starting my own business ?? tax issues?

Question

i want to start my own business fitting house alarms ,how would it go with the tax man ?? do i get any allowances to see if my business takes off?? if i was to lease a van ,how do i go about claiming this back etc etc .is there some sort of starter pack ,thanks

Answer 1

You need to write a business plan first of all. You need to make sure you know about things like competition and what your unique selling point would be. You also need to work out costs and whether you need a loan to start up. If you are under 30 years old, you can get a loan from the Prince's Trust. Take a look at;

http://www.businesslink.gov.uk/bdotg/act...

or

http://www.princes-trust.org.uk/...

Answer 2

well the inland revenue have help packs for starting a new business. you normally have to earn aprox. £4000 before you have to start paying tax and to become vat registered(get the tax back on many items, lease of van, petrol/diesel, etc) you have to earn over £10,000-i think that sum is right?? inbiz also help you out an setting up etc. but if i was you id take 10% off your income each week so you can put that away in a bank account or isa for when you do have to start paying tax.

Answer 3

The exact tax setup depends on what organizational form you choose for your business. Talk to a tax accountant about it. Deducting lease payments on the van should not be a problem, provided the van is used primarily for business. Again, talk to a tax accountant. Everyone's situation is different, and tax advice must be personalized.

Answer 4

If you will be self-employed you do not need to start paying tax straight away - you will only need to submit a tax return after the end of your first tax year. You do not need to claim back your expenses - you simply declare them on your tax return, and then you only pay tax on your profits.

The only thing you do need to pay as you go is National Insurance contributions, although there is an exemption for very low income. You WILL need to declare yourself as self-employed - there's a simple form to fill in. See the HMRC website for more information and advice.

Answer 5

enable's start up on the commencing up you will decide on --- Public criminal duty coverage. sign in your self as Self employed (interest Centre) shop a record of all your income made contained in the final 3 years. acquire modern certification for modern decrease cost expenditures investments etc. shop receipts for each thing so which you will declare VAT later. Open a economic enterprise account on your procuring and advertising call. shop your modern account separate and pay your salary into that. you do no longer decide on a enterprise at this degree basically your procuring and advertising call which would be your individual. so some distance you haven't any longer paid out any money aside from coverage. Now shop an afternoon e book showing income and money out and show the place the stability is going. it is not going which you will ought to pay VAT yet shop your textile costs in case you do. Take my suggestion in this one what ever else you overlook approximately. circulate and notice Customs & Excise and that they might assist you start up and enable you be conscious of the thank you to maintain your books. Do a similar with Inland sales and that they are the two useful. you do no longer decide on economic enterprise Managers Solicitors or Accountants at this degree so do no longer waste you cash. Your artwork concept and pratical experiance would be a solid base to start from yet this is all that's. you would be working by myself with somebody respiratory down your neck at times. in case you're uncertain of a element do no longer bluff it with the aid of. circulate out on your van for an extra gadget or something and learn the element earlier going greater advantageous. basically one hassle-free tip. pay attention of two way switching they're generally on a diverse fused circuit. solid success, take it ordinary, and don't overlook you're working for a recognition so leave the customer chuffed and consistently leave your card.

Answer 6

Best thing is to consult an accountant. there are many things you can claim allowances for when u have your own business..

Tax issues need not be a worry to urself, aslong as u get urself a decent accountant...

Try my accountants....

Answer 7

shop around to open a business account at a bank, most banks will offer start-up advice for free. Alternatively go to your local Business Link, who'll also advise.

Answer 8

contact your local tax office and they will advise you on these matters.
be nice to them and they will tell you all you need to know and more.