Sarah Bradford looks at some important tax considerations when starting a new business.
Many people have re-assessed their lives as a result of the Covid-19 pandemic. Moves to the country or coast have proved popular as employees realised that they could work from home, while many budding entrepreneurs have taken the plunge and started their own businesses.
This article looks at some of the tax considerations of setting up an unincorporated business.
Trading allowance
A business may start small, and clients with low levels of income from self-employment may want to take advantage of the trading allowance of £1,000.
The allowance provides a tax exemption of £1,000 a year for individuals with trading income from self-employment. If a client’s annual gross trading income is £1,000 or less,
