There are a myriad of rules that new businesses must follow when they start employing staff for the first time. A full examination of the rules is beyond the scope of this article however we wanted to point out some important issues to be aware of
Goodwill is usually defined as the ‘extra’ value attributable to a business over and above its tangible assets.
In the vast majority of cases, when a business is sold a significant proportion of the sale price will be for this type of intangible
There are distinct rules that VAT registered businesses must follow regarding retention of VAT records.
a record of sales and purchases, and
a separate VAT account.
Generally, a business must keep VAT business records for at
Class 2 National Insurance Contributions (NICs) are currently paid by self-employed taxpayers and members of partnerships if their annual profits exceed £6,025. Class 2 NICs are payable at a flat weekly rate currently, £2.85. Class 2 NICs count