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20 Mar 25

Records you must keep if self-employed

If you are self-employed as a sole trader or a partner in a business partnership, you are required to maintain suitable business records as well as separate personal income records

20 Mar 25

VAT if you sell your business

When selling a business, the Transfer of a Business as a Going Concern (TOGC) rules can allow the transaction to be VAT-free if key conditions are met. This prevents unnecessary

17 Mar 25

Why Adequate Business Insurance is Essential for Small Businesses

For small business owners, especially those operating as sole traders or in partnerships without limited liability, having adequate business insurance is not just a

17 Mar 25

Business Advice: An Investment, Not a Cost

Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and rigid plans can quickly become

13 Mar 25

Government backed Start-Up Loans

The Government-backed Start-Up Loans scheme offers unsecured loans of £500 to £25,000 per person (up to £100,000 per business) to help entrepreneurs grow. With a fixed 6% interest

13 Mar 25

Child Benefits for over 16s

From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or

13 Mar 25

How VAT Payments on Account Work

Businesses owing over £2.3 million in VAT annually must make advance payments on account. These are based on the previous year’s VAT liability and paid in instalments. Late

13 Mar 25

Self-Employed National Insurance Contributions

Self-employed individuals earning £12,570 or more annually must pay Class 4 National Insurance Contributions (NICs). For 2024-25, rates are 6% on profits up to £50,270 and 2% above

13 Mar 25

Group relief for trading losses

Group relief helps reduce the overall Corporation Tax of a group of companies by allowing them to share losses. For example, if a parent company has profits of £1,000 and its

13 Mar 25

Tax and Maintenance Payments

Maintenance Payments Relief reduces Income Tax for those making court-ordered payments to an ex-spouse or civil partner. To qualify, one party must have been born before 6 April

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