When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider. Two popular options are operating as a sole trader or forming a limited company. Each of these options comes...
Businesses that are sole traders, partners of trading partnerships, and members of LLPs who pay income tax on the profits of their businesses are subject to the new basis period method of taxation. For tax year 2024/25, business owners will be subject to a tax year...
The EOACC team in Wimbledon are on a mission. Our accountants are passionate about helping small businesses, entrepreneurs, contractors, freelancers, and the self-employed to level up their businesses. We help you simplify crucial financial information and provide...
In the past, business owners have been heavily taxed when they had a business car which they also used for personal, but this is all changing with HMRC reducing the BIK (Benefit in Kind) taxable benefit to zero for 20/21 on new or unused emissions-free electric cars...
When you close down your limited company and you have Retained Earnings in your company, you could possibly claim Business Asset Disposal Relief. There are potentially big tax savings in doing this. To claim Business Asset Disposal Relief on the retained earnings of...
With this blog we’d like to share with you some ideas to help reduce your tax bill and/or maximise your money. Claim all valid business expenses in your company, such as: Use of home when doing billable work from home (you can ask us about the calculation if you’re...