Do I Need to Register for Tax?

You are liable for Income Tax on any earnings or payments made to you.

You must register for VAT if your projected sales turnover is higher than £61,000 for the year.

You are liable to pay Corporation Tax on company profits above a specific threshold.

You must register as Self-Employed (if appropriate) with the Inland Revenue within three months of starting up or face a fine! 

The three months limit starts from the last day of your first month of trading. Contact: www.hmrc.gov.uk

If you trade as a limited liability company, you have a legal requirement to submit audited accounts to Her Majesty’s Revenue & Customs at the end of your financial year. 

You will need the services of a Chartered Accountant to help prepare your business accounts. www.chartered-accountants.co.uk

For more help contact: