Stating a New Business
Post date: Sep 14, 2012 9:51:15 AM
If you are thinking about starting a new business then your first port of call should be the "You, Self-Employment and HMRC" pre-recorded webinar from HMRC, which can be found here (this will open a new window). The webinar will outline your relationship and responsibilities to HMRC.
From a bookkeeping prospective one of the things that many new businesses forget is to always ask for a receipt. If you don't have a receipt then it will be very difficult if not impossible to claim it as a valid expense. You should also remember to keep any receipts from the cost incurred when setting up your business, as you can claim these as valid expenses in your first year of business.
If after you have watching the webinar, you still have questions regarding your bookkeeping requirements and self assessment, then contact use via our contact page, and we can discuss how we can help you set up a record keeping system and what to do about your self assessment at the end of the tax year.