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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
Can I use a personal bank account for my Limited Company?
No! You are causing more problems than you are solving. You and your Company are separate legal entities and you must keep your finances separate. There are bookkeeping complications, and huge tax issues. If your Company money isn’t in a Company account, HMRC will...
Are alphabet shares safe and legal?
They are not illegal, but HMRC do not really like ‘alphabet shares’ (where there are several different classes of shares issued). It has been argued that these shares merely give a “right to income” and don’t represent ownership of the Company. Some years ago, there...
What responsibilities does a director have?
Becoming a Director does include legal responsibilities. For example, Directors must act in the best interests of their Company, and not allow it to trade if they believe it will be unable to pay its debts. They must also ensure that it complies with employment laws,...
Should I hire an employee or a self-employed worker?
If you take on an employee you will have to consider: Employer’s National Insurance, Employers Liability Insurance, Statutory Holidays, Auto Enrolment etc. If you hire a self-employed worker it could be more beneficial because you will have significantly fewer legal...
What repairs can be claimed against rental income?
This is a common difficulty when calculating net rental property income and you should really seek advice. It depends on what the expenses were and when they were incurred. You can claim for maintenance and repairs/renewals. Repairing or replacing should be...
What is The Marriage Allowance?
Many couples are unable to benefit from the Marriage Allowance; AND the maximum benefit is only £252 (2022/23). But it’s simple to calculate and to claim. It is for Married Couples and Civil Partnerships where one is a Basic Rate Taxpayer (taxable income £12,570 -...
How to start a company
There are a number of stages to go through – and I would recommend seeing an accountant as early in the process as possible. It may even be the case that you shouldn’t form a company straight away as many small start-ups are better off starting as sole-traders. But...
How does owning shares in a Company work?
Limited Companies in the UK are generally limited by shares representing the ownership of the Company. So if the Company issued 100 shares and you own 1 – you own 1% of the Company. Shares come with certain rights, the most...
What Are Benefits in Kind?
Benefits in Kind (BIKs) happen when an employer pays for something on behalf of the employee which is not repaid. BIKs tend to cover personal expenditure - commonly private medical/dental cover, personal use of company cars/vans and fuel benefits etc. The BIK is...
Should we set up our family business as a Partnership?
There are many reasons for not choosing a Partnership in your position, for instance: They are generally less tax efficient than Limited Companies; Partners must pay Class 4 National Insurance; All Partners are jointly responsible for all debts; Partnerships can...
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