Financial statements are comprehensive documents that offer a detailed overview of a company's financial performance and position. The income statement reveals revenues and expenses, indicating the net profit or loss over a specified period. The balance sheet provides a snapshot of assets, liabilities, and shareholders' equity at a specific point in time, showcasing the company's financial standing. Additionally, the cash flow statement outlines how changes in financial activities impact cash and cash equivalents, offering insights into the company's liquidity and ability to meet short-term obligations.

The allowable expenses you can claim depend on your business structure and the nature of your expenditures. In general, businesses can claim expenses that are deemed necessary for the purpose of generating taxable income. Common deductible expenses include costs related to running your business premises, employee salaries, utility bills, office supplies, marketing and advertising expenses, professional fees (such as accountants or legal services), business insurance, and travel expenses for work purposes.

Recording transactions effectively involves documenting all financial activities, utilising a double-entry system to ensure balance, categorising transactions by relevant accounts, and implementing accounting software for efficiency. Each transaction should include the date, details, and supporting documents, with regular bank reconciliations to maintain accuracy.

Double-entry accounting is a fundamental accounting concept that ensures the accuracy and completeness of financial transactions recorded in a company's books. In a double-entry system, every transaction affects at least two accounts, with one account debited and another credited. The total debits must equal the total credits, maintaining the accounting equation's balance. For example, when a business makes a sale, it credits the revenue account and debits the corresponding asset or cash account.

Pension consolidation refers to the process of combining multiple pension plans or accounts into a single, unified pension arrangement. This often involves transferring the accumulated funds from various pension schemes or accounts into a central pension vehicle. The primary goal of pension consolidation is to streamline and simplify an individual's retirement savings, making it more manageable to track and manage. It can involve consolidating workplace pensions, personal pensions, or other retirement savings accounts. Pension consolidation may offer benefits such as reduced administrative complexity, potentially lower fees, and a clearer overview of one's overall retirement savings.