When starting a consulting business, you must be smart about your pricing structure. High consulting fees may upset potential clients whereas low charges may cause customers to doubt your expertise. We’ll go through what factors impact consultation fees, how to set your own, and how to collect money once you’ve begun working with clients. A …
Consulting fees: Everything you need to know as a consultant Read More »
Business credit cards are used by businesses rather than an individual. They can be used for business expenses, with some cards offering extra benefits such as cashback and travel insurance. Furthermore, they can help build a credit profile or manage employee expenses. Who can get one Businesses of all sizes can get a business credit …
Business credit cards: What you need to know before getting one Read More »
The tax office assigns a tax code to everybody working or receiving income through PAYE (HMRC). Your tax code is important because it tells your employer how much income tax should be deducted from your pay. UK tax codes are made up of 3 or 4 numbers and one letter. For example, the tax code …
UK tax codes 2022 explained: Everything you need to know Read More »
Sole traders are usually entrepreneurs who decided to start a business and learn on the way. As a result, important business terms and knowledge can be overlooked. In order to make your business life easier, i24 has compiled a list of essential terms that you should know. Tax Terms MTD Making Tax Digital (MTD) is …
Sole-Trader Business Terms You Should Memorise Now UK Read More »
Accounts payable (AP) are amounts owed to vendors or suppliers for products or services not yet paid for. The total of all outstanding amounts owed to vendors is the accounts payable balance on the company’s balance sheet. The cash flow statement shows the increase or decrease in total AP from the previous period. To improve …
Accounts payable: 5 Errors you must know and avoid Read More »
MTD for corporation tax might seem like it’s far away, but as MTD becomes more relevant, it’s going to become an important shift for any business. With a process so early that HMRC is still taking feedback, we can only presume for now. However, with the other related MTD changes, we can start making accurate …
MTD for Corporation Tax – Why You Should Prepare Now Read More »
MTD for income tax is relatively new. As part of HMRC’s new making tax digital scheme, by April 2024, those who are suitable should be filing their taxes through it. What exactly does it change, is it beneficial and should it be opted into early? How it changes things Some small businesses that don’t already …
Partnerships are companies owned by two or more people. Partners share the risks, expenses, profits, and responsibilities that come with running a business. They are also unincorporated entities since the partners are self-employed. They are individually liable for any losses or obligations incurred by the company. Profit is distributed to partners as income, who then …
It’s no secret that HMRC is pushing out changes to how taxes are handled, an initiative titled Making Tax Digital (MTD). What exactly does this mean for April 2022, the month where MTD for VAT is fully implemented? When it will happen To be specific, all VAT must be kept and submitted as a digital …
MTD (Making Tax Digital) is a government scheme that allows simpler and easier digital ways of handling taxes. Currently, the scheme is being developed and isn’t fully implemented, meaning many businesses are avoiding the inevitable sign-up required. What are the details surrounding it, and why should you register for MTD as soon as possible? Why …
Why Small Businesses Need to Register For MTD Now Read More »
