Although the end of January is still a few weeks away, did you realise that filing your tax return sooner rather than later has a number of advantages? The one positive aspect of the tax return deadline is that it is always the same – January 31st. This means that with a little planning and
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The simplicity of starting and operating your own business is one of the key advantages of working for yourself. Even when working for someone else, you might apply to become a sole trader, which is another word for self-employed, to see if you like it. Here are 5 things you must do when you decide
Bookkeeping is one of those tasks that is crucial to get right for any business, From start-ups to small businesses that have been running for years, the problem of doing it all yourself remains. Margins are often tight, meaning as the owner, you try to do as many administrative and day-to-day tasks as possible. Not
Corporation Tax MUST be paid on the earnings of a limited company, Corporation Tax is not billed to you. To work out, pay, and submit your taxes, you must do certain things. In last year’s budget announcements (March and October 2021), the Chancellor announced a variety of company tax reforms, some of which are already
If you are a sole trader, you can simply take money from your business bank account to pay yourself as a sole trader (we strongly recommend that you use a separate business bank account for your sole trader finances). And you need to make sure that you keep a record of these drawings, along with
As a freelancer, sole trader or small business owner, other than knowledge of your own trade the most important thing to keep on top of in your business are the numbers. Income, expenses, cashflow, projections, first-hand knowledge of these will prove to be the most important information you will have to hand and without them,
The problems faced by small business due to late payments have been very much in the news lately, as a business owner you are very aware of the importance of getting paid on time and that payment delays can seriously disrupt cash flow. When searching for ways to speed up payment, keep in mind that
So you’ve decided to Start-Up that business idea floating about in your head, and turn it into a reality; you’ve got a name, now you just need an Entity- but which is right? Limited Company, Sole Trader or Partnership? You should assess the types based on your available time, commitment and resources, and consider long-term
….Are you aware of the changes? The VAT Flat Rate Scheme simplifies businesses’ record keeping, and makes it easy to work out the VAT they have to pay. However as of 1st April 2017 the scheme changed, as announced by the Chancellor in his Autumn Statement last year. So, how does it work? Normally a
There are a number of common self-assesment / tax return mistakes that can hold things up (possibly leading to a penalty fee), cause you problems or even prompt HMRC to look more closely at you. So it’s best to be aware of them and make sure you don’t make them! The easiest way to avoid
