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.
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 ...
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 is the best cloud storage for UK small business?
To tempt you, small business cloud storage providers offer free space in the cloud. Google Drive offer up to 15GB of online storage space for free. If you think that 1GB is equivalent to roughly 7,000 Word pages. At 15GB, that’s the equivalent of 105,000 Word pages. Dropbox by comparison offers only 2GB of space for free.
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.
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.
A guide to Statutory Sick Pay for employers - Small Business UK
In order to qualify for SSP, employees must: Have an employment contract. Have worked under that contract. Have been sick for four or more days in a row. Earn an average of at least £123 per week (for 2022/23 tax year) Have notified you of their sickness within your stipulated time limit. In some circumstances an employee may be ineligible for ...
Should you register as a sole trader or a limited company?
To become a sole trader, you must register using the government portal within three months of founding your business. A limited liability company is one which is legally distinct from the identity of the owner. It has a unique company identity, which must be registered (for a small fee) with Companies House.
Pros and cons of employee ownership trusts (EOTs)
It is this shift that helps to drive success in an employee owned business.”. As employees are more heavily involved, it’s shown to reduce absenteeism too. Tax-free bonuses for employees. Companies co-owned by EOTs are also able to pay tax-free cash bonuses to their employees of up to £3,600 per employee per year.
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.