Blog
Welcome to The Formations Company Blog. Here we’ll share the latest news and helpful tips to make starting your business a little easier. Whether you’re looking for information on how to chase an invoice, tax, marketing your business or just looking for inspiration, there’s something here for everyone.
Being a director of a limited company blog series: Part 7 – Paying yourself
An important and exciting aspect of being a director of a limited company is getting paid. As a limited company, this can be very tax-efficient once you’re in profit. Whilst you should always seek professional advice from an accountant when it comes to...
Being a director of a limited company blog series: Part 8 – Contributing to your pension
As a limited company director and owner, contributing to your pension is something that you need to know about as it can have significant tax advantages. State Pension The first point we’ll discuss is that if you pay yourself a salary under the Lower...
Autumn Budget 2021 – What does it means for small businesses?
With the Autumn budget 2021 announcement on 27th October 2021, Chancellor Rishi Sunak set out new financial initiatives and plans that will affect small businesses in the UK. Here’s what happened: Recovery Loan Scheme extended The Recovery Loan Scheme...
Being a director of a limited company blog series: Part 5 – Limited company tax
As a director of a limited company, it’s your responsibility to make sure that your taxes are filed on time. The type and amount of tax you have to pay will entirely depend on your company. We suggest you seek out professional tax guidance when dealing with tax....
Being a director of a limited company blog series: Part 6 – Expenses
As a limited company director, you can claim business expenses to get what you need to operate successfully and be more tax efficient. It’s Important that as a director of a limited company, you have a clear understanding of what you can and can’t claim for...
Data protection – A new direction for small businesses
As we all know, data is now one of the most crucial resources which drive any economy and business in today’s world. The UK Government have acknowledged this and since Brexit, they are looking to create a new data regime that benefits the UK’s businesses whilst...
One thing you must consider if you’re running or starting a transport business
As you may have read in just about every news website, paper and social media channel there is a shortage of HGV drivers that have led to disruptions in the distribution of food, groceries and fuel resulting in no chicken at everyone’s favourite peri peri chicken...
What a rise in national insurance could mean for business owners
The Prime Minister has confirmed to raise national insurance contributions by 1.25% to help fund the NHS and an overhaul of social care, but what could this mean for business owners? National insurance for sole traders and partnerships business owners ...
Being a director of a limited company blog series: Part 1 – The 7 legal duties of a director
In this blog series, we’ll look at all aspects of being a company director. From mandatory fillings to the ins and outs of changes and other legal requirements such as paying tax, keeping accounting records, your pension contributions, paying yourself and finally...
Being a director of a limited company blog series: Part 2 – Keeping records
As a limited company director, you’re in charge of running it, so you’ll need to keep records about the company in addition to financial and accounting records. You'll need to keep your records for 6 years and in some cases even longer. For example, if your...