Tag Archives: self assessment

OPSW Enterprise

2 Apr

“When you find an idea that you just can’t stop thinking about, that’s probably a good one to pursue.” – Josh James, Omniture CEO

Did You Know?

  • The South West ranks 2nd for the highest amount of self-employed workers.
  • 57,000 people in Devon are self-employed.
  • Nearly two-thirds of small business owners have no business or management experience.

Registering as a sole trader

Many of our customers ask how to register as a sole trader once they have decided to take the plunge and start their business.  This is done online here.  HMRC have a range of useful “webinars” available to teach you about a range of topics to do with tax, national insurance and Self Assessment.  You can even watch them live and ask questions.

Business Insurance

When you start trading, you will usually need some sort of business insurance, and if you are working from home or using your car, your house and car insurance may be affected too.  Simply Business is a good place to start, to find out exactly what insurance you will need and how much it will cost you. Call them on 0845 071 0270.

Start Your Own Business

We now run a range of Accredited Start Your Own Business courses at Level 1 and 2.  Visit www.opportunityplus.org.uk or call 0800 043 2440 for more information.

Case Study

Carole started a cupcake business, which she ran for four years on a mobile basis.  Following the success of the mobile business, she decided to open a cake shop in her home town of Teignmouth, allowing customers to see and sample her cakes.  She still caters for weddings and other events too.  Find out more at www.carolescupcakes.moonfruit.com

2 catercarole

 

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Newly Self Employed

16 Sep

One of our most popular services for customers starting their own businesses, is HMRC’s Newly Self Employed course.  The course covers everything your need to know about registering your business, tax and National Insurance and is run by HMRC themselves, giving you the opportunity to ask questions that are specific to your business needs.  We run these on a regular basis in Totnes and Newton Abbot, please call us on 0800 043 2440 if you would like to come along to the next course.

If you are not able to attend one of these courses, or if you need to double check some information after attending a course, HMRC have a fantastic range of webinars (videos)  available on their website.  These are first released as a LIVE webinar, you need to register in advance for these, and you can watch and interact with the webinar, enabling you to ask questions.  They are also recorded and available for viewing at any time, though with a pre-recorded webinar you will not be able to get instant answers to your questions.

Some examples of the topics that are covered are:

Self-employment and HMRC – what you need to know

How to complete your first online Tax Return

National Insurance for the self-employed

Paper Tax Return Deadline – Don’t Forget!

29 Oct

The deadline for completing your tax return if you choose to do a paper return is MIDNIGHT on WEDNESDAY 31st OCTOBER.  If you miss this deadline you immediately have to pay a £100 fine – even if you are one day late and have no tax to pay!  This increases by £10 a day until you complete your return, so don’t delay!

If you complete an online tax return, you have until 31st JANUARY to do it, so why not register for online returns instead?

The deadline for paying your tax, whether you file your return by paper or online, is 31st January.

How and when should I register my business?

10 Aug

When you have done your market research and decided on what your business is going to do, and chosen a business name, you need to think about registering your business.  This is a simple process where you complete an online form so that you are set up for Self Assessment.  It is free to do so and can give you the boost to really go for it with your new business!

Once your business is registered you will need to complete an annual tax return for the financial year from April-April, so you need to set up a record keeping system and keep hold of all your receipts.  Your tax return can be completed online and you have until the following January to complete it.  When you are starting a small business this is a fairly easy process that you should be able to do yourself, but as your business grows you may want to think about hiring an accountant.

As a registered business you should start paying Class 2 National Insurance contributions, at £2.65 per week.  If you expect to have low earnings (£5595 for April 12-13) at first then you can get a small earnings exemption.  However, this could affect your entitlement to Employment and Support Allowance, Maternity Allowance, and your State Pension so you should consider this first.

Before registering as self employed you should check with your Job Centre Plus advisor what affect this could have on your benefits.

Opportunity Plus South West hold regular workshops run by Inland Revenue which gives further information on the above.  Call us on 0800 043 2440 to book your place.