At Spence Accounting, we believe in providing flexible and cost-effective solutions that cater to the evolving needs of your business. Our Subscription Services offer a comprehensive suite of accounting and financial management tools on a predictable, fixed-fee basis. This allows you to access professional expertise and essential services without the worry of unexpected costs.
As part of our subscription services, you gain access to our team of accounting professionals who are available to assist you with any questions or concerns. We offer regular consultations and proactive advice to help you make informed decisions and keep your business on track.
Transform the way you manage your finances with Spence Accounting's Subscription Services. Let us handle the complexities of accounting while you focus on growing your business. Contact us today to learn more about our subscription plans and how they can benefit your business.
Simplify Your FinancesWithin 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.
