HM Revenue and Customs

This covers actions like:

• Being Self Employed
• Starting a New Business
• National Insurance and VAT
• Taking on Staff
• Self Assessment and Tax Returns

Quick Checklist

HMRC and taxation can be complex, but it is essential to deal with accurately. Many individuals and organisations use Accountancy Firms to manage compliance with tax laws and there are an increasing range of on-line tools that can help a self employed or small business to manage tax affairs in a cost effective way.

Key point to check:

• ensure you notify HMRC if you become self employed or start a new business
• set up your accounting year (12 months) – you dont have to be April to April (the tax year)
• set up effective record keeping (software tools can help) and retain all relevant documents for the right length of time including all of your:
• sales invoices and receipts
• receipts for business expenses, and purchases (vat receipts where relevant)
• business bank deposits and withdrawals
• wages or salary payments
• mileage records
• capital purchases and market value of equipment or vehicles