A director’s loan account (DLA) allows directors, or their family members, to take money out of their company. To qualify as a “director’s loan”, this money must not be a salary, a dividend, or an expense repayment. Also, it must not be money you’ve previously paid into or loaned to the company. How Does A…
If you’re thinking about setting up your own business, you’re no doubt aware of the many administrative responsibilities you’ll have to take on. One thing many wonder about is: Do I need a business bank account? Or am I OK to continue using my own personal account? Unfortunately, there’s no short answer to this question….
If you run a business, whether you’re a freelancer, a self-employed contractor, or the managing director of a limited company or partnership, you need to keep detailed records for tax purposes. These records might include all sales and incomes, all your business expenses, and if you’re self-employed, records of your personal income. If you employ…
If you’re a freelancer, a contractor or a sole trader, you might be wondering when it’s the right time to register for VAT. You probably already know that the annual turnover threshold for registering for VAT is £90,000. But do you know the rules beyond this? For example, do you need to register after you’ve…
If you’re new to the self-employed world, you might have some questions about the sort of National Insurance you need to pay. This is your essential guide to your National Insurance obligations as a self-employed freelancer or contractor. We’ll take a look at the difference between Class 2 and Class 4 National Insurance, which should…
You have a legal obligation to register your business. But when do you need to do this, and how do you do it? Whether you’re just starting out, or you’ve been running a business for a short while already, this post will show you how to meet the legal requirements. When To Register as Self-Employed…
Business rates can be tricky for anyone to manage. But if you’re self-employed or you work from home, business rates can be particularly challenging. This is your essential guide to business rates. We’ll explain what they are, how to calculate them, how to pay them, and how to find out if you’re eligible or exempt….
It is possible to run a business from home. However, certain sorts of work are unsuited for the home environment. And as your business grows, you’ll eventually have to invest in business premises to accommodate your expanding operations. But if you’re just starting out on the self-employed path, running your business from home might be…
Whether you’re running an independent craft business from your spare room, or you’re managing a small business and looking to grow, sooner or later you’ll probably have to register your business. The question is, when? It all depends on what you do, where you work, and whether you employ others. This essential guide will help…
If you work for yourself, whether as a freelancer or a contractor, then you’re going to have to register as self-employed with HMRC. You may also have to register as a sole-trader. The process of registering as self-employed is pretty straightforward. But many newly self-employed people wonder when is the best time to do it….