Most limited companies and self-employed people have some type of insurance cover in place. In this article, we look at which business insurance expenses can be legitimately claimed against your firm’s profits.
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business expenses
If you have started a business or are thinking about starting one, then you will need to decide on a business structure. You can choose to create a limited company, work as a sole trader or a partnership. Each business structure varies, especially when it comes to accounts and the bookkeeping. Sole trader owners are classed as self-employed, therefore they have their own set of tax rules and regulations to adhere to.
If you work for yourself, there’s a strong chance you’re a sole trader. As a popular method of setting up a small business, sole traders make up almost 60 percent of all self-employed people in the UK.
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There is a range of expenses you can claim for whilst running your business. You will incur a wide number of limited company expenses during the course of your work, ranging from printing and postage costs to purchasing computer equipment.
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Most small companies go bust before they reach the two-year mark (no matter how good their business idea is). Costs are almost always the cause of this demise and the reason for this is that it’s incredibly difficult for businesses to manage their finances at the startup stage.
[continue reading…]If your business isn’t doing everything it can to stay as competitive as possible, someone else will come in to fill the gap. Managing a business is about delegating responsibility, but it’s also about paying attention to the details. And following a few sensible strategies can give your business the edge it needs to minimise the bottom line.
[continue reading…]When planning a business trip abroad there are many considerations, even in ‘normal’ times and right now the priority is ensuring you stay safe while travelling and having a productive time at your destination, or a fun holiday if this is a personal trip or a combination of business and leisure.
[continue reading…]Readers question: I bought some goods which I intended to sell via my company before I actually incorporated. These goods were not bought under the company name but instead under my name. Can I still add this to my accounting tool as the cost of goods?
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Business mileage is the most significant single expense type for companies in the UK. It’s estimated that over 2 million employees make mileage claims annually, driving more than 10 billion business miles every year in the UK alone.
The tax season for 2019 in the UK is officially defined as the period between 6 April 2018 and 5 April 2019. Each tax season, all businesses, regardless of size, must provide their employees, contract workers, and others, with tax documentation that is required by the HMRC so that workers can file their tax returns. Unless an extension is requested, all tax paperwork must be postmarked or filed with HMRC by no later than 31 January 2020.
Gender pay gap in the workplace is an issue that has been high profile and has had extensive media coverage. It’s a problem that has been plagued and needs to be addressed. Although many big companies have been forced to make changes to their unequal and unfair pay policies, small businesses also need to take notice.
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Deciding between working with a Cut Make Trim (CMT) manufacturing partner or scaling up production and opting for a fully-factored partner (FF) abroad, is a choice that most successful fashion, accessories and furniture brands have had to make at some point.
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When you are self-employed you will pay your tax based on the income and expenses you show on your Self Assessment tax return. Here Simple Tax will give you an insight of the Self Assessment process and your legal obligations as a self-employed individual.
It doesn’t matter what size your business is, there will come a point where you’ll have to consider funding (such as a small business loan) in order to take it to the next level. This additional finance might be used for a number of beneficial investments, including hiring extra staff, buying additional equipment, or moving to larger premises.
In the most recent study carried out by the Federation of Small Business (FSB), it was found that constantly rising operating costs are stalling business growth. The survey, which has over a thousand recipients, highlights the struggles of small businesses, as the number of small businesses reporting a rise in operating costs is nearly at a record high.
One of the main benefits of cloud accounting software is that your business accounts can be accessed from anywhere and at any time. The capability to update data in real time for extra speed, accuracy and efficiency in accounting will enhance the company’s performance as a result.
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Keeping on top of your finances is one of the biggest causes of stress for small business owners, as the financial position of a business can really be the make or break point for the future of it. There are many challenges that small business owners face, from building a customer base to being a supervisor or creating and delivering good quality products. As a business owner, you will need to wear multiple hats in order to keep the business running. However, managing your finances may be of particular importance to the livelihood of your small business.
When running a small business, saving money and cutting costs where you can should always be a priority. By being smart when dealing with taxes it can actually save you a considerable amount of money. If you are effectively dealing with your taxes, it could be the difference between a steady profitable business to one that’s just barely getting by.
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Being in control of your finances is key to keeping your earning model afloat. That’s why it’s so important to stay on top of your books as a contractor or a small business owner as you have multiple income streams to deal with. Effectively managing your finances can do wonders for the process of bookkeeping for your small business.
Most company directors will be pleased to hear that they can legitimately claim for the costs of an annual party for employees and partners, as long as a number of conditions are met.
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