Self Employed Or Limited Company

Self Employed Or Limited Company – Choosing The Right Legal Structure

Self Employed Or Limited Company – Choosing The Right Legal Structure

When it comes to choosing the right legal structure for your business, there are many deciding factors that you need to consider. Your ideas are excellent, your market research is underway and you have written a detailed business plan, but you need to explore the differences between being self-employed or a limited company.

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Taking on a new employee

When you take on a new member of staff, there are an initial six tasks you need to carry out to ensure you comply with the law:

  • Set your pay rate and pay at least the National Minimum wage
  • Carry out pre-employment checks to ensure your employee is legally entitled to work in the UK
  • Arrange employers’ liability insurance if you are not already insured
  • Register as an employer with HM Revenue & Customs
  • Give your new employee a written statement of employment
  • Ensure your new employee’s first payslip contains details of all deductions (National Insurance, tax etc.)
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The rise of the super SME

New research has highlighted the significant contribution that Britain’s fastest growing smaller companies are making to the UK economy.

According to a report commissioned by Octopus Investments and produced by the Centre for Economics and Business Research (CEBR), just 1% of the UK’s businesses are fuelling 68% of employment growth and generating 36% of the UK’s economic growth. Read More >

Self Assessment – correcting mistakes

The deadline for submitting a Self Assessment Tax Return on paper for the year to 5 April 2014 was 31 October 2014.

If you met this deadline but have now realised you made a mistake within the return – don’t worry you can correct this. Read More >