Finance Basics — Guides, Tips & Expert Advice
Financial literacy for business owners — cash flow, profit, invoicing basics, and money management.
48 articles on Finance Basics
The Difference Between Turnover, Profit, and Income
Confused by turnover, profit, and income? This guide explains the key differences and why they matter for your business.
Understanding Your Bank Statement — A Guide for New Business Owners
A beginner-friendly guide to reading your bank statement, understanding every line, and using it to manage your business finances.
What Is a Balance Sheet and Why Should You Care?
Learn what a balance sheet is, how it works, and why every business owner should understand this essential financial statement.
What Is Bookkeeping and Why Does It Matter?
Discover what bookkeeping is, why it matters for your business, and how to get started with keeping proper financial records.
What Is an Invoice and How to Create One Properly
Learn what an invoice is, what it must include, and how to create professional invoices that help you get paid faster.
What Is a UTR Number and How to Get One
Find out what a UTR number is, why you need one, and exactly how to get yours from HMRC when you register as self-employed.
How to Separate Personal and Business Finances
Learn how to separate your personal and business finances as a sole trader — and why it makes bookkeeping, tax, and life much easier.
Choosing Your Accounting Year End Date
Learn how to choose the best accounting year end date for your business, the tax implications of different year ends, and the new basis period reform rules.
Business Bank Account: Do You Legally Need One?
Find out whether UK sole traders legally need a business bank account, the practical benefits of separating finances, and how to choose the right account.
What to Do If Your Business Is a Victim of Fraud
A step-by-step guide for sole traders and small businesses that have been victims of fraud. From immediate actions to long-term recovery and prevention.
Cash Basis vs Accrual Accounting: Which to Use
Learn the key differences between cash basis and accrual accounting, who should use each method, and how to choose the right one for your UK business.
Common Tax Scams Targeting Self-Employed People
Self-employed workers face targeted tax scams year-round. Learn about the most common schemes, how to recognise them, and how to stay safe in 2026.
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