What Is A Payment On Account? – Sole Trader Guide to Self-Assessment Once you embark upon your journey of self-employment as a sole trader, you begin to immediately understand a common difference between self-employment and PAYE tax deductions and that is you are not required to pay tax on your income as it comes in. This means as a self-employed freelancer or consultant, you will...
Many freelancers and contractors are engaged by businesses through a process called off-payroll working. New IR35 rules could impact contractors and freelancers. This common means of transactional engagement can see a contractor or freelancer engaged through their personal service company (PSC) as opposed to the traditional self-employed recruitment format. However, HMRC is introducing new tax rules that will place the liability for determining an individual’s...
Ever considered changing accountants? Not every accountant offers the same quality of service and with nearly 70% of small business owners unable to recommend their own current accountants to others, it showcases the scale of the problem. At Prestige Business Management, we put our clients first. We keep the communication front and centre; we provide real and tangible value and benefits through our range of...
How to Write a Contract – Prestige Business Management’s Guide to Ensuring Invoices Are Paid Based on Contractual Agreements Ever wondered how to write a contract? This guide can help you understand the basics of contract writing – you should always seek legal advice regarding contractual agreements in business. People generally tend to pay on-time when contracts are part of the agreement. People’s minds...
Bitcoin, arguably the most popular and indeed the most successful cryptocurrency was launched on the market in 2009. Now, there are over 1,600 cryptocurrencies and digital tokens flying about the market. Where there has been a rise in cryptocurrency, there has also been a rise in the number of people who are willing to sell, trade and invest. This isn’t surprising since the virtual currency...
Managing Accountancy: Day-to-Day Guide to Accountancy Tasks – Provided by Prestige Business Management Running a business can be difficult, time-consuming and at times full of drudgery. You get into it because you want to do what you do best, but a business has a whole range of different tasks that takes time away from running your business and building great products and services. Finance...
The Prestige Business Management Comparison Guide – Self-Employed vs Limited Company Status – What you need to know? This guide will introduce and compare how self-employment vs Limited Company status will affect your business. We will outline how to register, what the ‘Tax Year’ is and the big difference between the two different ‘types’ of business structure. There are advantages and disadvantages to both...
Everybody’s heard of it. Everybody pays it. As a consumer you know that it’s attached to every product or service you purchase within the UK or the European Union. But as a business owner, you may not be completely clear on how VAT applies to you, and how it pertains to goods and services sold both at home and to other EU member states. Those...
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