“Many many thanks for all your help and kindness"”Sue and Eddie - Cartridge Logistics (Europe) Ltd
An Accounting and Business Service tailored to your needs
The following items are here for you to use if you need them. If you have any questions, please do not hesitate to contact me.
To decide whether to set the business up as a company or as a partnership, or as self-employed, you may need expert advice. There is no one-rule-fits-all'. It will depend upon your personal preferences and needs. Being tax efficient may not be the best way to run your business. If in doubt, do ask an expert - I can help with this. It will be easier to set it up right in the first place, than to change it later.
One of the first thing you need to do is register yourself as self-employed. This can be done by calling HM Revenue and Customs on 08459 15 45 15, or you can complete the 'Self-employed Form' and send it to the address shown on the form.
To form a company, you will need to decide on who will own the business (shareholders), who will run the business (directors), who the company secretary will be and a registered office for the business.
If you want to set up the company yourself, you can go on the internet and find websites that are very good, such as thecompanywarehouse.co.uk. Others may not be as good. If in doubt, contact me. I can take the worry out of this for you, but yes, I am afraid it will cost a bit more.
If you decide to do it yourself, make sure that you tick the box asking for a printed share certificate (a little extra cost). You will need this to enable you to set up a bank account.
You may want help in preparing information in a professional manner for yourself or for the bank. Do not hesitate to give me a call for help.
This is the most important part of your business. You need to be sure that you get to your required minimum target of sales as soon as possible. Come and talk to me, and I will use my experience in business to help you decide on your best plan of action. Alternatively, contact Business Link. They can refer you to consultants and they run courses free of charge.
You may want to register for VAT voluntarily, or you may be forced to register for VAT if your sales are going to reach an annualised figure above the current threshold (£68,000 for the year from 1st April 2009). This VAT Application form may help you with this. If in doubt, please ask.
If you are employing staff, or you are going to be paying yourself as a director of your company, you will probably need to register for PAYE, and run a payroll. Registering is quite simple. You can do this on line through the HM Revenue and Customs website, or contact them on 0845 60 70 143. I can also let you know about a good on-line payroll system. Again, if you are not sure, please contact me.
Should you pay yourself wages?
Ask an expert, call me.
The following table shows a few basic tax rates:
|2012 - 2013||2013 - 2014|
|Personal Allowance to age 64||£8,105||£9,440|
|Tax band at 20%||£0 to £34,370||£0 to £32,010|
|Tax at 40%||Over £34,370||Over £32,010|
|NI Earnings Threshold||£146||£149|
|NI on Employee||12%||12%|
|NI on Employer||13.8%||13.8%|
|Self-employed NI rate||9%||9%|
|Capital Gains Exemption||£10,600||£10,900|