What to do if you’ve lost your UTR number
Whether you're someone who likes to file your annual self-as...
By Lynne Gowers on 19th June 2014
2014 is proving to be a successful year for many financial advisers but this success can come at a cost. After working with financial advisers of all specialisms for many years and have always had apathy for just how time they need to devote to their business.
Many financial advisers are faced with enhanced regulatory and administration regimes and spend more time working back of house… than working with clients.
In light of the financial climate over recent years I completely understand the need for the enhanced regulation and controls, however the reality is for many advisers to achieve them and still see clients they have to work even more hours and become time poor.
This lack of time can mean certain business decisions are left on the back burner…, one such decision often asked of me was should I be a sole trader or go Ltd, what’s best for me?… Many do not provide advice through their own Ltd company as the idea of incepting a company, managing accounts and dealing with HMRC is a hassle they could do without, but is it really that difficult?
The short answer in no, and the benefits are huge. One main benefit of operating via your own Ltd company are the tax efficiencies, advisers can reduce tax liabilities by paying themselves using a combination director salary and dividend. This approach can save advisers £1,000’s in tax a year.
Another benefit is the ability to claim expenses through your company and reduce tax. Life for many advisers is one containing a lot of travel, this travel expense can be used to offset tax liabilities using HMRC rules, an adviser travelling around 1,400 business miles a month could reduce their tax liability by up to £1,200!
However one of the biggest benefits is the ability to ring-fence liabilities within a Ltd company, this means should a company expose itself to liability or debt that liability is owned by the Ltd Co and not you, the liability can be left within the company and closed.
So just how difficult is it to achieve this, well not very at all! Boox provides a total service that will create your Limited Company and help you set up a business bank account, look after all your accounts and expenses, deal with HMRC and tell you how to pay yourself the most tax efficient way possible.
All this mean with Boox you can increase your net income and reduce your risk. For more information watch our video, call our support team on 0808 168 0422 or sign up for a 14 free trial of our app.
Image courtesy of renjith krishnan / FreeDigitalPhotos.net
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