If you want to start a business in the UK, you will typically work as a sole trader, as an unincorporated partnership, via your own limited company, or via a limited liability partnership (LLP).
A limited company is a specific type of company registration that offers investors and managers protection from liabilities incurred by the business. This is known as an incorporated structure and means the company has its own identity, responsibilities and rights in law.
Beneficial to entrepreneurs who employ others, the Employment Allowance could be worth up to £3,000 each year against your limited company’s Employers’ National Insurance bill.
If you run a business and employ staff, it’s important that you have the right type of insurance in place. Insuring your premises, goods, and vehicles against loss through theft or damage is essential but it’s just as important, and a legal requirement under the Employers’ Liability (Compulsory Insurance) Act 1969, to have employers’ liability insurance.
Choosing an accountant to help you manage your business’ financial affairs is one of the most important decisions you’ll make.
The person you eventually go for will not only be privy to a large pool of information about your business’ performance and future viability, but he or she will also be the one you trust when it comes to arranging your tax affairs and submitting important documents to the government on time and with full accuracy.
That’s why it’s a good idea to always go for someone you trust and who is appropriately qualified for the job. In this article, we’ll take a look at some of the important qualifications you should look out for when choosing an accountant for your new limited company.
The Flat Rate VAT scheme (FRS) is designed to make it easier for small businesses to fulfil their value-added tax (VAT) obligations.
However, the Flat Rate VAT scheme isn’t necessarily right for everyone: depending on the amount of costs you incur, the standard unsimplified VAT system may be a better option.
And with new changes coming into force in early 2017, the previous tax advantages of the FRS have been slashed for some – meaning it’s more likely you’ll need to look into making a change.