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There are a number of advantages of being self-employed, but you must also comply with various regulations including the tax law. Form of Your Business When you decide to work for yourself you need to choose which form your business will take. The most common forms of...

What is Bookkeeping? Bookkeeping is the process that involves keeping proper financial records for your business transactions – otherwise known as one of the biggest headaches to business owners! Who came up with the bright idea of bookkeeping? Benedetto Cotrugli is the true inventor of double-entry bookkeeping, although...

We’ve appointed new clients recently who had no idea of the legal requirements when paying dividends. It’s also quite shocking that they’ve received little or no advice on this subject from their previous accountants. It’s another classic example of those believing that limited companies are only...

This checklist is for general guidance only. It considers key issues involved in starting up a new business but please seek advice tailored to your own circumstances.   Check out what guidance and resources are available for new businesses.For example, https://www.gov.uk/business-support-helpline Decide on the business structure – sole trader,...

It’s that time of year when students are keen to find employment and earn extra cash during the school holidays. If you employ a student during the Summer, Christmas or Easter holidays, you should treat them as you would any other employee for payroll purposes, including...

Your responsibilities as Director… The Companies Act 2006 confirms existing case law and requires company directors to act in a way which is most likely to promote the success of the business and benefit its shareholders. Company Directors are responsible for the management of their companies. Shareholders...

The tax man may be more generous than you think! If you’re a sole trader, partnership or limited company you can claim a tax allowance known as a capital allowance. When you buy items of equipment and tools for your business, typically items that will be...

There is a myth that every legitimate business is required to be VAT registered. This is not the case.   Your business (as a sole-trader, partnership or company) does not have to become VAT registered until the total sales for 12 consecutive months exceeds £85,000. However, this...