Coffey & Co. ’s Post

Success as a sole trader requires careful planning and adherence to specific steps. These include registering your business, keeping accurate accounting records, and understanding your tax obligations. https://lnkd.in/eNBrVByN

Being a sole trader involves running your own business as an individual on a self-employed basis. Not only do you manage your daily operations, but you are responsible for your bookkeeping and tax returns. Whilst it is possible for a sole trader to take this all on themselves without any help… it’s time spent not growing your business. Sole traders typically work more efficiently when they outsource their accounts. Let’s break down the benefits of a sole trader taking on an accountant: ⏱️ Frees up more time for you to spend on other parts of your business 🚫 Minimises chances of mistakes in filing tax returns 🖊️ Expert advice on ensuring you are minimising your tax liability 😊 Peace of mind that you have everything in order If you’re deliberating taking on an accountant, speak to our team today who can advise you on the next best steps. 📞01634 718247 📧sam@kpmaccounts.co.uk #LocalBusinesses  #Medway #Accountant

Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can benefit from a 10% tax charge on exit from their business. #BusinessAssetDisposalRelief #TaxSaleBusiness

"Maximizing returns on your commercial property investments just got easier with Titan Business Advisors! 💼💰 Our specialized cost segregation services unlock hidden value by accelerating depreciation deductions, putting more money back in your pocket. 🏢💡 Whether you're a property owner or investor, let Titan optimize your tax strategy and enhance your bottom line. Ready to boost your ROI? Contact Titan Business Advisors today! Disclaimer The Titan Business Advisors Inc. DBA Titan Business Advisors is a licensed business brokerage in CA. DRE #02225176. No officer, contractor, or affiliate of The Titan Business Advisors Inc., DBA Titan Business Advisors is authorized to give legal or tax advice. If you need legal or tax advice consult an attorney or tax preparer. #CostSegregation #PropertyInvestment #TitanBusinessAdvisors"

"Maximizing returns on your commercial property investments just got easier with Titan Business Advisors! 💼💰 Our specialized cost segregation services unlock hidden value by accelerating depreciation deductions, putting more money back in your pocket. 🏢💡 Whether you're a property owner or investor, let Titan optimize your tax strategy and enhance your bottom line. Ready to boost your ROI? Contact Titan Business Advisors today! Disclaimer The Titan Business Advisors Inc. DBA Titan Business Advisors is a licensed business brokerage in CA. DRE #02225176. No officer, contractor, or affiliate of The Titan Business Advisors Inc., DBA Titan Business Advisors is authorized to give legal or tax advice. If you need legal or tax advice consult an attorney or tax preparer. #CostSegregation #PropertyInvestment #TitanBusinessAdvisors"

Considering starting a business but unsure about the structure to select? Here's a helpful overview of sole traders. If you need further details, don't hesitate to get in touch. At Coherent Accounting, our team can help you establish setting up as a sole trader and handle all necessary HMRC paperwork. Reach out to us today for assistance!

𝐓𝐚𝐱 𝐈𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐟 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞- 𝐀𝐫𝐞 𝐲𝐨𝐮 𝐩𝐚𝐲𝐢𝐧𝐠 𝐓𝐨𝐨 𝐌𝐮𝐜𝐡 𝐟𝐨𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭? To gain a clearer understanding of the situation, I consulted with my friend who is a reputable financial advisor in my city. Our discussions provided valuable insights into the tax ramifications of purchasing business equipment. https://lnkd.in/gEuWu3EY

Tax & VAT funding is one of the most popular ways to assist with cashflow. If this was used in your business how could your own money be better used in other more profitable areas? Visit the link below 👇 Or call ☎ 01978 534 951 📱 07746 251 180

Remember that pesky little new filing required by FinCEN for businesses organized via a state registry (LLCs & Corporations) called the BOI (Beneficial Owner Information)? It was initially set to require new businesses as of 1/1/24 to file within 30 days of organizing/changing owner information, and established businesses formed before 1/1/24 to file by 1/1/25. Good news! The deadline for new businesses to file has been extended from 30 days to 90 days for 2024. Keep in mind there are exceptions to this required filing. As a reminder, your first stop for addressing BOI should be checking with your attorney. Sherwood Tax is here to help you with the tax and bookkeeping portion of your business and cannot advise you on the structure of your company or complete the necessary reporting to be in compliance with the CTA. If you have any tax-related questions or concerns regarding the Corporate Transparency Act, or any other tax-related matters, please do not hesitate to reach out to us. We are here to support you.

EOFY #10. Offset capital gains with capital losses If your business makes a tax loss in a current year, you can generally carry forward that loss and claim a deduction for your business in a future year. However, you may be able to offset current year losses if you’re a sole trader or an individual partner in a partnership and meet certain conditions. https://ow.ly/9l0G50RUIa2