Permanent workers are usually paid via Pay As You Earn (PAYE). PAYE ensures that the employee’s income tax, national insurance, and student loan repayments have been deducted before the employee receiving their pay. However, self-employed individuals must pay to ensure that they have paid their taxes, national insurance contributions, and student loan repayments. If you are self-employed you must complete a self-assessment form to figure out what you owe and ensure that you have made payments before the deadline.
Your Ally in Business – Why Choosing an Accountant is One of the Most Important Decisions you’ll Make!
An accountant should be seen as more than someone who does your finances. While you focus on running your business, you need to trust they ‘have your back’ when it comes to your company.
Are you thinking of building your own house? Well you can now reclaim the VAT.
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify, the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business purposes (although you can use one room as a work from home office). Builders working on new buildings should zero rate their work anyway and you won’t pay any VAT on their services.
Anyone who received income that was not covered by PAYE in the year to 5th April 2014 needs to complete a tax self assessment by 31st January. The deadline for submitting paper tax returns passed on 31st October 2015 – so you will need to do it online.
You’d think that finding an accountant in London would be easy – after all, there are plenty of them, aren’t there?
The answer, of course, is Yes. There are hundreds of accountancy firms in London, some big, some small and it is there that the problem lies! Which one, from all those that there are to choose from, should you pick to handle your business accounts?
As a Small Business Owner – What Keeps You Awake At Night?
The most common answer is NOT KNOWING WHERE YOU STAND with respect to your business. We are accountants that helps our clients sleep better.
Never leave yourself open to a major loss or legal claim without any protection. You should at least have liability insurance and a commercial property/business policy. The latter would include coverage for assets such as physical inventory and equipment as well as business interruption which will pays off, if for example, a fire or flood left your physical location inaccessible for a period of time.
In the event that you need a venture, you have to be sure about the amount capital you require. This may appear self-evident, however I can’t let you know what number of organizations I’ve seen who miss this step. This is the reason development gathering pledges is the best approach. Evaluate the amount cash you have to get to the following turning point (whether that is getting out a beta item or some other discrete accomplishment). At that point decide the amount capital you’ll have to hit your breakthrough, from operational expenses to crucial proficient administrations. This is your enchantment raising money number (in addition to a little pad implicit for solace).
These three steps will help you to create a successful relationship with your outsourcing partners.