Rules For Running Business Cover Sole Traders Too

In this country there are generally four forms of business and they are broken down as sole proprietorship;  partnership;  corporation and s-corporation.   There pages and pages of rules and regulations on the government website  They are comprehensive and anyone who runs into any problems must be slightly densde if they read all of the helpful advice and still do things badly.     For example if you have registered your company as a sole trader because you were the only one doing anything and taking money out and you suddenly decide you’ve had enough of that hard work and choose to take on someone to do that boring jobs for you, you are no longer a sole trader and must register the company as an employer.   However the company is registered, it must by law take income tax and national insurance contributions from salary payments and at the appropriate time, send these on in the manner proscribed to HM Revenue & Customs.   After many years of a free for all with benefits by way of freebies, these days it is the law that if the boss, owner or any employee makes personal use of anything that belongs to that business, it must be reported as a benefit and pay the tax due.    If eeveryone played by the same rules, the Treasurury would be afloat with more money than they could use, most likely, but it would be fairer.