What is a sole trader? A small business guide
Being in business on your own, if you don’t set up a limited company at Companies House to run your business through, then by definition, you’re a sole trader. When you’re a sole trader, you are self-employed, and legally, you and your business are one and the same. We’ll explore what that means in a bit more detail shortly.
The 6 best VOIP providers for small businesses
Unlimited calling (with desk phone): £15.50 per user per month. Targeted at startups and growing businesses, bOnline is the VoIP system that claims to give small businesses enterprise-level communication services at an affordable cost. Starting from £7 per user per month, it’s certainly one of the cheapest UK VoIP providers.
What are business rates? A guide for small businesses
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. They approximately correspond to 50 per cent of the annual rent of the property. Business rates are based on a specific value, known as ...
Mileage allowance in the UK – what is it and how does it work?
However, the recommended rate is 45p per mile (HMRC, 2023). It is also important to note that a rate higher than 45p per mile will be rates on excess. So, if your employee drives 70 miles you can figure out their mileage allowance using this equation: 70 x 0.45 = 31.5.
6 examples of sole traders - Small Business UK
Examples of sole traders – Dog Walker. Heavy petting: in 2015 average earnings for a reasonably busy dog walker were £26,000 a year. A total of 3.2 million households in the UK have acquired a pet in roughly the first year of the pandemic, according to …
A small business guide to self employment
Mar 14, 2024 · To become a sole trader, you must register using the government portal within three months of founding your business. Technically speaking, you don’t need to register as a sole trader unless the income you earn from self-employment is more than the tax-free allowance, which currently stands at £1,000. For example, if you’re in full-time ...
A guide to Statutory Sick Pay for employers - Small Business UK
In order to qualify for SSP, employees must: Have an employment contract. Have worked under that contract. Have been sick for four or more days in a row. Earn an average of at least £123 per week (for 2022/23 tax year) Have notified you of their sickness within your stipulated time limit. In some circumstances an employee may be ineligible for ...
How to become a sole trader - Small Business UK
Getting started. The first step to becoming a sole trader is to choose a name. Make sure you have chosen a name that’s not being used by any other business. If you do then they could stop you using it. With this in mind, it is worth considering registering your name as a trade mark to prevent other people from using it.
What is the VAT threshold? - Small Business UK
Jun 17, 2024 · From April 1 2024, it will increase to £90,000, as announced by Chancellor, Jeremy Hunt. VAT thresholds for previous years are as follows: 2014–2015 – £81,000. 2015–2016 – £82,000. 2016–2018 – £83,000. 2019-2024 – £85,000. Once your business’s turnover reaches the VAT threshold, you have 30 days to register for VAT with HMRC.
Tax advantages of a limited company versus sole trader - Small …
Limited companies must pay corporation tax. As of April 4, 2024 it’s 25 per cent, up from 19 per cent previously (the figure remains unchanged for the 2024/25 tax year). This applies to businesses with profits of £250,000 or more and applies to all profits. A small profit rate is in place for companies with profits of £50,000 or less.