Tax and setting up as a Mumpreneur
16
Mumpreneurs – Tax and Finance Buss Murton solicitors 15 September 2010
-
Upload
alastair-wood-llp-ta-aw-accounting -
Category
Business
-
view
200 -
download
2
description
Thinking of setting up as a Mumpreneur, this presentation has been delivered twice by Alastair Wood in association with Buss Murton solicitors
Transcript of Tax and setting up as a Mumpreneur
Mumpreneurs – Tax and Finance
Buss Murton solicitors15 September 2010
Alastair Wood FCCA
Qualifications Set up Mar 09 Work from home School run Wife’s businesses However not Mum!
Idea to Business
Starbucks business
Hobby Make money Profit incentive
Thought to plan
Business Plan What How SWOT Finance Marketing Long term
Cashflow – does it stack up
Income less expenditure
Monthly All expenses
Monthly Annual One-off
Example cashflow
Break-even
Gross profit Overhead Contain overheads Danger zone
What sort of company
Sole trader Simple for smaller businesses
Partnership Split profits between
partners, flexible Limited company
More complicated, expensive but tax efficient
My blog: http://awaccs.co.uk/
uncategorized/how-should-i-set-up-sole-trader-or-company
Sole trader and partnership
You and business are the same
Responsible for debts Self assessment return Tax/NI based on profits Tax 31 January Payment on account + Balancing payment
Self employment and tax
National Insurance Class 2 £2.30pw
(limit £5075) Class 4: 8% profits
over £5715 then 1% over
£43,875
Tax £6475 tax free Next £37,400 @
20% Then 40%
Limited company
You and company are different
Registration Company responsible for
debts Corporation tax return Tax payable - 9 months Filing accounts Annual Return
Limited company and tax
All small co profits taxed @ 21%
Profit > £300k then 28% Associated companies Basic salary £475pm, tax & NI
efficient Dividends deemed basic rate
tax paid Higher rate tax 1/3 of divis >
£37k
Registering your company
Simple Pays to take advice Forms to Revenue Payroll for
company Also web address Trademark
Record keeping
Record of all income and expenditure
Electronic sales invoices acceptable
Purchase originals Manual book Spreadsheet Computer
TAS/Quickbooks Sage
Growing Business
Employees Register Payroll and tax Contracts
Raising finance Business plan Cashflow
Summary
See if it is viable Find out your breakeven
sales More turnover → more
profits Decide on company type Register company Go for it!
Any questions, please ask?Contact details
Email: [email protected] Phone: 01474 833169 Mobile: 07590 849826 Twitter: @alastairwood Website: www.AWaccs.co.uk
