Chris Thorpe looks at some considerations when extracting profits out of limited companies. Once a sole trader or partnership has incorporated, the owner or partners can no longer help themselves to the business’s profits at will; such individuals were previously subject to income tax and National Insurance contributions (NICs) based on those profits, irrespective of […]
Making a Withdrawal! Company Profits Read More »
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
Make Use of Simplified Expenses Read More »
It might sound surprising for beginners but yes there are multiple ways that are useful to pay tax bills. However, previously only the cheque and the para method were allowed in this regard. But things have changed a lot in the current times. There are several options that you can opt to pay the tax
Are There Different Ways to Pay a Tax Return? Read More »
It is stressful to get along with the tax implications and other business obligations when you are working as a sole trader. Since you do not have a finance team to help you in certain tasks of managing your finances, it becomes very tricky to manage everything just on your own. Especially, when it comes
Should I Register for VAT as a Sole Trader? Read More »
Sole trader advantages and disadvantages often confuse many newbies or fledgling business executives who are struggling to initiate their entrepreneurship journey. Therefore, if you are also looking at the options to step into the business ventures, you might have come across different options of being a sole trader, partnership or a private limited company. If
What are the Sole Trader Advantages and Disadvantages? Read More »
If you’re new to the business world, you might ask what is a sole proprietorship. It is the simplest form of business that you can run individually. Here a single person manages, controls, and operates the business affairs. The person who runs such a business is called a sole trader or sole proprietor. Before going
What is sole proprietorship? Things You Should Know Read More »
