Choosing a business bank account

One of the most common mistakes that small business owners make is to mix business and personal finances. Before charging any money to clients, you need a dedicated business bank account.

Choosing a Contractor Accountant

An accountant can take care of most of the additional work and responsibility associated with running a limited company.

Forming a limited company

Forming a limited company is a lot easier than you would think! Here’s our 6 step process to forming a limited company.

Freelancing as a Limited Liability Partnership?

A limited liability partnership (LLP) gives the benefits of limited liability but also allows its members the flexibility of organising their internal structure as a traditional partnership.

Freelancing as a sole trader

A sole trader, or sole proprietor, is defined as a business that is owned and controlled by one person who takes all the decisions, responsibility and profits from the business which they run.

Freelancing as an ordinary partnership

A partnership is a simple way for two or more people to work together. There are two types of partnership: ordinary partnership and limited liability partnership. This page introduces the key stages in setting up an ordinary partnership.

Income and Drawings

Every year lots of profitable businesses go bankrupt because they don’t have cash at the right time. A good invoice system and easy to understand payment terms are key to healthy cash flow.

Introduction to Self Assessment

Submitting an incorrect return to HMRC or missing a deadline can mean that interest and penalties are due, so it’s important to submit a correct return on time.

Personal taxation of directors

The way tax is paid on limited companies is different to the way that non-limited companies pay tax.

Setting up your freelance office

If properly implemented, giving up the office can work like a dream, but you need to be disciplined, organised and have access to the right technical equipment.

Taxation of Limited Companies

There is one very important point to remember - you and the Limited Company are two separate legal entities.

Taxation of sole traders, partnerships and LLPs

Sole Traders, Partners and members of Limited Liability Partnerships are classified as self‑employed and must complete a self assessment tax return annually.

The role of a director: duties you need to be aware of

A director’s legal duties can be somewhat of a burden and the penalties for breaching them can be tough. However, provided directors have a good understanding of their role, the risk of committing a breach of duty can be avoided.

Trading structure

The word ‘freelance’ is a layman’s term, not an official category used by the Government to classify workers. Therefore, ‘going freelance’ means setting yourself up as a business by establishing a trading structure and letting the tax authorities know.

What is a PAYE Umbrella company?

An umbrella company is a service for people who don’t want to or need to run their own limited company. By joining an umbrella service you’re handing over the responsibilities and admin to a service provider.

Working with agencies

Many contractors work via agencies at some point in their career. If you choose a reputable agency, you won't go far wrong. Here are the key things to be aware of...