Recent Articles

Why do some start-ups flourish, while others fizzle out? Of course it helps if you have a brilliant idea to start with, but sometimes even that isn’t enough to make a business fly. So what’s the key to driving a brilliant idea forward? If you had two identical businesses, why might one thrive and the other one fail?

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Business vision

One of the first decisions you’ll have to take before starting your new enterprise is what business structure to adopt. Go down the sole trader route and you’ll be taking the simplest – and most popular – option out there: you own your business. Incorporate as a limited company and, even if you’re the sole director/shareholder, your business is legally separate from you.

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Limited company or sole trader: Which is best for you?

If you’re self-employed you will have been given a UTR (Unique Taxpayer Reference) when you registered with HMRC. It’s a 10-digit number, which you will to file your tax return or enter into any tax-related correspondence with HMRC. Your UTR is one of those things that you won’t use frequently, but on the occasions when you’re asked for it, nothing else will do.

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What is my UTR number?

Paperless accounting is a simple concept; it’s accounting with no paper! Yes, it can be done and HMRC are going to enforce it and make it the only way. They’re labelling it ‘Making Tax Digital’. It is the intention of HMRC that by 2020 all tax returns to HMRC must be digital, therefore paperless. Numberworx is already making the transition really easy for small business owners and ‘one man bands’. Numberworx is pioneering paperless accounting.

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Move to Digital with Paperless Accounting

Unless you’re set up as a sole trader, you’re probably going to need to start running a payroll.  That’s right: even if you’re the sole director of a start-up limited company, you’ll need to send a PAYE return to HMRC every time you want to pay yourself because the company is a separate legal entity to you.

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How to set up a payroll