Entries by fz37Bwj1

,

Tax relief – the best method if you are self-employed and work from home

If you are the only owner of your business, then you have a choice to make between running it as a sole trader or a limited company.

Setting up a business as a sole trader is the simplest and most popular form of business within the UK. Your business is entirely owned by you and is not legally separate to you. This may suit you very well, but it’s important to realise that this also means you have unlimited liability for the business. Any debts or lawsuits could mean your personal assets are at risk, including your home.

With any business (sole trader or limited company) it is important to have good terms and conditions in place, and consider professional indemnity insurance and public liability insurance where needed.

,

The importance of keeping good records and receipts

For many small businesses bookkeeping can be an unwelcome distraction from their core work. PBH Accounting explains why it’s vital and the best way to keep those books up-to-date.

We know it can seem hard to do, but little and often is best. We suggest a couple of hours a week to update a record of your receipts and invoices, otherwise you could miss out on tax deductions or potentially understate income (which could lead to fines and penalties).