Trading as a Limited Company
Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…
Read More
Bookkeeping Software is More Accurate
When you use software to do your bookkeeping (keep your financial information) this is more accurate than keeping this on Microsoft Excel or similar programmes. The problem with Excel is that the formulas can be come out of sync therefore where you are relying on the calculation it may not include all the figures an…
Read More
Sole Trader or Limited Company
Sole Trader V Limited Company A question I often get asked is which way should I go Sole Trader/Partnership V Limited company and there is no right and wrong answer. Both sole trader and partnerships are unincorporated, so the business information is not held in the public domain. Limited companies have the business information on…
Read More
Shareholder Agreements
Shareholders Agreement For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they, control the company outright and can veto the…
Read More
Claiming Rollover relief
Rollover Relief When capital gains tax was introduced in 1965, it was recognised that where a person sells an asset used in a business and buys a new asset, tax would be due on any gain arising on the sale, but there may not be any sales proceeds left over to pay that tax. To…
Read More
Tax Update
Pensions to lose IHT exemption At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free. Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income.…
Read More
Reviewing your Software
Software As we move more into the digital age, we are more reliant on software and the efficiencies that this has to help us to grow and even scale a business. When to review this It is important to review this on at least an annual basis to make sure that the software itself is…
Read More
Rent a Room
As hundreds of homeowners rent out their rooms and houses during the sporting events such as Wimbledon tennis championships, for up to £15,000 a week, it is important to pay the right tax to avoid penalties. This year’s tournament is seeing a very buoyant market with houses renting at up to £15,000 a week, four-to-five-bedroom…
Read More
Companies House Fines
Companies House will start issuing fines of maximum £2,000 for repeat offenders for failures to comply with registration rules as part of a sweeping crackdown on abuse of the register The new powers are a key plank of the Economic Crime and Corporate Transparency Act 2023, which introduced tough new laws to fight corruption, money…
Read More