UPDATE – Please read our article Sole Trader vs Limited Company 2016/17 which is more up to date than the article below     One of the most popular questions we get asked is ‘how much tax can I save by trading as a Limited Company‘ – as people’s businesses grow they want to know if they should… Read More

Receiving dividends from your limited company is a very tax efficient way of getting cash out of your company however there are some pitfalls that need to be avoided. If you get this area wrong you’re likely to run into trouble with our friends over at HMRC. One of the key pitfalls is making sure… Read More

With the mainstream use of smartphones, mobile phone expenses are now an everyday expense for businesses. But how should they be treated in your tax return and accounts? This depends on whether you are trading as a Sole Trader or Limited Company. Sole Trader You can either have two phone contracts with one phone specifically… Read More

Sole Trader Self Employed Motor Expenses If you are a sole trader / freelancer and use a car or van for your work you have two different methods of claiming mileage / travel costs. What you must remember is that once you have chosen which method to use you must stick with that method for… Read More

Do you know what the VAT Flat Rate Scheme (FRS) is? Many people are not aware of this simplified VAT scheme but it is worth considering as not only can it involve less administration but you could actually profit out of the scheme. You are eligible to join the FRS if your estimated VAT taxable… Read More