"Getting Started" Guides

It can be very daunting when you decide to start your own business.

You will be confident in your own knowledge and ability to make your business succeed, but many people wonder where to start regarding keeping records, who to contact, paying taxes, etc.

This information is designed to ease your worries by providing you with this essential knowledge.

The Guides

Click on the links below to view each subject on the right hand side.

Once you're under way, you can think about the type of help you may require from us. Please browse through our list of services on the tab above for more information and email us for a quote.

Registering with HM Revenue and Customs

Once you have started your business you will need to register with HM Revenue and Customs (HMRC) as a self-employed person as soon as possible. This is known as 'Registering for Self-Assessment' and registration can be carried out online at www.gov.uk/new-business-register-for-tax.

This process will let HMRC know that you need to complete a tax return each year, to declare income that is not taxed at source. They will allocate a Unique Tax Reference (UTR) 10-digit number to you, which will need to be quoted on all correspondence with HMRC and on your tax return.

'Self-Assessment' is simply the name given by HMRC to the system by which they collect taxes on income that has not been taxed at source. As the name suggests, you assess your own tax, based on HMRC's relevant tax rates and bands. However, this does not mean that HMRC does not check your calculations - they do - and they can impose financial penalties for filing incorrect figures, so it is important to get it right.

If you choose to utilise our services, we would be happy to carry out your HMRC registration on your behalf, free of charge.