Should I form a limited company or be a sole trader?
If you own your own one-person business (also called ‘solopreneurs’ on the internet) you’ve probably asked yourself this question. Every business needs a legal structure. One-person businesses have the choice to register as a sole trader, partnership or limited company (ltd). Most choose either a limited company or sole trader. Many people start their journey […]
Tips on Keeping Your Cash Flow Moving as a Small Business
Tips on Keeping Your Cash Flow Moving as a Small Business Whether you’ve been in business for one year or ten, bring in £500 per week or £500,000 per month, your business relies on cash flow. You can’t just spend everything you make; keeping your bank account in the green is an art form. Fortunately, […]
Second SEISS grant explained
To qualify for the second SEISS grant the business must be adversely affected by the coronavirus pandemic on or after 14 July 2020. The online portal will open for the second SEISS grants on 17th August 2020. The amount of the grant will be calculated at 70% of the taxpayer’s annual average profits, capped at […]
Coronavirus Financial Assistance Updates June 15 – Self-employed
Self-Employment Income Support Scheme HMRC has also updated their guidance on the Self-Employment Income Support Scheme, (SEISS) with further details on terms for claiming a second grant in August. The big news for drivers is: Self-Employment Income Support Scheme will be extended – with those eligible able to claim a second and final gran. Those […]
Coronavirus Job Retention Scheme – CJRS
Company News From 1 July 2020, businesses will be given the flexibility to bring furloughed employees back part time. However you will decide the hours and shift patterns your employees will work, on their return. Therefore you can decide on the best approach for them, and of course will be responsible for paying their wages […]
Government ‘bounce back’ loans
On 27 April, the Chancellor announced a new loan scheme which is aimed at supporting micro-businesses. A micro business is usually defined as a very small business that can be a company or a sole trader. In general, it must have any 2 of the following: a turnover of £632,000 or less. £316,000 or less on its […]
An example furlough letter for employers
[Send to employee’s address or email. Note you should discuss and record employee agreement to be furloughed before you send this letter.] Dear [Employee Name], NI NUMBER AND / OR PAYROLL NUMBER The purpose of this letter is to formally notify you that your position as [INSERT] on the [XXX DEPARTMENT] is being closed temporarily […]
Company directors – eligibility for furlough
As office holders, salaried company directors are eligible to be furloughed and receive support through this scheme. Company directors owe duties to their company which are set out in the Companies Act 2006. Where a company (acting through its board of directors) considers that it is in compliance with the statutory duties of one or […]
Step by step guide to furloughing employees
Decide what staff you want to furlough Both employees and their employer must agree before an individual can be put ‘on furlough’ (we can provide a draft letter) You can choose to furlough some but not other employees You can make employees redundant while they are ‘on furlough’ or immediately after. If an employee is made redundant while on furlough, their […]
How Covid-19 affects you as a Limited Company and what assistance there is out there for you
Coronavirus Job Retention Scheme Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country, will cover the cost of wages backdated to 1 March 2020 and will be […]
