When I started my new business, one of the first decisions I made was choosing the right business structure. Whether to be a sole trader, enter a partnership or set up as a limited company (Ltd). The structure i choose affected how i pay tax, handle my finances and protect my personal assets. Today, I break down the most common UK business structures, highlighting the pros, cons, and key things to know before you get started. Sole Trader Becoming a sole trader is the simplest
It was a warm summer’s evening when I finally made the choice to take the leap of faith and set up my own business. One week later, I handed my notice in and two months after that, I had left full time employment to begin my journey as an entrepreneur. What have I learnt? It’s sometimes better who you know rather than what you know! I say that because all my clients so far have been family friends or friends of friends. Especially in my profession, it is a very trust-based se
With the HMRC self-assessment tax return deadline fast approaching on the 31 st January, I have decided to write this month’s blog on what information is required when filing your tax returns. This means that your tax return is accurate, compliant, and optimised — helping you avoid penalties, errors, and unnecessary tax. 1. Personal Information - Full name - Date of birth - National Insurance number - Unique Taxpayer Reference (UTR)
