VAT, TAX, HR
The dreaded moment has arrived and it's time to get legal.
This is the section where most of our clients run to an accountant so they can sort out everything. But! If there are no funds ready for an accountant (and they do not come cheap) then rest assured, you can tackle this section yourself!
If you do not want to try and tackle this we do have some recommendations for accountants online who can advise you on what to do, when to do it or simply do it for you for a fee.
VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the European Union. There are complex regulations for goods and services imported from within the EU. The default VAT rate is the standard 20% since 4 January 2011.
Simply put it is a charge that is added to the goods price.
Facts -
When you register for VAT you must charge VAT on all goods and services.
You may reclaim VAT on any goods or services you have paid for in relation to the business so start keeping receipts!
You only need to register for VAT when your turnover exceeds £83,000.
Find out more at -
Tax is mandatory for all businesses and self employed entrepreneurs.
When you are self employed you must register on the HMRC website for self assessment.
This needs to be filed once a year, you can read more about this on the gov.uk website.
If you are a registered ltd company, your tax is made up after your annual accounts are submitted to HM Revenue and Customs.
You can submit them yourself if you have kept accounts and know what to do or you can get your accountant to do it.
If you do not have an accountant when it is time to submit this you can hire one prior to your due date.
Simply pick your accountant for the job, send through your accounts, and for a fee they will do this for you.
Sites to hire an accountant
Specialising in Accounting, Bookkeeping, Accounting Software, Advice, Invoicing software and Business guides.
Prices start at £24.50 per month for contractors, £29.50 per month for sole traders and £64.50 per month for limited companies.
TWD Accounts have been trading for over 10 years and have grown to become one of the UK's leading specialist in Tax and Accounting. Services include; Self Employed Service, Self Assessment Service and Landlord Accounting services.
For your TAX and accounts TWD charge a flat fee for £299 inc VAT. For Self Assessment Tax Returns Service TWD charge a flat fee of £137.50.
