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So far Avanti Accountants & Tax has created 260 blog entries.

Terrific Tuesday Tax Tip

This month we are focusing on:  Different Trading Vehicles to Consider for your business

And this week are looking at: What is the difference between a sole-trader, partnership and limited company?

A partnership is simply a number of individuals working together – so for the purpose of this tax tip we are treating partnership the same as a sole trader vs limited company

When a sole Trader – you are the business. You can withdraw any amount of the profits, as it is not classed as remuneration, as you are not an employee. For purposes of tax and ni you are assessed on your personal tax return against the profits of the business each year via your tax return. The profit will be generated from the income less the allowable expenses of the business.

A limited company – the business is […]

Jargon Busting

Do you find yourself switching off when your Accountant starts talking about balance sheets, drawings and working capital?

Avanti Accountants aim to speak with our clients in plain English, ensuring that when it comes to your accounts you’re switched on.

This week we are asking, what a Director?

Limited Companies must have at least one director, controlling the overall running of the company. In
small companies there may only be 1 director who also owns all the shares. Bigger companies often have many
directors, both executive (involved in the day to day running of the business) and non-executive (only attend occasional
board meetings to provide their point of view).

Terrific Tuesday Tax Tip

This month we are focusing on:  Different Trading Vehicles to Consider for your business

And this week are looking at: What are the requirements for a Limited Company at year end?

Private Limited Companies are the most typical set up for small UK businesses.  They cannot offer shares to the public, but may have any number of shareholders.

A limited company is a completely separate entity from its owners. Everything from the company bank account, to ownership of assets is purely company business and separate from the interests of the company’s shareholders.

Here are some of the requirements of a limited company each year

  • Annual accounts must be filed at Companies House within 10 months of the year end
  • Every limited company must complete an annual Corporation Tax return (CT600) within 12 months. But any liabilities must be paid within 9 months […]

Jargon Busting

Do you find yourself switching off when your Accountant starts talking about balance sheets, drawings and working capital?

Avanti Accountants aim to speak with our clients in plain English, ensuring that when it comes to your accounts you’re switched on.

This week we are asking, what is Dormant?

Dormant – Where a company has not traded at all during a year. There is therefore no profit and loss account, and
the balance sheet at the beginning and end of the period is exactly the same.

Terrific Tuesday Tax Tip

This month we are focusing on:  Different Trading Vehicles to Consider for your business

And this week are looking at: What are the requirements for a partnership at year end?

A business partnership is a specific kind of relationship formed by the agreement between two or more individuals to carry on a business as co-owners, each of whom has invested in the business.

A partnership, as different from a limited company, like a sole-trader is not a separate entity from the individual owners.

Currently the minimum requirement is to complete an annual partnership tax return, which is then fed into your personal tax return self-employment supplement for your % of the share of the profits of the partnership

Moving forward this is expected to change with Making Tax Digital and the requirement to submit quarterly figure and end of year figures.

If you decide to […]

Jargon Busting

Do you find yourself switching off when your Accountant starts talking about balance sheets, drawings and working capital?

Avanti Accountants aim to speak with our clients in plain English, ensuring that when it comes to your accounts you’re switched on.

This week we are asking, what is Limited Liability?

Limited Liability – Shareholders of companies have limited liability. This means (provided they do not act negligently
or fraudulently) should the company fail, the most they can lose is their share capital.

Terrific Tuesday Tax Tip

This month we are focusing on: Different Trading Vehicles to Consider for your business
And this week are looking at: What are the requirements for a sole trader at year end?

Becoming a sole trader is the simplest way to get your new business off the ground.
As a sole trader, you will have complete control over your business and finances. You can adapt quickly to any changes in your business, without having to concern yourself with a great deal of bureaucracy.

If you run your business as a sole trader, no distinction is made between your personal and business finances. It is therefore crucially important you realise that should anything go wrong with your venture, you will be personally liable for any business debts.

A sole trader is a person reporting what income and expenses they have earned in the last […]

Jargon Busting

Do you find yourself switching off when your Accountant starts talking about balance sheets, drawings and working capital?

Avanti Accountants aim to speak with our clients in plain English, ensuring that when it comes to your accounts you’re switched on.

This week we are asking, what is a Limited Company

A Limited Company is a separate legal entity to its owners. Many businesses choose to operate via a Limited Company
either for the limited liability, or for tax reasons.

Terrific Tuesday Tax Tip

This month we are focusing on: Different Trading Vehicles to Consider for your business

And this week are looking at: What are the different trading vehicles available?

There is:-

Dormant Company
Limited Company
Limited Liability Partnership
Sole Trader
Partnership
Community Interest Company
Club or Sports Association
Or Charity

Avanti can help you with:

Deciding on which type of business is best for you and why
Explaining in common English the benefits and drawbacks of each
Making sure you choose the right type of business to maximise your incomes
Explaining how you can protect yourself
Ensuring you choose the right type of business to minimise taxes

If you know of a local business that needs help with business structure please do pass on our details

If you would like a free e-book on Tax Tips  please like and share this post.

Disclaimer:- The information contained herein is given by way of general guidance […]

In case you missed it -June

June saw the start of the World Cup, and England succeeding beyond the group stages! We basked in glorious sunshine, we launched our Norwich Yare Mixed Networking group and The Avanti team supported Suffolk Age UK by attending their mid-summer party.

It’s not all been football and sunshine though and across the month we brought you a variety of tips , throughout flaming June we focused on VAT and hope that you found the bitesize information easy to digest, in case you missed anything, here are our highlights;

VAT is only 45 years old

 First introduced in 1973.  Value Added Tax, aka VAT, is most commonly charged at a percentage, to most or goods or services.

VAT registered businesses charge and collect VAT from consumers and clients. It does not matter if your customer is a business or individual – you still charge VAT as applicable.

Who registers […]