Bookeeping Software
Every business has the responsibility of keeping accurate accounting records to judge the performance and profitability of their business. The first of this is called bookkeeping so the prime records, sales invoices and purchase invoices will be entered in the software. You will then be able to allocate payments and receipts to a bank accounts…
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Registering for Self-employment
Registering for Self-employment Once you have made the step of deciding to go self-employed once of the first things you need to do is to register with HM Revenue & Customs. Registering for tax is an essential step in becoming a sole trader. It ensures that you are compliant with the law and can accurately…
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Directors Loan Account
What is a director’s loan account, in its simplest form it is withdrawals or deposits it makes to the business that are outside salary, dividends and an expenses repayment. This can be a credit balance where a director lends the company money or an overdrawn amount where this is a negative amount where is has…
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Goal Setting
Goal Setting How often do you set goals? How often do you revisit your list? We all know that setting goals is important, but we often don’t realize how important they are as we continue to move through life. Goal setting does not have to be boring. There are many benefits and advantages to having…
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Sole Trader or Limited Company
A question I often get asked is which way should I go Sole Trader/Partnership V Limited company and there is no right and wrong answer. Both sole trader and partnerships are unincorporated, so the business information is not held in the public domain. Limited companies have the business information on Companies House, and anyone can…
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Shareholder Agreements
Shareholders Agreement For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they, control the company outright and can veto the…
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Partnerships
Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…
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Making Tax Digital Announcement
In a surprise turnaround, the requirement for an end of period statement (EOPS) has been dropped, removing the fifth report of full year earnings. This means there will now only be four quarterly reports, reducing the administrative burden. The decision follows a review of the impact of MTD for income tax self assessment (ITSA), the…
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HMRC Vision 2024
Under new plans, HMRC will reduce access to its call centres and helpline advisers at its contact centres by 30% by December 2024 in a bid to force people to move to digital services by default and to try to achieve service level targets. Speaking to MPs at a Treasury Committee hearing on Wednesday, HMRC…
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Applying Circular Economy principles in a business
A circular economy (CE) is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible. CE aims to tackle global challenges such as climate change, biodiversity loss, waste, and pollution by emphasizing the design-based implementation of the three base principles of…
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