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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A shareholders’ agreement is exactly what the name suggests; an agreement between the shareholders of a company. The articles of association of a company also govern the relationship between the shareholders, but a properly drafted shareholders’ agreement can have many benefits over the articles of association. Most importantly, it is a private contract and therefore […]

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Here are some tax and finance tips which could help you save money as a limited company owner. Dividends are not subject to National Insurance Contributions, which represents a significant tax saving compared to the sole trader route, where NICs are payable on all income. As a limited company director, you may consider paying yourself […]

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Limited companies can distribute profits they generate via dividends to company shareholders. However, you must ensure that all dividend distributions are legitimate, otherwise you could fall foul of HMRC. In order to declare a dividend legitimately, you must firstly ensure that the money exists in the company’s books to accommodate the amount being distributed, and […]

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If you set up a limited company, is appointing an accountant to look after your affairs a statutory requirement, or can you take care of your accounting duties yourself? Despite what you might expect, there is no legal requirement for small companies to use an accountant, and companies are entirely exempt from being audited if […]

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