As an employer, there are several key responsibilities you need to fulfil regarding pensions for your employees. These responsibilities are designed to ensure that your employees are adequately prepared for retirement and that you follow legal requirements. Here is a detailed overview of what you need to do: Understand the Legal Requirements Automatic Enrolment: Most […]
The Federation of Small Businesses (FSB) is a UK-based membership organisation that supports small businesses and the self-employed. The FSB advocates on behalf of its members to ensure their voices are heard in government and other influential areas. The organisation offers a wide range of services to its members, including: Advice and Guidance: Providing expert […]
When it comes to overseas business trips that include family members, the tax implications can be complex. Here are some key considerations for determining the tax treatment of such trips: Business Expenses VS Personal Expenses Business Related Costs: Expenses that are wholly and exclusively for business purposes are genuinely deductible. These include travel, accommodation, meals, […]
In the UK, Capital Gains are the profits made from selling or disposing of an asset that has increased in value. The tax on these profits is knows as Capital Gains Tax (CGT). Here’s how it works: What are Capital Gains? Capital Gains occur when you sell or dispose of an asset for more […]
The Construction Industry Scheme (CIS) is tax scheme introduced by HMRC to regulate payments made by contractors to subcontractors in the construction industry. The main goal of the CIS is to improve tax compliance and reduce tax evasion within the construction sector. Here are the key elements and functions of the CIS: Who Is Involved? […]
QuickBooks, developed by Intuit, is an accounting software designed to help small and medium-sized businesses manage their finances. It offers various features to simplify tasks like accounting, payroll, payments, and inventory management. Key Features Accounting and Bookkeeping: Tracks transactions, manages bills and invoices, and reconciles bank statements. Invoicing: Creates and sends customised invoices, tracks payments, […]
In the UK, self-employed individuals are not eligible for Statutory Maternity Pay, which is typically provided to employees. Instead, they may be eligible for Maternity Allowance, a benefit specifically designed of for self-employed workers and those who do not qualify for Statutory Maternity Pay. Here’s how Maternity Allowance works for the self-employed: Eligibility Criteria To […]
In the UK, incorporating a vehicle into your business involves navigating several steps, particularly if it’s intended for commercial purposes, or if you aim to claim tax deductions. Below, we outline the general process to help you understand what’s involved. Determine Business Use: Firstly, decide how the vehicle will be used for your business. Will […]
Registering as self-employed in the UK involves a few steps, here’s a general guide: 1. Decide on Your Business Structure: Determine whether you’ll operate as a sole trader, partnership, or limited company. Most self-employed individuals operate as sole traders. 2. Register with HMRC: You need to register with HMRC for tax and National Insurance purposes. […]
Setting up a limited company in the UK involves several steps, but it’s a relatively straightforward process. Here’s a general guide to help you get started: 1. Pick a Name: Choose a name that reflects your company’s identity. Make sure it’s not already taken by another business – you can check availability on the Companies […]
Being self-employed in the UK means you get to manage your business your way, including handling expenses. Here’s a simple breakdown of what you can claim: Office Supplies: This covers anything related to your workspace, like rent, bills and insurance. Getting Around: If you’re travelling for work, expenses like fuel, parking, and public transport fares […]
When starting a business, it’s important that you select the right structure, which can significantly impact your operations, taxes, and liability. Two common options are sole trader and limited company – here’s a simplified comparison: Ownership Sole Trader: You have complete control over decision-making. Limited Company: Ownership is divided into shares held by shareholders – […]
