As a director of a limited company, your accountant needs to know about any changes in directorship. This is good practice. And ensures compliance with legal requirements and maintains the integrity of your company’s records.
Whether you’re just considering a new business idea or already transact as a sole trader, you may wonder if incorporating your business – that is becoming a Limited Company – is right for you. In order to know the answer, you need to research the differences between the two structures, and we highly recommend speaking to your accountant, as there will be tax implications.
Buoyed by the apparent success of rolling out IR35 into the public sector, HMRC have extended IR35 rules to the private sector with effect from April 2021. If you employ anyone through their limited company or via an agency then you will need to consider the new IR35 rules – read our guide to help you understand more.
Continue readingThe ongoing lockdown may be the catalyst for many limited company owners to change their business model in order to survive or to create a simpler way of working. One option is to disincorporate – in other words, dissolve the limited company and, if the business is still viable, operate as a sole trader instead.
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