Do I need a business bank account?
One of the first questions that people ask when setting up as a freelancer or self employed is “Do I need a business bank account?” Firstly, it depends on whether you are going to trade as a limited company or …
Author: Philip
Start up planning
It is very tempting, when starting a new business, to think only about the day to day trading, and opt for the cheapest method of starting-up by opting for free-banking and avoiding the “perceived” expense of solicitors and accountants. A …
MTD Facts and Fiction
MTD for VAT MTD for VAT is now in force and all VAT registered businesses with annual taxable turnover exceeding £85,000 must comply with the making tax digital (MTD) rules for VAT. There are two requirements for MTD: to keep …
Where Business Asset Disposal Relief Falls Short
When you sell your business, you can expect to pay capital gains tax (CGT) on any gains your make. Currently CGT is payable at 10% (if within your basic rate band for income tax) or 20% on such gains. But …
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Book-Keeping
Many businesses spend hours on book-keeping but achieve little. Many other businesses “bury their heads in the sand” and simply don’t do anything at all! There is a legal requirement for all businesses and the self employed to keep complete …
Limited company benefits
Hundreds of private limited companies are being formed every day. If you are thinking of starting a new business, or are currently in business as a sole trader or partnership, you really need to be thinking about whether to trade …
Winding Up
If you have stopped trading through your own personal limited company and have no further use for it you could sell the shares or wind it up taking out any value as cash. There is a very limited market for …
Do you need an accountant?
The question a lot of people ask is whether they need an accountant to do their book-keeping, accounts preparation and tax returns. Well, think about your car and what you’d do if the brakes were faulty:- (a) Would you repair …
Avoid VAT Registration
As a small business selling to individual consumers you will be acutely aware of the VAT registration threshold which has been frozen at £85,000 until at least 31 March 2022. But what happens if you temporarily exceed that threshold? If …
Trivial Benefits
Home › Trivial Benefits Trivial Benefits Employees react well to little rewards from their employer, especially if the treat is unexpected and seen as a genuine “thank you”. These occasional trivial benefits can be provided tax free if all four of the …