What's in this guide?
- Tax tips for small traders
- Tax tips for limited companies (Ltd)
- Tax tips for limited liability partnerships (LLPs)
- VAT information for small businesses
- Products you may be interested in
- Other articles you may like
Coronavirus help and support for our insurance customers
Every business owner has a different level of understanding to the legal and tax side of business. If you are new to this part of running a business, help is here!
Being a sole trader has benefits such as less start up paper work and less formalities. This status means that you are running your business as an individual and therefore are accountable for all legal elements.
A sole trader is self-employed and keeps all profits from the business once all taxes owing have been paid. They are personally accountable for debt and legal aspect as they have no protection, unlike the owner of a limited company.
You are not required to produce accounts or have a separate business bank account but do need to complete annual tax self-assessments for HMRC.
As a sole trader you will pay income tax on all earned income over your personal allowance.
This is a marketing article by Towergate Insurance.
Tax is a tricky part of any business whether you are a sole trader or large corporation, with many pitfalls to be avoided. Ruth’s tax articles are setting tax straight to...
View articleHere are some top tips to keep your business running smoothly with our sole trader insurance.
View articleExciting as it is, the process of taking your business to the next level can present a few nasty surprises. Featuring advice from top CEOs, founders, writers and coaches,...
View articleWe have put together 20 cost saving tips that any type of small business can use to help improve their cash flow. It’s not as hard as you think to shave 10-20% off your business...
View articleWhen you are an employer running your own organisation and taking responsibility for its success or failure, getting the right insurance cover for both your business and your...
View article