Starting a new business? Get 40% off our accountancy services for 3 months! 😎

x

UK national accountants have warned new businesses that they could be losing out on savings up to £50,000. The government launched a new initiative in 2010 that would allow new businesses to waive up to £5,000 of National Insurance Contributions for up to ten employees. This applies to businesses who started from June 2010, and will apply until September 2013.

The government launched the scheme with a view to encouraging new business, but the marketing strategy hasn’t been as effective as expected. According to a large number of accountancy firms, many new business owners have so much administration that they miss out on opportunities such as this.

The scheme only applies to new businesses which are outside London, East of England and the South East. There are many other complex rules that entrepreneurs just don’t have time for. In this case, a lack of time and this specialist knowledge could be costing a business up to £50,000.

The government has been disappointed by the relatively small take up, with its marketing efforts failing to make an impression. One reason for the lack of interest is that many small businesses cut costs by not outsourcing administration to an accountant. This has proved to be a false economy as even a low cost accountant has the required knowledge of HM Revenue & Customs and the many ways that a new business can gain financially. A low cost accountant will help minimise payments of tax while planning for the future, meaning a great return on investment.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Staff Spotlight: Charlotte Hughes, Accounts Junior

This month we spoke to Charlotte Hughes, Accounts Junior at The Accountancy Partnership! Give an overview of the duties, functions and responsibilities…

Read More

Staff Spotlight: Rebecca Boyd, Accounts Junior

This month we spoke to Rebecca Boyd, Accounts Junior at The Accountancy Partnership! Give an overview of the duties, functions and responsibilities…

Read More

February 2024 Client of the Month: CHERESHNIVSKA

This month we spoke to Iryna, CEO and Founder of CHERESHNIVSKA!  CHERESHNIVSKA | Instagram | Facebook Hey Iryna! Tell us about your business CHERESHNIVSKA…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You will receive our bookkeeping software Pandle for free, as part of your package.

You can use this to complete your own bookkeeping, or we can provide a quote to complete your bookkeeping for you.

Please select and option below:

I will do my own bookkeeping
I want you to do my bookkeeping

Call us on 020 3355 4047 if you’re not sure.