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A limited company is a type of business structure that has been incorporated at Companies House as a legal ‘person’. It is completely separate from its owners, it can enter into contracts in its own name and is responsible for its own actions, finances and liabilities. Advantages of a limited company structure The most significant…
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Tax on Property Investment Investment in property has been and continues to be a popular form of investment by many people. It is seen as a route by which: relatively secure capital gains can be made on an eventual sale income returns can be generated throughout the period of ownership mortgage finance is covered in…
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The Government’s plan to introduce “Making Tax Digital” has been hit with a further delay, with most businesses now not being affected until 2020 at the earliest. The new timeline for Making Tax Digital (MTD) means only those businesses earning over the VAT threshold (currently £85,000) will need to file digitally starting in 2019 –…
Read MorePenalties: For the late filing of Company Accounts (CT600) If you miss filing or payment deadlines imposed by HMRC or Companies House you will face various penalties or tiered fines based on the degree of lateness. Companies House Ordinarily, the due date for accounts is 9 months after the accounting period end. You’ll have to…
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Cash Basis Accounting Unincorporated businesses are able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based on…
Read MoreDisguised Employees, Contractors And IR35 One of the downsides of contracting is having to understand and deal with the IR35 legislation. IR35 legislation was introduced in order to deal with tax avoidance from contractors who continued to pay the same amount of income tax and NI contributions as a regular, permanent employee. When it comes…
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We live in an age of computer technology and cloud-based apps, yet incredibly, many small business owners still rely on manual, hand-written book keeping and accountancy records. There’s nothing wrong with hand-written financial records, as long as you are precise and methodical. They’ve been used for years, are perfectly acceptable and ultimately, produce the same…
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4 Tips For Choosing Your Business Name One of the most important and sometimes, most difficult decisions when creating a new business is coming up with a name. You may have a brilliant, innovative business idea and products and services that will sell well, but it’s not enough without a well thought out name. The…
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Sole Trader Or Limited Company? One of the first things you need to decide when starting a small business is the structure it will take – Sole trader or limited company? The decision can depend on a number of factors: How much are you planning to grow your business? What are your yearly earnings goals?…
Read More There was a time when contract work was considered an undesirable option for those facing redundancy or who were unable to find full time work. However, times have changed and more skilled people are seeing the benefits of contracting, especially when it comes to work/life balance, being your own boss and having the flexibility and…
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