Melvyn F. Oarton &
Co.
(of
Chulmleigh)
Accountants and Tax
Practitioners
|
Self Employment and starting a
Small Business Becoming self-employed can be a very exciting time. There is
scope to earn as much as your enthusiasm and talent will allow, providing you
have chosen the correct products to sell or services to supply. Often a
budding entrepreneur will see a gap in the market or an opportunity to supply
better goods or higher quality services than those businesses which already
exist. It is best not to think too far ahead and one tip we can give
you, especially if your new venture does not require too much outlay or expensive
equipment, is give it a try. These days, you don’t even need an accountant
for a small business which generates less than £1,000 in turnover (not
profits) per annum, as you do not have to register with H.M. Revenue and
Customs or file a self-assessment tax return. Once you have £1,000 in takings or sales, you should know
whether being self-employed or running a small business is right for you.
That is when we recommend that you contact us, so we can help you with the
various matters which you must comply with while you can concentrate on
growing your business. If you reach the point where you think you may need
our help, please make sure that you contact us as soon as possible, as we
will need to register you for Self-Assessment with H.M. Revenue and Customs
by 31st October following the tax year in which you started. Other
registrations may occur sooner than that, for example, the requirement for
businesses to register for V.A.T. once they have exceeded the turnover
threshold, which is currently stands at £85,000. We file all of our clients' self-assessment tax returns
online, so the filing deadline is 31st January each year for
established businesses. Good luck with your new venture. We look forward to hearing
from you. |
