FAQs
You do not need to charge VAT on any of your goods or services you supply until you have reached the VAT threshold. If your turnover exceeds the current turnover limit then you must register for VAT, but you can voluntarily register even if your annual turnover is smaller.
If you’re a small business, limited company, or partnership, then you’ll need to complete a tax return to declare your business income to HMRC and claim any tax allowances. This is called a corporation tax return or company tax return. Completing a company tax return can be a complicated procedure, so you’ll need a helping hand to make sure it’s filed correctly and avoid costly mistakes. If HMRC issue you a company tax return, you must fill it in.
It’s up to you whether you want to pay your employees weekly, fortnightly or monthly. Income tax and national insurance need to be paid either monthly or quarterly (It must be no more than £1500 if you choose quarterly)
In the accountancy world, every business needs to prepare their complete accounts for HMRC and Companies House one year at a time. The ‘year end’ refers to the day that your company’s financial period ends. If you’re a sole trader, we recommend setting your year end at April 5th – to match the end of the tax year. This avoids confusion with HMRC! If you run your business through a limited company, then Companies House will set your year end as a year after the end of the month in which you created the company.
Definitely not! You’ll maintain complete control of everything, we simply do the fussy stuff for you. You’ll still make all decisions and approve all payments.