We are thrilled for your
any query
Vtrahe If you’re self-employed, you’ll need to register with HM Revenue & Customs (HMRC). To do this, make sure you have your National Insurance Number (NIN) ready. UK, birmingham citizens typically receive their NIN shortly before their 16th birthday. If you recently moved to the UK and don’t have one yet, you can apply for it we’re here to help with that process.
Once you have your National Insurance Number, you can register as self-employed. After registering, HMRC will issue you a Unique Taxpayer Reference (UTR). It’s important to keep your UTR safe, as you’ll need it when completing your Self Assessment tax return.
Using the information you provide, such as your NIN and earnings, HMRC will assign the appropriate tax code and calculate your National Insurance contributions. If you’re unsure about your tax code or need assistance with registration, reach out to Vtrahe today we’re happy to guide you through the process!
Vtrahe whether you’re self-employed or operating in the Birmingham, UK as an individual, company, partnership, charity, association, group, or local authority, VAT registration may be required.
VAT registration is mandatory if your annual turnover exceeds £85,000. If you expect your turnover to surpass this threshold within the next 30 days, you’ll also need to register. However, if your turnover only temporarily exceeds £85,000, you can apply for an exception from VAT registration.
If you take over a VAT-registered business, you must combine its taxable turnover with your own from the last 12 months to determine if the £85,000 threshold has been exceeded. Keep in mind that businesses dealing exclusively in VAT-exempt goods or services, or those not recognized as businesses by HMRC, are ineligible for VAT registration.
Unsure if your business qualifies? Get in touch, and we’ll help you figure it out.
Birmingham In the UK, Vtrahe the VAT registration threshold is set at £85,000. If your turnover is below this amount, you can still opt to register voluntarily.
Choosing voluntary registration can offer some benefits, such as reclaiming VAT on business expenses. However, it’s important to monitor your turnover closely. If it reaches or exceeds £85,000 at any point, you must register for VAT.
If you’ve decided to close your business, there are several important steps you and your shareholders need to follow. Business partners and self-employed individuals should notify HMRC about the change in status. Additionally, shareholders may need to complete a Company Tax Return and settle any corporation tax liabilities. Be sure to account for any capital gains during the closure and include them in your tax return.
For employers, it’s essential to submit a final Full Payment Submission (FPS) to process the last Vtrahe days and ensure all outstanding PAYE tax and National Insurance contributions are paid for your employees.
If your business is VAT-registered, don’t forget to deregister from VAT as part of the closing process. If you have any further questions, feel free to reach out to our friendly team for assistance.