Some of the Advantages:
- Simplicity of start up
- Flexibility of working
- The income after expenses and taxes is all yours
Some of the Disadvantages:
- Responsibility for keeping adequate business records
- Personal liability for:
- business losses
- costs of business purchases, like goods and services
- register with HMRC for Self Assessment and Class 2 National Insurance Contributions as soon as practicable after starting your business. Late registration can result in a penalty charge.
- register for VAT if you expect your sales in the year to be more than the prevailing threshold (refer to Some Information page for current registration level).
- register with HMRC as an employer if you intend to employ staff.
We will deal with all these registrations for you, leaving you free to concentrate on establishing your business.
- submit a Self Assessment tax return every year and pay Income Tax and Class 4 National Insurance on your business profits.
- submit a VAT return every 3 months and pay the VAT owed if you are VAT registered.
- submit a Full Payment Submission before every payroll payment and pay the PAYE and NIC due each month if you employ staff.
We provide a comprehensive service to deal with all these matters for you.