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 The first phase of HMRC’s Making Tax Digital (MTD) initiative has already begun and will continue to be rolled out over the coming years. Eventually, paper records will no longer be accepted by HMRC, making it essential that small businesses and those who are self-employed adapt.  Everything is going paperless these days – and that includes your taxes.  What is MTD?  MTD is HMRC’s plan to modernise the tax system. By going digital, it is hoped that tax will become easier than ever for self-employed people and small businesses as the system goes paperless.  Although MTD was launched in 2019, it will continue to be expanded over the coming years, with more businesses changing to the new, digital system. From April 2022, businesses with a turnover below the £85,000 VAT threshold will begin using MTD, and the following year, Self Assessment tax payers will also be using the new scheme. …

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 Limited Company vs Sole Trader: Understanding Your Business Structure You’ve had the big idea, perfected your product, and now you’re ready to operate.  But before you can launch into running your own successful business, it’s vital to understand your company’s legal structure and your legal responsibility for its finances. If you’re getting ready to register your business, here are the basics of what it means to operate as a limited company or sole trader, and which business structure might be best for you. What is a Limited Company? A limited company is a separate legal entity from you. This means that your personal finances must be separated from the business, and profits made belong to the company.  If you start a limited company, you’ll serve as director of the business. Limited companies can consist of one person or employ staff, but importantly, your business’ liabilities will not be considered as…

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Lots of new businesses open every day. If all those people can do it, why not you? This guide will help you work through the process. This guide is intended as general information only. Always check with a professional for advice. Starting a new business is a big job, but don’t let that put you off. Thousands of people do it every day and those collective experiences have given us guidelines. Starting your own business is a process, not an event.People talk about ‘taking the plunge’ into small business like it’s an adrenalin sport. And there will be some heart-stopping moments, like when you take a loan, sign a lease, or greenlight your first order of supplies. But starting a business isn’t one big decision. It’s hundreds of small decisions. And if you want to succeed, you need to move through them systematically and with a cool head. You don’t…

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PUTTING YOUR BUSINESS IDEAS INTO ACTION. How do you come up with a small business idea and how do you decide if it’s any good? Can you do your own research? When will you need to get professionals involved? Here’s how to put your business idea into action. Where do good business ideas come from? Not many businesses start with a eureka moment. Some don’t even start with an idea at all. A hobbyist, for example, might just fall into business by doing what they love. Most other businesses are built around very simple ideas. It might be an old concept in a new location. Or an old service delivered online. You don’t need to be touched by genius to come up with something. You just need to be able to spot an opportunity. Brainstorming business ideas It’s hard to sit down and think up a business idea through sheer…

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How to write a business plan. Are you daunted by the thought of writing a big, formal business plan? You’re not alone. A lot of people start and never finish, but you don’t have to be one of them. You can start with smaller tasks and work your way up. What is a business plan anyway? Think about your business plan as a road map. You know where you want to go, you just need to write down the directions to get there. The good news is it doesn’t have to be super detailed straight away. That’s because there are two types of business plan: • the lean one-page plan, which is a great way to get going and build ideas • the more formal long plan, which you’ll need if and when you’re looking for business funding The content of each is broadly the same. You say who the…

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Self Assessment Checklist We have created an easy, safe and convenient way for you to share with us all the information and documents needed to digitally work out and submit your Self Assessment tax return. If you need our help in submitting your tax return just drop us a line here or to through our website, then fill in and submit the checklist and that’s your part done. We will then calculate your tax and submit your return while being in regular touch with you until your return is completed. Self Assessment Checklist

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Getting business finance. How will you secure your loan? Security is something that your lender can claim to get their money back if you stop making repayments. It can include things like: • real estate such as a house • other assets such as vehicles or expensive equipment • a personal guarantee, which allows the lender to sue you for unpaid loans As you move down the list, the size of loans get smaller and the interest rates get higher. But to offer something as security, you have to be prepared to lose it, so this is often a difficult choice. You can also take unsecured loans. A credit card is an example of that. But the borrowing limits will generally be lower and the interest higher. How much to borrow to start a business Your budget can help you here. It’ll show how much cash you need to build…

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Budgeting and forecasting for small business . Starting a business is a big financial decision. Before you get going, you’ll want to estimate how much money it will chew through, and how much it will make. Welcome to the world of budgeting and forecasting. What is a business budget? Budgets show how money will come and go from your business over a period of time (usually a year). That money might come in as loans or revenue from sales. It will go out on things like stock, rent, advertising and wages for you and your staff. Most budgets try to keep spending down to less than what’s coming in, but that might not be the case at first. The purpose of budgeting Budgets help you plan to make a profit. For example, they’ll show: • how much money you need to start the business • how many sales you need…

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