As you are trading (this applies to LTDs, Sole Traders and other business set ups) you can expect to make a turnover. You will need to register for VAT if you reach £85,000 turnover in the next month or within the end of your taxable year (within the 12 months in your tax period). This means… Continue reading VALUE ADDED TAX (VAT) – When to register for VAT?
BUDGETING FOR SMALL BUSINESSES
Budget is an important aspect of the financial management of small businesses. This includes formulating a detailed plan to explain how the company distributes resources over a period of time (typically one year). By setting budgets, small businesses can better control their own finances, make smart decisions about investments and spending, and increase opportunities to… Continue reading BUDGETING FOR SMALL BUSINESSES
Accounting and the Construction Industry Scheme (CIS)
(Please, take note that we will not be liable for the content of this article as the reader has the obligation to check and verify this information) People are turning to the construction industry to make a living, maybe leaving behind their previous employment and there may be other reasons for this like: It is… Continue reading Accounting and the Construction Industry Scheme (CIS)
Limited Liability Partnership, Is It the Right Direction?
Limited Liability Partnership (LLP) can be a good option for those who would like to continue paying taxes and practice similarly as a partnership but enjoy the benefits of a limited company. Some of these benefits are… -Getting limited liability to the assets owned by the LLP and therefore safeguard liability on personal assets. This… Continue reading Limited Liability Partnership, Is It the Right Direction?
Self-Employed Versus Employee – A Question for Many
There is a great feeling when deciding to become your own boss, isn’t it? You know there are great rewards as you are in charge, you make decisions, you choose when and where to work, etc. There are also other rewarding elements like you are a creator! But!!!! It also has its own difficulties. Think… Continue reading Self-Employed Versus Employee – A Question for Many
To Payroll or Not to Payroll! That Could Be the Question!
Many Ltd Company Directors find themselves answering this question, shall I register as a salaried employee or not? The answer depends on the levels of company turnover and profit. In other words, could your turnover cover your payroll expense? If the answer is yes, the next question would be, if you did not have a… Continue reading To Payroll or Not to Payroll! That Could Be the Question!
Reduce Accountancy Fee and Increase Returns for your Business
Many small businesses have difficulties in managing their books. It is usually a fact that can be linked to their particular background formation, having difficulties to do bookkeeping, being too busy in the trade answering to the clients’ requests, etc. The reality is that keeping track of both income and expenses is the core to… Continue reading Reduce Accountancy Fee and Increase Returns for your Business