Your plan is to start a business. So, you start preparing by buying tools, equipment and stock before the business actually starts. These are usually known as pre-start up expenses. You may have a hobby which you realise you can turn into a business. ... [Continue Reading]
Mortgages if you run your own business
Running your own business, whether self-employed, as a partnership or through a limited company seems to cause problems when it comes to obtaining a mortgage. This is particularly relevant to anyone who hasn’t been in business for a long time and ... [Continue Reading]
Company cars – electric and hybrid
Company car tax charges are changing from April 2020. It’s definitely worth looking at the new rules and possibly delaying a vehicle change until April. Any car powered wholly by electricity will have a zero tax charge from April 2020. That’s a ... [Continue Reading]
Business property relief
Business property relief is an important and valuable Inheritance tax relief that can reduce the value of relevant business property when it is transferred either in life or death. It was introduced in 1976 in response to the growing number of ... [Continue Reading]
Flat Rate VAT
Which is best – Standard VAT or Flat Rate VAT (FRS)? Simple, but not very helpful, answer is, “It depends” How do the two schemes work? With standard VAT, you charge VAT on your sales and pay this over to HMRC. Before paying the money to ... [Continue Reading]
Trivial Benefits Recap
This is just a quick video reminder of the Trivial Benefits rules. A Trivial Benefit is something an employer can give to an employee without it being taxable on the employee. It is important to get this right - but it can be a useful and ... [Continue Reading]
Mistakes to avoid when selling your small business
Mistakes are often easily avoided when it comes to selling your business. As a business owner a lot of hard work and investment has been put in, to ensure the success of your company. You need to make sure that the time and effort which has been put ... [Continue Reading]
Cash business – be careful
If your business has a lot of cash transactions, you are more likely to be a target for a VAT or tax inspector. HMRC takes the view that a business is less likely to correctly record cash than bank or card transactions. The HMRC database includes ... [Continue Reading]
Waiting for payment
We’ve all had the issue of expecting a payment from a customer and it doesn’t arrive, even when the customer has promised to pay. The problem is what are your rights and how to enforce them. Contract If you’ve issued a contract, hopefully it ... [Continue Reading]
Director duties- solvent/insolvent company
As a director you should be aware that your legal duty might change from protecting the company and shareholders to protecting creditors. Under normal circumstances a director must act in the best interests of the company. This is defined in the ... [Continue Reading]
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