Each year this blog is updated as the tax rates and personal allowance changes. These are the facts and numbers for 2020 / 2021. If you work for yourself or start a business on your own and are operating without incorporating it as a limited company then you are referred to as a sole trader. The term sole trader is interchangeable with being self … [Read more...]
Salary and Dividends for 2020 / 2021
Your profit extraction Strategy from April 2020 While it feels like normality has deserted us, it is that time when I give my regular update on your annual profit extraction strategy. Once again please do bear in mind that this Salary and Dividend blog gives our recommendations for taking a salary and dividends from your limited company. The figures are generic and may … [Read more...]
Why I recommended FreeAgent
It’s hard to watch prime time terrestrial TV these days without an advert popping up for accounting software telling us how to make our accounting and bookkeeping easier. The last ten years or more has seen an unprecedented rise in the use of online accounting software. Starting off small and easy to use, many systems have evolved into function rich offerings with multiple … [Read more...]
Income, Profit, TAX POT and Earnings
Going freelance, starting up your own business or being your own boss means keeping a close eye on finances to make sure things are going well enough for you to be able to take some money out of the business to live on. However, not everything that you invoice and collect from your clients or customers, less your costs, belongs to you. Not all of it is your … [Read more...]
How to extend your filing deadline HACK – Limited Company
Accounts for a Limited Company have to be filed at Companies House 9 months after the end of the financial year - unless it’s the first year when the filing deadline is 21 months after the date of incorporation. Often this is sufficient time to get things in order, do the necessary bookkeeping and file the accounts at Companies House. However sometimes people find … [Read more...]
20 things every small-business owner should know about VAT
Value Added Tax (VAT) is one of the UK’s most complex taxes. There are so many rules, regulations and schemes that getting the right advice, at the right time, from a suitably qualified VAT professional, is essential for many businesses. For now, what are the key facts that small-business owners should know about VAT? 1 All businesses must register and account for … [Read more...]
Exit Planning for Contractors, Freelancers and Small Business Owners
There are many reasons why you could be thinking about finishing your career as a contractor. Maybe you are moving back into full-time employment or perhaps you are thinking of retiring; whatever the reason it is worth planning your exit carefully. Closing the company Before closing, the affairs of the company will need to be brought up to date (accounts and tax returns), … [Read more...]