Should I set up as a Sole Trader for my new business?

Not necessarily, a Limited Company can result in you paying less tax and – while a Company owner might lose their business – a Sole Trader (self-employed) can lose personal assets as well! See video. If profits are below about £12,570, acting as a Sole...

Tax on electric cars

Since April 2020, electric cars have become even more tax efficient.  For example: Buying an Electric Car (as Company car) If you take £30,000 profit from a company to buy an electric car: Car cost = £30,000. Tax = nil (and annual benefit-in-kind = 1% in 2021/22 so...

How to form/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...

Mortgage References for People in Business

Applying for a new mortgage or re-mortgage can be a stressful and time-consuming task for anyone. At least for people in full time employment there is a good chance that their income will have been consistent over the last few years. Unfortunately, people running...

Bookkeeping advice when setting up a business

When setting up a business it is important to make sure that your bookkeeping system is suitable for your type of business – and also for your skills.  It should enable you to extract useful information (e.g. how much money have I got in the bank; who owes me money?)...