What is an LLP or Limited Liability Partnership?

An LLP or Limited Liability Partnership has some things in common with a Partnership but, like a Limited Company, it also has Limited Liability so partners cannot lose personal assets. LLP’s are easy to join and to leave – without needing to worry about buying/selling...

Tax advantages of a Limited Company

There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 7.5% tax is due after the first £2,000 is paid out. You pay income tax on dividends only when you take out the money...

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...

Starting a business checklist – 20 things to consider

When starting a business there are a lot of things to think about and a checklist can be useful. The checklist below is not exhaustive but it does include tasks that are sometimes overlooked by people starting out in business.  It is always worth talking to an...

Bookkeeping advice when setting up a business?

I’m setting up a business.  What should I do around bookkeeping? When setting up a business it is important to make sure 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....

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 £12,500, acting as a Sole...