Author Archives: Gillian French

As a sole trader, how do I pay myself?

As-a-sole-trader-how-do-I-pay-myself-scaled

If you are a sole trader, you can simply take money from your business bank account to pay yourself as a sole trader (we strongly recommend that you use a separate business bank account for your sole trader finances). And you need to make sure that you keep a record of these drawings, along with

Do you NEED to complete a self-assessment tax return?

self assessment-tax-return

Although not everyone is required to file a self-assessment tax return, there are a few circumstances in which you may be compelled to do so, even if you are an employee who has tax taken at source from your salary. It’s crucial to be aware of scenarios where a tax return is required because HM

Limited company director’s responsibilities: What you need to know…

When you decide to form a limited company you are creating a separate legal entity with its own legal framework and accountabilities. Any profits or losses incurred belong to the company. So, when you’re managing the company you need to treat it as a separate entity. Even if you’re the sole director and sole shareholder,

How long do I need to keep business invoices?

invoices

“How long do I need to keep business invoices?” This is a question that new sole traders and company directors often ask. Before we answer that question, we think it is probably more important to clarify just what invoices you need to keep! Keeping hold of invoices issued by your business is necessary for a

Do you know your numbers?

numbers

As a freelancer, sole trader or small business owner, other than knowledge of your own trade the most important thing to keep on top of in your business are the numbers. Income, expenses, cashflow, projections, first-hand knowledge of these will prove to be the most important information you will have to hand and without them,

Spring cleaning for the new tax year

new tax year

The new tax year will start on 6th April 2018. Tax years are normally referred to by the two years that they span over, so the new tax year will be “2017/18” and when you’re running your own business, the start of the new tax year can be a great time for some spring cleaning,

Get those invoices paid quicker!

invoices

The problems faced by small business due to late payments have been very much in the news lately, as a business owner you are very aware of the importance of getting paid on time and that payment delays can seriously disrupt cash flow. When searching for ways to speed up payment, keep in mind that

Start-Up Advice: Choosing a Business Entity

start-up

So you’ve decided to Start-Up that business idea floating about in your head, and turn it into a reality; you’ve got a name, now you just need an Entity- but which is right? Limited Company, Sole Trader or Partnership? You should assess the types based on your available time, commitment and resources, and consider long-term

VAT : Know the Facts

VAT

All businesses which have an annual turnover of more than the current VAT threshold (£85,000) must register for VAT and complete a quarterly VAT return, once your business is registered you must do three things: You must charge VAT (20%) on the goods or services you sell to customers and other businesses You must pay

Flat Rate VAT has changed….

….Are you aware of the changes? The VAT Flat Rate Scheme simplifies businesses’ record keeping, and makes it easy to work out the VAT they have to pay. However as of 1st April 2017 the scheme changed, as announced by the Chancellor in his Autumn Statement last year. So, how does it work? Normally a