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Category: Information

  • News Round-Up February 2024

    News Round-Up February 2024

    National Insurance cut boosts UK households In a move to ease financial burdens on UK households, the Government has implemented a historic National Insurance (NI) cut, providing relief for 27 million taxpayers. As of Saturday, 6 January 2024, the main rate of National Insurance has been reduced by 2%, dropping from 12% to 10%. This…

  • Sole trader verses limited company

    Sole trader verses limited company

    So you are thinking of setting up in business. The first thing to say is that the decision about what trading vehicle to use is not the be all and end all. If you set up as a sole trader, you can incorporate at a later date, all be it at more cost. This post…

  • VAT Accounting Schemes

    VAT Accounting Schemes

    In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you time and money. Annual Accounting The main advantage of using Annual Accounting is that you only prepare one VAT return a year, so the burden of paper work is much less. You will have to…

  • Starting out

    Starting out

    Now you are trading, be it through a sole trade, a partnership or an LLP, what do you need to do next? Sole Trader First, you need to register your business with HMRC – click here for the link. Next, your accountant, tax agent or adviser acting on your behalf, will need to apply to…

  • Employed v Self-Employed

    Employed v Self-Employed

    When considering whether to set up as self-employed, it is important to ensure that you meet the conditions set by HMRC, otherwise they could deem you to be employed, and the liability for employers NIC will fall on your “employer”. If the answer is ‘Yes’ to all of the following questions, it will usually mean…

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