FreeAgent’s Emily Coltman takes a look at the advantages and disadvantages of trading through a limited company, including taxation, limited liability, paperwork, legal duties and privacy.
Resources
Making Tax Digital is a government initiative that sets out a bold vision for ‘a transformed tax system and the end of the tax return’ by 2020. Not sure what it means for you?
A detailed guide on cashflow forecasting by FreeAgent that can help you:
- plan out how much you expect to make in sales this year
- plan how much you expect to spend in costs
- understand when cash will come into your bank account and leave it
This consultation is about reforming the intermediaries legislation to improve its effectiveness in the public sector. It seeks views on the impacts of this change and design details of the policy, including a new process to help determine whether an intermediary is in scope of the rules. The consultation asks for opinions on: the scope… Read more »
Nobody to put into a pension scheme? You still have duties. Businesses who employ only one member of staff (who is employed on a temporary basis, who earns under the qualifying earnings threshold of £10,000 and who does not need to be automatically enrolled into a pension scheme) will still have automatic enrolment duties. The… Read more »
The Pension regulator has stated: (They are obviously bound by the regulations but continue to highlight the 4th paragraph). Where a contract of employment exists – whether written or implied – then automatic enrolment duties will apply. The key point for an employer here is to understand what elements would constitute a contract of employment,… Read more »
When you’re busy trying to run your business, it’s hard to keep track of what business costs and expenses are eligible for tax relief – and that might mean that you end up paying too much tax! In these guides FreeAgent’s Chief Accountant Emily Coltman lists some common business costs and expenses, and walks you… Read more »
Find all the key points from the Chancellor of the Exchequer’s Budget to Parliament on Wednesday 16 March 2016 in our handy 5-page PDF guide.
George Osborne announced in his Autumn statement the plan for self employed and small businesses to have to file four tax returns a year, rather than one as currently is required.
When you’re starting out in business, it can be tempting to run all of your finances through your personal bank account, rather than going through the hassle of setting up a separate account for your business.
The FreeAgent Tax Timeline displays a live projection of how much money you owe to HMRC and when you owe it, so you’ll know how much to set aside for tax bills. You can export the details of your tax deadlines into your Google, Outlook or iCal calendar by following these steps.
Disposing of capital assets in FreeAgent
In FreeAgent you now have the ability to dispose of capital assets.
Previously you could record the purchases of capital assets but there was no way to explain if you’d sold an asset.
You can now explain transactions as disposal of capital assets, which will prevent further depreciation, ledger the balancing charge and get all the accounts right.