Tiny Shark Accounting

Tiny Shark Accounting 📍 UK | Accountant and Bookkeeper
🚀 Helping Creators & Small Business Owners get on top of their numbers
💫 Tax tips & tricks
🗳️ Xero Partner

Your accountant gave you Xero... but now what?📈📈📈The Xero App is a great way to start regularly reviewing your business ...
17/06/2026

Your accountant gave you Xero... but now what?

📈📈📈

The Xero App is a great way to start regularly reviewing your business numbers. With the app you can introduce these three, really easy habits to your routines:

1. Review your bank feeds
You can review a list of connected bank accounts down to transaction level and its overall balance. You can also check what has been posted in Xero or not, which is a good sense check for how up to date your bookkeeping is.

2. See who needs to pay you
You can review a list of your unpaid sales invoices, which is great for customer management and cashflow. Check this list regularly so you know when to step up unpaid invoice chasers.

3. Run your P&L report
You can generate profit and loss reports which show your sales, costs and overall profits for specific months, quarters or financial years. This is the bread and butter of financial reporting and is great to read through to make informed decisions about your business.

Grab a coffee and work through each of these every week to improve the visibility of your business financials. Better awareness of your numbers = better financial health (very generally speaking!).

Small companies to publish profits from 2028 📢📢📢 Currently, small and micro company accounts are published with the comp...
11/06/2026

Small companies to publish profits from 2028 📢📢📢

Currently, small and micro company accounts are published with the company's balance sheet only, which becomes publicly available on filing to the register.

From April 2028, companies will now also be required to publish their profit and loss reports.

🫠🫠

We thought this would be binned but Companies House has posted a new update this week confirming the requirements will go ahead.

The small silver lining is that companies will be able to opt out of sharing their P&L publicly... We won't know how this works for a while but we can safely assume that most, if not all, small companies will make use of opting out.

Many business owners will have privacy concerns, particularly for the very small or single owner/director companies, and rightly so.

I think there is a chance this doesn't go ahead, so we'll be watching carefully on the approach to 2028.

08/06/2026

What even is VAT?

💷💷💷

Other than being something that strikes fear into the heart of business owners around the UK... It's a really important tax.

VAT stands for "Value Added Tax". It is a form of tax that is added to the value and the price of goods and services that many of us as consumers will buy across the UK.

If, as a business, your taxable turnover reaches the £90k threshold, you're required to register for VAT and start adding it to your sales.

(You can register for VAT before you reach that threshold and there are certain circumstances where it makes sense to do so.. but consider seeking professional advice for this one..)

The good thing is, once you're VAT registered, you can reclaim VAT on your purchases too.

The difference between what you charge and what you reclaim will either lead to a payment to HMRC or, in some cases, you will be due a refund.

🤞

Not yet VAT registered?

It's really important to keep on top of your sales figure, because you need to know if and when you need to register.

Any questions?

Being self-employed and buying a house? It comes with a few quirks!You have to plan ahead, have your tax returns and/or ...
03/06/2026

Being self-employed and buying a house? It comes with a few quirks!

You have to plan ahead, have your tax returns and/or company accounts for several years, answer additional lender queries..

Getting through it all is a real achievement!

And I'm so happy to have just done it. 🤌

After helping my self-employed clients with their own mortgage paperwork (as an accountant, not a broker of course!) - it definitely feels like a full circle moment, doing it for myself.

Now I just need all of the DIY tips and help you guys can muster! 😆

Good news everybody! 🚗HMRC have increased the mileage rates for the first time in years. This means more relief for anyo...
26/05/2026

Good news everybody! 🚗

HMRC have increased the mileage rates for the first time in years. This means more relief for anyone that uses their personal vehicle for business purposes.

From the 2026/27 tax year, the new rates are:

55p per mile up to 10,000 miles
25p per mile over 10,000 miles (unchanged)

HMRC guidance has been updated for the change.

Anyone claiming the mileage must have a detailed record of business journeys, including dates, destinations and distance travelled. Without that, you don't hold a valid claim.

05/05/2026

Side hustler reminder! ⭐

The trading allowance is £1k - which means that is how much you can earn in sales before you need to register with HMRC and report your earnings.

This is not to be confused with:

🚫 The personal allowance of £12,570. These are different things.
🚫 A £3k trading allowance, which has not yet been confirmed.
🚫 The trading allowance threshold is not £1k in profits, it is sales!

If in doubt, speak to a professional.

What even is a P60?And why is it so important?A P60 is an end-of-year certificate issued by your employer that show your...
30/04/2026

What even is a P60?

And why is it so important?

A P60 is an end-of-year certificate issued by your employer that show your total pay and the tax from a full tax year. It shows your gross earnings, income tax paid, and even student loan repayments in one place. If you've had more than one employer in the year, you'll receive a P60 from each of them.

⏰ Employers must provide employees with their P60 by 31 May.

If that date approaches with no sign, chase your payroll team or HR department. Employers are legally required to issue one to every employee that was working for them on 5 April, so don't be shy about asking!

What do you actually do with it?

Your P60 is needed for completing a self assessment tax return (if you do one) and for applying for a mortgage or loan (lenders can use it as proof of income).

But importantly, you can use it to sense-check if you've paid the right amount of tax across the previous year.

Otherwise, just keep it somewhere safe!

Sharing a few kind words from a client that joined TSA earlier this year. ⭐⭐⭐⭐⭐
28/04/2026

Sharing a few kind words from a client that joined TSA earlier this year.

⭐⭐⭐⭐⭐

Did you know.. dividend tax is up!Tax rates on dividends have increased by 2%. That means your personal tax bill may inc...
20/04/2026

Did you know.. dividend tax is up!

Tax rates on dividends have increased by 2%. That means your personal tax bill may increase for 2026/27.

In many cases, a small annual salary of £12,570 plus dividends on top, remains the optimal strategy for most owners of Limited companies. This of course depends on any other income you might have.

The new tax rates equate to additional tax of £750 on £37k dividends.

Whilst unfortunate, it's possible you won't need to make any changes. This is however a good nudge to check your income strategy!

(Note: there is no chance to the additional rate of dividend tax which remains at 39.35%.)

15/04/2026

Confused between HMRC and Companies House? Are they the same? Do they want the same things?

➡️➡️

If you're the owner and/or director of a Limited company, you'll need to learn the differences between the two.

HMRC is the taxman. They manage the various filings for our various taxes, including corporate taxes, self-assessment, VAT, inheritance tax and so on.

Companies House however is the register of UK companies. They manage company filings outside of tax, so your annual accounts and confirmation statement for example, and all of this information is publicly available on their website.

Limited companies will prepare accounts and a corporation tax return as part of their year end filings and usually at the same time, but these go to either HMRC or Companies House.

While there can be overlap, they are separate bodies.

And importantly, they can actually have different deadlines!

It's vital you keep on top of your deadlines, so take a look at your Company listing and check your HMRC account if you need to, so you can learn your next filing deadlines. 🙌

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