What is a sole trader? A small business guide
Being in business on your own, if you don’t set up a limited company at Companies House to run your business through, then by definition, you’re a sole trader. When you’re a sole trader, you are self-employed, and legally, you and your business are one and the same. We’ll explore what that means in a bit more detail shortly.
The 6 best VOIP providers for small businesses
Unlimited calling (with desk phone): £15.50 per user per month. Targeted at startups and growing businesses, bOnline is the VoIP system that claims to give small businesses enterprise-level communication services at an affordable cost. Starting from £7 per user per month, it’s certainly one of the cheapest UK VoIP providers.
What are business rates? A guide for small businesses
Business rates are one of the UK’s oldest taxes; its origins can be traced back to the Poor Law of 1601. Business rates can be roughly defined as the tax paid for the occupation of a non-domestic property. They approximately correspond to 50 per cent of the annual rent of the property. Business rates are based on a specific value, known as ...
6 examples of sole traders - Small Business UK
Examples of sole traders – Dog Walker. Heavy petting: in 2015 average earnings for a reasonably busy dog walker were £26,000 a year. A total of 3.2 million households in the UK have acquired a pet in roughly the first year of the pandemic, according to …
Mileage allowance in the UK – what is it and how does it work?
However, the recommended rate is 45p per mile (HMRC, 2023). It is also important to note that a rate higher than 45p per mile will be rates on excess. So, if your employee drives 70 miles you can figure out their mileage allowance using this equation: 70 x 0.45 = 31.5.
7 advantages of being a sole trader - Small Business UK
IPSE’s director of policy, Andy Chamberlain, told Small Business: “If you operate as a sole trader, it’s a bit more straightforward than a limited company.You work and get paid as an individual – which is the way most freelancers work. You still have to pay tax on your profits but there are fewer compliance burdens than those that work via a limited company.
Best UK small business accounting software – review guide
Jan 11, 2024 · Today, Clear Books provides clear and simple cloud accounting and payroll software to thousands of small businesses in the UK. Pros: Cons: Pricing: Small business: £6.50 per month for first three months then £13 a month. Medium business: £14 per monthfor first three months then £28 a month.
What is the definition of a sole trader and being self-employed
A sole-trader is a self-employed person, but they are the sole owner of their business. Within three months of becoming self-employed you need to inform HMRC so they can ensure that you do your self-assessment. Company directors are not self-employed. Many directors are employees of their company and will be paid as employees in the normal way.
Tax advantages of a limited company versus sole trader - Small …
Limited companies must pay corporation tax. As of April 4, 2024 it’s 25 per cent, up from 19 per cent previously (the figure remains unchanged for the 2024/25 tax year). This applies to businesses with profits of £250,000 or more and applies to all profits. A small profit rate is in place for companies with profits of £50,000 or less.
What are the best business bank accounts in the UK? - Small …
Sep 11, 2024 · Zempler Bank. Zempler Bank offers a good account if you already have a few members of staff on your payroll – you can add up to 20 additional business expense cards for your employees to use and download statements for each. The card has two offerings: Business Go: £0 a month with a £9.95 card issuing fee.