As a sole trader, you don’t receive a salary or wage in the traditional sense. So how do you pay yourself? It’s simple: you’re paid based on ‘drawings’ from your business. You can simply draw money from your business account to pay yourself as a sole trader. For this reason, it is recommended that you…

Date posted: August 16, 2019 | Author: | No Comments »

Categories: Accountancy Tips Payroll and Accounting Tips

It is easier than ever for people to set up their own businesses. With the internet, having a physical presence such as a shop or office is no longer necessary in order to run a successful business. However, the insurance market hasn’t moved on as quick when it comes to insuring those businesses, particularly an…

Date posted: August 9, 2019 | Author: | No Comments »

Categories: Insurance Tips

As a new employer you may be wondering if it’s better for your business to operate your payroll in-house or outsource it to a payroll provider. Here are four questions you need to ask yourself before doing the payroll yourself and not outsourcing your payroll to a professional: – Will you worry about deadlines? There…

Date posted: July 26, 2019 | Author: | No Comments »

Categories: Payroll and Accounting Tips Payroll Tips

There are a lot of companies on the internet that say they can claim tax relief money back that you’ve spent on things like work uniform, tools, business travel, professional fees and subscriptions … their fee?? A percentage of your tax back!! Well this is true, however, what most of these companies don’t tell you…

Date posted: July 5, 2019 | Author: | No Comments »

Categories: Accountancy Tips Payroll and Accounting Tips

A P11D is a form which employer’s use to report benefits in kind. These are items or services which an employer or employees receive from the company in addition to their salary. As benefits in kind increase the employers/employee’s salary, they may be subject to National Insurance contributions. It is important to know these contributions…

Date posted: June 28, 2019 | Author: | No Comments »

Categories: Accountancy Tips Payroll and Accounting Tips

Directors & Officers Liability insurance is probably one of the least well understood types of insurance available to organisations. Directors & Officers liability insurance is designed to cover the cost of compensation claims made against your business’s directors and key employees/managers (officers) for alleged wrongful acts. Some reasons as to why you may need the…

Date posted: June 21, 2019 | Author: | No Comments »

Categories: Insurance Tips