With Making Tax Digital (MTD) coming into force 6 April this year, many Sole Traders are having to adapt with the reshaping of how their business manages and reports its finances. This change has left many asking the same question: should I stay as I am, or is now the right time to go limited? Whilst MTD [...]
Choosing a structure is one of the most important financial decisions you’ll make for your business. Regardless of whether you’ve just started out or are growing steadily, it’s important to understand the tax implications of operating as a Sole Trader versus a Limited Company, as it can have a significant impact on your take-home pay, risk exposure and future. In [...]
VAT (Value Added Tax) is a crucial part of running a business in the UK, and impacts pricing, purchasing and cash flow. It’s a tax collected and submitted to HMRC on goods and services. By understanding what VAT is, the rules surrounding it, the registration thresholds and available schemes, [...]
In the lead-up to the festive period, what greater way to show your appreciation for your employees than by gifting them. Noncash gifts, also known as Trivial Benefits, can be given without triggering tax or National Insurance liabilities, so long as they meet HMRC’s rules. These gifts can be [...]
Avoid costly accounting and bookkeeping mistakes with this practical blog for small businesses. Learn the most common errors — from mixing personal and business finances, poor record-keeping, and falling behind on bookkeeping, to miscategorising transactions, ignoring VAT rules, and forgetting to track expenses. Discover expert tips on how to stay [...]
Running a Limited Company comes with many financial responsibilities, and understanding which business expenses are allowable for Corporation Tax is one of the smartest ways to reduce your tax bill legally. Allowable expenses are costs incurred wholly and exclusively for running your business, from staff salaries, office rent, and equipment [...]