Good Business Start

When is the best time to incorporate? You've heard it before. "Once you hit £50,000 profit, you need to incorporate." Or maybe it was £40,000. Or £60,000. Every business owner seems to have their magic number, and they're all absolutely certain about it. Here's what makes me uncomfortable about this advice: for most single-person businesses, staying as a sole trader is actually more tax-efficient. And with recent tax changes, that gap is widening, not shrinking. I know this g

Don't miss out on your pre-incorporation loss relief! You've been running your business as a sole trader for a few years. The first year was rough - you made a loss. Maybe the second year too. But now you're profitable and you're planning to incorporate into a limited company for tax efficiency in the next few months. Here's the question nobody seems to answer clearly: what happens to those losses you've been carrying forward? The short answer? They don't transfer to your new

Making Tax Digital (MTD) is transforming the way self-employed individuals and landlords manage their taxes in the UK. If you haven’t already adapted to the new rules, now’s the time to get up to speed. Whether you’re a sole trader, a property owner, or both, MTD will likely affect how you record, report, and submit your tax information. Who Needs to Follow MTD Rules? MTD for VAT All VAT-registered businesses , regardless of turnover, must already comply with MTD. You must ke

Reviewd and updated 08/11/2025 Bookkeeping is vital for businesses, ensuring accurate financial records and informed decision-making. By doing your own bookkeeping, you gain benefits such as cost savings and a deeper understanding of your financial health. In this blog post, we will share valuable insights into the world of bookkeeping and provide you with a step-by-step guide on effectively managing your own bookkeeping independently, empowering you to take control of your f

If you are like just about any other VAT registered self-employed, chances are VAT calculations and returns are something you are...

Last week I have written a post about property income tax. As I was writing it, it dawned on me, that I should write a whole series of...

If you are only starting your business, or even when you work for yourself for a number of years, but your turnover is not more than...

Oh, dear. There is quite a lot going on recently isn't there? With the Covid and the Brexit regulations and guidelines are changing with...

MTD, or Making Tax Digital is here, and its's here to stay. Do you know what exactly does it mean to you? Are you MTD ready? Do I need to...