"Getting Started" Guides

It can be very daunting when you decide to start your own business.

You will be confident in your own knowledge and ability to make your business succeed, but many people wonder where to start regarding keeping records, who to contact, paying taxes, etc.

This information is designed to ease your worries by providing you with this essential knowledge.

The Guides

Click on the links below to view each subject on the right hand side.

Once you're under way, you can think about the type of help you may require from us. Please browse through our list of services on the tab above for more information and email us for a quote.

VAT

If you expect your business' annual turnover (sales) to exceed the current VAT threshold (or it already has), you must register your business for VAT. The current threshold can be found at www.gov.uk/vat-registration/overview.

This means you will need to charge VAT on all of your sales and pay this proportion of the sale to HMRC, usually on a quarterly basis. You will be able to offset this payment to HMRC with any VAT you pay on services/supplies for your business.

There are exceptions; some business sectors and/or products are exempt from VAT and so VAT registration may not be required even if your turnover is above the threshold.

It is possible to register for VAT voluntarily if your business turnover is less than the current threshold. This can be beneficial if your VAT on purchases exceeds your VAT on sales or if you want customers to perceive your business to be larger than it is. However, if your customers are mainly individuals and/or non VAT-registered businesses, you could inadvertently make yourself more expensive than your competitors, if they are not VAT-registered.

Registration can be carried out online at www.gov.uk/vat-registration/how-to-register.