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Should I set up a Limited Company or stay as a sole trader

I get asked many times by people setting up in business do I need to set up a Limited Company to trade through. The answer is no you do not NEED to set up a Limited Company in the UK to trade. It is really easy to just trade as a sole trader. However, you […]

How Do I Choose An Accountant?

“If you think it’s expensive to hire a professional wait until you hire an amateur” Red Adair (the famous go to fire-fighter when oil Company’s wanted to put an oil rig fire) Did you know that you do not have to be qualified to call yourself an accountant? I met a new client yesterday and […]

Tax Avoidence – A Tricky Subject – Best Left to The Experts

Disclaimer: Paul Marks & Co Chartered Accountants is the trading name of Paul Marks Ltd a Limited Company registered in England and Wales (registered number 4487645). This video is designed for the information of readers only and viewers should not act on any of the information contained in this article without seeking professional advice. Nothing […]

Accurate bookkeeping is so important

Do You Know How Much Money You Are Making? I am always amazed at how many small business owners do not really have a handle on their finances or have a good grasp of what their business is or isn’t making. Apparently around half of businesses fail within 5 years. Yes that right half! And […]

The Taxman Is Not Patient & Mistakes Do Happen

A few years back HMRC themselves in one year admitted that almost 5M people paid the wrong tax under PAYE. This was due mainly to incorrect tax codes. Additionally tax evasion & agressive or abusive tax avoidence is taken very seriously by HMRC and criminal proceedings can follow for the most serious cases. HMRC have […]

Am I Paying Too Much Tax?

  Well you probably wouldn’t know whether you are paying too much tax or not. If you are employed with no other income then it is likely that the tax deducted monthly will be correct, but this isn’t always the case for example if your tax code is wrong or if you are a higher […]

Dividends or Salary? How Do I Pay Myself?

  As an owner-managed business, you may be wondering what the most tax-efficient way to take remuneration out of your company is. There are several options available, each with its own benefits and drawbacks. Here are some of the most tax-efficient ways to take remuneration out of your business: Salary Paying yourself a salary is […]

Am I Paying Too Much Tax?

  Well you probably wouldn’t know whether you are paying too much tax or not. Self-assessment is what it says. HMRC do not as a matter of course check what has been filed with them. Just because HMRC haven’t investigated doesn’t mean what’s been submitted is correct. It could be that you are paying too […]