Set up a small cleaning business in Oct. I registered as self employed early Dec, I was still in my 3 month bracket. I did it online, but didnt get any conformation, is this right? What do i do now? I have opened a business account. This only got acitvated probably late Nov, so since Oct I had just been putting it in my current account. But now its all going in my business account. I havent got an accountant yet, but what records would I need to show him so he can give it to the tax man? Do I need to make a table of all payments I receive during the week. Someone said to me to take 20% of your weekly earnings, and put in a savings account, so that when you get your tax bill at the end of the year, you pay it from what you hav saved, so you actually have SOME money to pay off the bill. So if i get £100 a week, I put about £20 away? How do i pay NI contributions? Is that all I need to do? Theres nothing else that is going to jump out at me when I dont realise it?? Thanks
Answer1:Hello ,I think you may find what youre looking for at MoreMoney365.I managed to add $190 to my income in just the last 3 weeks.
Answer2:you should have sorted all this out when you made your business plan. get an accountant.talk to a financial advisor or manager at your bank, keep all your expense receipts, fill in all details in a weekly records book, incoming-outgoing. you can find business advice on internet. UK
Answer3:Your priority should be to get an accountant and ask him or her what they will need. In my experience you should keep every piece of paper that relates to your business, every bill, every account, every bank statement etc. for seven years. Putting 20% of your income away is an excellent idea, saves a horrible tax bill biting you later. But do get an accountant, soon.
Answer4:I am self-employed. How do I pay my NI contributions?You can pay your Class 2 contributions current rates by* Direct Debit every monthIn addition you may be asked to pay Class 4 contributions, if your profits are high enough. This is payable together with tax as part of your annual self-assessment.Contact 0845 915 4655seehttp://www.hmrc.gov.uk/faqs/nicqse.htm00000000000000000000000000000000000000...Yes putting away a little each week or month to pay the tax with would be a good idea.00000000000000000000000000000000000000...Keep a record of all business expenses and income.00000000000000000000000000000000000000...As far as getting an accountant - ask around or maybe see if there is a local business start up organisation in your area.Business gateway is one name they appear under.
Answer5:Im in business but I live in Spain so I cant really help you with the details. What I will say though is consult an accountant. Ask a some other small businesses in your area to get some recommendations about which firm to go with.
Answer6:Too much to type out but if you go to the HM Government site herehttp://www.hmrc.gov.uk/index.htm you will find all the information you are looking for.In the meantime keep a log of all money in and out and keep all receipts for any expenditure for the business. Id put away 25% until you work out the exact amount. good luck.
Answer7:I am a "treasurer" for a small club.I have a folder for every month ie Sept.08 to Aug.09.(one sheet)(1) Expenses I use"excel" With the "club Heading" & " Month/Year" and list Names & Cash/Cheque/No & amount paid.All receipts in "numbered Sleeves" at end of folder.If you code your expenses A to Z - this will total at end of year costs.(one sheet)(Income) Same Club Heading & Month/Year.List the days 1 to 30 etc with Names & Amounts paid.(one sheet)Monthly Accounts, Same "Club Heading" & "month/Year.I start with Account Balances & Cash Balances. (start of month)Down to "Income"Dome to"Expenses,Down to "final Balances" (end of month)Last "payments" to bank. (all sums done in "excel")