Knowledge Hub

We provide comprehensive guidance articles on various accountancy topics, equipping you with the knowledge you need to make key decisions.

Accounting doesn’t have to be complicated. Our Accountancy Hub is your go-to space for clear explanations of common terms, simple answers to frequently asked questions and quick guidance on everything from tax codes to year-end accounts.

Whether you’re self-employed, running a business or just want to understand the numbers better, you’ll find what you need right here.

Most Searched Accountancy Topics

Abridged Accounts Meaning
These are simplified financial statements allowed for small companies. Learn what abridged accounts mean, and how they reduce disclosure requirements.

Account Assistant Job Responsibilities
This entry-level role supports finance teams with admin and data. Discover what an account assistant’s job responsibilities are, and what skills are required.

Account Books
These are physical or digital records of all financial transactions. Find out what account books are, and how they support bookkeeping and audits.

Account in Debit
A debit account shows money owed or an increase in assets. Learn what an account in debit means, and how it appears in double-entry bookkeeping.

IR35
IR35 is a tax rule to identify ‘disguised employment’. Learn what IR35 is, who it affects, and how it’s applied to contractors.

What Does Inside IR35 Mean?
If a contract is inside IR35, tax must be paid like an employee. Discover what inside IR35 means, and how it impacts take-home pay.

What Does Outside IR35 Mean?
Outside IR35 means you're operating as a genuine business. Learn what outside IR35 means, and how to stay compliant.

Account Retention
Retention refers to keeping clients or long-term accounting records. Find out what account retention means, in both finance and customer service contexts.

Accounting Apprenticeships
Earn while you learn, with structured training and exams. Discover what accounting apprenticeships offer, and how to qualify.

Accounting for Consultants
Consultants need to track time, expenses, and revenue. Learn how accounting works for consultants, including key software and tax tips.

Accounting Jokes
Yes, they exist and accountants have a sense of humour! Enjoy a collection of accounting jokes that even HMRC might appreciate.

Accounting Reference Date
This is your company’s financial year-end. Find out what an accounting reference date is, and how to change it at Companies House.

Accounts Office Reference Number
This 13-character code is used by HMRC for PAYE. Learn what an accounts office reference number is, and where to find it.

Accounts Receivable
It refers to money owed by customers. Discover what accounts receivable means, and how it appears in business accounts.

Accrual
Accruals record income or expenses earned but not yet paid. Learn what accruals are, and how they apply to accrual-based accounting.

Advisory Fuel Rates
These rates guide business mileage claims for company cars. Find out what advisory fuel rates are, and when they’re updated by HMRC.

Arrears
Arrears are overdue payments. Learn what arrears are, and how they impact your credit and financial records.

Assets
Assets are items of value owned by a business. Discover what assets are, including fixed, current, and intangible examples.

Audited Accounts
Audited accounts are reviewed by an external accountant. Find out what audited accounts are, who needs them, and why they matter.

Augmented Reality in Accounting
AR is being explored for data visualisation and client engagement. Learn how augmented reality is used in accounting, and what the future might hold.

Benefit in Kind Electric Cars
Electric vehicles offer big tax perks for company car users. Discover how benefit in kind tax applies to electric cars, and what rates apply.

Best Universities in UK Accounting and Finance
Looking to study? Learn which UK universities are best for accounting and finance, based on rankings and career outcomes.

Bill Tipping
Tipping a bill refers to adjusting it for rounding or service. Find out what bill tipping means, especially in the hospitality sector.

Capital Gains Tax Account
This account is used to report and pay CGT on property. Learn what a capital gains tax account is, and how to set one up.

Capital Reduction
This is when a company reduces its share capital. Discover what capital reduction is, why companies do it, and how it's reported.

Change of Accounting Reference Date
Companies can change their financial year. Find out how to change your accounting reference date, and what deadlines apply.

Chartered Accountant Salary UK
Pay varies by experience, sector, and location. Learn how much a chartered accountant earns in the UK, and what boosts your earning potential.

Christmas Party Tax Deductible
Yes within limits! Discover when a Christmas party is tax deductible, and how to stay within HMRC rules.

Closing Balance Formula
This formula shows the final value in an account. Learn what the closing balance formula is, and how it’s used in double-entry bookkeeping.

Commercial Vehicle Taxation
Commercial vehicles follow different tax rules. Learn how commercial vehicle taxation works, including commercial vehicle tax changes.

Criminal Accounting
This refers to fraud, embezzlement, or money laundering. Discover what criminal accounting is, and how forensic accountants detect it.

Dead CLIC in Accounting
It’s a mnemonic for remembering debit/credit rules. Learn what Dead CLIC means in accounting, and how it simplifies double-entry concepts.

Difference Between Accounting and Accountancy and Bookkeeping
These terms are often used interchangeably but aren’t the same. Discover the difference between accounting, accountancy, and bookkeeping, and who does what.

Difference Between Financial Management and Management Accounting
One focuses on strategy, the other on internal decision-making. Learn the difference between financial management and management accounting, and where they overlap.

EMI Options
Enterprise Management Incentives are tax-efficient share schemes. Find out what EMI options are, and how startups use them to attract talent.

Employee Ownership Trusts
A growing model for business succession. Learn what an employee ownership trust is, how it works, and the tax benefits involved.

End of Year Accounts
These are the formal financial records for a company’s year. Discover what end of year accounts are, and when they must be filed.

EOT Meaning
EOT stands for Employee Ownership Trust. Learn what EOT means, and why businesses are increasingly switching to this model.

Family Investment Company
Used for inheritance planning and wealth structuring. Discover what a family investment company is, including family investment company strategies and tax benefits.

Fees in Advance Scheme
Common in education or membership organisations. Learn what a fees in advance scheme is, and how it affects revenue recognition.

Foreign Tax Credit Relief
Prevents double taxation on overseas income. Find out what foreign tax credit relief is, and how to claim it on your UK tax return.

Generally Accepted Accounting Principles UK
Known as UK GAAP, these are the standards for financial reporting. Learn what generally accepted accounting principles are in the UK, and how they compare to IFRS.

How Do You Sell a Business?
From valuation to legal steps, selling requires planning. Discover how to sell a business, and how to get the best deal.

How Long Can I Work Abroad Without Tax Implications UK?
It depends on tax residency rules. Learn how long you can work abroad without UK tax implications, and what the 183-day rule means.

How to Become an Accountant
You’ll need qualifications, experience, and exam passes. Find out how to become an accountant, including how to become an accountant in the UK without a degree.

Input VAT
Input VAT is the VAT you pay on business purchases. Learn what input VAT is, how to reclaim it, and what records you need to keep.

International Accounting Standards 19
IAS 19 relates to employee benefits like pensions. Discover what International Accounting Standard 19 is, and how it affects financial reporting.

Interim Report Meaning
These are financial statements published between annual accounts. Learn what an interim report means, and when companies must issue them.

Management Accounts
These are internal reports used for business decisions. Find out what management accounts are, how often to produce them, and what they include.

Management Buyout
This is when a company’s own team buys the business. Discover what a management buyout is, and how it’s financed and structured.

Micro Entity Accounts
Micro companies can file simplified accounts with Companies House. Learn what micro-entity accounts are, and who qualifies for them.

Opening Balance Formula
It’s the starting point in any accounting period. Find out what the opening balance formula is, and how it links to closing balances.

Output VAT
This is the VAT you charge on sales. Learn what output VAT is, and how to report it on your VAT return.

Overdrawn Directors Loan Account
If you take more from the company than you’ve put in, this can trigger tax. Discover what an overdrawn director’s loan account is, and how to correct it.

Postponed VAT Accounting
It lets you delay VAT payments on imports. Find out what postponed VAT accounting is, and how to include it in your VAT return.

Profit and Loss Account
This shows income, expenses, and net profit. Learn what a profit and loss account is, and how it helps assess business performance.

Purchase Ledger
This is your record of money owed to suppliers. Discover what a purchase ledger is, and how it fits into your accounting system.

Sales Ledger Control Account
This summarises amounts owed by customers. Learn what a sales ledger control account is, and how it relates to accounts receivable.

Setting Up a Holding Company
Holding companies own shares in subsidiaries. Find out how to set up a holding company, and what tax and legal advantages it offers.

Solicitors Accounts Rules
These govern how client money is handled. Learn what the Solicitors Accounts Rules are, and how law firms stay compliant.

Statement of Accounts
A statement summarises a customer’s account activity. Discover what a statement of accounts is, and how to issue one to clients.

Substituted Accounting Period
You may be able to change your tax year. Find out what a substituted accounting period is, and when HMRC allows it.

Tax Advantages of Electric Cars
EVs offer lower benefit-in-kind and tax breaks. Learn what the tax advantages of electric cars are, especially for company directors.

Top UK Accountancy Firms
The Big Four dominate but there are strong challengers. Discover who the top UK accountancy firms are, based on size, revenue, and reputation.

Transferable Ownership
This refers to shares or property that can be sold or passed on. Learn what transferable ownership means, and how it affects business structure.

Types of Accountants
There are many roles: forensic, management, tax, audit, and more. Find out what the different types of accountants are, and what each one does.

Valuing a Business UK
You can value a business by profit, assets, or market method. Discover how to value a business in the UK, and which approach suits your sector.

VAT Cash Accounting
You only pay VAT when invoices are paid. Learn what VAT cash accounting is, and whether your business is eligible.

VAT Control Account
This account tracks total VAT owed or reclaimed. Find out what a VAT control account is, and how it works in bookkeeping.

VAT Late Payment Penalty
Late payment now triggers points and fines. Learn what VAT late payment penalties are, and how to avoid them.

What Are the Two Types of FCA Authorisation for Firms?
Firms must be either authorised or registered. Discover what the two types of FCA authorisation are, and what activities each covers.

What Is a Balancing Payment HMRC?
It’s the final amount owed after tax calculations. Find out what a balancing payment is, when it’s due, and how to avoid underpayment penalties.

What Is a Trade Payable in Accounting?
This refers to amounts owed to suppliers. Learn what a trade payable is in accounting, and where it appears on the balance sheet.

What Is Accounting Standards Codification?
It’s the framework for US GAAP. Discover what accounting standards codification is, and how it differs from IFRS or UK GAAP.

What Is Certified Industrial Accountant?
This certification is specific to cost and manufacturing sectors. Find out what a certified industrial accountant is, and how to qualify.

What Is Remittance Advice?
This document tells a supplier which invoice has been paid. Learn what a remittance advice is, and when to send one.

What Is Statement in Accounting?
A statement summarises financial activity for a period. Discover what a statement in accounting is, and how it's used in financial reporting.

What Is Trade Accounts Payable?
It’s another term for unpaid supplier invoices. Find out what trade accounts payable is, and how it fits into working capital management.