Tax on crypto is charged in the same way as any other financial asset. So it’s important to accurately calculate your tax on crypto and report on the earnings from various cryptocurrency exchanges. A recent clampdown has seen HMRC issue letters to thousands Coinbase users reminding them of their duty to report and pay tax on their crypto activities. That’s why we have taken a...
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....
As the director of a successful start up, you may find your business activities outgrowing what you can deliver. Or perhaps you are building a team for a brand new business venture, soon to open its doors. Whatever the case, follow our easy to use guide for how to hire an employee, to keep the process simple. Register as an Employer You normally need to...
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?...
Here we explore how and why to write a business plan, whether this is to attract investment, or for your own strategic development. Even if you are not planning to approach investors for funding, you can write a business plan that will effectively keep you on course and achieving high targets. Whether you are starting out, or even if you have begun trading, these tips...
Everyone can appreciate good record keeping. Especially your accountant, plus it could save you lots of time when you come to file your tax return and save you money on your tax bill if you keep a tax record in good order. Good record keeping is also helpful if HM Revenue and Customs (HMRC) wants to ask any questions. Here we outline what you need...
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...
Talking to your children about financial management is crucial if you want to help prepare them for managing their own finances later in life. Most people wish they had a better financial education early on. But even those with a good knowledge of financial management may struggle to teach this to younger generations without a sound plan. This knowledge can set them up for lifelong...
A dividend is a reward of value, which can be paid out either as cash or in the form of additional product, distributed to the shareholders in return for their investment in a company’s equity. Usually a dividend takes the form of a payment from the company’s net profits. How to Distribute Dividends The majority of a company’s profits is retained within the company to...
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,...
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