Starting-Up

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

Got a great idea for a new business? Can’t wait to get started? The prospect of setting up and running your own business is an exciting one, but before you drop everything and jump in with both feet, there are a few things you should think about…

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Great Business ideas

One of the questions you may ask yourself as you set up your business is whether you should register it for VAT.

VAT is charged when you sell goods and services or business assets, hire and loan good or earn commission and is charged on items sold to staff or on business goods used for personal reasons.

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8 simple but effective ways to help you get paid on time

The scenario may be familiar… You won the business, you’ve done a fantastic job, everyone’s happy, but you don’t get paid on time. There’s nothing more frustrating, especially for new start-ups, small businesses, sole traders and freelancers, than customers who consistently pay late.

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8 simple but effective ways to help you get paid on time

Legally, if you’re a freelancer or sole trader, you can use your personal bank account for both business and non-business transactions. Personal accounts are freely available, and often free to use, but are they really suitable to use instead of a business bank account? 

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Can I use my personal bank account for my business?

Home working. Could it work for you?

Lots of us dream of working from home. The freedom, the flexibility, that elusive work/life balance… it sounds fantastic, but is working from home all it’s cracked up to be?

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Home working. Could it work for you

Five tips for brilliant start-ups

Be single minded

Don’t try to be or do everything. Focus on what one single-minded proposition, and make it your business to be brilliant at it. Over-deliver at every possible opportunity; giving that little bit extra won’t cost much more but your customers will remember and recommend you for it.

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Five tips for brilliant start-ups

Any business can be the subject of a VAT inspection by HMRC. However if you consistently fail to submit your VAT Returns on time, you work in an industry which HMRC considers ‘high risk’, your trading patterns have changed, you have late or non-paid penalties or there is a sudden drop in the amount of tax you declare, HMRC may just give you a call. 

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Avoid a vat inspection

Six steps to being more productive every day

A heavy workload can be daunting. But by structuring your time, and thinking ahead, those tasks might get finished sooner than you think…

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Six steps to being more productive every day

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?

Businesses with low running costs could profit more from being on the Flat Rate Scheme than businesses whose running costs were high. HMRC called this ‘Aggressive Abuse of the VAT Flat Rate Scheme’ and introduced the Limited Cost Trader category to prevent it.

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Flat rate vat scheme abuse

Is it really cost effective to do your own books?

It’s a question lots of us ponder when we start working for ourselves. Should I do my own bookkeeping, or pay an accountant to do it for me? On the face of it, it’s a pretty simple dilemma. After all, how hard can it be?

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Should I do my own bookkeeping