As it stands, we already know that, thanks to Rishi Sunak, Corporation Tax is increasing on businesses with profits above £50,000 from April 2023. The first £50,000 will still be taxed at the existing CT rate of 19%, but then the next £200,000 will be taxed at 26.5%,...
No! You are causing more problems than you are solving. You and your Company are separate legal entities and you must keep your finances separate. There are bookkeeping complications, and huge tax issues. If your Company money isn’t in a Company account, HMRC will...
Becoming a Director does include legal responsibilities. For example, Directors must act in the best interests of their Company, and not allow it to trade if they believe it will be unable to pay its debts. They must also ensure that it complies with employment laws,...
If you take on an employee you will have to consider: Employer’s National Insurance, Employers Liability Insurance, Statutory Holidays, Auto Enrolment etc. If you hire a self-employed worker it could be more beneficial because you will have significantly fewer legal...
There are a number of stages to go through – and I would recommend seeing an accountant as early in the process as possible. It may even be the case that you shouldn’t form a company straight away as many small start-ups are better off starting as sole-traders. But...
Limited Companies in the UK are generally limited by shares representing the ownership of the Company. So if the Company issued 100 shares and you own 1 – you own 1% of the Company. Shares come with certain rights, the most common type being an Ordinary share –...
