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Business start-ups

Business deductions

In order to attract a deduction in computing the profits of a trade or business, direct costs and running expenses must be incurred wholly and exclusively for the purpose of the trade.

The construction industry

There are special tax rules affecting the construction industry, which are designed to ensure that tax is paid by workers in the sector whether they are employed or self employed.

Claiming expenses

The rules which determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.

Choosing your accounting date

You are free to select your choice of accounting date. Under the current year basis, the taxable profit for a particular tax year is determined by the accounts that end in that year.

Buying a business

Buying an established business that someone else wishes to sell provides many with a route into business and enables them to fulfil their desire to enter into business or expand existing operations.

Claiming expenses

The rules that determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.

The national living wage & national minimum wage rates

An employer must pay their workers a minimum amount per hour as defined by law. This is referred to as the national minimum wage or the national living wage. There are severe penalties for non-compliance.

Green travel allowances

There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial means.

Buying a franchise

Is buying a franchise of interest to you? This is one approach that many adopt in order to become an owner of an ‘established’ business.