1. Can I register for VAT if my turnover is below the threshold for registration?
If you are doing business in the UK but your turnover is below the threshold for registration, you may register for VAT voluntarily.
2. When should I register for VAT?
Registration for VAT is compulsory if your annual turnover exceeds £79,000. However, it may happen that your turnover has exceeded the registration threshold temporarily. In that case, you may apply for exception from registration. This applies for entrepreneurs supplying goods or services within the UK. If you take over a VAT registered business, your VAT taxable turnover over the last 12 months must be added to the turnover of the business you are taking over when checking if the registration threshold has been exceeded.
3. I want to close my business, what should I do?
If you need to close your business, you should plan it carefully. First, it is important that you inform HMRC of your intent. Only then will you be able to settle matters related to tax and National Insurance. In some circumstances it is possible to extend the deadlines for payments or even to claim back some tax or National Insurance.
4. How can I inform HMRC that I want to close my business?
• Self-employed and business partners click here to complete an online form.
• Shareholders may still have to file Company Tax Returns and pay Corporation Tax while closing the business. You will need to account for any capital gains made in the closing process through your Company Tax Return.
• Employers must also submit a final Full Payment Submission (FPS) when running their final payroll, in addition to the standard procedure. It is important that you pay all outstanding PAYE tax and National Insurance deductions on a timely basis.
• VAT-registered businesses will need to deregister from VAT.
5. What is a company tax return?
A Company Tax Return is a document which is filed for each accounting period by companies liable for Corporation Tax. A company has to file a return each month, even if it has not made any profit.
6. What are the benefits of writing a business plan?
Many potential start-up businesses are intimidated by the prospect of writing a business plan. But it is not a difficult process – and a good business plan focuses the mind as well as helping to secure finance and support. The business plan will clarify your business idea and define your long-term objectives. It provides a blueprint for running the business and a series of benchmarks to check your progress against.
7. What is the tax year period and deadline for file my self-assessment?
The tax year runs from 6th April to the 5th April each year and you have until the following January (31st) to file your return and pay any tax and NI due. You may also have to make a payment on account on 31st January and 31st July.
8. I am very busy during the working week, can you be contacted on weekends/evenings?
We are open Monday to Friday from 9am-5pm. However, if you cannot visit during these hours we can arrange to visit you out of hours. We can also speak with you via telephone out of hours if this suits you better.