What is an LLP? An LLP is a form of legal business entity with limited liability for the members. When to choose an LLP An LLP is a great alternate structure for any business that currently operates as a traditional partnership with a small and consistent number of...
In the first part of this article I looked at the basics of VAT in the UK. The VAT rates, VAT registration and VAT thresholds etc. In this part I’m going to look at another UK VAT scheme. Flat Rate VAT scheme There is another VAT scheme that businesses can...
*Just a quick disclaimer before I begin. This information is very basic. To be able to make it easy to understand, I’m not going to go into every possible scenario. That’s your accountant’s job. I’m just going to give you a very basic overview...
Are you Self Employed or a Sole Trader? Many people don’t quite understand what it means when you are self employed or sole trader as it is also known. You are classed as self-employed when you are personally responsible for your own tax and National Insurance...
In Part 1 of this series of articles, we explained what tax codes are and why they are important, as well as showing you where you can find your tax code. We continue this series showing you how the tax code you are issued by the HMRC works. The tax code is based on...
