Tax Guides

When you run a small business, either as a sole trader, partnership or limited company, there will always be a number of HMRC forms you will need to be aware of. Although your accountant will typically take care of many of your form-filling duties, we have summarised what the most common forms are used for in this concise guide.

Many small businesses benefit from using VAT Cash Accounting Scheme. Rather than repaying HMRC for VAT your have invoiced for, but not yet received from customers, you only need to account for VAT when you receive the money.

As a result, if your business is eligible, it is a no-brainer from a cash flow management point of view.

VAT is something that many new business owners overlook. Many assume that it doesn’t apply to them – surely it’s just for the bigger businesses out there? That may be true most of the time, but VAT could still apply to your business so it’s important to know about it.

If you’re either a sole trader, or limited company owner looking to get clued-in about all things VAT, keep reading. We’ll take you through whether you need to register, how to register and what you need to do next.

If you are thinking of working as a freelancer or a contractor via your own limited company, you need to very quickly get a basic understanding of the IR35 rules.

If you run a limited company, you can distribute any profits you make via dividends to your shareholders. But how do you keep a record of your dividend distributions?