The sole trader business structure is the most popular in the UK. In 2021 there were approximately 3.2 million sole traders, accounting for 56% of small businesses. The sole trader structure has been popular due to its many advantages and the ease of setting up.

Sole trader business owners are known as self-employed and most freelancers opt for this structure of the business. There are both advantages and disadvantages of the sole trader business structure that need to be taken into account before making any business decisions.

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With the deadline for self-assessment tax returns now upon us, here we look at some of the most common mistakes taxpayers make on their tax returns, and how to avoid them.

All self-employed workers and company directors are required to fill out a tax return, and it’s important to get your tax return right to avoid incurring penalties. [continue reading…]

The men’s grooming industry is becoming more and more popular as men are placing more emphasis on their appearance. From hairstyles to facial hair care, to skincare and other types of maintenance services, men in the modern era are beginning to invest more in themselves to help them with their confidence and personal well-being. In a survey conducted by YouGov, it was found that 81% of men felt more confident in themselves after having a haircut or beard trim, just highlighting how important grooming services are for men.

Starling Bank is an award-winning, fully-licensed, digital bank, offering a fairer and more human alternative to traditional banking. Founded in 2014 by Anne Boden, Starling has opened over 2 million current accounts and been voted Britain’s Best Bank 4 years in a row.

As a limited company owner, your company is liable to pay Corporation Tax on its profits. All UK companies are liable to pay tax on their profits, regardless of where in the world these profits were accumulated. We have put together this guide for your to understand what corporation tax is, how to account for it, be able to calculate it and the corporation tax rates and allowances.
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Pensions remain one of the last remaining significant tax breaks available to contractors, freelancers and business owners. And with the sweeping changes to the flexibility surrounding how you access your pension, there has never been a better time to invest. There are a variety of pensions for directors of limited company and contractors available.
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The best way to streamline a small business is to have reliable resources to ensure information is protected adequately and is easily accessible to the right people.

Suzy Pelta is the latest entrepreneur to feature in one of our success stories. Suzy from SuzyPeltaBakes is a business woman, a recipe book writer and demo chef. After winning Lorraine’s Cake Club, Suzy transformed her life and took advantage of opportunities that came her way. She discusses juggling being a parent and being a business owner as well as the importance of social media.
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Chantelle Flynn, one of the creators of Tiipii bed takes part in our recent success story. She discusses the method of making a niche product an international success. TiiPii Beds are luxury floating hammock beds that create a unique relaxing space to be enjoyed indoors or outdoors.
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The pandemic has thrown out a variety of new challenges for entrepreneurs looking to grow and scale their businesses. While raising funds has always been a complex process, the impact of COVID-19 has presented several new challenges. Accordingly, preparation for an investment exercise has never been more important in maximising the chances of a successful outcome.

Readers questions:  My year-end is 31st January, I have two companies, can I pay dividends out of one? We have made £160k profit so far this year.

Optimum pay group are an award-winning business that offer a range of financial services including Umbrella payroll.

‘Long COVID’ also known as ‘post-COVID-19 Syndrome’ is when the COVID-19 symptoms last weeks or months after the infection has gone. Being able to spot the signs and symptoms of Long Covid amongst employees will be vital over the coming months for UK companies. Psychotherapist Noel McDermott offers the following advice to employers on how to detect whether a member of staff could be suffering from Long Covid, signs to look out for and how to fully support them.

Socialising with colleagues feels good, but it also has benefits for the business. Working face-to-face with colleagues can both help maintain a good working culture and boost collaboration. But a year of working from and/or furlough has seen many workers coping with social isolation.

If you have started a business or are thinking about starting one, then you will need to decide on a business structure. You can choose to create a limited company, work as a sole trader or a partnership. Each business structure varies, especially when it comes to accounts and the bookkeeping. Sole trader owners are classed as self-employed, therefore they have their own set of tax rules and regulations to adhere to.

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Reader’s question: If I worked for a number of companies, each with their own individual name accounts and account number, would I be issued with a p60 for each one or could each income from each company be all on the one p60?

The average workplace is now made up of four generations, with millennials and Gen Zs accounting for most of the global workforce. Whilst these two generations are the youngest, with Millennials born from 1981 to 1996 and Gen Z’s born between 1997 and 2012, they don’t necessarily have a great deal in common. 

When you’re not there to oversee things, standards start to slip and the overall health of your business can start to decline. The pandemic has given the vast majority of us experience of working from home. Initially, it takes some getting used to, but we’ve been able to adapt and thrive.

As a start-up, it’s all too easy to feel overwhelmed. With so many things to consider, software might be the last thing on your mind. But the right software can make day-to-day processes run more smoothly, helping you to focus on what’s most important. Stay organised and keep your business on track with these software recommendations.