On 15th March 2023, Chancellor Jeremy Hunt presented his first budget to the Parliament. The budget aims to boost the UK economy by easing the cost of living crisis and reducing inflation rates. The following sections provide a summary of the key points affecting individuals and businesses…. Continue Reading

We have received several inquiries regarding how clients can register as self-employed (sole traders) with HMRC. We trust that the following guide will be helpful…. Continue Reading

The start of a new tax year is a critical time for individuals and businesses to be aware of tax changes that will come into effect from April 2023. Being informed and prepared can help you manage your finances more effectively.

In this post, we summarize the key changes that businesses should be aware of and provide some tips to help you reduce the impact of tax increases…. Continue Reading

VAT, or Value Added Tax, may not be the most exciting topic, but as a business owner in the UK, it’s essential to understand it. It is a complex and ever-changing system, but non-compliance can result in hefty penalties and fines. In this post, we’ll demystify VAT and show you how to navigate it easily…. Continue Reading

Under the law, a limited liability company has the same status as a natural person. Because of this, you cannot treat a limited company’s bank account like your own and take money out whenever you choose.

It’s natural to feel that you have free rein over the cash flow of your limited liability business at any time after it’s been established. This needs to be corrected and may result in legal and financial issues for directors of failing companies…. Continue Reading

This post will review what makes a company dormant. A dormant company is a limited liability company that is not trading (i.e., not conducting business) and receiving no other income. In such cases, the company is deemed “inactive” for purposes of Corporation Tax.

Your company can remain dormant and still file annual accounts with Companies House. However, you must notify HMRC as soon as you can. The Corporation Tax division can be reached by phone, email, or letter…. Continue Reading

If you are considering operating as a freelancer or contractor through your limited liability business, you must rapidly grasp the IR35 laws.

The key issue hinges on a section of legislation known as IR35. HMRC believes that IR35 “protects hundreds of millions in tax income.”

However, the contracting population of the United Kingdom believes that IR35 is a weight around their necks. It imposing disproportionately high compliance costs on one-person firms.

What are the IR35 rules that a new contractor must be aware of?… Continue Reading