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 [...]
Starting a new business venture can be an exciting time. You’re ready to start attracting clients, growing your brand, and generating income. But before you’re ready to dive in, it’s important to complete one essential step that’ll help to significantly improve your chance of success: writing a business plan. It’s also an important step when your business is already established, to ensure you’re on the right path. In this blog we [...]
In Tuesday’s Spring Forecast, Chancellor Rachel Reeves presented the latest economic and fiscal forecast from the Office for Budget Responsibility (OBR), providing an updated outlook for the UK economy. There were no major new tax or spending announcements, in line with the government’s focus on stability and growth. The [...]
When running your business you’ll have legal responsibilities such as filing and submitting various forms and returns to Companies House and HMRC throughout the financial year. Failing to do so will result in penalties, fines and unnecessary stress. If you’re new to the world of running your own business, [...]
Income Tax Tax-free personal allowance – £12,570 Basic rate – 20% – up to £37,700 Higher rate – 40% – from £37,701 to £125,140 Additional rate – 45% – above £125,140 National Insurance Rates Lower Earnings Limit (LEL) - increasing [...]
For business owners, cost is a factor when choosing an accountant. With individuals offering ‘accounting services’ at rock-bottom prices, it’s easy to assume that all accountants do broadly the same job - just at different price points. But here’s the uncomfortable truth: not everyone who calls themselves an accountant [...]
Allowable expenses Claim all of your allowable expenses Ensure paid invoices have been recorded – chase those you’re still awaiting payment for Keep receipts 6 years after accounting period Trivial benefits - As a director of a limited company, you can receive up to £300 [...]
With so much pre-Budget speculation, we were expecting a long wait for the detail - but events moved faster than anyone anticipated. In an unprecedented slip, the Office for Budget Responsibility (OBR) accidentally published its Economic and Fiscal Outlook around an hour before the Chancellor, Rachel Reeves, delivered her Budget speech. [...]
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 [...]