There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 8.75% tax is due after the first £2,000 is paid out. You pay income tax on dividends only when you take out the money...
From 1st April 2021, the maximum amount of payable R&D tax credit which an SME (a Small or Medium Enterprise – which is defined as no more than 500 employees and either turnover of no more than €100m, or balance sheet total of no more than €86m) can claim is...
As it stands, we already know that, thanks to Rishi Sunak, Corporation Tax is increasing on businesses with profits above £50,000 from April 2023. The first £50,000 will still be taxed at the existing CT rate of 19%, but then the next £200,000 will be taxed at 26.5%,...
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...
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,...
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...
