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As soon as you become self-employed, you should contact HMRC to inform them that you wish to get registered. Self employment includes working in a business part time or on the side (any paid work you’re doing that doesn’t have tax already deducted counts as self-employed). Failure to register could bring penalty charges from HMRC. Registering as…
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A company has a legal responsibility to keep company records and accounting records. Consequently, a company director must keep records about the company itself, as well as ensuring the accounting records are maintained. As a company director, you must keep records for at least six years from the end of the last company financial year…
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Self-Employed Allowable Expenses If you’re self-employed you’re probably wondering what expenses are deemed allowable by HMRC. So, we’ve put together a guide to explain some of the common allowable expenses for the self-employed. Different rules apply for limited companies. Business Premises Rent, utility bills, property insurance, security, maintenance and repair are allowable expenses. However,…
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Guide to the 24-Month Rule What is the 24-month rule? The 24-month rule is a regulation introduced by HMRC allowing contractors to claim travel and subsistence expenses when travelling from home to a client’s site. Certain criteria must be met in order to claim business expenses. The rule requires you to work at a temporary…
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Business Expenses – summary In this guide for limited companies, we have listed some common business costs and expenses. Though the list is not exhaustive, it covers the majority of business costs incurred by small businesses. As a business owner you will be busy running your company, so it’s important to understand the expenses incurred…
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Guide to a Director’s Responsibilities What is a Director? Directors act as the managers of a company and make the daily decisions in managing a company’s operations. On becoming a director, you are responsible for certain legal obligations. What is a Shareholder? The shareholders are the owners of the company whereas the directors are employees…
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Combining Employment and Self Employment Confused about whether you can be employed and self-employed at the same time? This is a question we get asked a lot. In the modern world it is an issue for many people. The simple answer is “Yes”, however both types of employment come with numerous complexities and tax obligations….
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What is a Confirmation Statement? From 30th June 2016 a limited company’s annual return was changed to its current form with the introduction of the confirmation statement. The change intended to make filing company information just a little easier. What changed? Under the annual returns process, limited companies and limited liability partnerships had a statutory…
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Year End Guide for Limited Companies A company’s year end brings certain obligations to carry out for limited company directors. We have set out below some key responsibilities and deadline dates by when tasks are required to be completed. Firstly, the year end date is the date to which the company will prepare its accounts….
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How to set up a Limited Company There are various methods of setting up a business structure and each have their own advantages and disadvantages. Setting up a Limited Company is a popular way of trading; mainly due to the tax advantages available to the shareholders. Limited company’s are relatively simple to form, with the…
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