New Business

[stevenson166]

Hi all, I have taken the plunge and registered for tax although my business has a yearly turnover of 40k or so . I took this decision as i have a dealership with a lot of vendors with whom i have to pay vat on products. I also get a lot of stock from china where i only pay import tax. I run the whole business myself and that includes website upkeep and designing (shopify) and have a natwest business account using free software Free Agent. I have kept a really good record of sales for the period nov 22 to feb 23 and i will have to pay HMRC just over 1k of tax. My business cannot afford a accountant to give me advice so am reaching out for it. The reason i registered vat is because its observed as above board for buyers and its one less headache if it takes off. BTW i have a full time job also. I do not have a physical shop but have inventory and sell purely from my online store.

 

[Markypro]

What kind of business is it?

 

[abelcermak]

What kind of business is it?

Same question

 

[RossiPippa]

Congrats on registering your business for tax! That's a big step, but it sounds like you have a good plan in place. Managing everything yourself can be tough, but it's great that you're keeping track of sales and using Free Agent for your accounts. As for tax advice, hiring an accountant might not be doable right now, but you could try reaching out to HMRC or looking for free online resources to get some guidance.

 

[sch4479]

Hi all, I have taken the plunge and registered for tax although my business has a yearly turnover of 40k or so . I took this decision as i have a dealership with a lot of vendors with whom i have to pay vat on products. I also get a lot of stock from china where i only pay import tax. I run the whole business myself and that includes website upkeep and designing (shopify) and have a natwest business account using free software Free Agent. I have kept a really good record of sales for the period nov 22 to feb 23 and i will have to pay HMRC just over 1k of tax. My business cannot afford a accountant to give me advice so am reaching out for it. The reason i registered vat is because its observed as above board for buyers and its one less headache if it takes off. BTW i have a full time job also. I do not have a physical shop but have inventory and sell purely from my online store.

Wow, you're juggling a lot! Props to you for keeping all those balls in the air. Registering for VAT makes sense given your dealings with vendors and imports. Sounds like you're doing pretty well with your bookkeeping too. Since you have a full-time job as well, keeping everything streamlined is key. Have you considered using any automated tax software to help with VAT calculations? It might save you time goku.tu and money in the long run.

 

[pearsonandpearson]

What kind of business is it?

same question

 

[Jaycee]

Hi there! It's great that you've taken the initiative to register for tax and manage your business efficiently. Dealing with VAT and import taxes can indeed be a complex task, especially with international transactions. Your commitment to keeping detailed records is commendable. While hiring an accountant may not be feasible, reaching out for advice is a smart move. Utilizing free software like Free Agent and having a NatWest business account shows good financial management. Running an online store alongside a full-time job requires dedication, so kudos to you! If you have specific questions or concerns, feel free to share, and the community here can provide valuable insights. Best of luck with your business endeavors!

 

[kalonait]

Business details?