If you work for yourself, you have a couple of options of trading entity, e.g. as a: Sole trader (an individual) Partnership (two or more individuals or companies) Limited liability partnership Limited company We are often asked, ‘Should I form a limited company?’ The reality is that there is no easy answer, as each situation …
Scam emails supposedly from HM Revenue and Customs (HMRC) have been around for a while now. However, it has been brought to our attention that there is currently a scam email going around which focuses upon Real Time Information (RTI). It says ‘We could not process your Full Payment Submission’, it quotes a reference …
Pricing is an incredibly difficult – and important – part of running a business. It can be the difference between success and failure. The dilemma is: Price yours goods and services too high and you may lose sales and alienate customers However, price too low and you may not make sufficient profit to cover your …
What’s the difference between being employed and being self employed? In a lot of situations, you’re doing the same work and there are often lots of similarities, even getting down to terminology to split the two. However, there are some pretty fundamental differences – as anyone who’s been employed and self employed will confirm. 1. …
Fee protection insurance is an insurance policy which accountants offer to their clients. In the event of an investigation by HM Revenue and Customs into a taxpayers affairs, the policy would pay the accountants fees, which, depending upon the depth of the investigation, may be substantial. The idea, as with most insurance, is that it …
Websites are increasingly necessary for businesses to trade effectively – after all, it’s 2013, don’t all businesses need a website? You can view a website for your business in a couple of ways: As a cost; a necessary evil that all your competitors have, so you’d better have one too. As an investment; it will either …
Many small business start life from home – depending upon the business, it is relatively quick, easy and cheap. When you run a business and use your own home for running the business from, you are entitled to make a claim for tax relief on a proportion of the running costs. Usually, there are a couple …
OK I expect there are a few people who are scratching their heads, thinking they’ve read the title wrong. Does it say ‘early’? Why on earth would an accountant suggest paying taxes early? Aren’t they supposed to reduce the amount of tax I pay? Well yes, we do minimise the amount of tax payable, through …
If you are an employer, you may need to keep an eye on the National Minimum Wage (NMW) levels. The current levels are: £6.19 the main rate for workers aged 21 and over £4.98 the rate for 18-20 year olds £3.68 the 16-17 rate for workers above school leaving age but under 18 £2.65 the apprentice …
If you work for yourself, there’s a good chance that you will be able to claim motor expenses for running your business. You may visit customers, suppliers, trade fairs, exhibitions, the bank and a whole host of other places in the course of running your business. There are a couple of different ways to claim …