Starting your own business involves careful planning, organisation and a knowledge of accurate bookkeeping, regulations and time limits for administration and permits. There are many regulations to be adhered to, depending which type of business you have. For instance, a catering business would have to comply with regulations set out by the Environmental Health before being given permission to trade. If you intend to apply for a business loan, you may have to provide projections of income and expenditure. Once you are trading, it is easy to become overwhelmed by the relevant time limits which may apply throughout the year. A small business accountancy firm can provide a low cost service which will help you to stay ahead of the administration.
HM Revenue & Customs has legislation which has to be adhered to, with time limits for filing tax returns, whether Corporation Tax or as a Sole Trader. Value Added Tax, National Insurance and Pay As You Earn tax all have to be paid within specified time limits to avoid penalties and interest on late payments. As the government is eager to collect all monies due, you may find that excuses given for the late filing of a return, for example, will be refused by HMRC and penalties issued promptly.
A reputable accountants will provide an online accountancy service which will allow you to file documents in real time, without having to spend time scheduling visits to your accountant. Relying on a professional accountant will save valuable resources and allow you to concentrate on other aspects of your business.
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