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What is an ERN (PAYE Reference Number) and why do I need it?

Published in Business finance on June 28, 2022 by Johnathan Korchak

An ERN (Employer Reference Number) is issued to every UK company that registers as an employer. It is also referred to as a PAYE reference number because it is used as a unique identifier by HMRC when processing payroll…

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Tags: accounting, company records, employment, HMRC, PAYE

What is a dormant company?

Published in Business finance on May 29, 2022 by Henry Catchpole

Your company may be considered dormant if it is not currently carrying out any business and it does not have any other sources of income, including investment income. This article explains what to do and what to avoid doing in…

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Tags: accounting, accounts, company types, dormant companies

When do you have to register for VAT?

Published in Business finance on July 17, 2021 by Johnathan Korchak

Your business must register for VAT with HM Revenue and Customs (HMRC) if, over the past 12 months, your ‘taxable supplies’ (closely based on your sales or turnover, not your profit) have exceeded the VAT registration…

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Tags: business finance, HMRC, taxation, VAT

How to make your trading company dormant

Published in Business finance on January 15, 2021 by Johnathan Korchak

Some companies are dormant from when they’re first formed. A lot of companies, however, will actively carry out a business for a while but then cease trading – at least for a period. These trading companies may be eligible to…

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Tags: accounts, company types, dormant companies

What does a template business invoice need to include?

Published in Business finance on February 4, 2019 by Johnathan Korchak

An invoice is an important document for most businesses, because you’ll only be paid once your business produces a suitable invoice for a customer. By preparing and issuing a business invoice promptly, you give yourself the best…

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Tags: business management, invoices, stationery

Do I need a business bank account?

Published in Company formation, Business finance on November 20, 2018 by Ben Robinson

Not all businesses are required to have a business bank account. Many business that are not legally required to have a business account still decide to operate with one as they do offer many benefits.…

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Tags: bank account, company formations, limited company, sole trader

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