profit and loss statement
How to Read a Profit and Loss Statement
Learn how to read a profit and loss statement with clear steps for non-accountants, including margins, trends, and tips for UK small businesses.
The Action Accountants Blog
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Practical guidance on tax, bookkeeping and running a business in the UK.
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accounts payable
What Is Accounts Payable and Why It Matters for UK SMEs
Learn what is accounts payable, how it works in practice, and why it matters for UK SMEs, contractors and growing London businesses seeking…
CIS Deductions
CIS What Does It Mean: A Practical Guide for UK Construction
CIS stands for the Construction Industry Scheme, an HMRC tax-withholding system where contractors deduct money from subcontractor payments and pass it to HMRC as an…
CIS Bookkeeping
What Is Double Entry Bookkeeping and Why It Matters
Double-entry bookkeeping is an accounting method where every financial transaction is recorded in at least two accounts, as a debit in one and a credit in another, so…
Buy To Let Tax Relief
Landlord Mortgage Interest Relief Explained for 2026
You've received your self-assessment calculation, and the figure doesn't match the money left in your bank account.
Accounting Software
Bank Reconciliation Process: A Practical Guide
You're staring at the bank statement, the bookkeeping software, and a spreadsheet that no longer seems to agree with any of them.
Employer Compliance
How to Set Up Payroll for Your UK Business in 2026
You've agreed a start date with your first employee, chosen a monthly payday, and set aside enough money for the wages.
HMRC VAT
8-Part VAT Compliance Checklist for UK Businesses
Most VAT failures happen before a return reaches HMRC. A business can submit a form on time and still struggle if it hasn't monitored taxable turnover, preserved digital…
CIS Calculation
How to Calculate CIS Deductions for UK Contractors
You're looking at a subcontractor's invoice, the project is moving quickly, and the CIS line is the only part you're unsure about.