As the term suggests, when operating as a sole trader you’re running your business as an individual. Being a sole trader merely means that there’s no legal distinction between the owner and the business. Sole Trader definition As a sole trader, you’ll be – Personally responsible for any losses your business makes Personally responsible for any of […]
Rishi Sunak announces world-leading Self-employment Income Support Scheme to support the UK’s self-employed affected by the coronavirus outbreak. Self-employed workers can apply for a grant to help them cope with the financial impact of coronavirus through the Self-employment Income Support Scheme. This scheme will allow you to claim a taxable grant worth 80% of your […]
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick Pay relief package […]
One of the really great things about being self-employed is the opportunity to work from home. It’s this sort of flexibility that inspires people to start their own businesses in the first place; it’s especially good for those who don’t find a nine-to-five office role suitable, such as stay-at-home parents or those living with disabilities. […]
There are a number or reasons why you might consider changing your company year end – which will either shorten or lengthen the accounting period. A company can shorten its accounting period as many times as it likes – but it can only lengthen it once every five years (or to be more exact, notice […]
Businesses can benefit from a company car, van or motorcycle. Whether you’re transporting equipment and materials or simply travelling between clients, having a mode of company transport can be invaluable. Taking on a company vehicle can be something of a grey area for the self-employed. Can you claim it as a business expense? What about […]
The government has reaffirmed plans to make changes to off-payroll working (IR35) rules effective from 6th April 2020. This will affect any contractors working through a Personal Service Company, Recruitment Agencies, and all Large and Medium-sized end clients. On 11th July 2019, the government published the draft legislation necessary to enact the Finance Bill 2019-20. […]
A credit note is a type of document that businesses typically provide a customer when the amount on an invoice is disputed or incorrect. This might be due to an admin error, or because the customer requires a full or partial refund. In many cases an updated invoice might suffice, but those using time-saving online […]
A company director has a legal responsibility to keep company records and accounting records. A director must keep records about the company itself, as well as financial and accounting records. You may hire a professional (for example, an accountant) to help with your record keeping. You must keep records for six years from the end […]
There are many reasons why you may be looking to close down your limited company, retirement, to go back to full-time employment, or perhaps back to being a sole trader. So what are your options, and how do you know which is best for you? Top tip: If you’re earning enough money but are closing […]