When an individual chooses to work for themselves instead of working for a specific employer, they are associated with self-employment. The prime reason for individuals to become self-employed is because it offers them greater autonomy and power in terms of finances, decision-making, task execution, and working hours than a conventional job can provide. In this […]
What are the Types of Self-Employed in the UK? Read More »
A limited company is a type of business structure in the UK that protects the personal assets of the business owners from any debts or financial risks. Likewise, it confines the owner’s financial and legal liability to their investments. Let’s discover different types of VAT schemes in the UK. For a detailed study on how
What are different types of VAT Schemes? Read More »
When starting a business, few people will give much thought to its end. However, after some years, even a small ‘oneman band’ business may have built up a valuable customer list with a goodwill value. It is therefore important that a business owner should consider how and when they might wish to retire from, sell
Heading for the Exit? Read More »
When someone buys the trade and assets of a business, they have the option of retaining the VAT number. How is this done, and what are the ‘pros’ and ‘cons’ of doing so? Buying a Business If someone buys the trade and assets of a VAT registered business, it can be treated as ‘transfer of
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What is the importance of hiring an accountant for your limited company? If you are a business owner, you wear many hats, but managing finances and navigating complex tax laws can be hard. A trusted professional who can help you make sense of your financial situation. This is to ensure compliance with UK accounting standards
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When considering the best vehicle through which to operate a business, tax is a major consideration which can affect that decision, but it’s not the only one; practical and legal issues should be considered as well. A limited company is a ‘body corporate’ (i.e., a separate legal person). The company owns the assets, the profits,
New Business: Company Or Partnership? Read More »
Steps to close a limited company involves a series of steps and considerations. The two main ways to close a limited company in the UK are through a voluntary liquidation, also known as a creditors voluntary liquidation (CVL), or through a compulsory liquidation initiated by creditors or HMRC. The specific process and requirements can differ
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Some advantages of a limited company include limited liability to protect your assets, the ability to establish a separate legal entity and potential access to funding options and tax advantages. These advantages can contribute to the credibility, stability, and growth potential of your company. It’s important to fully understand these benefits and their implications before
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If you run your property business from home, you may wish to use simplified expenses to claim relief for associated household costs. You can also use simplified expenses to disallow the private element if you live in your business premises, as may be the case if you run a B&B. You can only use simplified
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Many business owners set up a limited company without knowing ‘what is a limited company?’ This business structure is legally separate from its owners or is a separate legal entity. It needs to be registered at Companies House in the UK. A limited company is solely responsible for its finances, actions and liabilities. Let’s delve
What is a Limited Company? A Basic Guide Read More »
