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,
Author Archives: Gillian French
“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
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,
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,
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
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
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
….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
There are a number of common self-assesment / tax return mistakes that can hold things up (possibly leading to a penalty fee), cause you problems or even prompt HMRC to look more closely at you. So it’s best to be aware of them and make sure you don’t make them! The easiest way to avoid
All the major retailers have rolled out their festive TV ads, people are bustling about with carrier bags full of presents and rolls of wrapping paper, so that means we are officially allowed to say the “C” word, yes, “CHRISTMAS”!!!! As a business owner, you may well be thinking about how to give something back