0330 124 4675
Office Hours: 9am to 5.30pm
0330 124 4675
Office Hours: 9am to 5.30pm

Moving from sole trader to limited company

Knowing if and when to move from being a sole trader to setting up a limited company can be a tricky decision to make. Your business may be growing, you might understand the benefits the change could bring, but you worry that the process might be difficult. Is it full of pitfalls? What could go wrong? Is the effort really worth it?

At One Click Accountant, we’ve helped businesses through the process of moving from sole trader to limited company. It brings with it a number of specific advantages, and the process itself is relatively straightforward as long as you take it step-by-step.

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What is FreeAgent cloud accounting software?

Keeping track of invoices, expenses, payroll tax returns and other accounting tasks can soon become a headache for business owners. A smooth-running accounting system is an important component to any successful business. If it isn’t done thoroughly it can easily get out of hand, taking time and sometimes money to get things back on track. One of the biggest reasons for business failures are cashflow difficulties. Keeping tabs on cashflow can feel like a constant challenge, particularly as your business grows and develops.

Thankfully, there are now a range of tools on the market to help make business financial planning easier. One such product is FreeAgent.

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Do you need an accountant to do self-assessment?

Dealing with and filing tax returns is a time consuming but essential part of your business. And while it may be tempting to complete and file your returns yourself, it is vitally important to understand the potential benefits of hiring an accountant and the concrete risks if you don’t.

So, do you actually need an accountant to carry out your self-assessment and what are the benefits (and risks) of trying it yourself?

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The Digital Transformation of Accounting and Finance

Businesses of all backgrounds are increasingly finding themselves forced to accommodate the change. While regulatory and logistical issues prove problematic, the biggest hurdle to overcome is the rise of digital technologies in the finance sector and the risk and opportunities they represent.

So, what exactly is digital transformation and what role does it play in the world of accounting and finance?

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What Accounting Standards are used in the UK?

In accountancy, standards are used to ensure consistency throughout the industry. They also exist to promote transparency and to ensure the information provided is consistent, relevant, and useable – saving time and resource for the provider as well as the party under scrutiny.  Accounting standards are critical so that companies working in tax and accountancy can deliver clear, coherent details to both their clients and the authorities.

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What is the best software for Making Tax Digital?

The rules on how to keep VAT records and submit VAT returns changed on 1 April 2019 under Making Tax Digital. Moving from physical to digital processes can be time-consuming and resource-heavy. VAT registered businesses with a taxable turnover above £85,000 will need to use compatible accounting software to send digital tax returns.

While many accounting software platforms unquestionably add value to your daily work, it can often be difficult to find the right MTD accounting software for your company.

So, what are the MTD software options available on the market and what are their features?

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Year-end tax planning tips for contractors

Managing a limited company as a contractor can be challenging, especially when it comes to reconciling your year end accounts at the end of the tax year.

While April is here, there is still time to make the most of your options and make sure you’re able to get the most out of your tax planning.

If you’re struggling to make the most of this year’s allowances, here’s our list of some essential tips to handle year end accounts efficiently through your Limited Company.

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