What is a payment on account? (sole trader)
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October 23, 2022How much money should I set aside for tax? (sole trader)
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October 23, 2022Should I choose the cash basis for my business? (sole trader)
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September 9, 2022What information do I need to report to HMRC when I complete my tax return? (sole trader)
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September 9, 2022What records do I need to keep? (sole trader)
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September 9, 2022What bookkeeping do I need to do? (sole trader)
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September 9, 2022When do I need to tell HMRC that I am self-employed?
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September 9, 2022Is it easy to move to a limited company if I am currently trading as a sole trader?
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July 27, 2022(Dormant Companies) Can I set up a Limited Company and not trade through it?
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July 27, 2022What are the positives of trading through a Limited Company?
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July 27, 2022What are the positives of being Self-Employed?
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July 27, 2022Should I trade through a Limited Company?
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July 27, 2022What's the difference between being Self-Employed and trading through a Limited Company?
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July 27, 2022Is my crowdfunding campaign income taxable?
So, you have an idea for a business or project but need to raise some money so you can get started. Loans, credit cards and dipping into savings are the more traditional methods of raising funds for your business. However, if you have an idea that already has an audience of potential customers, it can be tempting to use them to fund your project instead. Avoiding the need to pay interest and even any of the loan back in the process. But whilst having a “free” lump sum of money being paid i...
March 10, 2020What clothing can I claim for through my business?
We all need to dress for work. It doesn’t matter whether you dress up for a networking event or dress down to work from the sofa; the chances are you have purchased some clothes since starting your business that you only wear whilst working. But what you consider to be your business workwear and what HMRC consider to be workwear can often differ. So, in this blog I’m going to ask you some questions that may help you to decide what to put through your business....
August 20, 2019Is it easy to switch accounting software?
For most of us, we choose an accounting software when we start our business and then we stick to it. Even if it irritates us. And the main reason for that is because switching can feel like a chore. Better the devil you know and all that. But sometimes we are forced to change. It could be that you have been using Wave and have realised that from September 2019, they will be switching off their UK bank feeds. It could be that you are changing accountants and your previous one gave you some be...
July 29, 2019What VAT rates should I use when preparing my VAT Return?
Have you ever felt that feeling of panic, when you enter all your information into your accounting software and press the button to generate the VAT Return, only to be greeted with a report that is completely wrong? Where have all your sales gone? Why haven’t some of the purchases pulled through? If you have experienced that situation before then it’ll probably be because you have used the wrong VAT rates....
June 18, 2019Limited Company or self-employed: what is the difference?
What is the difference between trading through a Limited Company or deciding to be self-employed? Are they taxed the same? Can you only be VAT registered if you have a Limited Company? If you trade through a Limited Company, can you avoid the payment on account? You may have a lot of questions when you decide to start on your freelance journey; that’s only natural. So here is a quick run through of the questions I am typically asked, which I hope will help you....
April 21, 2019How should I price my services?
Starting your own business is exciting. You may be doing it for the thrill of stepping into the unknown and seeing where your dream can take you. Or maybe it’s about being your own boss and setting hours to suit your lifestyle. Whatever the reason, all new business owners have one question in common: “How should I price for my services?” It’s a question we’re all faced with and it can be increasingly difficult if you have no fixed list of services or know how long a job is going to tak...
March 21, 2019Should I register for VAT?
There may come a time when you will start to wonder whether becoming VAT registered will benefit your business. You could reach this point before you even begin trading but it might never cross your mind until your business ramps up a notch. Either way, there are a couple of things that you may want to consider before deciding whether registering for VAT is the right thing for you. Now I don’t normally do disclaimers before I begin a blog, but it is worth remembering that VAT is tricksy. For...
February 27, 2019Do I need a business bank account?
When you first begin to trade, you may question whether you need to set up a business bank account or whether you can use your personal bank account. As business bank accounts typically have charges attached to them, it can make sense to try to avoid these costs and using a personal account is an easy way to do this. However, there are reasons why you may want to open a business bank account....
November 15, 2018How much money should I set aside to pay my personal tax bill?
Once you’ve been working freelance for a while and have started to make a bit of money, you might want to start to think about how much you need to set aside to pay in tax. This is a great mindset to be in if you already are! I’ll help you understand the next steps. If you’re not, read on and perhaps that will start to cultivate the mindset a little and save you some headaches further down the line....
October 17, 2018Do I need an accountant?
I’ve recently come across a number of freelancers asking if they need an accountant. It’s a fair question, as when you are starting up, or if your business is in a famine stage (rather than the favourite feast stage), it’s common sense to question where you are spending your money. We all like spending money on fun things like marketing. After all, if money is tight it is easy to justify spending on a new website or some leaflets as these have the potential to bring in the business that y...
July 30, 2018Do I need accounting software to do my bookkeeping?
Be honest. What’s your bookkeeping setup like? Or in simpler terms, how do you keep track of the finances for your small business? It’s pretty common for bookkeeping to sit right at the bottom of the list when businesses are starting up. You need to bring in some money first, then you can worry about the bookkeeping, right? Lots of businesses scrabble around when that first customer needs to be invoiced, and end up cobbling something together as a PDF. Most also realise fairly early on that ...
June 27, 2018I've started a business. What do I need to do now?
You have decided to start your own business and you are ready to go. This first thing you may decide to do is join a networking group. Get a logo made. Google how to get your first customers. All the fun things. But whilst marketing is understandably sexy and fun, there are a couple of finance things that you may want to research and get into place first. And then, once the finance is done, you can get back to the marketing and begin to grow your business....
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