If you have been inspired to start your own business, it’s because you have found your superpower and you want to focus all your energy on doing what you do best. The reality is that running a business demands a whole lot more of your time to run the business, which can draw your attention away from developing the dream products or services you have...
You are probably familiar with VAT. VAT stands for Value Added Tax. You pay VAT attached to every purchase of a product or service you make as a consumer. As a business owner VAT can quickly become much more confusing. However it’s important to understand the VAT on goods and services that you sell and how to charge it both within the UK and abroad....
Self-employed workers pay income tax differently to employees, who have PAYE tax deductions made on their regular wage payments, usually once a month to pay for their income tax and National insurance contributions. PAYE stands for pay as you earn. However as a self-employed worker, you are not required to pay tax on your income as it comes in. What Is A Payment On Account?...
The Prestige Business Management Guide to Self-Employment versus Limited Company In this guide to self-employment versus limited company we explain the differences between registering for self-employment, or a limited company, so you can select which is the right business model for your long term profitability. You have two options for how to run a business in the UK, either self-employment or register a limited company...
At Prestige Business Management, we strive to collaborate with ground-breaking partners that can provide real value for our customers. In this spirit of this ethos, we actively support and raise funds for Bikers Against Child Abuse (B.A.C.A.) as our charitable partner. We believe passionately that good business philanthropy can help change our communities for the better. Tangible Support for BACA Provides Invaluable Empowerment So far...
The money in your limited company bank account belongs to the company, however as a director of the company you can make withdrawals using what is known as a director’s loan. Limited Company The main difference between registering a limited company and self-employment, is that a limited company is an entity in its own right. An individual can own part or the whole limited company, but...
HM Government has announced a new funding scheme to help businesses affected by Coronavirus. The Chancellor, Rishi Sunak, launched the scheme to help counter a distinctive problem encountered by smaller businesses unable to utilise the Coronavirus Business Interruption Loan Scheme (CBILS). The so-called “Bounce Back” loan scheme is 100% guaranteed by the Government unlike CBILS which is only guaranteed up to 80% with the banks...
April 2020 News Update – featuring additional news developments from our newsletter series Welcome to August News Update – This month sees the Coronavirus cause unprecedented human and economic devastation. HM Government have launched “bounce back” loans to help business access support quicker, a “surge” in freelancing has been reported, Covid-19 could cost the UK economy nearly a trillion pounds over the next decade a...
The Coronavirus Business Interruption Loan Scheme (CBILS) is a temporary fiscal measure introduced by HM Government in response to the COVID-19 pandemic and the wider implications on the British economy. The purpose of CBILS is to help provide targeted support to small and medium-sized businesses in the UK. The scheme will be “demand-led” which means the Treasury will fund the scheme accordingly. The CBILS scheme...
The COVID-19 pandemic has upended UK Government rules and regulations on a whole raft of important areas. The massive bailout of business, individuals and the self-employed highlights the damage that this pandemic will do to the wider economy without adequate state support. To help prevent this damage, the Government has announced a selection of payment delays on Self-Assessment and VAT. The Government has announced that...
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