Congratulations on reaching a profitable stage of your business and achieving such a big milestone. You have surplus profits in the business, and your hard work is finally paying off. But the question is, what next? One of the first thoughts that will cross most business owners' minds is evaluating the salary you pay yourself, which is perfectly fine and you deserve it.

The term ‘payments on account’ refers to advance payment towards your tax liability for that year. The system is used by HMRC to ensure timely payment of taxes owed but can also be an effective way to help spread the cost of your tax bill. Each instalment is calculated at 50% of your tax bill for the previous year.

Hiring your first employee is a very exciting milestone for the business and a sign that your business has seen positive growth. Not only will you have to figure out the salary you wish to pay your new hire, but you must also consider other factors that will impact your budget, which make up the true cost of hiring an employee.

Spring cleaning is all about preparing your home for the new season, but how many of us do the same when it comes to getting ready for the new tax year?

New Year, new me, and what about a new business? The New Year can strike up inspiration for a lot of people, whether you want to learn a new skill, set new goals, or even start your own business! If this is your calling, we’ve compiled 5 key business skills that will be essential to learn so that you can effectively manage a business.