Running a business is more than just delivering a great product or service – it’s about building a strong foundation for sustainable growth. At Spence Accounting, we offer a range of business support services designed to help you thrive in an ever-changing landscape. From hands-on training to choosing the right software and creating effective business plans, we’re here to guide you every step of the way.
At Spence Accounting, we’re more than accountants – we’re your partners in success. Our business support services are designed to help you gain clarity, confidence, and control over your operations, so you can focus on achieving your goals. Whether you need training, software solutions, or strategic planning, we’re here to support you every step of the way.
Start Growing with SpenceWithin 3 months of starting to trade (making your first sale). Spence Accounting can help you complete the necessary paperwork and advise on what will happen next.
When you do register HMRC will then issue you with a fine of £100 for late notification. We, therefore, advise you to speak to us as soon as possible.
Yes, this is correct, if your income is below this level HMRC does not require you to report this income. This is turnover, total sales, not profit.
You will pay tax at 20% on your earnings over the tax-free allowance, which changes annually. If you earn over £50,000 per year your income will be taxed at a higher rate of 40%. (Per the current legislation 2020/21).
When self-employed you pay two types of national insurance. Class 2 and Class 4. Class 2 National insurance is a fixed annual amount and contributes towards state pension and benefits. This will be calculated as part of your tax position when you file a tax return. Class 4 National Insurance is payable on your profits over the basic rate national insurance threshold. This is at a rate of 9%. The basic rate national insurance threshold changes on an annual basis and is lower than the tax personal allowance.
Anything that is for business (wholly and exclusively). If you would like to talk to one of our advisors, we can give you a more detailed idea of what you can and can’t claim for your business.
This should be looked at on a case by case basis. For some people being Limited gives you protection and you might pay less tax than if you were self-employed. We would strongly suggest speaking to an advisor before making any decisions.
