uk

Osome UK Blog contains information that helps to run a business in the UK more efficiently: save on taxes, prevent fines, and use the rules to your advantage

A collection of 33 posts

Exit strategy

3 min read

Break-even point

A break-even point (BEP) — in accounting and finance — is the term defining the stage of business development when the revenue you make equals the costs. Putting it another way, it is a point

3 min read

Balance sheet

A balance sheet (aka a statement of financial position) is a document showing the net worth of your company at a particular moment of time. It usually looks like a table with sections

5 min read

Minimum wage

A minimum wage (or national minimum wage, or NMW) is the lowest per hour wage that you can pay to an employee. The law defines this figure, and most of the countries in

3 min read

Turnover

Turnover, as an accounting term, is used in several spheres of business operations, helping to make estimations on your company. The basic meaning of turnover is sales turnover — standing for just the revenue

2 min read

SMEs

“SMEs” or small and medium-sized enterprises is a special category of companies that is defined by a certain level of revenues, assets or number of employees. The industry where a company operates might

3 min read

Profit and loss account

The profit and loss account (P&L) or income statement is a financial document that outlines and sums up the revenues, costs and expenses your company incurs over a particular period of

3 min read

Overheads

Overheads, also known as indirect costs or burden, are those costs that are not involved in generating profit, but they ensure your company’s day-to-day operations. Overheads include, for example, accounting and legal

4 min read

Stakeholders

A stakeholder, generally viewed, is any party that has any interest in your business. Stakeholders can be individuals, any groups and even organisations. While the primary and typical types of stakeholders are your

3 min read

Fairtrade

Fairtrade notion applies to the trade between companies from developed countries and producers from the developing countries and aimed at helping the latter to function and grow more efficiently. The key difference from

3 min read

Operating profit

Operating profit — or operating income — is a profit your company gets from its core business activity. It is calculated before you deduct interest and the taxes you must pay. Operating profit is one

3 min read

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Tools to Keep Track of Your Startup Finances: P&L and Cash Flow

Running out of cash is a Number 2 reason for startup failures. So how to avoid cash disappearing into the void? Even if you are bad with numbers and find mathematics exhausting, you can use two simple tools to organise your finances: P&L and Cash Flow statements.

10 min read

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How Can a Foreigner Open a Business Bank Account in the UK?

Can a foreigner open a business bank account in the UK? Yes! Nothing stops UK banks from opening business accounts for non-residents. We look at your options if you don’t want to buy or rent property and compare the bank tariffs for you.

10 min read

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Form P50: Get Your Money Back Before the End of the Tax Year

If you overpay your taxes and you don’t get any taxable income for 4 weeks, you can contact HMRC and claim your refund straight away. That is what P50 is for. We look into the process and give tips on how to make things happen.

3 min read

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What is Business Mileage and Who Can Claim It?

If your employees drive back and forth for business purposes, it’s a business-related expense. Thus, employees can claim petrol money back, and the firm can deduct these reimbursements from its taxable income. In the article below, we break down the latter — the so-called business mileage claim.

4 min read

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All Filing Requirements & Deadlines for a Small Business in the UK

As a limited company director, you have to keep 2 government agencies informed about your business: HMRC and Companies House. There are various forms and payments to take care of, and different filing timelines do not make it any easier. Let us glue all the pieces into a single picture, shall we?

5 min read

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Selling Your Business? Entrepreneurs’ Relief Helps to Pay Less Tax

Entrepreneurs’ Relief (ER) allows you to pay less tax when you sell your company. ER is great for those unhappy with where their startup is going but unwilling to give up on their entrepreneurial career. ER can save some money and also bring enough funds to start a new business from scratch.

4 min read

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How to legitimately reduce your corporation tax

You can take advantage of the legitimate ways to reduce your corporation tax, such as claiming expenses, paying yourself a salary, and spending profits. We explain each step with examples and show how you could reduce the tax you owe more than by half.

5 min read

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Big Ben, Victoria Peak, and $3 Million

Osome announced a $3 million financing led by Target Global. The new investment will help expand its technology platform to the UK and Hong Kong, and already started testing these markets.

2 min read

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VAT returns and Making Tax Digital (MTD) in the UK

VAT returns in the UK have been moved online — from 2019, Making Tax Digital system is in force for it. We explain how to deal with it and what the deadlines are.

3 min read

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Oops, I’ve Overpaid an Employee

On a settlement day you understand that you paid too much to one of your employees last month. Or the employee comes to you and awkwardly says that they have been receiving way more money than the employment contract requires. How to solve any overpayment? Here are the answers.

5 min read

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Confirmation Statement: Everything You Need to Know

The confirmation statement is a document that must be filed by every limited company and limited liability partnership (LLP) at least once a year. If you don’t follow deadlines when filing the confirmation statement, your company might be closed, so let’s have a closer look at the requirements.

6 min read

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Capital Gains Tax for Individuals in the UK

Capital Gains Tax is imposed when an asset that increased in value is sold. Let us look at cases when you do and do pay this tax, the rates and how they apply to you.

4 min read

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Taxes for UK Business Owners: 2019/20 Tax Rates, Thresholds & Allowances

Small business owners face double responsibility when paying taxes: they account both for themselves and for their companies. It is tiresome to keep up with the shifting tax rates, tax bands and allowances, so here is a guide for a private limited company owner to survive the 2019/2020 tax year.

7 min read

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What is a UK Company Registration Number?

CRN is an important and unique way to identify your company as a legal entity. Also known as a business registration number, UK company number or a registered company number, you’ll find that the most common abbreviation used is “CRN”.

3 min read

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P11D Form: All You Need to Know If You End up Googling It

The P11D form is a part of the UK payroll system that covers the benefits an employee gets. How and when to fill in the form, what the deadlines are and how to avoid any fines — Osome is here to guide you through all of it.

4 min read

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Tax & PAYE Reference Numbers: Don’t Let These Codes Confuse You

Your company has several numbers and codes that go on official documents. Different HMRC departments issue them to identify your company. Let’s figure out which one means what.

3 min read

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P60 Form: What Is It and How to Deal with It?

The P60 form is a part of the UK payroll system that features tax payments and National Insurance contributions of a certain employee. We look deeper into the nature of the document.

4 min read

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How to use Companies House Services, aka Companies House beta

Companies House is an online service to check all data about businesses registered in the UK. So, let’s find out how many companies Richard Branson directs and what is the P&L of Tiffany & Co.

5 min read

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What Investors Want to Hear At Your Pitch

Talking someone into giving you money is hard, especially if we are talking millions. Osome Blog asked 3 founders who succeeded, 1 startup scout and 1 product lead to share their experience. Here’s what they told us.

9 min read

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2,000 Osome Clients

It took us 15 months to grow the first 1,000 clients. Now, only six months later, another 1,000 business owners joined us. Thank you for trusting Osome!

1 min read

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Osome Attracts $2 m Investment To Develop And Expand

The funding will support new product development and reaching new markets, including Hong Kong and Australia

2 min read

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1,000 Osome Clients: The Osome community is growing

Today we celebrate our first 1,000 clients. Thank you for choosing us to be your guide in Singapore Business Administration.

1 min read

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