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View Full Version : Need help re: tax, VAT, etc, etc


Robbeh
23-06-2002, 03:27 PM
Hi there,

I've recently started my own business with a friend (as a partnership) doing web design. However we haven't the faintest idea about tax, VAT, etc. Are there any sites about which outline the details of what we should be paying and when?

Cheers,

Rob

Warlow
23-06-2002, 06:22 PM
Hi Rob,

The government sites have all the information you will need.

Taxes - the Inland Revenue - http://www.inlandrevenue.gov.uk
They have a specific page for start-ups - http://www.inlandrevenue.gov.uk/startingup/index.htm
You can also get information on NI contributions.

VAT - Customs and Excise - http://www.hmce.gov.uk
You only need to worry about VAT if you exceed the threshold.

If you can't get clear information from there, go and speak to an Accountant. Most should give you some free time on the basis that they may get you as a client. It's better to clear up any queries you have now instead of getting into a mess which could be costly to put right.

Best of luck

Rob
http://www.smallbusinesssuccess.biz

eddmarsh
05-03-2008, 10:43 AM
www.businesslink.gov.uk is also an easy to follow site for advice on business start ups

adandy
05-03-2008, 11:02 AM
Hi Rob,

The very basic, tip of iceberg, type stuff....

You have 3 months from the end of the month in which you start to register with HMRC as self-employed, both partners will need to register, form CWF1 is the 1 you want. There will also be a form for registering for class 2 NIC to be paid by dd (form CA5601??). Otherwise there's a penalty.

You don't need to register for VAT until your taxable supplies (sales) hit 64k although there may well be circumstances were you wish to register voluntarily.

If you've started now, first tax will be payable Jan 09, on a portion of your overall profits, commonly referred to as basis period rules....

before I go any further and bore everyone bar James smith its probably worth YOU going and getting an accountant to sit down and explain all this to you.

HTH