OK - so you are an expert Plumber, Cleaner, Hairdresser, Electrician, Landscape Gardener, Taxi Services or Pub owner and have decided to take the big step and set up on your own. Having sorting out what equipment, premises and advertising you need, you have a full order book and everything is beginning to be busy and the future is bright.
Unfortunately time has passed and suddenly it is time to complete a HMRC return. There has been not enough time to set up full records or complete your tax return or make sure that your NIC contributions are up to date or the correct company insurance is in place or your pension is covered but there is never enough time to do everything especially as you have no interest in figures.
Unfortunately time has passed and suddenly it is time to complete a HMRC return. There has been not enough time to set up full records or complete your tax return or make sure that your NIC contributions are up to date or the correct company insurance is in place or your pension is covered but there is never enough time to do everything especially as you have no interest in figures.
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Working for yourself can be daunting especially if you were previously a PAYE employee However with the support of your BSW accountant, the prospect can be made easier especially if we help you from the beginning and help you set up basic records required to form annual accounts. If you work for yourself BSW Accountancy Services can prepare your accounts and explain how the figures are arrived at and what they mean!
Value Added Tax (VAT) is a tax that's charged on most goods and services that VAT-registered businesses provide in the UK. It's also charged on goods and some services that are imported from countries outside the European Union (EU), and brought into the UK from other EU countries. VAT is charged when a VAT-registered business sells to either another business or to a non-business customer.
PAYE (Pay As You Earn) is the system that HM Revenue & Customs (HMRC) uses to collect Income Tax and National Insurance contributions (NICs) from employees' pay as they earn it. The term 'employee' includes directors of limited companies. An employer must deduct tax and NICs from the employees' pay each pay period and pay Employer's Class 1 NICs if earnings are above a certain threshold.
When a limited company is formed and registered at Companies House, Companies House tells HMRC that this has happened. This applies whether you start your business as a limited company or change from a sole trader or partnership to a limited company. It also applies whether or not your company is active or has started trading.
Keeping records can be a very time consuming business especially if you do not set up a basic method to capture the data before you start. A good way of improving time management is to release the burden by delegating the task to BSW Accountancy Services. Hate Chasing customers for payment? Let BSW Accountancy Services handle your Credit Control to made sure your cash flows in as fast as possible.
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