Direct costs are those costs incurred directly for products, services or projects, and include items such as raw materials, labour, equipment and tools. Overheads are those costs incurred for general operations of the business and they are not directly…
Day: 11 October 2022
VAT on Rental Income
Normally rent is exempt for VAT. When a business wants to charge VAT on rental income, HMRC needs to be notified within 30 days. When the business has opted to tax for the rental income, all of the VAT…
Self-employed/Sole Traders: Personal Bank Account vs Business Bank Account
It’s not a legal requirement for sole traders to have business bank accounts. It’s fine if you use your own personal bank accounts. However, there are a number of benefits of setting up a business account if you are…