAT as my turnover exceeds the threshold, and I wonder if I should use the flat rate VAT...
Find out moreA third of businesses targeted by invoice fraud
In the past 12 months, nearly a third (31%) of businesses in the UK have been the targets of invoice fraud.
Find out moreWhat are the VAT changes to Amazon fees?
What do I need to do to be prepared for the changes to Amazon fees?
Find out moreWhen do I need to sign up for Making Tax Digital for Income Tax Self-A...
I know Making Tax Digital (MTD) for income tax self-assessment is on the way. What do I need to do and when will I need to sign up?
Find out moreEmployment Allowance – What is it and are you eligible?
The Employment Allowance is a valuable relief provided to eligible businesses in the UK. It enables them to reduce their annual National Insurance (NI) bill by up to £5,000 for the tax year.
Find out moreWhat you need to know about HMRC tax investigations
A tax investigation can also be referred to a compliance check or enquiry. A tax investigation is when HM Revenue and Customs (HMRC) checks your financial records to make sure everything is correct.
Find out moreAccounting and tax tips for motor repair businesses
The motor retail and repair sector is one of the largest sectors in the UK economy. Understanding accounting in the motor repair industry is crucial for achieving financial success. This guide provide...
Find out moreDo you have to report UK property income to HMRC?
I let out my property through Airbnb on an occasional basis. At what stage do I have to report this income to HMRC?
Find out moreUnderstanding cash basis accounting: A simple guide
As a business owner, choosing the right accounting method is crucial for managing your finances effectively. Cash basis accounting is a popular choice among SMEs in the UK, offering a simplified appro...
Find out moreYour guide to sole trader travel and subsistence expenses
For sole traders it’s important to make sure you’re claiming all allowable expenses in your accounts and on your tax return. One type of expense you may be able to claim against taxable income is trav...
Find out moreMaximising allowable expenses for limited companies
As a limited company owner, understanding, claiming and managing your allowable business expenses helps your business run efficiently and pay the right amount of tax.
Find out moreFraudsters use fake Companies House letters to target directors
Directors and business owners are being warned about a scam that is using letters claiming to be from Companies House asking for money.
Find out moreHow do I register for self-assessment?
I need to let HMRC know about some property income I started to receive in the 2023/24 tax year. How do I do this?
Find out moreWhat is the tax return threshold for high earners?
I am employed and my salary is £120,000. I have had to complete a tax return before, but this year HMRC have told me I do not need to file a tax return. Is this true?
Find out moreYour guide to auto enrolment pensions
Auto-enrolment was introduced by the UK Government in 2012 to encourage individuals to save for retirement.
Find out moreBasis period reform – what are transition profits?
The basis period reform affects self-employed, sole traders and partnerships that do not have an accounting year end between 31st March and 5th April. Incorporated businesses such as limited companies...
Find out moreCan you payroll benefits in kind?
I am an employer and offer certain taxable benefits to my employees. I am wondering if I can put these through the payroll so I don’t have to prepare P11Ds for all my employees.
Find out moreDo you need an accountant? Here’s what you need to know
An accountant is more than someone who submits your tax return. Accountants can also be business advisers, tax planners, bookkeeping support and payroll preparers.
Find out moreHow bookkeeping services can save you time and money
Running a business can be incredibly rewarding, but it is not without its challenges, especially when it comes to managing finances.
Find out moreHow to Register as Self-Employed with HMRC: A Comprehensive Guide
Learn how to register as self-employed with HMRC in 10 simple steps. From creating a Government Gateway account to receiving your UTR, our guide by Catherine Heinen, FCCA, ensures you meet all require...
Find out moreWhat you need to know when completing a P11D form
Understanding the intricacies of the P11D form can be a daunting task for UK employers. This guide demystifies the P11D form so you can prepare your business ahead of the deadline.
Find out moreIs the state pension taxable?
Is the income I receive as part of my state pension taxable and when do I need to report it to HM Revenue & Customs?
Find out moreA guide to company secretarial duties and responsibilities
The company structure offers businesses the benefit of limited liability protection with the company being a separate legal entity to the individuals who own and run it.
Find out moreA guide to understanding the Seafarers Earnings Deduction
If you are an employee and work at sea outside of the UK, you may be able to reduce your income tax bill using the Seafarers Earnings Deduction (SED).
Find out moreWhen to incorporate your sole trader business
When starting a business, thinking about business structure is an important conversation. For some, the choice is to start as a sole trader or partnership then, as your business expands, look at incor...
Find out moreShould I use the cash basis for my accounts?
With the restrictions to the cash basis being removed from 6th April 2024, should I change the way I am accounting?
Find out moreWhat are the changes to company size classifications?
I have heard that the size classifications of companies between small and medium are changing. Is this correct?
Find out moreWhy would I buy a property through a company?
I want to expand my investment in property with a view to making it my main job. I am wondering whether setting up a company to do this would be the best way as the corporation tax rate is lower than...
Find out moreUnderstanding an overdrawn director’s loan account
Managing the financial health of a limited company involves many responsibilities, including maintaining a balanced director’s loan account.
Find out moreWhat has changed for the new tax year?
The new tax year starts on 6th April. This is often the date that new tax rates and rules come into force, so what does the new tax year have in store for you and your business?
Find out moreEssential updates for employers: Spring 2024
In the dynamic world of UK employment, the only constant is change. Staying abreast of the latest updates is imperative for employers.
Find out moreHMRC makes cuts to helpline access permanent
HMRC has announced changes to its helplines from 8th April 2024, to encourage customers to use their online services.
Find out moreIs Capital Gains Tax reducing?
I am getting ready to sell a property that I’m renting out and I know that I may need to pay Capital Gains Tax. I’ve heard that it is going down, is this correct?
Find out moreTips for managing multiple rental properties
In 2021, the Government said that almost half of landlords (43%) have one rental property. Another 39% have between two and four properties, and 18% have five or more properties.
Find out moreHow is National Insurance changing for directors?
I am a director and shareholder in my own company and, having heard the announcement that the class 1 NIC rate for employees is reducing. What is the most tax-efficient method of profit extraction fro...
Find out moreWhat does the abolishment of Furnished Holiday Lets mean for me?
I have a property that I let out as a Furnished Holiday Let (FHL). With the abolishment of the FHL scheme from April 2025, what does this mean for me?
Find out moreAccounts and Tax guide for the hospitality industry
The hospitality industry is a dynamic and competitive business environment for hotels, restaurants, pubs and bars. Effective financial management is crucial for success and growth.
Find out moreA guide to accounts and tax for new businesses
Thinking of starting a business in the UK or have you already begun? In this guide we look at the accounting and tax aspects you need to consider when starting a new business.
Find out moreYear-end tax planning tips for UK businesses
As the 2023/24 tax year draws to a close, it's crucial for UK businesses to stay informed and prepare for the upcoming year end to maximise your efficiencies. Take a look at our UK business tax planni...
Find out moreCompanies house to increase fees
Companies House has announced that it will be increasing company registration fees from 1st May 2024.
Find out moreHMRC backtracks on tax changes for double cab pickups
HM Revenue and Customs (HMRC) has reversed its changes to the classification of double cab pickups from 1st July 2024.
Find out moreWhat are the changes for double cab pickup trucks?
I own a pickup truck for my business and I am not sure if the tax changes later this year will affect me – what is changing?
Find out moreCan electric cars be used in a salary sacrifice scheme?
I am a business owner and I want to improve my green credentials. I have heard that a way to reduce the emissions is to consider providing a salary sacrifice scheme for employees wanting to buy an ele...
Find out moreWhat is the 60% tax trap?
There's no mention of a 60% tax rate in the UK, so who is paying tax at 60% and getting caught in the tax trap?
Find out moreWhat tax relief can I claim on property repairs?
I have a rental property that I bought four years ago, I have carried out extensive repairs in that time and I am confused as to what I can and can’t claim as tax relief. Please could you clarify what...
Find out moreChanges at Companies House – what this means for you
The changes to the Economic Crime and Corporate Transparency Act (ECCTA) received royal assent on 26th October 2023. Companies House is “aiming to introduce some of these changes on 4th March 2024… th...
Find out moreChanges coming to reporting employment benefits from April 2026
The reporting and payment of income tax and Class 1A NICs on benefits in kind (BIK) will be made through payroll software from April 2026
Find out moreHow long do I need to keep my tax records?
Now that I’ve submitted my tax return, can I throw the supporting documents relating to my business and P60 away? I’ve got a lot of paperwork from over the years and it’d be great to have a sort out.
Find out more10 year-end tax planning tips for individuals
The UK tax year ends on 5th April and now is the perfect time to think about tax planning. The action you take over the next couple of months can help to maximise your income tax savings.
Find out moreSole trader or limited company – which structure is best for my busine...
Choosing a legal structure is one of the most important decisions for a new business owner, and understanding the options can be challenging.
Find out moreWhat you need to know about associated companies
From 1st April 2023, new associated company rules were introduced, replacing the old rules. We look at what has changed.
Find out more10 things you need to know if you are self-employed
As a self-employed individual you’re paramount to your business. Whether you’re new to self-employment, or you’d like a refresher, check out our top 10 key points in this article..
Find out moreHow do I claim child benefit?
I claimed for child benefit using paper forms and the postal service for my previous children, but I hear there’s an online service now available. How do I claim child benefit for my new baby?
Find out moreReduced National Insurance Contributions – what should I expect on my...
Will I get more take home money this month, following the changes to National Insurance rates?
Find out more5 things you need to know about limited companies
Many see running their business as a limited company as a tax advantageous business structure. We’ve summarised the top 5 insights that you need to know about limited companies.
Find out moreMore businesses turn to their accountants to help navigate the cost-of...
The cost-of-living crisis has resulted in businesses needing more services from their accountants.
Find out moreWhen is my company accounts filing deadline?
I run a company with the 31st March year-end, is my deadline the same as the 31st January tax return filing deadline?
Find out moreHMRC targets the self-employed for side hustle tax
Self-employed individuals with side hustles are the focus of a new HM Revenue and Customs (HMRC) initiative to improve tax collection and regulation management with digital platform reporting rules.
Find out more5 things directors need to know
As a director, we understand you're busy. We want to keep it brief, but we want to make sure you know what you need to so we’ve condensed this information into five points
Find out moreTop expenses for your self-assessment tax return
As a business owner, or self-employed individual, the last thing you want is to pay more tax than you need to. Knowing what allowable business expenses you can include on your self-assessment tax retu...
Find out moreThe Cash Basis: What did the Autumn Statement change?
The Government has considered feedback in relation to its consultation on the expansion and simplification of the cash basis for accounting.
Find out moreWhat is business asset disposal relief?
In an evolving tax landscape business owners seek strategies to optimise their tax position. Business Asset Disposal Relief (formerly entrepreneurs’ relief) is a Capital Gains Tax relief that may help...
Find out moreMaking Tax Digital for Income Tax: What did the Autumn Statement chang...
In November 2023, the Chancellor announced the Autumn Statement. While he did not mention Making Tax Digital in his speech, there have been some changes announced in the executive summary.
Find out moreKey tax dates you need to know if you are self-employed
Staying on top of key dates will ensure you stay on track, meet deadlines and avoid paying penalties and interest. We list the key dates sole traders need to be aware of in this concise guide.
Find out moreKey dates limited companies need to know
Staying on top of key dates will ensure you stay on track, meet deadlines and avoid paying penalties and interest. We list the key dates sole traders need to be aware of in this concise guide.
Find out moreThe Minimum Wage and the pursuit of a Real Living Wage
Employers must pay their employees at the hourly rate known as the National Minimum Wage (NMW). In this article, we'll explore the history and growth of minimum wage and the idea of the Real Living Wa...
Find out moreIs my bank interest income taxable?
I have received a lot more interest from my bank this year because of the increase in savings interest rates. I am a higher rate taxpayer and earned almost £1,000 of interest across my accounts. Pleas...
Find out moreSmall and micro companies face accounts reporting changes
The Government is planning to introduce new filing requirements for small and micro businesses to “make the filing requirements easier to understand, reduce fraud and error, and improve transparency”.
Find out moreHow to protect yourself from tax scams
Tax scams are common and often peak around the tax return filing deadline. HMRC responded to over 200,000 tax scams in past year to January 2024, up 14% from the previous 12 months.
Find out moreFive questions you should ask your accountant
As a business owner you want your business to be a success and so should your accountant. The relationship with your accountant is important. They are offering a service and you should be satisfied th...
Find out moreCan I pay my underpaid income tax through my PAYE code?
I’ve just finished my self-assessment tax return and have a balance of tax to pay. I have employment income as well as other earnings that have resulted in the under payment of tax. In previous years...
Find out moreWhat are income tax payments on account?
My tax return has been submitted and I’ve been advised that I need to make payments on account. What does this mean; and how do I work them out?
Find out moreWill I need to pay tax on child benefit income?
My husband and I both work and I am receiving child benefit for our son. Someone has told me about the ‘High Income Child Benefit Charge’. I’m worried I’m going to have to pay tax on the income, pleas...
Find out moreCan I claim mortgage interest as a deduction on my rental property acc...
I have a portfolio of four rental properties and I want to ensure that I am claiming all relevant expenses against the income. I am a little confused over the changes to the claim of mortgage interest...
Find out moreOur Guide to Understanding P60s
A P60 is important as it proves the income tax you have paid on your employment or pension. You can use it as evidence to third parties who may ask to see it. Our guide will explain your P60, includin...
Find out moreBasis period reform – what do I need to do?
I am self-employed and my accounts have a September year end. I keep hearing about the changes to basis periods do I need to do anything
Find out moreWhat tax does a business have to pay?
To help you determine what tax you and your business may be liable for, read this guide.
Find out moreAre flu vaccines for my staff tax free?
I’m a director of company and - to reduce staff sickness - I want to offer to pay for the flu vaccination for my employees. What tax implications do I need to consider?
Find out moreA guide to paying Corporation Tax
Corporation tax is the tax paid by incorporated businesses in the UK, the rates changed from 1st April 2023 with the main rate of corporation tax now 25%.
Find out moreWhen is the tax return deadline for the 2022-23 tax year?
I have heard that the deadline for submitting my self-assessment tax return to HMRC is the end of October. What should I do if I have not sent my tax return information to my accountant yet?
Find out moreWhat is the VAT threshold?
I am an electrician and my income has increased compared to last year. How do I know if I should register for VAT?
Find out moreIs the threshold for filing a self-assessment tax return changing?
I have heard that HMRC will be changing the threshold for taxpayers who pay tax through PAYE to complete a self-assessment tax return. Could you please confirm what the new threshold is and when it wi...
Find out moreCan I claim for working from home tax relief?
As a self-employed builder I am mostly working elsewhere but I do work from home to do my books. Am I able to claim for use of home on my tax return?
Find out moreWhat are the penalties for filing a late tax return?
The deadline for filing your 2023/24 self-assessment tax return online is 31st January 2025. The paper tax return deadline is 31st October 2024.
Find out more5 things landlords need to know
Being a landlord can be difficult and it’s important to prioritise what you need to know. This short guide to help you on your way, whether being a landlord is new to you or you’d just like a refreshe...
Find out moreMaking Tax Digital: Where are we now?
The Government’s initiative to make the UK’s tax system more efficient was first rolled out in 2019. This guide provides an update on the latest developments with Making Tax Digital and what is to com...
Find out moreA guide to crypto tax
Learn everything you need to know about paying tax on gains and income made from the buying, selling and investing in cryptoassets.
Find out moreNational Minimum Wage Rate Changes
I’ve heard the national minimum wages figures are changing from April, what will they be?
Find out moreHow an accountant can help your start-up
As a start-up, it is important to manage your finances from the start. This is key for a successful business and for funding your future. Discover how accounting for start-ups works and how an account...
Find out moreI can’t file my self-assessment tax return by 31st January, will I get...
I have to file a 2023/24 self-assessment tax return but am not going to be able to get it filed by 31st January 2025, will I get a penalty if I file it by the middle of February 2025?
Find out moreSelf-Assessment Tax Return: Missed your second payment?
I did not pay my second payment on account in July, what should I do?
Find out moreDo you need to complete a self-assessment tax return?
Several situations could require the completion of a self-assessment tax return, as they are not just for self-employed individuals. Employees, property owners and individuals who receive untaxed inco...
Find out moreHow much National Insurance do I pay as an employer?
Employers in the UK pay National Insurance Contributions (NIC) based on the amount you pay your employees. These NICs contribute to a state pot, which funds state benefits.
Find out moreWhen to pay a second payment on account
My second payment on account is due by 31st July 2024, do I have to pay this?
Find out moreHow bookkeeping works for a sole trader
Unsure what accounting records you need to keep for your business? Learn more about your business bookkeeping responsibilities as a self-employed person, and what information your accountant needs fro...
Find out moreHow much National Insurance do I pay?
Individuals in the UK will make National Insurance Contributions (NICs) based employed income or self-employed profits. These NICs contribute to a state pot, which funds state benefits.
Find out moreThe tax benefits of electric vehicles
The Government is delaying the ban on new petrol and diesel cars by five years. This delay is causing setbacks in the transition to electric vehicles. The requirement is now for all new cars to be zer...
Find out moreChanging from sole trader to limited company
Find out how to change from being a sole trader to being a limited company, including related costs and transferring property ownership.
Find out moreThe benefits of online accounting in a changing business climate
Although manual records, spreadsheets and desktop accounts software have done the job for many years, the evolving needs of small and medium-sized businesses require a more agile bookkeeping solution.
Find out moreWhy and how sole traders can become VAT registered
As a sole trader, when you reach the VAT threshold you will have to register for VAT, it may also be advantageous in certain circumstances to register for VAT voluntarily.
Find out moreChanges to landlord Capital Gains Tax rules
Stay informed on the latest changes to landlord Capital Gains Tax rules, including reduced tax-free allowances, lower CGT rates for higher rate taxpayers, and the abolition of multiple dwellings relie...
Find out moreThe benefits of having your tax return filed early
Nearly 300,000 self-assessment tax returns were filed in the first week of the new tax year to take advantage of the many benefits of doing so sooner rather than later.
Find out moreEight steps to making your Payroll Year End easier
The payroll year ends on 5th April, here is our eight-step guide to help you put your payroll in order.
Find out moreDoes my P11D have to go on my tax return?
I am employed and I also have rental income so I need to complete a tax return. Does my P11D need to go on my tax return?
Find out moreFive tax benefits available to your business for going green
Being a green, sustainable business offers improved reputation and makes businesses more attractive to customers and employees. Being green also improves the commercial viability of your operation and...
Find out moreTax saving tips for you and your business
Delving through the array of allowances and reliefs available to help minimise your tax liability can be a daunting process. It can be tricky for small business owners to establish what's available an...
Find out moreFive reasons to outsource your payroll
If your business is expanding and you’re thinking of taking on employees or already have employees but are after some assistance with your payroll look no further. It's understandable to feel daunted...
Find out moreWhat you need to know when filing your tax return and paying your tax...
More than 12 million people are expected to file a self-assessment tax return for the current tax year.
Find out moreMaking Tax Digital
Making Tax Digital (MTD) is the UK Government's plan to modernise the UK's tax system and was announced in the 2015 Budget.
Find out moreHow do I amend my tax return?
I have received a letter from HM Revenue & Customs (HMRC) stating that I may not have told them something and owe tax. I am not sure what to do, please could you help?
Find out moreWhat is the Confirmation Statement?
The Confirmation Statement replaced the Annual Return (AR01) in June 2016.
Find out moreWhat are the tax consequences of selling shares at a loss?
I bought some shares in a company listed on the London Stock Exchange a few years ago. Due to unforeseen circumstances I now have to sell them and have made a substantial loss. Can I get tax relief on...
Find out moreShould I register for VAT?
I have just started my own business and I have paid a lot of VAT on the purchase of a van and other start-up costs. I am considering whether I should register for VAT so that I can get this VAT back.
Find out more