There are many entrepreneurs who run their business from home. Not many of them are aware that you might need a separate insurance or even a business rates might be applicable?
Over the course of 2 decades we have seen many clients, companies etc they run from the comfort of their own home. They start small and scale it up which is an extraordinary model as it will put very less pressure on the entrepreneurs and they can focus on growing their business. However we advise our client to check first with their landlord or estate agent to confirm if they are allowed to open a company and use their home address as registered office address or now.
On many occasions we have seen a clause put in the rental contract that stops the tenant or entrepreneurs to use their residential address as registered office address, in this scenario it could be a breach of contract with your landlord.
As a solution to this there are many companies like Regus etc which will allow a small businesses or even a sole trader to use their designated office address as the company’s registered office address for a fixed monthly fees etc. There could also be a facility of booking board rooms and organise conference or have a meeting likewise. This helps a small businesses to enhance their image.
We would recommend our client to check whether it is allowed to do business from the premises registered. It is always good to be on the safe side then getting caught after.
Further information on this can be found or government website on Gov.uk, or in the link below.
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We have seen many clients use debt as one of the funding method. This is obvious in many businesses. We have seen many businesses going into administration because they are unable to repay their loan.
We always advise our clients, we plans debt funding to be aware and conscious of the cashflow and the pay back period. Every businesses should follow “cash is king” mentality and it is. it can create a complete chaotic situation if this cannot be managed well.
Plan ahead for the next 3-5 years before you apply for debt whether the business will be able to fund it and decide accordingly.
If you need help please contact us on 0207 193 8157.
Every businesses has their own framework and blueprint. But the basics of business remains the same. We can call it the business DNA. Every time we talk with the client, the problems resonate to each other businesses although they are entirely different and completed unrelated.
Below are the 5 most frequently asked questions about their business;
- How to manage next months payroll? – Working Capital issues
- The VAT money has been used up, what can we do? – Cashflow problem
- Can I pay my employees on the third week of next month? – Trust issues
- How much is my cost per hour – Lack analysis
- Can we voluntarily wipe the creditors? – survival issues
If you are facing similar hurdles in the business, you need to call us now on 0207 193 8157
Both Limited company and Sole trader can claim similar expenses for sure as long as it is wholly substantially occurred in the business process.
Many people from all different background has confusions on this point and it happens every year when the tax return filing time comes nearer and the sole trader clients especially starts thinking this and that and will start confusing themselves about the claimable expenses.
Below are the few expenses which can be claimed without any questions:
- Travel expenses (everything apart from ordinary commuting)
- Subscription paid for the business
- IT expenses for business.
- Meeting expenses and lunches
- Laundry expenses
- Tools and equipments if purchased
- Repairs and maintenance
- Stationery and postage
- Courier charge
- Employees wages
- Director wages
- Capital items like laptop, cameras etc purchase
- Office Rent
- Utilities, water, light and heat
- Business rates etc etc
If you can confusion on what can be claimed if your confusion is apart from the above mentioned expenses, please call us now on 02071938157 or email on firstname.lastname@example.org