If you’re running a limited company, your company accounts will contain a balance sheet and profit and loss statement. They form part of your statutory annual accounts. But what exactly do these terms mean, and when are you likely to need to use these documents?
Read moreBalance sheet, profit and loss account – what do they mean?
To encourage entrepreneurship in the UK, eligible individuals pay a lower 10% rate of Capital Gains Tax on the disposal of business assets, subject to a lifetime limit.
Read moreEntrepreneurs’ Relief – 10% tax on eligible business disposals
Since January 2013, if you (or your partner) earns £50,000 or more, your family is not eligible to receive the full state Child Benefit entitlement. Here we look at how this charge works, and why it creates a controversial anomaly in the tax system.
Introduced in 2015, the Marriage Allowance enables an individual to transfer a portion of their personal allowance to their spouse or civil partner. If you are eligible, you can claim £238 during the 2018/19 tax year.
Read moreWhat is the Marriage Allowance and how do you claim it?
As a consultant, IT contractor,or other type of small professional limited company owner, you will almost certainly have heard of professional indemnity insurance and may have been asked what level of cover you have by a potential client before being awarded a contract. But what exactly is professional indemnity insurance, what does it insure you against, and do you really need it?
Read moreProfessional Indemnity Insurance – what does it cover?
By taking out tax investigation insurance, you can help to mitigate the potential cost of being investigated by HMRC which can be both time-consuming and expensive. This type of insurance policy also gives you the peace of mind that you will be covered should you be selected for tax investigation.
Read moreDo limited company owners need tax investigation insurance?
