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…
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Partnerships
Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…
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VAT Registration
The Value Added Tax Act 1994 is a UK tax law, concerning taxation of goods and services that fall within the scope of Value Added Tax (VAT) https://www.legislation.gov.uk/ukpga/1994/23/contents. VAT (Value Added Tax) is a sales tax and has nothing to do with profit. Every business regardless of if you are a Sole Trader, Partnership, Limited…
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De-registering for VAT
De-registering for VAT When you want to de-register from VAT there is a certain criterion that you must meet: You will need to go to your VAT account on the government gateway and make the application, if you do this online then you will automatically see that this has been submitted successfully. Any messages relating…
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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…
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Sole Trader or 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 Companies House, and anyone can…
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HM Revenue Customs thinks the solution lies in the use of online
HMRC Annual Report shows some important trends for business owners HMRC’s annual report was published last week, and it shows that they failed to meet many of their key customer services measures in 2022-23. Customer satisfaction dropped to 79% from 82% last year and telephone performance has also declined with an average wait of 16…
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Budget Summary
Last week, Jeremy Hunt, Chancellor of the Exchequer, revealed his first Spring Budget. There was a focus on managing inflation and government debt, encouraging those who have left their jobs to return to the workforce, and increasing business investment. Here are some of the key measures announced in the Spring Budget that will affect businesses…
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New VAT Penalties and Interest Payments
The new penalties will impact businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge, and apply to accounting periods which start on or…
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How much is my business worth?
This is a question many of our clients want an answer to! The truth is, it depends on a range of factors and any valuation is only helpful as a guide for planning forward. The ultimate value of a business is the price a willing buyer is prepared to pay for it. The prevailing economic…
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