Corporation tax is the tax paid by companies on their profits. Unincorporated organisations (such as clubs and societies) also pay corporation tax, if they have taxable income. Partners in both traditional and limited liability partnerships and sole traders pay income tax instead.
Companies are taxed on the profits made in an accounting period - normally their financial year. However the company going into liquidation or ceasing to trade can also trigger the end of an accounting period.
Tax rates are set for the tax year and where the company's accounting period and the tax year do not coincide, the profits must be time-apportioned to decide which rate should apply. So, for example, if you made £365,000 profit you would have
Thursday 28 July 2011
Tuesday 19 July 2011
Starting In Business: Part 1 – Choosing the Structure for Your Business
The basic ways to structure your business are as a sole trader, in a partnership, or as a limited company. If you trade as a Limited Company you are said to be an “incorporated business” any other structure is called “unincorporated”.
There are advantages and disadvantages whichever structure you chose so when deciding on the appropriate structure for running your business the following points should be considered:
Incorporated Business - Advantages
An incorporated business has “limited liability”. This means that shareholders will not personally be held responsible for the debts of the company should the business fail. But any loans, leases or some contracts will usually require a directors’ guarantee.
It should
There are advantages and disadvantages whichever structure you chose so when deciding on the appropriate structure for running your business the following points should be considered:
Incorporated Business - Advantages
An incorporated business has “limited liability”. This means that shareholders will not personally be held responsible for the debts of the company should the business fail. But any loans, leases or some contracts will usually require a directors’ guarantee.
It should
Monday 18 July 2011
Is Sir Paul Stephenson Guilty of Money Laundering or Tax Evasion?
Before I continue let me make it clear that the above is not an accusation but a genuine question, and one which I think needs to be answered urgently.
By now there can be few people who have not heard that Sir Paul Stephenson, the Commissioner of London’s Metropolitan Police force, resigned last night. In his resignation statement Sir Paul said that it was just co-incidence that the man he employed as his £1,000 a day PR advisor (“spin doctor”) was also PR advisor to Champneys, the luxury chain of health spa’s where Sir Paul and Lady Stephenson enjoyed a free five week stay whilst Sir Paul was recovering from major surgery.
Everyone seems to be concentrating on the fact that the said spin doctor (why did Sir Paul even
By now there can be few people who have not heard that Sir Paul Stephenson, the Commissioner of London’s Metropolitan Police force, resigned last night. In his resignation statement Sir Paul said that it was just co-incidence that the man he employed as his £1,000 a day PR advisor (“spin doctor”) was also PR advisor to Champneys, the luxury chain of health spa’s where Sir Paul and Lady Stephenson enjoyed a free five week stay whilst Sir Paul was recovering from major surgery.
Everyone seems to be concentrating on the fact that the said spin doctor (why did Sir Paul even
Sunday 17 July 2011
Running Your Business - How to Present a Professional Image While Working From Home
In the current economic situation and with more people leaving regular employment and setting up as consultants, it has become much more acceptable to run your business from home.
Apart from anything else, running a new business from the spare bedroom removes a whole layer of cost and risk, and makes it a lot more likely that the fledgling business will take off.
Earlier articles have covered a number of general issues you should consider when working from home as well as more general issues such as how to look good on paper and sourcing office equipment and other subjects many of them relevant whether you work from home or not (other related articles are listed below) but this article deals more with the specifics of how to
Apart from anything else, running a new business from the spare bedroom removes a whole layer of cost and risk, and makes it a lot more likely that the fledgling business will take off.
Earlier articles have covered a number of general issues you should consider when working from home as well as more general issues such as how to look good on paper and sourcing office equipment and other subjects many of them relevant whether you work from home or not (other related articles are listed below) but this article deals more with the specifics of how to
Thursday 14 July 2011
Did Murdoch Always Plan to Close the News of the World?
Anyone with even a passing interest in the relationship between politician and newspaper publishers has knows for many months that it was only a matter of time before the inept cover up of the illegal practices carried on by, or on behalf of, the News of the World would unravel. So it has proven this week as the public, politicians and advertisers have expressed their disgust at the “hacking” of the mobile phones of a murder victim, the families of terrorist victims, and of soldiers killed in Afghanistan and Iraq.
The fact too that the News of The World paid Police officers for sensitive information can also hardly be a surprise. After all former editors Andy Coulson and Rebekah Brooks (nee Wade) admitted as much to the Press
The fact too that the News of The World paid Police officers for sensitive information can also hardly be a surprise. After all former editors Andy Coulson and Rebekah Brooks (nee Wade) admitted as much to the Press
Wednesday 13 July 2011
Is It Laziness That’s Holding You Back?
If you have always wanted to run your own business (or even expand the one you have) but you haven’t yet made it happen, then maybe you are just too lazy to succeed. Or maybe you just haven’t found the information you need to make it happen because you haven’t got yourself organised.
Here are three tips you can use to finally kick start your journey on the road to success in your business ambitions.
1. Have a Plan
I’m not talking here about a “business plan” (I’ve written a lot about these – see below) but about a personal “action plan”.
The whole point of having an action plan is to provide you with a road map of daily, weekly, monthly and yearly actions that will be needed in order to bring your
Here are three tips you can use to finally kick start your journey on the road to success in your business ambitions.
1. Have a Plan
I’m not talking here about a “business plan” (I’ve written a lot about these – see below) but about a personal “action plan”.
The whole point of having an action plan is to provide you with a road map of daily, weekly, monthly and yearly actions that will be needed in order to bring your
Identifying Your Niche Market
These days everywhere you look on the internet people are talking about “Niche Marketing” and how by identifying a niche you can make lots of money. However, what is seldom discussed is what exactly a niche market is. Now, as it happens a niche market can be defined is several different ways but for our purpose, which is to make money on the Internet, this is a pretty comprehensive definition:
“A niche market exists when a lot of people are searching on the Internet for information on a very specific topic, and they can’t find an answer to their questions.”
If you can answer their questions, then you have a Niche Market.
Another way of putting it is “Look for a niche an inch wide and a mile deep”. This means, look for a
“A niche market exists when a lot of people are searching on the Internet for information on a very specific topic, and they can’t find an answer to their questions.”
If you can answer their questions, then you have a Niche Market.
Another way of putting it is “Look for a niche an inch wide and a mile deep”. This means, look for a
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