NEW TO BUSINESS?

As a new business, you need to concentrate on your chosen venture and let us look after the compliance issues with the relevant authorities. We can also take care of many of your routine financial and accouning operations, giving you the time to grow your business.

INFORMATION AND ADVICE FOR NEW BUSINESSES:- 

Registration 

• You must register as self-employed within 3 months after starting business. Failure to do so will mean that you are liable to a £100 penalty. The registration form CWF1 is available for download from our links page.

National Insurance

• If you expect your profits for the current tax year (2010/11) to exceed £5075, you will be liable to pay Class 2 National Insurance at the rate of £2.40 per week.
• If your profits exceed £5715, you will also be liable to pay Class 4 National Insurance. This is chargeable at the rate of 8% on profits up to £43,875 and at 1% on any excess. Class 4 is collected at the same time as your Income Tax. If you are both employed and self-employed, it may be possible to defer these contributions.

VAT

• From 1 April 2010, you must register for VAT at the end of any month if your turnover in the previous 12 months exceeded £70000.
• You may apply to deregister if you expect your taxable turnover to be less than £66000.
• If your turnover is less than these limits, you can still register voluntarily so that you can recover the input VAT on your purchases. Please note that this will not be beneficial unless the majority of your customers are also VAT registered.

Please watch these limits carefully - the penalties for not complying are severe.

Please click on the links below for details relating to Accounts and Tax Return completion.

•     Completion of your Accounts 
•     Completion of your Tax Return     

  Contact Us for further information or to arrange your free initial consultation at your convenience.