SHOULD I USE THE VAT FLAT RATE SCHEME FOR MY SMALL BUSINESS?  The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting. To join the scheme your VAT turnover must be £150,000 or less […]

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Choosing the name of your company is an important task when you set up your new business.  The name of your business will convey the image that you want to give so it is key that you give due time to ensure you get it right.   It is easy enough to alter the name […]

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If you are a limited company director, you are liable to pay both employers’ and employees’ National Insurance Contributions on any salaries you pay above the current threshold. Although National Insurance Contributions were originally intended to fund the costs of illness, unemployment, and health projects, in recent years successive Governments have sought to increase NICs […]

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A frequently asked question by company directors is which pre-company formation costs can be claimed back once the company has been incorporated? Pre Startup Incorporation Expenses Reclaiming expenses According to Section 61 of the Corporation Tax Act 2009 (CTA 2009), assuming any pre-trading expenses are legitimate,  “the expenses are treated as if they were incurred […]

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You may need finance to get your business started, or seek an injection of capital further down the line once your business has grown. Below, we look at how most small business owners raise funding. Friends & Family Many small businesses get started with help from friends and family.  Whilst borrowing from people close to […]

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Most limited companies and self-employed people have some type of insurance cover in place. In this blog, we look at which business insurance expenses can be legitimately claimed against your firm’s profits. Reclaim insurance expenses As with all types of business expense, you can claim for the cost of insurance policies if you can show […]

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Unlike calling yourself a doctor or a lawyer, anyone can set up in business as an ‘accountant’ as the term isn’t a protected name.  So how can you be sure that accountants hold the necessary qualifications to provide a good quality, regulated service to their clients? Although having membership of a professional accounting body doesn’t […]

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self employed

If you decide to become self-employed, either on your own (as a sole trader), or with other people (as a partnership), you will be responsible for working out and paying your tax liabilities to HMRC.   Unlike limited company taxation (where the company itself, and its owners are distinct entities), the personal and business financial […]

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From time to time you use your personal bank account for company business. Your bookkeeper says that this is illegal or at least breaks the terms and conditions of the account. Are they right and what are the consequences if they are? Legalities The rights and wrongs of directors using their own bank accounts for […]

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Salary aside, most limited company directors (and shareholders) typically draw down most of their income in the form of dividends. Dividends are distributed by companies of all types in order to return a proportion of company profits back to their shareholders. The limited company structure is an attractive way for most business owners to work, […]

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