Mortgage References for business owners

28 Jun 2024 | 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...

What should I do when employing someone for the first time?

21 Jun 2024 | Business

The most important things are: You must pay at least the National Minimum wage. Get Employers’ Liability insurance as soon as you become an employer. Send a written job description (including Terms & Conditions) to your employee. When employing someone for over 1...

How does being married affect Capital Gains Tax (CGT)

16 May 2024 | Business

When a person gives/sells shares, investment properties etc. to a spouse, the transfer is deemed to be at a no gain/no loss value – so no CGT to pay. By transferring a half share of an investment property to your spouse prior to selling it, you can double the tax-free...

What shares should I issue when forming a new company?

20 Feb 2024 | Business

Issuing large numbers of shares creates a debt to the Company and can remove the benefits of limited liability. When a Company goes into liquidation, shareholders can lose the value of their shares because they might have to pay the share capital personally to...

What are the tax savings of an electric car?

9 Feb 2024 | Business, Healthcare

Tax on electric cars Since April 2020, electric cars have become very 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. Corporation tax = £0; Income tax:...

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

2 Feb 2024 | 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...