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Accounting & Tax

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Keeping records is important for the smooth running of your business, remember some records are required by Law.

It is important that you:

  • Set up a system for maintaining your records.
  • Make sure that records are kept up to date.
  • Keep your records for the minimum period required by law.
  • You must register for VAT if you think your annual turnover is going to exceed the VAT threshold.
  • If you a sole trader, subcontractor, partnership, or limited liability partnership you will need to register your business with HMRC as soon as you start to trade and you will be required to complete a self assessment tax return.
  • Limited Companies pay corporation tax on their taxable profits.

Register your business 

Hints and Tips

  • Read the guidance published by HMRC and check the site regularly to keep up to date with changes to VAT rules.
  • When producing cash flow forecasts, plan for VAT payments to avoid cash flow problems.

Check VAT rules

If you have one, an accountant can advise you on what system will suit your business and how to keep your records up to date. It is important to seek external advice if you are not sure what you are required to provide by law or do not have the skill set to maintain your records to comply with the law.

For more information please contact the Membership Team    01905 673611

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