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A Tax Office Reference Number is a unique code assigned by HMRC to identify your employer’s PAYE scheme. You can find it on your payslip, P45, P60, or by asking your employer.

Bookkeeping is the process of recording and organizing a business's financial transactions, such as sales, expenses, and payments, on a regular basis. It's essential for tracking financial health and preparing accurate reports.

The essential financial statements are the Balance Sheet (shows assets, liabilities, and equity), Profit & Loss (P&L) Statement (shows income and expenses), and Cash Flow Statement (tracks cash inflows and outflows).