hi there im actually starting a small store in the UK and im wishing to do everything by the book so to speak. What and where do i have to register and do i have to register for tax etc.... any info on this would be greatly appreciated.
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2 replies to this topic
#2
Posted 14 June 2004, 17:24
Firstly, find out where your local tax office is and they will send you a tax and National Insurance form to fill in.
Alternatively, you can go to their website and apply online.
(Can't remember what the website is, so type in a search for UK Income Tax)
The website also gives you all the info you need to know.
(BTW....I'm in the UK too)
Mike
Alternatively, you can go to their website and apply online.
(Can't remember what the website is, so type in a search for UK Income Tax)
The website also gives you all the info you need to know.
(BTW....I'm in the UK too)
Mike
#3
Posted 17 June 2004, 10:27
Here's an even better idea:
Find an accountant... a good one, not some dodgy backstreet one!
An accountant will sort out all the dealings with the Inland Revenue, Customs & Excise (VAT) and Companies House. Ask the accountant to be your registered office (your trading adress can be anywhere else) so that any documentation where you have legal obligations go to them. They'll then deal with all the accountanting type stuff leaving you free to run your business.
All you need to do is keep your books... what you paid out and for what; what money you got in and for what; receipts and invoices, etc. You then just pass all this to your accountant when it's needed and your VAT, Companies Taxes, employment taxes, NI, Income tax, etc., gets sorted. You just have the odd form to sign or bill to pay. When you want to become self employed, your accountant will sort that with the Inland Revenue, too.
Believe me, in my case, my accountant has saved me loads of time and frustration by doing all of this for me. It is well worth the money. It's cost me about £200 a year at most. But the amount of time, stress and frustration it has saved is probably way in excess of that!
Good luck,
Schneckster
Find an accountant... a good one, not some dodgy backstreet one!
An accountant will sort out all the dealings with the Inland Revenue, Customs & Excise (VAT) and Companies House. Ask the accountant to be your registered office (your trading adress can be anywhere else) so that any documentation where you have legal obligations go to them. They'll then deal with all the accountanting type stuff leaving you free to run your business.
All you need to do is keep your books... what you paid out and for what; what money you got in and for what; receipts and invoices, etc. You then just pass all this to your accountant when it's needed and your VAT, Companies Taxes, employment taxes, NI, Income tax, etc., gets sorted. You just have the odd form to sign or bill to pay. When you want to become self employed, your accountant will sort that with the Inland Revenue, too.
Believe me, in my case, my accountant has saved me loads of time and frustration by doing all of this for me. It is well worth the money. It's cost me about £200 a year at most. But the amount of time, stress and frustration it has saved is probably way in excess of that!
Good luck,
Schneckster
