Writing an effective business plan helps you in the following ways; Think through your business idea A business plan forces you to think through your business idea in a comprehensive and systematic way. This can help you identify potential problems and challenges before you launch your business. Set
Comparison of Liability: Sole Traders vs. Limited Companies
When it comes to the liability associated with business debts, sole traders and limited companies operate under different frameworks. Sole traders bear unlimited liability for any debts incurred by their businesses. On the other hand, shareholders of a limited company are only liable for the
Director’s Loan Accounts (DLA)
Director's Loan Accounts (DLA) refer to the record of transactions between a company and its directors regarding money or assets. In the UK, it is essential for directors to understand how these accounts work and how they are treated for tax purposes. One specific aspect related to director's loan
Closing a limited company
Board Resolution Hold a board meeting and pass a resolution to close the company. Ensure that all directors are present or provide their written consent. Inform HM Revenue and Customs (HMRC) Notify HMRC that the company is closing by submitting the necessary forms. This includes filing the final
Liquidation of a Community Interest Company
When a Community Interest Company (CIC) faces a situation where it lacks sufficient assets to pay its creditors in full, the option of voluntarily placing the CIC into Creditors' Voluntary Liquidation (CVL) may be considered. This process, also known as voluntary winding up or voluntary liquidation,
A Guide to the Spring Budget 2023
Corporation tax From April 2023, the planned increase in the corporation tax rate to 25% for companies with over £250,000 in profits will go ahead. Small companies with profits up to £50,000 will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 will
Company Formations in the UK in 2022
The U.K. saw an increase in company incorporations during 2022 Take a look at one of our partners' infographic which examines company start-up activity in the UK in 2022. The analysis provides general UK information or for more specific data, you can filter by county in the drop down above which
Maslow’s Hierarchy of Needs and Its Impact on Business
How Meeting Employee Needs Can Drive Success By understanding the needs of their employees and how they can fulfill them, businesses can create a work environment that fosters growth and success. In this blog post, we will explore Maslow's hierarchy of needs and its impact on business. Understanding
Dealing with the HMRC
If you are a taxpayer in the UK and you need to deal with HMRC, there are several ways you can do so: It's important to keep in mind that HMRC has strict deadlines for tax returns and payments, so it's advisable to deal with them as soon as possible if you have any queries or issues. If you're
What is a Confirmation Statement?
The confirmation statement includes details such as the company's registered office address, the names and addresses of its directors and secretary (if applicable), its shareholders, and the nature of its business activities. It also includes information about any changes that have occurred since