In this blog, we delve into the key financial concepts of Direct Costs, Overheads, and Fixed Assets. We’ll explore their definitions, their roles in business operations, and how they impact a company’s Profit and Loss account. This will provide an understanding of these critical financial terms and their practical implications in business finance.
Day: 11 October 2022
VAT on Rental Income
VAT on Rental Income: Navigating the complexities of VAT on rental income can be a daunting task for businesses. This blog post aims to shed light on the intricacies of this topic, from understanding the exemption of rent from VAT, to the implications of opting to tax rental income.
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 self-employed or a sole trader.