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Should I be a Sole Trader or a Limited Company?

Which path should you choose? Of all the topics and information we’ve covered so far in this series, this might be one of the most difficult questions to answer. Before getting started it should be noted that we would always recommend speaking to a professional advisor to ensure that you fully understand your available options […]

How To Take Funds Out Of Your Company – For Incorporated Business Owners.

Growing your business and seeing profits increase is the aim for all businesses, especially when just starting out. However very early on you also need to consider how to remove money from your business effectively. There are many ways that a director or shareholder can take money out of the company and deciding on the […]

Setting Money Aside for Tax Bills. How Much Should You Save?

Unexpected tax bills are the last thing you and your business need.  As such, it is critical to the success of your business that you know precisely what to expect and when to expect it. With a little bit of help and preparation, you can do just that. At Moulds & Co Accountants, to ensure […]

If I don’t draw wages, do I have to pay tax?

If you’re self-employed you are essentially seen as not being paid by the business. Instead you are entitled to draw against the profits that the business makes.  As such even if you, the owner of the business, draw down no wages, you may still pay income tax. Why is this? To put it simply, you […]

What Expenses Can You Claim?

“Tax doesn’t have to be taxing.”  That may be true but sometimes it can certainly feel a little taxing when the lines of what you can and can’t do start to become blurred.  Before we dive into the detail we should first discuss a tax concept that HMRC uses to determine whether something can or […]

Can Your Children Save You Tax?

Among numerous advantages to starting a family business the additional tax benefits available make a compelling case for sharing your business income with your children. If you choose to do so, each child is entitled to the same £11,850 income tax personal allowance as their parents.  They also qualify for capital gains tax allowances and […]

Introducing Your Spouse to the Business

There are numerous reasons why you might want to bring your spouse in to the business, including several tax benefits. Involving your spouse can mean a split income between the two of you which enables you to minimise higher rate tax and therefore increase family take home pay.  Finally, any gifts of business assets between […]

Buying a Company Vehicle

Although company car tax can appear daunting at first, this article aims to provide some simple tax advice and information so that you can soon understand the essentials for what you really need to know. In this article we don’t need to delve into why the government provides these tax incentives but rather concern ourselves […]

Registering for VAT

A common question we hear from new business owners in Wetherby is, “Do we need to register for VAT?” In todays quick guide we aim to provide some simple tax advice and information to help you answer this very important question. Do I need to register?  As of April 2018, you are not required to […]

Moulds & Co Ltd 2017