Starting A Business Archives

If you’re running your own business, it’s important to make sure you’re insured. However, you can claim back VAT you pay for goods or services relating to your business. If your business has a taxable turnover of £85,000 or more, you will need to register for VAT. But some businesses might benefit from registering, even with a turnover below this.

Partners’ liability for the business debts are limited to the amount of money they invested. It must also have at least two shareholders – and each shareholder pays tax on their share of the profits. The company will need to submit its annual accounts to Companies House and a tax return to HMRC. The company will have a director who is legally responsible for running the company.

If you’re a sole trader or in a partnership, you don’t need to have a business bank account. But, you might find … Read More

Read More »