The Importance of Setting Up a Business Bank Account
Starting a business is an exciting step, and one of the key things you need to do early on is set up a business bank account. Whether you’re a sole trader or a limited company, keeping your business finances separate from your personal ones is a must. Let’s chat about why a business bank account is so important and check out some great options available in the UK, both paid […]
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Pension Planning for Sole Traders: A Simple Guide to Secure Your Future
Wondering about pension planning as a sole trader? It’s a crucial step to ensure a comfortable retirement, even if it feels a bit overwhelming. Don’t worry; we’ve broken it down into simple, bite-sized chunks to help you get started. Why is Pension Planning Important? As a sole trader, you don’t have an employer setting up a pension for you. This means it’s up to you to plan for your retirement. […]
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Dealing with HMRC: Common Issues and How to Resolve Them
Dealing with HMRC can sometimes feel daunting. Whether it’s tax returns, payments, or unexpected letters, there are a few common issues that many of us encounter. Don’t worry—we’re here to help! Let’s go through some typical problems and how to tackle them. Common HMRC Issues and How to Resolve Them 1. Late Filing of Tax Returns The Problem: Missing the deadline for submitting your tax return can result in penalties […]
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Understanding Payments on Account for Self-Assessment
Let’s dive into something that often confuses many of us…Payments on Account. If you’ve ever scratched your head wondering what payments on account are and why you need to make them, you’re in the right place. Let’s break it down in simple terms. What Are Payments on Account? Think of Payments on Account as an advance payment towards your tax bill. HMRC (that’s Her Majesty’s Revenue and Customs) wants to […]
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