Our Frequently Asked Questions
I am self-employed, my friend told me I can pay tax on this of 7.5% as a dividend through a company. Is that true?
- Yes and no
- Although it sounds like a tempting offer, you’re not being told the whole truth and we are at hand as your tax accountants to explain this in more detail.
- You can incorporate into a limited company and any excess profits after tax can be distributed as dividends which may be taxed at 7.5% depending on your level of income.
How can Everyday Accountants help?
We will sit down and understand your expected future profits, compare the benefits of incorporation vs sole trade and explain the changes you need to make to remain compliant.
I want to start a new business. What structure and approach should I take?
- It depends on many factors and what is important to you.
- Are you looking to minimise costs?
- Minimise tax on potential income/profits?
- Do you want flexibility when being taxed on your profits?
- Does having your financial information public bother you?
How can Everyday Accountants help?
We offer a free consultation to hear your situation and determine how we can help your business by choosing a structure that suits your preferences. Let us become your local accountants.
Do I need to register for VAT?
- Once your VAT taxable turnover exceeds £85,000 over the last 12 months or in the next 30 days, then yes you must register within 30 days of the end of the month after you went over the threshold.
- You may want to voluntarily register for VAT if your services are zero-rated or you’re worried about exceeding the registration threshold to avoid penalties.
How can Everyday Accountants help?
As tax accountants, we aim to understand your business and look to plan effectively and efficiently with any VAT matters.
Can I outsource bookkeeping services to you?
- Once your business has grown to a certain level, you can’t do everything. You need a trusted business accountant that can support your growth and help implement the right structure so you can concentrate on the business operations.
- We are expert management accountants whilst also keeping your costs as low as possible.
How can Everyday Accountants help?
As business accountants, we will review your processes and systems to enhance the data accuracy and speed allowing you to make informed key decisions.
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