What are business rates? 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.

Oct 31, 2024 · This is a beginner’s guide to self-assessment, designed to help sole traders who are just starting out or performing a tax return for the first time.

As well as the exciting stuff like naming your business and finding new customers, you also need to make sure you stay on the right side of the taxman and the law, and part of this is picking the right structure for your new business.

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.

Oct 31, 2024 · Asif Alidina, co-founder and CEO of Inntelo AI, said: “This was a disappointing Budget for the hospitality sector.After years of hardship, this was not the time to reduce critical support, leaving businesses grappling with higher staffing costs …

Dec 12, 2024 · Edit; Bank Features Pricing; ANNA: Smart invoicing, automatically chase outstanding payments: Pay-as-you-go tariff means you just pay per transaction such as 20p per transaction moving money in or out: otherwise, its Business package is £14.90 per month + VAT

Business grants England 25. Mobile Boost Scheme. Connecting Devon and Somerset’s (CDS) Mobile Boost Scheme, has been designed to help small businesses and households who currently have adequate outdoor but poor indoor mobile coverage. The initiative aims to improve the quality of mobile phone calls and connectivity.

Being a sole trader means that you run your own business as an individual and are essentially self-employed. This is the most popular way of trading in the UK, with 4.24m sole proprietorships recorded as of July 2024.

Aug 14, 2024 · These types of fees often vary depending on the types of transactions they are. For example, you might not be charged for paying your business broadband bill, or the bank might charge for cash transactions but not e-payments.

National insurance. Remember you will have national insurance to pay for yourself and anyone you employ. Again, check what’s required with HMRC. Employees. Contrary to perceived wisdom, sole traders can take on employees just like any other business. Therefore, you will need contracts of employment and collect income tax and NICs from them and pay these to HMRC.