Payment on Account – What is it and do I have to pay it?
When you start working for yourself as a sole trader, one of the initial benefits is that you don’t have to pay tax as money comes in – unlike the PAYE system, in which employees’ earnings have tax deducted at source. As a self-employed worker, your first tax bill is likely to be due on the […]
Do I have to complete a Self-Assessment tax return?
Of the many questions you’ll have when you first start to consider going self-employed, one unlikely to top your list is, “do I need to complete a Self Assessment?” It’s probably one of the most important ones, though. A Self Assessment is one of the most significant tax documents you’ll be dealing with when you’re self-employed, […]
What is a Limited Company
What is a Limited Company? A limited company is a type of business structure that has been incorporated at Companies House as a legal ‘person’. It is completely separate from its owners, it can enter into contracts in its own name, and it is responsible for its own actions, finances, and liabilities. The owners of […]
Directors Responsibilities
Limited company directors responsibilities As a limited company director you have certain legal responsibilities. Specifically, you must submit (‘file’) various forms and returns to both Companies House and HMRC. Choosing to run your business as a limited company gives you many advantages. It’s usually the most efficient way to run a business in terms of […]
How to set up a Limited Company
Setting up as a limited company is one of the smartest and most tax-efficient ways to get paid for your work. Steps to set up a limited company: Choose the type of limited company for you Once you’ve decided to set up a limited company, you have to choose which type you wish to form. […]