Registering as Self Employed

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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How long do you need to keep Company Records?

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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Guide to the 24-Month Rule

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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Combining Employment and Self Employment

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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Cash Basis Accounting

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…

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The Pros And Cons Of Contracting

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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