Corporation tax is a tax that’s levied on your company’s profits. When you operate your business through a limited company, that company is considered to be a separate entity from you as an individual. Among other things, this means you have to pay corporation tax (CT) on your company’s profits But how does CT work? […]
As the founder of a company, there’s a long list of compliance tasks to get your head around – and one of the key tasks will be registering your company for business taxes. Once you’ve registered as a limited company, you become liable for paying taxes on the profits you make. These taxes are collected […]
Value-added tax (VAT) is a consumption tax that’s levied on goods that have had value added at each stage of the supply chain. Most businesses with annual sales of £85,000 or more have to register for VAT. And even if your sales are below that level, you can register on a voluntary basis. VAT can […]
Take control of your happiness by maximising outcomes from the things you can control. 1. Be social, with friends and family.We’re social creatures, whether you are by nature an introvert or an extrovert, we all need to feel connected and part of a community. Plan time with friends and say ‘yes’ more (to those who […]
Planning for the future doesn’t only mean thinking about your business growth. It’s also important to think about what happens when you pass away – and the impact that inheritance tax (IHT) could have for your beneficiaries when handing on the business. If you own a business, or an interest in a business, your estate […]
To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of […]
The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period. For each of the reporting categories, receipts and payments are listed (money in and money out), and this is reported as a net increase or decrease […]
The pandemic has proved to be a tough time for the UK’s freelancers. But there is help at hand still in the form of the Self-Employment Income Support Scheme (SEISS). The fifth tranche of the SEISS is now available to freelancers, contractors and people running self-employed businesses. If you meet the eligibility criteria, you may […]
The post-Covid, globalised economy has created a number of challenges for the average business. Depending on your business purpose and strategy, you may need to either upsize, or downsize, to secure the long-term future of your company. But what are the implications of scaling up, or scaling down, your operations? And how do you refine […]
Although you will pay CGT on most capital gains, there are some gains that are not subject to capital gains tax – and focusing on those tax-free gains makes for effective tax planning. For example, when you’re realising your assets, it can be more tax-effective to think about disposing of those assets which don’t attract […]