How to Start and Register a Business in the UK

How to Start and Register a Business in the UK

What you need to do to start a business in the UK, depends on your structure of business. Most businesses register as a sole trader, private limited company or partnership. Sole traders If you’re a sole trader, you run your own business as an individual and you’re self-employed. You can keep all your business profit after you’ve paid tax on it. You’re personally responsible for any losses your business makes. You must also follow certain rules on running and naming your business. Your responsibilities It’s simpler to start as a sole trader. You’ll need to: keep records of your business sales and expenses, send a Self Assessment tax return every […]

10 Key Advantages To Have Private Limited Company (LTD)

10 Key Advantages To Have Private Limited Company (LTD)

I will speak about two most popular types of business structures in the UK: sole trader (ST) and private limited company (LTD). Starting up as a sole trader is without doubt the simplest way to start a business in the UK. All you need to do is inform HMRC that you are working as self-employed, and report your business activities through the annual self assessment tax return. Setting up business as a LTD involves a more complex formation process, and the financial and administrative responsibilities of running a LTD are greater than those of a ST. However, there are many benefits which LTD has over the ST. Here are 10 […]

Book: Self-Employment UK Tax Guide 2017

Book: Self-Employment UK Tax Guide 2017

This free (and highly detailed) book, written by Diana Hurta, is for people who run a business or planning to start own business in the United Kingdom as a self-employed. You will find answers to these questions:   What does it mean to be self-employed. What are your responsibilities. When do you need to file your tax return. What and how much tax do you need to pay. What records do you need to keep. What expenses you can claim. How to keep tidy records.   Also you will get GIFTS!   Download  our FREE ebook in PDF format by subscribing to our email list using the quick form below. […]

Overdue Invoices: 6 Steps How To Deal With Late Payments

Overdue Invoices: 6 Steps How To Deal With Late Payments

Signed work was done. You issued invoice and waited patiently for it to be paid as you have a right to it. But the payment deadline has passed and there’s no sign of your money. What next? 6 steps you can take dealing with late payments   1. Email reminder The customer must pay you within 30 days of getting your invoice or the goods or service. If the payment deadline has passed, send a follow up email within a few days with a copy of invoice attached. If you don’t get a response, send another.   2. First formal letter Write a first formal letter and enclose invoice or […]

Why To Build Success Together

Why To Build Success Together

As a business owner you want to build and grow a successful business however this can be challenging. You have a list of tasks to do such as managing finance, preparing accounts, complying with regulations and law, keeping up with technology, making stronger brand, ensuring customer satisfaction, employing the right people and etc. Also you might be worried about the impact of Brexit on your business. We understand that and we would like to be your business lighthouse! Working closely together we can help you to focus on what you really love to do and that is your job. Our people Business Advisors Planning is a core of success and […]

Business finance: Funds without a bank loan

Business finance: Funds without a bank loan

Are you looking for alternative sources of finance for starting or growing your own business? Funds helps to: start your own business increase your sales to existing customers attract new customers maintain your profitability improve your cash-flow develop your products and services hire and train staff   We have partnered with finance providers who are authorised and regulated by the Financial Conduct Authority (FCA) to offer finance solutions tailored to your needs:   Start up loans – a government-backed scheme helping individuals start or grow a business in the UK. Business loans.  LDF is one of the UK’s leading independent provider of finance for SMEs. LDF offer unsecured loans that […]

UK Company Law: Changes in 2016

UK Company Law: Changes in 2016

This year Companies House introduces some important changes to UK company law. We have provided some of the key changes and the proposed implementation dates. New accounting regulations for companies – January 2016 The regulations apply to accounting periods beginning on or after 1 January 2016. The key change in these regulations is the removal of the ability for a small or medium-sized company to file abbreviated accounts at Companies House (although the very smallest companies can prepare micro entity accounts). New accounting standards – January 2016 The Financial Reporting Council (FRC) have revised the accounting standards under which UK companies prepare their accounts. More information about this change can […]

Brexit: What next?

Brexit: What next?

On Thursday 23 June 2016 the UK public has voted to leave the EU and nowadays it’s a hot topic across the world in newspaper, on tv, radio, social media. For many people this is not an easy situation which may rise lots of emotions. No doubt you are worried about it and very likely you are interested in getting answers. Some answers you will get in stages, however there are some answers you can find now, for example: What happens next? An agreement called Article 50 of the Lisbon Treaty has to be activated in order to leave the EU. The withdrawal from the EU is a formal legal […]

Tax Return: Who needs to complete

Tax Return: Who needs to complete

The tax year in UK is from 6 April to 5 April the following year. Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. Who must send a tax return You’ll need to send a tax return if, in the last tax year:   you were self-employed even though the tax due may in fact be ‘nil’ you were a company director you got dividends from shares you had income from abroad that you needed to pay tax on you lived […]

10 Changes from April 2016 which may affect you

10 Changes from April 2016 which may affect you

1. The National Minimum Wage will be increased to £7.20 per hour for those 25 or over. 2. The Personal Tax Allowance, the amount you can earn before paying income tax, will be increased from £10,600 to £11,000. 3. The Higher Rate Threshold will increase from £42,385 to £43,000. 4. The Employment Allowance will increase from £2,000 to £3,000. 5. To make it cheaper to employ young people, from April 2016 employers will not have to pay National Insurance contributions (NICs) for all but the highest earning apprentices aged under 25. 6. The new State Pension will be increased £119.30 from to £155.65 per week. 7. The income rise disregard […]