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

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...

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...

If you are thinking of becoming self-employed or have just embarked on a journey of working for yourself, you might feel a bit confused...

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...