Your task: Identify 3 features of an unincorporated business Hints: Limited liability status and what this means Type of tax payments       Which tax returns should be filed (self-assessment tax return or corporation tax return)           What the owners are called

Unincorporated businesses are businesses that are not set up with Companies House, so these are classed as businesses and cannot be called companies.     The unincorporated businesses have less stringent rules to comply with along with the tax requirements and only need to file annual tax returns with HMRC. The owners do not have … Read More

WHAT ARE INCORPORATED BUSINESSES? Incorporated businesses are set up with Companies House and are governed by the Companies Act; and these require more stringent rules to be complied with along with the tax rules to comply with. The incorporation process establishes a company which becomes a separate legal entity from its owners. They are required … Read More