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Advantages of Private Limited Company Ownership in The New Tax Year

Advantages of Private Limited Company Ownership in The New Tax Year

As we enter April, the start of the new tax year brings taxation into sharp focus for millions of self-employed people across the UK. This is especially the case for those that operate through their own private limited company where the opportunity of maximising tax-efficiency can increase net income, but the pressure to meet your tax

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The Sole Trader Advantages You Need to Know

The Sole Trader Advantages You Need to Know

The choice of which business structure is right for you and your company is one that all self-employed people face. The business structure you choose impacts the amount of tax you’ll pay and therefore how much you’ll earn, the level of financial exposure you face and how much time you’ll need to spend on admin, reporting

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How do you Create a Limited Company?

How do you Create a Limited Company?

Limited company is a popular business structure and with good reason as it presents many benefits for self-employed people, so the question of how to create a limited company is one that many entrepreneurs have asked. The process to create a limited company is more complex than if you were to set up as a sole

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How to Find an Accountant for Your Small Business

How to Find an Accountant for Your Small Business

In the dynamic world of small businesses, managing finances is a crucial aspect that can make or break success, especially early on in your journey of self-employment. With a to-do list longer than your arm, finding the right accountant to partner with can significantly alleviate the financial burdens you face and pave the way for growth,

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Sole Trader vs Limited Company: Which is Right For You?

Sole Trader vs Limited Company: Which is Right For You?

The two most common business structures for self-employed people are sole trader and limited company. They both have different implications on many areas of your business including your accounting and reporting obligations, the amount of tax you’ll pay and the level of financial risk you’ll face. It’s crucial therefore that anybody intending to move into self-employment

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Spring Budget 2024: How it Affects You

Spring Budget 2024: How it Affects You

With what could be the final budget before the general election, Chancellor of the Exchequer Jeremy Hunt today delivered his Spring Budget to The House of Commons to announce the Government’s tax and spending plans. After lots of speculation over the last few days around tax cuts ahead of the forthcoming election, reports suggested that several

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What does it mean to be Outside of IR35?

What does it mean to be Outside of IR35?

Understanding IR35 legislation is a crucial aspect of operating as a successful contractor or freelancer in the UK. IR35 is, of course, nothing new! It became law almost a quarter of a century ago and there have been various revisions (and revoked revisions!) since then. Changes to the legislation make it harder for contractors and freelancers

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A UK Corporation Tax Guide for Contractors

A UK Corporation Tax Guide for Contractors

The UK tax landscape can be a daunting prospect for contractors and managing your tax affairs as well as running your own successful contracting business is no easy task. It’s widely known that contracting has become an ever more popular career path and it’s easy to understand why. As a contractor you will sell your skills

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Dividends and the Dividend Allowance Explained

Dividends and the Dividend Allowance Explained

Many contractors, freelancers and self-employed people choose to operate through a limited company. There are a lot of benefits to this business structure and flexibility in terms of remuneration and the tax advantages are key amongst those. A tax-efficient remuneration strategy structures income in a way that minimises tax liability while remaining compliant and utilising dividends

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FreeAgent Accountants

Why you should choose to appoint FreeAgent accountants, Gorilla

Running a small business or working as a contractor carries a lot of responsibility. Not only are you working for yourself and having to find different projects to work on, but your finances are your own to control too. You must make strategic decisions about the direction of the business and the work you undertake whilst

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Simplifying VAT: The VAT Flat Rate Scheme

Simplifying VAT: The VAT Flat Rate Scheme

Value Added Tax (VAT) can be a confusing matter at the best of times for self-employed people, but understandably it can be something of an afterthought. When you first start out in self-employment your main focus will be on getting established and business growth and you will likely be under the £90,000 turnover threshold when VAT

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