What is a sole trader? A small business guide
WEBBeing in business on your own, if you don’t set up a limited company at Companies House to run your business through, then by definition, you’re a sole trader. When you’re a sole trader, you are self-employed, and legally, you and your business are one and the same. We’ll explore what that means in a bit more detail shortly.
The 6 best VOIP providers for small businesses
WEBUnlimited calling (with desk phone): £15.50 per user per month. Targeted at startups and growing businesses, bOnline is the VoIP system that claims to give small businesses enterprise-level communication services at an affordable cost. Starting from £7 per user per month, it’s certainly one of the cheapest UK VoIP providers.
Mileage allowance in the UK – what is it and how does it work?
WEBHowever, the recommended rate is 45p per mile (HMRC, 2023). It is also important to note that a rate higher than 45p per mile will be rates on excess. So, if your employee drives 70 miles you can figure out their mileage allowance using this equation: 70 x 0.45 = 31.5.
What are business rates? A guide for small businesses
WEBBusiness rates are one of the UK’s oldest taxes; its origins can be traced back to the Poor Law of 1601. Business rates can be roughly defined as the tax paid for the occupation of a non-domestic property. They approximately correspond to 50 per cent of the annual rent of the property. Business rates are based on a specific value, known as ...
Best UK small business accounting software – review guide
WEBJan 11, 2024 — Today, Clear Books provides clear and simple cloud accounting and payroll software to thousands of small businesses in the UK. Pros: Cons: Pricing: Small business: £6.50 per month for first three months then £13 a month. Medium business: £14 per monthfor first three months then £28 a month.
A guide to Statutory Sick Pay for employers - Small Business UK
WEBIn order to qualify for SSP, employees must: Have an employment contract. Have worked under that contract. Have been sick for four or more days in a row. Earn an average of at least £123 per week (for 2022/23 tax year) Have notified you of their sickness within your stipulated time limit. In some circumstances an employee may be ineligible for ...
List of small business associations and networking groups
WEBDescription: Small Business Networking groups organised via the meetup.com platform. UK-based meetups include: Entrepreneurs in London – Networking 4 Business – BOSS CEOs London – Pathway2Grow – Master Mind of Entrepreneurs – Manchester Small Business start-up support group – and many more.
6 steps for submitting tax returns correctly - Small Business UK
WEBHMRC’s new digital VAT rules – 6 steps for submitting tax returns correctly. This handy checklist will give you the lowdown on how to comply with HMRC’s rollout of Making Tax Digital (MTD) for VAT. Making Tax Digital (MTD) for VAT is new HMRC legislation that forms part of a wider plan to eventually digitise all tax for UK businesses.
What is the VAT threshold? - Small Business UK
WEBJun 17, 2024 — From April 1 2024, it will increase to £90,000, as announced by Chancellor, Jeremy Hunt. VAT thresholds for previous years are as follows: 2014–2015 – £81,000. 2015–2016 – £82,000. 2016–2018 – £83,000. 2019-2024 – £85,000. Once your business’s turnover reaches the VAT threshold, you have 30 days to register for VAT with HMRC.
What is the definition of a sole trader and being self-employed
WEBApr 10, 2024 — A sole-trader is a self-employed person, but they are the sole owner of their business. Within three months of becoming self-employed you need to inform HMRC so they can ensure that you do your self-assessment. Company directors are not self-employed. Many directors are employees of their company and will be paid as employees in the normal way.