Tax Tips from...
|
|
||
|
VAT Registration - You must check your requirement to register for VAT at the end of every month, to ensure that your annual turnover has not exceeded the registration limit currently £61,000 from 31st March 2006, (previously £60,000 after 31st March 2005). |
||
|
|
||
|
Self-Employed - If you are self-employed and your gross turnover is less than £15,000 per year, you only need to show your total turnover, less total expenses and net profit on the tax return. However, you should still keep detailed records should H M Revenue & Customs require them. |
||
|
|
||
|
Keeping Records - You must retain records relating to your business for at least 5 years and 10 months after the end of the tax year to which they relate. Failure to do so may result in penalties of up to £3000 per tax year |
||
|
|
||
|
New Business - You need to register with H M Revenue & Customs to notify them of your new business within 3 months of starting otherwise you will be liable to a penalty of £100. If you don`t get a tax return you are required to notify H M Revenue & Customs that you have taxable profits by 5th October following the tax year end of 5th April. |
||
|
|
||