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  • RE: Starting new business (franchise) and being full time employed

    Sole trader is the most basic and lightweight structure. You are the business and take on full liability. You pay personal tax on profits. With that structure you should at the minimum register with HMRC as a sole trader (https://www.gov.uk/set-up-sole-trader) and ideally create a separate bank account in your name to keep business finances separate from your personal finances, it will make life easier. Monzo has a Sole Trader business account, but a normal current account anywhere would also work. A limited company is a separate legal entity. The business pays corporation tax on profits. If you see yourself running the business longer term, it taking up debts, having co-directors or other shareholders, eventually having employees, or selling it, consider incorporating a limited company. Your husband who will also be working with you can be co-director and shareholder, you can both be on payroll as directors, and occasionally take out dividends if there are profits. (As opposed to you both being sole traders working together. On whose name would business profits and losses go on?) You will need to open a business bank account in the business name. There is more administrative overhead with a ltd co but it can be worth the effort and cost as it can overall be more tax efficient than operating as a sole trader. Note it's possible to start as a sole trader and then transition to a limited company. Suggest you also speak to an accountant. Good luck with your new business.
  • How to get HMRC app Access Code on new phone (QR Code)

    I couldn't find these steps online before, so here's how to setup an Access Code on your new phone's HMRC app: (These steps are written for the desktop gov.uk website as at June 2022. The site may later change and the mobile site may differ.) 1. Sign into your "Personal Tax Account": https://www.gov.uk/personal-tax-account 2. Go to "Your Profile": https://www.tax.service.gov.uk/personal-account/your-profile 3. Change your "Sign-in details" under Settings 4. Click on "How you get access codes" 5. Click on "Change" for the existing access code and scan the QR code from your HMRC app or other authenticator app (or create a new access code with "Add another way of getting access codes" and then remove the old access code)