Starting a new business may look like a great plan on paper – and if you’ve got a great idea and the financial back-up you need, it may actually be the portal to a new and exciting life. However, for those who have never done anything like it before, it’s normal to be confused and require some help now and again. The whole process can seem a little complicated at times. Luckily, there are services out there that show you how to do it. Here’s your all-important guide on what to expect from HMRC and how this government authority can help you.
What HMRC can do
No doubt in part thanks to the technological revolution and the connectivity of the nation, HMRC has managed to reach out to the people in new ways and has been able to ask important questions to understand what beginning entrepreneurs and business owners struggle with the most. Based on these answers, they’ve produced a whole range of digital products the public can access online. These resources are on a variety of topics and subjects, with the aim to help the starter of a business on the way.
Business expenses for the self-employed
Every businessperson and entrepreneur has to pay taxes at the end of the year, and these taxes are unavoidable. It’s important that the entrepreneur understand exactly what they can deduct at the end of the year as expense, so that they can give an accurate profit/loss statement. Certain expenses – such as rent, bills, car mileage and gasoline – are fairly easy to understand, but there’s a whole list of expenses and each seems to have a certain regulatory status with it. Consult the list carefully; you may be able to deduct a lot more than you originally thought.
It’s not just about taxes, as accountants central London from GSM & Co. will tell you; there are many other topics and subjects the HMRC likes to help you with. There’s an explanation about VAT, a guide to becoming a great employer, and much more.
Various media resources
And there’s more: if you’re tired of reading, don’t worry. HMRC also has webinars available and recorded for your information. In fact, they hold webinars regularly, and participants are encouraged to book in advance if they want to attend live.
And these are just some of the products that are available to you – there are many more, and the great thing about them is not that they are informative (they are, of course), but that they are available 24 hours a day and that they’re completely free! You can access these resources via computer, laptop, tablet – anywhere, any time. Whatever your question is or wherever your struggles are, HMRC can shine a little light.
Image attributed to Stuart Miles/FreeDigitalPhotos.net